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

To clarify these are the only coins getting talked about redeeming. If it was a quarter oz of silver sold at $70 as has happened in the past, no one talks about taking it to the bank. Nor do we talk about other $20 dollar 1 oz coins, sold at $100, no one is cashing these in at FV. Some how we started treating these coins more like real money, then the nclt they are. The $20 for $20 are still low priced nclt coins.
The real question is would people still buy them, if they weren't redeemable. Would you pay $2o for a quarter oz of silver, is another way of looking at it. For certain designs I would, others no.

I don't think the RCM can produce a 1/4 oz. coin for 20.00 including shipping and make a profit on it unless the mintage was huge.

Probably due to fact the Montreal Olympic coins are 90% or more melted with the last silver run up I saw dealers at coin shows just cracking the shells and chucking the coins into 5 gallon pails. Recent winter Olympic coins, world baseball, most of the CFL, hockey coins have all tanked.

And a 3% processing fee? Well that information pushes me even further down the path of doubt that this redemption program is cast in stone for the longterm, plus the fact that the Bank of Canada has never yet fully formalized/legislated redemption by banks except for RCM's emailed instructions.

I'm putting on my other hat - that of a Canadian taxpayer. RCM is a crown corporation who's profits (or losses) are absorbed by the Govt of Canada. So why should taxpayers foot these costs just so rich folk can buy and cash NCLT XforX without risk in order to qualify to get free stuff knowing the govt doesn't care about poor people (*****please understand, I'm beng facetious, but I'm sure you all read the comment sections of media articles and know how it goes)........but not joking, would this expense be justified in the eyes of the Canadian public?

Let's not forget the joy of collecting.

For me there was never a doubt that these coins could be a problem for "spending" or when "redeeming" at face value. I remember the time when 1976 $5 and $10 silver Olympic coins could not be cashed in either.

Who knows when silver hits $100/oz. we will all have a different perspective on this I'm sure.

I realize the face value is an important factor but in the end, it's all about collecting what you like and that has a premium well above spot price IMHO.

I have a limited position on XforX, single coin each and a few extras but not much more. I think the concept is really cool and I'm continuing the $20for20 collection for sure.

Bombardier the poster boy of government handouts for many decades is at the through again as it's on verge of bankruptcy due to the 1300 or so jobs in Quebec and jobs in Thunder Bay, this is a public company to boot, there are many other examples like Canada Post and we are talking billions. The RCM operates under the control of the minister of finance, that's the only reason why the banks engage in these redemption programs, and that's the only reason I have any confidence in this program.

Exactly. Somebody always has to push the limits and ruin it for the rest. If everybody was limited to their 3 pieces (as was the limit on the first 20/4/20 offering) there wouldn't be such outrage today. The moment the greed kicked in about getting m/c status and credit card points for basically nothing - it fall apart.

I cant see dealers ordering many these, there is no real profit, if you can order from mint for face. Its amazing these large mintages sell out some times. Somebody other than forum members are buying them. This thread has been going for a long while, as new members post something.