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 Replies: 9 / Views: 2,510 |
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Valued Member
Canada
170 Posts |
I have some of these Mint Silver coins, Good deal I think, but do you guys think that they are worth keeping?
Other than the fluctuating price of Silver do you think that they will be worth more in the future. Thanks
*** Moved by Staff to a more appropriate forum. ***
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Pillar of the Community
 Canada
9864 Posts |
Quote:
Other than the fluctuating price of Silver do you think that they will be worth more in the future. No "Dipping" is not considered cleaning...
-from PCGS website
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Pillar of the Community
Canada
5417 Posts |
I think they will be worth what they are now, $20 + $2-$8 Depending on the coin. I don't see this as an investable series mainly because of the huge mintages but it's a very collectible series, cheap, silver, good-looking, sought after by a lot newbie collectors.
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Pillar of the Community
Canada
2124 Posts |
The fluctuation of silver price for these coin is IRRELEVANT. The face value ($20) determines the market price, that's why you don't find this coin being sold for less than $20 (and because dealers didn't get a discount).
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Valued Member
 Canada
170 Posts |
Cant complain about the price!
They are legal tender are they not?
Will stores accept them?
They will always be worth $20 , if the price of Silver rises , will their value not increase accordingly?
Edited by redlee
05/31/2014 7:13 pm
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Valued Member
Canada
204 Posts |
they are non-circulating legal tender, not just legal tender, therefore stores can accept them as cash if they want, but they are not required to, unlike legal tender they have to accept that. although they are claimed to be legal tender, in reality it's not that easy getting your $20 back. First of all if you are trading 1 or 2, going to the bank talking to manager and going through the process of redeeming is long, but possible. In my opinion its not worth going through the hassle for a couple coins. Dealers will offer less than face value. For example I had the queen one, if I were to redeem it at a bank or so, I would go there, spend gas and time, and wait for the process etc, but on the other hand I was buying a coin from a dealer and he offered me $19 for it, so I went ahead and did the trade, wasn't worth going through the trouble for $1. As for the silver value, its 1/4 ounce, right now, silver is approx $20, so the silver content a lone is worth only $5, so in order for the silver content to increase the value of these, the spot price of silver most be over $80 an ounce. I made a big mistake getting these coins, I have 3-6 of each release but now I am going to stop and only get 1each to keep collection
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Pillar of the Community
Canada
1751 Posts |
Some people likenSPP Ottawa have posted they have successfully used them to purchase pizza & beer. I guess it would depend on how knowledge the retailer is. Maybe some retailers around the Ottawa & Toronto area are aware of these coins. Mainly due to mint advertising & newspaper articles in 2012 about people trying to cash these coins in at the banks. I doubt small town or western Canada merchants would be aware, that banks can redeem these coins, with a process set out by the mint. I think it all depends on how main stream the knowledge of these coins are in various regions. Once I get my tax refund back, I'll be looking to get 2011/2012 coins at face, if anyone has them. I'd also pay shipping to Alta. I started collecting mid 2012, so didn't learn about these coins until the penny came out. I need the earlier ones to go with the others I've collected. I know I'll need to pay a premium on the 1st coin.
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Pillar of the Community
Canada
2124 Posts |
Edited by arianzo
06/01/2014 9:17 pm
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Pillar of the Community
Canada
5324 Posts |
It wasn't that long ago most stores would not take 50.00 or 100.00 bills, recently a Mac Donalds in the gta had a sign on the register not accepting 100.00 bills.
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Pillar of the Community
Canada
815 Posts |
The difference there is that if you offer to pay with a $50 or $100, and already have your food prepared, or gas pumped, you are well within your rights to walk out if they will not accept them.
The $20 coins are much, much, much different than stores not wanting to deal with large bills. The $20 coins are not de facto legal tender. Their value is linked entirely to the numismatic value, which is speculative at best.
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Replies: 9 / Views: 2,510 |
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Posted 05/31/2014 10:56 am
