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

Sharebear, I share your caution. RCM issuing face value NCLT....no risk? What's that old saying "if it seems too good to be true...." At the same time RCMs redemption policy is rather sketchy, offering no guarantee. So what if? What if at some point in time when redemptions trigger a maximum point RCM discontinues their arrangement with banks and only allows the XforX to be applied at face value toward the purchase of another of their products? Not all holders of XforX holders would be impacted, but some attracted by short term liquidity certainly would. From a business standpoint, it would be a win/win for RCM because it could drive future sales.

Edit to add: Anyone notice XforX coins are consistently topping the monthly best seller list?

Absolutely correct.
The above + collectors who do not want drop the series (this regarding 20for20).

200for200 has different layers of proof and cool design.

By the RCM boldly as you quoted on their website and the big article in CCN on how they have clear cut policy with the banks to redeem these coins, what else do any collector need, yes there are some banks that are too lazy to redeem unless it's their customer and there is still some Mc Donalds around the GTA that won't accept 100.00 bills. As I mentioned earlier if there was a purposed change to this policy there will be a cash out time period and to boot I believe no Canadian coin has ever been demonitize.

I would like to share my own experiences on face value coins from RCM.

I am a collector who bought thousands of RCM's X For X coins started from beginning ( bought 50 pcs first $20 Maple, 300 pcs $20 Canoe, etc )

Then I read threads like this one about trouble of " redeeming NCLT coins "

RCM did have vague policies on redeeming NCLT coins ( for obvious reason, making money )
There are two options, either to spend X for X at RCM Mint Boutique or to deposit X for X in the bank.

1. Spend X for X as cash in RCM's Mint Boutique ( I tried in Vancouver location )
In the beginning ( Mint Boutique ) did accept unlimited quantity of X for X coins as cash toward any products in the store.

But policy changed in the end of 2014 to 3 pcs X for X coins could be used as cash toward products inside store.
Therefore, min $60 ( 3 pcs $20 ) to max $600 ( 3pcs $200 ) can be use.

And this policy can be changed by individual Mint Boutique manager at any time ( used to be unlimited, then 5 pcs then 3 pcs )

I do not like to spend X for X in Boutique because RCM's policy changing all the time ( manager tried to prevent customers from using them )

2. Deposit X for X in the bank.
It is not as easy as it sound until you find the right bank.
As CCF members mentioned previously, bank has right to refuse any legal tender including 2000 pcs of penny, bunch of coins, X for X, etc.
In the beginning, I went to several TD branches in North Vancouver, tried to deposit but refused by staffs then refused by branch managers after I showed them RCM's website info regarding " redeeming NCLT coins "

They just too lazy to work on this and then asked me to walk away after finished reading RCM's instruction on how to redeem.

After 3 failed attemps, Finally TD branch in West Vancouver was willing to accept X for X ( it was branch's first time, too )
Reading RCM's instruction, verifying genuineness of coins, counting total amount, calling Fedex for pickup coins from branch and deliver to Ottawa, then give me receipt of money that I deposit
Took us about 20 minutes ( around $2000 ) to complete, job was not that hard for bank staff.

According to RCM's instruction, bank that helping customer on redeeming X for X, will receive redeeming amount + 3% processing fee. Also Fedex shipping fee will pay directly by RCM, not by bank.


Conclusion, X for X coins from RCM is a good way to maintain MC status and easy to deposit back to bank IF you know which branch accepting them.

The mint has a process in place to redeem at face value with the banks, I don't want to keep arguing, but how clearer is the policy, and like I always says the big 5 banks don't make almost 2 billion dollars every 90 days by being overly helpful but to their own customers. Many collector including myself has deposited these coins into your accounts may take a few minutes but it can be done. Asking my rep at the beginning of the 20 for 20 series, the RCM uses these coins to bring in new collectors it must work to a certain degree with their 2/3 sellouts but I believe like all recent RCM offering it's over done, imagine the lost for each bugs bunny 20 for 20, royalties and shipping and handling must cost upwards of 2.00 each.

I still clearly remember with all the fiasco with redeeming the 1976 Montreal Olympic coins back in the mid 1990s. During that time, the price of silver was around $3 US oz. The FV on the $5 and $10 cons were worth more than the silver content, back then. There was frustrated holders of these coins everywhere in Canada, because a ton of this stuff was produced by the Mint for the government of Canada. During that a period, there was virtuall no banks willing to redeem them. I still remember when my local coin dealer back then in 1994' was buying them for 65 to 70 cents on the dollar for people wanting to get rid of them. With a lot of complaints from citizens, the Mint authorized the Royal Bank of Canada to accept them for FV. With this, my local coin dealer had bag loads of coins for deposit at the Royal Bank, and made a nice tidy profit on them at the time, As for me, I bought coins from the dealer for 90% of FV (before the Mint made arrangements) and kept them till 2009 as those coins would always be redeemable at Royal Bank for FV, even till this day. With just pure luck these coins went for crazy money when the price of silver jumped up. Dealers were paying $32 for $10 coin, and $16 for the $5 coins.

The thing to remember, we are only a small portion of the collecting population. I doubt the mint would make the large numbers of theses coins, if they continually get redeemed.

I see the mint at some point saying these coins wont count towards MC membership. Members forget we are a small group of vocal collectors, but how representative of the XforX collectors are we. When I read mint reviews a very large number are parents, grandparents buying for children. Like I said elsewhere, I wonder how many will turn into the collector of tomorrow.

Like John said, there would be a big up roar if these weren't redeemable. Just think the $ amount of these coins already minted. Canadians would be very upset, just like with the Olympic coins. I would think the guarantee is implied in the name $20 for $20. I doubt they would be adding other denominations, if redemption was a huge issue.

Now no one knows what will happen 30 yrs from now. The fiat currency could flop for all we know. Lets face current money is made from near worthless materials, anything can happen. Look how its measure goes up and down against the USD. Everything in life is risky. Some less risky than others.

Question posed, interesting response.

http://www.mint.ca/
$20 for $20 Fine Silver Coin - Tyrannosaurus rex
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I'm not sure what you mean by that or who is "we". There are many, many threads on this forum devoted to the topic of concern about low redemption values of NCLT at this time.