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 Replies: 587 / Views: 65,031 |
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Valued Member
Canada
299 Posts |
Here I'd like to start a topic about what I heard many people talk about. I don't know if it is a rumor or not, but apparently it is very true. Also, I do agree that it is beneficial for the mint, even more than the 20$ for 20$ as there they sell 1oz/80$ and here it'll be 1oz/100$ and people will buy for sure, no need to explain why. So what do you think about it ? A good investment, or again the mint ripping us of our hardly earned money ?  |
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Pillar of the Community
Canada
1505 Posts |
This will be a tough one to decide on, I think I will really, really have to like the coin to buy one, especially with a 10k mintage. I could see this being a niche market (like collecting $100 bills). A positive note, is that it will always be worth at least $100. At least it won't be like many of the NCLT products that have a face value less than $20 with a purchase price of $80+. We often see them on the market below issue.
From a risk point of view, you can buy a couple for $100 each, assuming no shipping and if they are dud's take them to the bank and get your money back at no loss. A good way to rack up the MC quota.
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Valued Member
Canada
451 Posts |
I wonder what the quality is going to be? The Mint is basically selling us sub $30 coins for $100 with a face value that apparently does not mean anything. I am still confused about what the final verdict was on whether this is legal tender or not. The actual answer was spoken in Politician, which I don't quite understand that language.
For $100, one ounce coin, we should be getting proof quality, double struck, frosted, etc.
If this is the same quality as the $20 for $20, the Mint will be making a killing.
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Pillar of the Community
Canada
2019 Posts |
It would be a toss up between buying 3 1oz silver maple leafs or 1 of these for me atleast, I dont think you would be able to spend it like a 100 dollar bill but it would look cool in my collection....  |
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Valued Member
Canada
335 Posts |
I hope this time they let us cash it in at the bank.
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Pillar of the Community
Canada
871 Posts |
I went to 2 banks a few weeks ago to see if they would cash a $20 for $20 coin and they said no. If these are legal tender coins then all banks in particular should accept them and should be educated.
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Valued Member
Canada
187 Posts |
I have a bit of difficulty accepting this series. I don't honestly believe a buyer will be able to redeem this coin at face value (I seem to recall reading about people encountering this problem when attempting to redeem the $20 for $20 coins). If you can't take this coin in to a bank and get $100 cash in return, it's nothing more than a severely overpriced ounce of silver. If you can't spend it, you'll be waiting a long time for the price of silver to get to $100/ounce to get your money back. I'd far sooner buy 3 or 4 silver maple leaf coins for the same price.
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Rest in Peace
Canada
1360 Posts |
If the mint ergo bank of Canada has put a price on it, then that would be the price of the 'legal tender'. If it were a $100 gold coin, you would think nothing about buying it for $100 if there was more than $100 in gold in it. Still, you could always turn it back in for your $100. What about a Loonie? got that for a buck, it has a dimes' worth of metal in it... still worth a buck - Legal Tender - Circulating or otherwise... is still legal face value.
Yes, the same arguments with the 20/4/20's but still a good deal - You'll likely never see the metal appreciate beyond the face value - News Flash - it's the same with all circulating currency!
I'm just looking forward to a coin that I can buy with paper - and it will have the same value - with the holding power of a precious metal!
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Pillar of the Community
Canada
3167 Posts |
Quote:
If these are legal tender coins then all banks in particular should accept them and should be educated. As mentioned above, it is legal tender of Canada. According to the law, all legal tender is worth its face value if issued by the Government of Canada. But this does not mean that anyone is required to take your money from you. If anything looks suspicious, they don't want to handle it, or any other reasons, a bank does not have to take it from you. If you walked in with a bag of loonies, they wouldn't have to take it from you. Mind you that would not be good service whatsoever. Their main problem is that I am sure they have no idea as to what to do with the coin if they did accept it. |
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Valued Member
Canada
69 Posts |
Banks are only legally obligated to accept paper money. They also accept circulating coins (collector coins are Non-Circulating Legal Tender). Here is a good article about someone trying to cash their collector coin at a Bank. At the end of the article is says you can call the Mint to talk to the Bank: http://www.thestar.com/business/201...ard_way.html |
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Pillar of the Community
Canada
6768 Posts |
I can't show any proofs, since didn't do it in personal, but $20 for $20 coin you can deposit at your bank.
Now $100 for $100:
Don't you remember, how much you've paid last time for 1oz coins?
~$100 and more.
Maple canopy
Glass Buterfly (1oz coin with piece of glass on it)
Grand Mother Moon mask - beautifully designed...1oz silver coin.
All above have face value $20 - $25
So, what the issue with $100 coin?
If it a legal tender - can't be a miss.
For me - it will not an "investment Item", but interesting collectible coin, the same way as "$20for$20". But also, I will be quiet about it's value in the future.
Design? I do not expect much. Someone wrote - "Reverse Proof", I think it could be also BU / Specimen finish. But 38mm in diameter will give more area for designer's imagination.
My expectation are positive...
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Valued Member
Canada
69 Posts |
 $100 face value when the other coins selling for $100 were much less, makes sense, but no one should expect to buy these and then turn around and use them as cash. |
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Valued Member
 Canada
299 Posts |
Forgot to mention mintage supposed to be 50k, again from what I heard  |
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Valued Member
Canada
373 Posts |
I wonder will there be a limit? I am hoping to get a few.
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Pillar of the Community
Canada
981 Posts |
This 100 for 100 will not be on this release I was told look for it on the the release at the end of may
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Valued Member
United States
134 Posts |
These coins would have the same problems as the Montreal Olympics $5 and $10 coins.
Those were overproduced and nobody wanted to take them back until silver prices rose in the last decade.
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Replies: 587 / Views: 65,031 |
Posted 04/25/2013 06:08 am
