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RCM Face Value Coins, How To "Cash In"

 
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Author Previous TopicReplies: 9 / Views: 794Next Topic  
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Canada
2692 Posts
 Posted 12/06/2022  10:15 pm Show Profile   Check Wade's eBay Listings Bookmark this topic Add Wade to your friends list Get a Link to this Message
I was looking through some RCM sets that my mother had purchased (literally granny candy) and noticed a set of 12, each with a face value of $10 that routinely sells for $40 for the whole set.
Am I missing something?

*** Moved by Staff to a more appropriate forum. ***
Coin Collecting... "I'm in it for the money" ™
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United States
1233 Posts
 Posted 12/06/2022  10:22 pm  Show Profile   Bookmark this reply Add NumismaticsFTW to your friends list Get a Link to this Reply
You need to post photos of the set, and proof they are selling for $40 a set.

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 Posted 12/06/2022  10:46 pm  Show Profile   Bookmark this reply Add purelywasted to your friends list Get a Link to this Reply
Depends on the coin, I would guess the $10 FV coins retailed for $60-80.

There was the 20for20 series a few years ago, but these largely sell for FV. I don't think there was an equivalent 10for10 series.
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Canada
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 Posted 12/07/2022  11:39 pm  Show Profile   Check Wade's eBay Listings Bookmark this reply Add Wade to your friends list Get a Link to this Reply
NumisFTW,

Why must I post proof of what I'm asking about?

The question was, what's the procedure for cashing in face value coins with the RCM.
Coin Collecting... "I'm in it for the money" ™
Edited by Wade
12/07/2022 11:39 pm
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Canada
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 Posted 12/07/2022  11:55 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Go to your chartered bank and see how it rolls .
Our TD branch still takes them for deposits.
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Canada
1396 Posts
 Posted 12/08/2022  12:04 am  Show Profile   Bookmark this reply Add purelywasted to your friends list Get a Link to this Reply
It really depends on the type of coin you are trying to cash in. Pictures tell a 1000 words. Some coins are worth FV, others are worth more, some are worth less (due to hassle of trying to cash in). For example, a $5 silver maple is 1oz silver and will sell for +/-$30.i also have a $0.25 gold coin that sells for $80.

Without knowing the type of coin it it is impossible to tell you the best process to cash it in.

The RCM produces all kinds of stuff with the same denomination. My $0.25 gold coin will give me $0.25 at the bank, $80 on ebay and maybe $40 at a coin shop. Some coins look very similar, in 1996 there is a $2 silver coin, $2 silver coin with gold insert plus regular, specimen and pl, all look similar but price very differently.
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 Posted 12/08/2022  12:18 am  Show Profile   Bookmark this reply Add purelywasted to your friends list Get a Link to this Reply
I'm not clear if you are saying a $120 FV set of 12 coins sells for $40 or a set of 12 with a FV $10 sells for $40.

One is a really good deal or you are seeing people routinely buy fake coins (also happens).
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 Posted 12/08/2022  01:15 am  Show Profile   Bookmark this reply Add NumismaticsFTW to your friends list Get a Link to this Reply
Wade- You had 2 things going on here, and I addressed 1.

I've never heard of a product being sold for a third of it's face value.

By all means, post pictures that way we know what you're talking about.

If they are just clad, I dont see an issue with just spending them or going to a bank, it is legal tender.
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 Posted 12/08/2022  09:20 am  Show Profile   Bookmark this reply Add Cdncoins to your friends list Get a Link to this Reply
Please post pics so we know what you are taking about.
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 Posted 12/09/2022  2:53 pm  Show Profile   Bookmark this reply Add vonigohcr to your friends list Get a Link to this Reply
The only recent "set" of 12 coins with FV$10 that I can recall are the "O Canada Set" from 2013 (the 2014 set only had 10 coins).

These were issued at $40 each except for the colourized Maple Leaf issue which was $55. This gives an issue price of $480. These coins are a half ounce of 99.99% silver each so could be sold for 6 oz of bullion or approx $200 to a bullion dealer... A bank would give FV or $120. These were minted in the 30-40K range and are unlikely to be rare enough to command a NCLT collection premium. There was a secondary release that had Selective gold plate on the rim and queen's head and these were sold as a set only for around $900. With a short mintage of 637, there may be a NCLT premium but I don't know. Bullion and bank would give you the same though bullion may be slightly lower as if they melt, Selective gold plate is an impurity.

If you are not close to a bullion dealer, you could try an online vendor such as CC&C or Colonial Acres to see if they have interest in these... Colonial acres are selling the standard set for just over $300 and the SGP set for $500 though they have none of the SGP set in stock.

In general, $10 NCLT from the RCM is half ounce of silver so 12 coins will be 6 ounces... If you can get 6 oz of Silver for $40... show me where... that is a steal unless as noted above, it is counterfeit.

Good luck and let us know how it goes.
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