Royal Canadian Mint Cancels $200 For $200 Face Value Coins For 2016

Counterfeiting/fraud is rarely reported while it's ongoing. When Canada converted to polymer notes I think it's fair to say most Canadians had no idea counterfeiting of Canadian banknotes was so rampant. According to what was most often published by the media, it was mainly US cash to be concerned about.

Yet at the time, cointerfeiting of Canadain banknotes was a huge issue:

Funny money: How counterfeiting led to a major overhaul of Canada's money
http://www.theglobeandmail.com/repo...32/?page=all

Thanks SolarPenny, first I've noticed on ebay. Sknotes is a seller worth watching out for so it can get reported by our resident gatekeepers. I notice past sales of fake Cdn 2015 Bison and Grey Wolf coins as well, no time wasted:-(

But RCM does not incur the direct cost of fake redemptions. I'm quite certain any that are not legitimate are refused and returned to the bank that initially submitted them. That's why not all banks will cash them, some have limits on max amounts, others hold funds. It's also the reason RCM pays a fee to banks and how banks justify the risk of redeeming them (considering their employees are neither numismatics nor collector coin fraud detectors.)

But RCM still would be aware of the issue every time they refuse to reimburse. As well police reports would be filled and RCM remains in the centre of it all. The public isn't fond of Crown Corps who aid and abet criminals so both groups can profit.

What might RCM do to mitigate XforX counterfeits? The first step, depending how great the counterfeit problem, seems to would be logical to quit making more of them.

Really disappointing. I guess that puts an end to my collection.

@CoinCanuck94

I agree "The Towering Forest" 200/200 FV coins are the best.

Rugged Mountains and Coastal Waters were not as nice but I still bought them. I am keeping all three.

Wow @justsilver. That is quite a few there. I took a big step today and only kept two of each and exchanged the extras at the bank today and only kept one each of the 100/100 (8 in series).

Also, did the same with my 50/50 series. Kept only 2 of each. My 20/20 I kept only 2 of each because of the boxes RCM sold to put the series in.

I kept my 8 T-Rex, my 8 Superman, my 8 looney tunes, my 8 batman v superman and my 5 Star Trek. The rest all exchanged today. This will pay for my 2 gold Star Trek emblems.

Do not know if I made the right move; however, I don't want to keep that many right now.

@new1954

i collect coins that I like. And as many as I can afford.

Mostly first coin of a popular serie.

Perth Mint's 2oz Zeus Silver Coin is one of the example.

p.s. I deposited most of my $20 for $20 in the bank except $20 Maple & $20 Canoe.

This was a nice series and the first coin the best.

Collectors are getting shafted again but you can't blame the Mint for trying to cut their losses, especially if the redemption rate is high or counterfeits are running rampant.

At the end of the day I think when money is tight and you have to sell part of your collection and you want to get back your entire investment quickly it's going to be the high denomination FV coins.