Royal Canadian Mint Assures Collectors Banks Will Take NCLT

I made the call. No more mention of returning them at a bank. Instead, the rep said he'd send me an email with a RMA (?) sticker that I was supposed to put on the box and ship them back via Canada Post. His follow up email asked me to give him an inventory list of the coins I am returning. Looks like they're completely bypassing the bank now.

I had no problems getting the RCM to take back a few of their $20 for $20 coins so I could purchase new product at the RCNA convention.

The last two issues of CCN prominently feature this topic on the front pages and on their website so it is getting a lot of attention.

I wish I had kept some of the advertising back when this program was in it's infancy as I seem to recall use of a $20 banknote suggesting that the simple cash exchange worked both ways.

Most people it seems just want straight up refunds with very little hassle. All of this extra work costs time and money and it's no wonder banks just find it easier to say no. Most don't order rolls of coin or banknotes unless there's a huge demand for it that can't be covered by the amount brought in for deposits.

That said, there are plenty of people who dump nickel dollars, 50 cent pieces and even silver coins at the banks expecting face value. Again, the banks don't want them. I would certainly hope that someone walking in with 1912-1914 $5 or 1967 $20 gold coin would be referred to a local coin dealer or at least told that they are worth far more than face value.

One could also argue that the Mint has perhaps mislead the public with descriptions like "Risk Free/Money Back Guarantee", "This new Canadian silver commemorative coin is legal tender....You simply exchange $20 from your wallet for a $20 coin of pure 99.99% silver."

Yet you can't pay the Mint for them without a credit card and the return policy is 14 days.

As a collector I understand the intrinsic and numismatic value of the series, but like with most of the NCLT bullion products, don't want to lose my shirt.
If everyone starts treating these coins as bullion and they start trading at less than $10, the Mint will be swamped with returns.

In essence collectors and investors would be recalling their loans which would impact their bottom line. Our tendency to hoard is good for business which the Mint encourages, particularly for circulation coins.

There is no numismatic value for a coin with such a high mintage. We would have to live to be 200 for them to even beat inflation.

Just returned from RBC. They have no clue what to do. Except this, the've told, that since I not RBC client, they can not do nothing.

Called RBC customer service - they were able me to provide RCM customer service phone.
Called RCM : the lady on phone (after 20 minutes awaiting) had no knowledge, what to do, forwarded me somewhere and the call disconnected.

After this I still will say, that RCM able to struck very nice coins, but the service sucks when you need them.

Except for the "last minute gifts" will not touch 20for20 anymore...... will keep first 11 and will keep the $200 Towering Forest

On a slightly other note in regards to the these coins, it is a great way to get to MC level, if your bank would accept them at face. (I have at least one that will)

Silveroid, you're not serious. The mint service sucks.

Personally I think you are being too generous in your appraisal.

Also got the mail about snowman. Now I even doubtfull, should I buy any for the gift. I is cute....and its all.