RCM Cancels Face Value Program

A lot of opinions here ....so here is mine.
I liked the program. As it started, I was half expecting the Canadian Government to start producing $20 coins to REPLACE $20 bills. (at the time they were looking for an alternative due to counterfeit bills) - So, why not..Germany had 5 and 10 mark coins for years, Why couldn't we have circulating $5, $10, and even $20 coins? (maybe not silver, but any metal would certainly be more durable than plastic or paper bills)

If it is over, I enjoyed the ride, and there were some very nice examples of coins produced. C'est la vie.

These coins were simply a marketing tool to attract new RCM customers, when this is not doing it's purpose for many reasons it's time to pull the plug. The RCM is producing 14 cent loonies, why do they need to put any silver in any coin, they are ARP base metal coins for their intrinsic value

well, the silver standard does not mean coins are stamped with the current silver value. instead they would want the face value to be much higher than the silver value, so people would use the coin as a coin instead of melting them down for silver. that is why the 20for20's could be used as silver-containing coins in circulation, while the 1oz SML's could not.

anyway, getting off topic... loved the series, sad that it's ending, just need the elf to complete the set.

Silver standard is defined as a monetary standard under which the currency unit is defined by a stated quantity of silver.
A $200 face value $x for $x contains around 1/5 the silver required for it to reflect its face value.

Back to topic, the $x for $x program lasted years longer than it should have.

Well, this is too bad because I really enjoyed collecting the series. In X for X I found a manageable segment that I could collect without going bankrupt.

This was too good to be true. But I cannot blame anyone who just wanted to collect miles or gain MC status using the X for X scheme. They didn't make the rules.

Clearly, coins need to be "circulating" or "not circulating". Anything in between creates a problem. So it seems.

Limiting purchases would have helped but perhaps they should have released the X for X product through the banking system ONLY.

No CC and no MC status issue. New collectors, goodwill at the bank. Everybody wins.

Guess we should have seen that one coming along with efforts to further alienate true collectors. I am very fond of the series, having purchased many as gifts and now have a handsome case with 10 empty spaces that will likely never be filled unless it's with duplicates obtained at face value or less. I'm sure many were mislead to believe there would be a continuation of the series and perhaps a second generation collector box.

With the program cancelled and redemption in jeopardy will dealers be able to set their own buy prices at 40-60% of their fv or pay bullion rates?

I kept the first $100 for $100 and three of the $50 for $50 coins because I really liked the designs, choosing instead to dump the remaining high denomination coins at the RCM Boutique or booth. I fell into the same trap as many collectors and even though it was only a handful (just a drop in the bucket for some buyers) when you multiply that hundreds of times over, it's not difficult to understand how this could be a serious concern for the RCM. My intent was never to manipulate or take advantage of any special offers, status or points as a result.

Obviously the Mint is not in the business of taking in large quantities of their products unless they can realize a profit in the process. Personally I think they have been getting a little too greedy and the public is slowly realizing this and getting fed up.

The closest resemblance (though more 'entry level items' are promised) is the $3 unencapsulated coin in a sealed cardboard holder with it's yet to be announced companion piece.

Only be used at the mint? So.... You'd buy a coin to buy another coin, that doesn't hold its issue price and has a face value less than it costs? That doesn't seem to make sense to me. They wouldn't have had a fraction of what was sold if that was the case. Plus, people that cashed these in don't want anymore crappy coins from RCM.

I think so too. The Spirit of Canada coin - same pride, same size, same 1/4 oz silver, simikarvdesign - but a f/v of $3 as opposed to $20. Is it selling as quickly as $20 for $20, I bet not.

Years from now, looking back - that RCM mints a $20 coin, sells it, then sometimes only in a matter of days the buyer redeems the $20 value from a bank somewhere. Because it's a collector coin It cannot be distributed into the circulated coin pot, rather it must be physically transported back to RCM headquarters to be put into their melt pot whereby another one quite similar will be made except for a different design to get sold again for $20 and the cycle repeats itself over and over again.... A casual observer would look upon this as utter foolishness, what an utter waste of time, energy and resources.

But I'm curious, if the Face Value Program is indeed concluded, then why has RCM not issued a press release? Until such time, nothing has changed and so it wouldn't surprise me to see the program resurrected. RCM makes a huge windfall offf the sales and sometimes intentionally planted rumours that something is about to end are enough to change buyer attitude and increase future demand.