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 Replies: 514 / Views: 78,852 |
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Pillar of the Community
Canada
6768 Posts |
@Canada99
It all depends on bank and tellers. I read here, that people gave the coins only. For me teller asked "the way as it came from the mint", so some I returned even the covers (what for to keep them?)
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Pillar of the Community
Canada
2019 Posts |
Quote:
Not legal tender (or quasi-legal tender depending upon your glass half full or empty outlook) and a merchant is not required to take them (or any other coin). Show me where it says anywhere that these are not legal tender, you are correct that merchants don't need to accept them but to my knowledge they are legal tender. Any coin made under the authority of the RCM with a denomination is "supposedly" legal tender. I want to know if I can "deface" a NCLT legally.  Edited by Northerncoins
10/30/2015 1:02 pm
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Pillar of the Community
Canada
849 Posts |
They are legal tender actually anything with a denomination is legal tender (I believe). The issue with the merchant not accepting them has nothing to do with that. I believe merchants actually can refuse any money. An example would be some stores don't take 50/100 bills.
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Pillar of the Community
Canada
3690 Posts |
Yes they are legal tender (it's right there in the name...NCLT  ) and no you cannot legally melt, break up or use them as anything other than currency. So don't even think of using your 1kg proof silver $250 FV 'coin' as a doorstop or paperweight. Edited by CC-Ottawa
10/30/2015 1:47 pm
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Pillar of the Community
Canada
4227 Posts |
This is from a 2010 email from a RCM rep: Quote:
please note that our numismatic coins cannot be redeemed at a financial institution for their face value. Our numismatic coins are considered Non Circulating Legal Tender. The face value of our coins are symbolic and are not an indicator of the true value of a coin. They have made arrangements since then with the banks on their own, but I don't know of any legal change. Of course, anyone can feel free to challenge this in court.  The truth is, I know longer care. Other than the occasional 20 for 20, which I spend most at my LCS, I avoid NCLT. |
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Pillar of the Community
United States
2408 Posts |
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When you're looking at historical pricing, it's also important to consider the past versus current demand Of course... price and demand go hand in hand. |
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Pillar of the Community
United States
2408 Posts |
Quote:
The truth is, I know longer care. Other than the occasional 20 for 20, which I spend most at my LCS, I avoid NCLT Same here. Although I admit my sins and got the $200 for $200's.  I just read an article about Silver prices... they say it will reach $200/oz. within 1 year because of the high demand on Solar panels. (just kidding). Edited by canadian_coins
10/30/2015 11:32 pm
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Pillar of the Community
Canada
6768 Posts |
Quote:
I just read an article about Silver prices... they say it will reach $200/oz. within 1 year because of the high demand on Solar panels.
(just kidding). If this true, we should load $20for$20 only, cause: this way the 1oz will cost $80 and not $100 fraction always easier to manage (sell) |
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Pillar of the Community
United States
2408 Posts |
Quote:
fraction always easier to manage (sell) Good point. Still, I personally prefer a full once of silver, or more. |
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Pillar of the Community
United States
1026 Posts |
An interesting, clarifying article from The Royal Mint about their face value offerings: http://www.royalmint.com/aboutus/po...r-guidelinesBasically, don't expect anyone to take them in exchange for any service. I think it'll be just a matter of time until the RCM decides to follow suit. If returns to banks increase it's bound to happen... |
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Pillar of the Community
Canada
1751 Posts |
Anyone else like the finish on the $20 for $20. I just wish they'd go back to some classic designs, like the first couple of years. I think they would get hit with a back lash, if backs didn't redeem them. No one would buy anymore. They make a ton of these coins. ącollectors stop buying the RCM would take a financial hit. These are always in top sellers group. |
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Pillar of the Community
Canada
6768 Posts |
I already see in this series only the tool to get advanced MC level (but personally will not do this).
We have 2 "endless" projected series:
Annual / Special edition Silver Dollar - all the coins from this series really Canada related and each and every of them commemorates some important even in our history, or coinage milestone, and the series has a long run through the years - it is clear, why it very collectible and will stay collectible for the future.
XforX (and 20for20 the best example here):
Let's be honest - except several, the design is weak and the theme just not interesting. I do not see point to add 4 coins per year just because they related to the series.
Bored with it after 10 (11 actually), and they perfectly filled the case that I had for them. Nice and elegant - and that's enough.
Check other forum:
Batman vs Superman on the coin?
And T-Rex....the T-Rex on copper round looks more attractive.
Edited by Silveroid
01/07/2016 4:41 pm
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Pillar of the Community
Canada
1751 Posts |
The thing with the XforX coins, they are great for people on limited budget. Especially if they are entry level and like to think there is low risk with these coins. I collect the $100 & $200 coins, as so far I like the design and a bigger coin. I can see they have their place, even though they might not appeal to the advanced collector.
I have watched my collecting tastes and habits change over the years, as my knowledge grows. Had I not found CCF and other coin forums, I doubt my tastes would of advanced. It was through this forum I learned about buying mint direct. Its then that my purchases really ramped up. I do wonder how long these series will last. They do eat up a fair amount of the budget.
The $20 & $25 coins are great for starting young people collecting with little risk. A kid loses interest take them to the bank and exchange for fiat.
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Valued Member
Canada
499 Posts |
There is another thread - Royal Mint - Face value - Legal tender coins - or not - where in the UK these coins are no longer being accepted by banks for face value. What happens if the Canadian Mint decides to do the same. Remember that the coins are worth $20 on ebay because people believe that they can be exchanged or redeemed. |
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Pillar of the Community
Canada
5324 Posts |
The RCM has the legislation to make these type of coins and as such will always be the legal tender it is. M y guess if they are going to change protocol they would give a certain time frame to cash out. |
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Posted 10/30/2015 1:01 pm
