NCLT Coins Are Not Legal Tender, Including The $20 For $20

From:
http://www.mint.ca/store/mint/custo...-1100010#Q1a

Can I redeem a collector coin at a bank or use it as currency to purchase goods or services?
All coins manufactured by the Mint are legal tender. However, unlike Canadian circulation coins, collector coins are non-circulating legal tender (NCLT). As such, these coins are not intended for daily commercial transactions and accepting them as payment or for redemption is at the discretion of businesses and financial institutions.

The Mint has a process in place to reimburse financial institutions the face value of redeemed NCLT coins, once they have accepted them from a customer and returned them to the Mint. In the event a bank branch is unaware of this procedure, customers are advised to contact the Mint with the coordinates of the bank branch, which will take steps to inform the branch of the redemption process.

As collector coins can only be redeemed at face value by businesses and financial institutions willing to accept them, it is recommended that individuals wishing to sell a collector coin first consult with a coin dealer, who is more likely to offer a price above face value.

Technically, the only reason NCLT are (quasi) legal tender is because the RCM has licence to issue collector coins bearing the Queen's effigy, who is "head of state". However It's the Bank of Canada that has the authority to distribute Canada's legal money supply, not RCM.

The fact that RCM began issuing collector coins with a redemption value equal to purchase price is very curious.....on the surface it seems it serves to increase short term revenue.

I still think the key is for financial institutions to understand they make 2% off any NCLT redeemed. As soon as the manager at my bank found that out she was more than happy to redeem everything I had. Instead the mint waits for people to give them the information for specific branches to give the instructions to instead of having them publicly available. Clearly it's not in the RCMs best interest to have these coins redeemed since they are losing money at that point (cost of shipping coin to customer, 2% fee back to the bank, cost of shipping the coin from bank back to RCM). I can see it being beneficial for them when other NCLT coins get redeemed where the value is worth much more than FV since I assume the mint has some type of redistribution plan for those.

The bank I brought a bunch of the $200 coins to wasn't willing to accept them at first for a variety of reasons. The first time I was told that the coin is worth more if I were to bring it to a coin shop. After insisting that it really wasn't worth anything more since anyone could still buy them for $200 from the mint I was told they still couldn't accept the coins because they contained silver. It was only after I showed them the (which I can't seem to find on the RCM website but had someone email it to me) that they finally accepted them and then told me that I am more than welcome to come by again and trade in anything else and I will have no troubles in the future. I believe their attitude changed when they actually read the policy and realized that the RCM reimburses the bank face value + 2% (if the bank makes money they are always interested). If anyone wants to bring these coins in to a bank you can send me a PM and I will forward you the policy that I was emailed. It definitely helped to have a printed copy when trying to cash these coins in.

I am new member can't access to E-mail on this forum and can you forward me a copy of RCM Numismatic Coin Redemption Policy. Thank you!

Returned some FIFA 20 for 20 to the Royal Bank. They took them without question and paid me my money on the spot. Didn't have a problem at all.

I'm not sure if this link was mentioned previously, but I decided to bring it here as some people have difficulties to cash $4$ coins:
http://www.td.com/to-our-customers/...id=a02524af2
I short: TD is officially taking numismatic coins as long as total amount is at least $50.

I was able to get a MC platinum status by doing this. Not sure if you could make it to platinum plus with the purchase limits they place on these coins but could definitely be worth a try.

My local Bank of Nova Scotia must take them in as I have an arrangement with them that they give me a call when they get odd coins in. Someone had cashed in a few thousand $$$ of RCM x of X and I got a call. Seems like the banks didn't know what to do with them once they had them. I bought a few of the $25 flags as gifts for family in Europe but left the rest alone.