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 Replies: 47 / Views: 7,656 |
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RCM Representative
158 Posts |
What a passionate member base we have here! I'm reading these posts and almost speachless... As for me asking why someone would want to redeem a $20 coin, it was an honest question. I truly don't understand why someone would want to do that - sorry, I don't. But as jpaiva said, maybe it could be the last $20 someone has. So fair enough, that's a valid response. Anyhow, YES you can redeem the $20 for $20 coins at any of the RCM's three boutiques. It's legal tender. Businesses don't have to take the $20 coin and they likely won't because they're not issued as regular circulating currency. They won't have a spot to put the coin in the cash till etc. To set the record straight, and like scuba said, I'm just here as a normal person; not for propaganda or selling or spinning or any of that. If I seem to be very positive about the RCM, that's because I am. The RCM is a great place to work and I think it's the best mint in the world. We produce incredible award-winning coins. Just yesterday, Krause announced the nominees for the 2012 Coin of the Year Awards and we got 7 nominations ( http://www.numismaster.com/ta/numis...leId=24282). That's a fact. That's not a spin. Just the same, we do understand that there's often room for improvement - whether it's how we produce coins, how we package coins, how we establish mintages, etc etc etc. That's why we listen to our customers, invest in new technologies, use the purest gold in the world tc. We don't screen negative product reviews. We post them on mint.ca and more importantly, they are discussed inside the Mint...discussed and acted upon when deemed appropriate. We get a lot of very good input from our customers - positive and negative - and I really hope I can use this forum to get even more input. PS - Thank you for the many warm welcomes. They are very appreciated especially as I sit in the line of fire from other members who seem to be uncomfortable with my presence. Please keep in mind that I am just one person doing my best to get you answers and insight whenever possible. I should also say that even though I am one person, I do have access to everyone inside the RCM :) |
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Valued Member
423 Posts |
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Don't know exactly how it works in Canada, but here in the US a merchant can refuse any currency they want for non-contractual payment. If I went to buy a Happy Meal with Silver Eagles or all pennies and Mickey D's refused, it wouldn't have anything to do with the US Mint, and they are within their rights. That's how it works here as well. There is also a limitation on contractual payments as well. The banks are unclear - basically if you are a good customer they will with zero hassles. Some people do get hassled though. ... Why the RCM and Mint Representative won't answer the question clearly is what I have always wondered about. Simply put something in writing officially would clear this up once and for all. That's my suggestion to the RCM. Stick a FAQ about this coin on your website with some examples. But maybe it doesn't fit into their marketing of the coin. Though I notice the marketing this time around doesn't mention the "legal tender" aspect of this coin so much. |
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RCM Representative
158 Posts |
realpenny - that's a great suggestion and I can absolutely make that new FAQ happen as soon as possible. Consider that on my personal to-do list.
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Valued Member
423 Posts |
RoyalCanadianMint: Just to clarify. On page one of this thread you said "it does not buy back old collector coins" referring to the RCM. On page 3 you say "you can redeem the $20 for $20 coins at any of the RCM's three boutiques". 1. Does the boutiques only accept the $20 for $20 coin or any coin the RCM has ever produced. (Not likely to happen with any other coin as the metal value is usually greater than face value). 2. Does the boutiques only accept " RCM collector coins" towards the purchase on new products or will the boutiques exchange a $20 for $20 coin for a $20 Bank of Canada paper bill? (Not that I am personally interested in doing so, but there has been lots of debate). A FAQ on the $20 for $20 coin would be good in lots of ways. And as an aside: I was not uncomfortable with you being here. Words and details matter though ultimately and as a Representative your words are going to have more weight then most others on this forum. I enjoy coins and if you do as well - that is great. :) Edited by realpenny
10/22/2011 1:45 pm
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Moderator
 Canada
10458 Posts |
I tested the 'legal tender' part with the first $20 silver coin issue. My Starbucks took it without question. A colleague of mine here in Ottawa spent one at Tim Horton's as well...
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Valued Member
Canada
451 Posts |
^Awesome. I would just love to receive a $20 silver coin in circulation. I wish the silver coinage era would just come back. Crappy plastic bills. Cheap....
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RCM Representative
158 Posts |
SPP-Ottawa, so as noted by your two examples, it really is up to the individual businesses whether or not they accept the coin. Like discussed earlier, they're not obligated to accept it.
As for our boutiques, I think most people use the coin towards a purchase and it is readily accepted. That being said, I can't see why you couldn't also request two fives and a ten for one $20 coin. I would need to confirm that, but it seems logical.
Re older non-circulating coins and even current non-circulating coins, i.e. the typical numismatic coins that we produce, we leave post purchase (and even post mintage, i.e. when we reach a sell-out) transactions to dealers / secondary markets. As you say, the face values we assign to numismatic coins is only part of their actual value so it wouldn't be very wise for someone to want to do that type of even exchange. As you know, mintages, metal content, special technologies, etc all play in to the value of a coin.
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Pillar of the Community
Canada
1502 Posts |
So NCLT Are legal tender, but businesses and banks are not obligated to take them as such. Good enough for me. +1 for the Mint rep (are you fine with "mint rep." or can we put a name to your RCM logo?) |
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RCM Representative
158 Posts |
OK poboxw, since this place is very personal, my name is Carolyn and I am your RCM Rep. I feel soooo exposed! ;) |
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Moderator
Canada
10458 Posts |
Welcome Carolyn, I see you are getting drawn into the site fully now, posting on Saturday nights and Sunday mornings... better watch out, you might become a coin collector!  "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
Edited by SPP-Ottawa
10/23/2011 12:27 pm
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Valued Member
Canada
247 Posts |
 It's always nice to put a name to an Avitar . Thankss Carolyn, your doing us all a service just by being here. |
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Pillar of the Community
Canada
1502 Posts |
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Welcome Carolyn, I see you are getting drawn into the site fully now, posting on Saturday nights and Sunday mornings... better watch out, you might become a coin collector! my thoughts exactly :) Thank you for being forward and never mind the naysayers Carolyn, Welcome! |
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RCM Representative
158 Posts |
Hey Nickle Nubbler, isn't it funny how technology has us saying things like "putting a name to an avatar'. Makes me smile. :)
PS I have to figure out how you guys all do the cool quote "pastes" and smilys. I feel so pale and flat...
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Pillar of the Community
United States
2408 Posts |
Bonjour et bienvenue Carolyn In regards to face value and redeeming, you may be too young to know... that once 1976 Montreal Silver Olympic coins were worth less than face value, so people tried to cash them in. Nobody wanted them. Banks wouldn't take them. Legal tender? So what does that truly means? |
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RCM Representative
158 Posts |
Wow, didn't know that canadian_coins...nice to feel too young to know that. :)
Thanks for sharing that...and as a side note, my Dad has those 76 Montreal Olympics Coins - I think they have holograms...need to ask to see them again. Thanks for the prompt!
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Replies: 47 / Views: 7,656 |
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Posted 10/22/2011 1:16 pm
