Holiday '20 For 20' Coin Revealed - Page 5

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Author	Replies: 70 / Views: 8,848	Page: of 5

Rockdaddy Pillar of the Community 1007 Posts	Posted 02/28/2013 7:07 pm Banks have a special process to accept these coins Report this Post to the Staff
wettld2 Valued Member Canada 269 Posts	Posted 02/28/2013 9:02 pm @Rockdaddy: they do, but its not that simple.... they need to group them in bags of $100 then label all of them with a bunch of info.... which isn't bad/difficult if you are taking in $100, but two days ago I took in 220 coins.... so it was a headache to say the least. Report this Post to the Staff
Rockdaddy Pillar of the Community 1007 Posts	Posted 02/28/2013 9:55 pm I didn't say it was easy, just put them on kijiji for face value. Did you have to give them your name when you did this. I'm worried if I did this the mint wouldn't let me buy a large quantity of them. Edited by Rockdaddy 02/28/2013 9:57 pm Report this Post to the Staff
wettld2 Valued Member Canada 269 Posts	Posted 02/28/2013 9:58 pm No, I didn't need to give my info..... but after about 30min of trying to figure out the process the manager realized that they have a customer that buys silver coins from them.... they gave him a call and he bought all of them directly. It actually worked out really well because we're likely to do more business with each other in the future. Report this Post to the Staff
BiBo Pillar of the Community Canada 1189 Posts	Posted 02/28/2013 10:01 pm Do you know if the customer buy them back in face value or buy silver at spot price? Report this Post to the Staff
brexzz1 Valued Member Canada 348 Posts	Posted 02/28/2013 10:06 pm why would they ever buy them at spot? think about it? Report this Post to the Staff
BiBo Pillar of the Community Canada 1189 Posts	Posted 02/28/2013 10:20 pm Why would I have to think about it? While I have the source to ask to confirm. Report this Post to the Staff
canuck1us Pillar of the Community United States 1002 Posts	Posted 02/28/2013 10:28 pm BiBo > It is inconceivable that the bank would sell them for a spot value of approx $7.50 when they could return them to the mint for $20. Report this Post to the Staff
wettld2 Valued Member Canada 269 Posts	Posted 02/28/2013 10:41 pm If it is a coin then the bank always buys/sells at face value (3 years ago I was able to get a $100 gold coin - 1/4oz gold - at face), so this case was no different. Banks can buy gold/silver as bullion but it is a HUGE pain in the ***. They have to send it away to get tested, there are shipping fees, etc...... bullion is not bought and sold over the counter anymore. There may be the one-off bank branch that is set up for doing that, but 99% of them aren't. Report this Post to the Staff
BiBo Pillar of the Community Canada 1189 Posts	Posted 02/28/2013 10:56 pm Thanks Canuck1us Report this Post to the Staff
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