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My Take On Silver Types, Junk, Bullion, Proofs

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Pillar of the Community
United States
589 Posts
 Posted 05/27/2014  11:50 pm  Show Profile   Bookmark this reply Add Groszy to your friends list Get a Link to this Reply

Quote:
I had never heard of the $100 for $100. Is it legal tender? Can you really take it to a bank for a $100 bill? And is there shipping or other costs?


In America? No. They are not legal tender here.

In Canada? Yes. Legal tender, face value 100 CAD, and yes you could take it to a bank and get a $100 bill (in theory). I say in theory, since most bank tellers would probably not even know about the coins; however I don't think they could rightly refuse to exchange them for you (I'm not entirely sure on Canadian law), although you might need to thoroughly explain it to them, or try several banks.

However, something like that, with low mintages and a super-high face value, make them worth a decent amount more than face for resale on ebay or from coin companies (Littleton, albeit consistently more expensive than anywhere else are at $144 I believe, and APMEX is selling some for as low as $125)
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Broseph's Avatar
United States
979 Posts
 Posted 05/28/2014  12:20 am  Show Profile   Bookmark this reply Add Broseph to your friends list Get a Link to this Reply
How much were they originally from the mint? With shipping?
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Libertad's Avatar
Canada
3692 Posts
 Posted 05/28/2014  12:58 am  Show Profile   Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
http://www.mint.ca/store/coin/50-fo....U4VsRPfD_IU

Not sure about the shipping. There's the 20-for-20, 50-for-50, and 100-for-100 series. It's a crock.
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Broseph's Avatar
United States
979 Posts
 Posted 05/30/2014  8:29 pm  Show Profile   Bookmark this reply Add Broseph to your friends list Get a Link to this Reply
Actually, it says free shipping. If it costs $50 and its FV is $50... isn't that just like a $50 bill made of silver? Meaning it will always be worth at least $50?
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bekiz's Avatar
Japan
666 Posts
 Posted 05/30/2014  9:23 pm  Show Profile   Bookmark this reply Add bekiz to your friends list Get a Link to this Reply
I have $20 olympic silver coins containing 1 oz of asw ... I have bought them for $18
do banks in Canada accept these as a legal tender?
YES/NO?
If no, will they accept these $50 coins n-years from now at their face value?
Edited by bekiz
05/30/2014 9:24 pm
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Northerncoins's Avatar
Canada
2019 Posts
 Posted 05/31/2014  04:56 am  Show Profile   Bookmark this reply Add Northerncoins to your friends list Get a Link to this Reply
Banks in Canada are suppose to accept the 20/20 50/50 100/100s but its not as easy as walking in and exchanging them at the teller, you will most likely have to get the manager and is he is not up to speed on the process then they will have to call the Mint and then maybe 2 hours of waiting and some paper work, if that bank has done it before then it maybe a shorter wait.

I have not done it personally but have read posts of people here in Canada who have taken them to banks, its possible some banks will just straight up say no if they dont know about them.
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bekiz's Avatar
Japan
666 Posts
 Posted 05/31/2014  05:27 am  Show Profile   Bookmark this reply Add bekiz to your friends list Get a Link to this Reply
there should be a law to punish the bank refusing to accept legal tender of the country.
bought this today
I have no idea if anyone tried to bring them to bank here during last 5-6 years
20 gr. 925 silver ... bought it for $13 ... looks like this is what I will add as soon as 1000 yen and silver spot break even
My-Take-On-Silver-Types,-Junk,-Bullion,-Proofs
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Broseph's Avatar
United States
979 Posts
 Posted 06/01/2014  11:01 am  Show Profile   Bookmark this reply Add Broseph to your friends list Get a Link to this Reply
I think banks and cashiers simply need to know what is legal currency. The treasury should make an instructional video showing current legal tender.

Then again, they would still have to limit it to the more common stuff. There are a LOT of coins that are legal tender that they will never see.
Edited by Broseph
06/01/2014 11:22 am
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