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 Replies: 10 / Views: 1,552 |
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New Member
Canada
48 Posts |
ive been wondering why on many websites I'm seeing sales like this...
50x British 50 Pence coins. This is approximately worth $45.00 CDN with the exchange Rate. Our Price: $35.00 CDN
why wouldnt they just take it to the bank and exchange it for $45?
EDIT: if this is in the wrong catagory please feel free to change it to wherever I will get the best results. Edited by CoinsChangeLives
11/25/2014 7:28 pm
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CCF Sponsor
United States
702 Posts |
Does your estimate include the cost of exchange (the fees, et cetera?)
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Pillar of the Community
United States
1215 Posts |
I guess it all boils down to wholesale|retail price spread.
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Moderator
 Australia
16816 Posts |
I assume you're talking about sellers based in Canada or America.
They can't take it to the bank because, as far as I understand the North American banking systems, banks don't usually accept foreign money. The ones that do, don't accept foreign coins. Moneychanging companies don't take coins, either; coins simply aren't economically viable to repatriate. The only way you can get current exchange value for bulk foreign coins is to find a coin dealer who's more generous than usual, or to find a friend or relative that's going to visit that country sometime soon and wants to pre-purchase some loose change before they go. Or you could travel there yourself, though at the prices quoted above, you'd need to take an awful lot of coins with you to make a profit on the trip.
Also, how old were the coins in question? Britain reduced the size of the 50p coin in 1997. 50p coins older than this are obsolete; they no longer work in vending machines and, although still legal tender, many shops are reluctant to accept them. You might end up having to take them to a bank in Britain to get rid of them, and even then they might not want to talk to you if you don't hold an account with them.
In short: obtaining the "exchange rate" for bulk coins is not easy.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
3772 Posts |
Coin dealers sometimes get foreign currency coins well below exchange rate in bulk lots. If there is no market in it, they either dump it in a junk box or sell it for less than exchange to people who are going to travel to the 'home country' of the coins. One coin dealer in Sydney dumps larger currency coins from some countries (USA, Britain and Euros) into boxes and sells them for ~80% (or even less) of exchange.
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Pillar of the Community
United States
1215 Posts |
hey, if I have a 5 pound commem coin, can I get $8 USD for it?
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Moderator
Australia
16816 Posts |
Not from banks or moneychangers, no. Coin dealers and collectors, perhaps.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
New Zealand
526 Posts |
Banks in Oceania will only take notes....and sometimes not all notes. e.g. Chinese 1 Yuan notes were not accepted when I tries to change about 396 Yuan in notes in NZ....(anyone want some one Yuan notes  ). Edited by Bas S Warwick
11/26/2014 11:00 pm
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Pillar of the Community
Australia
2830 Posts |
Bas - PRC notes are very unappealing, apparently because the Chinese govt maintains a fixed exchange rate.
There's no margin for the moneychangers, so they won't touch it.
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Pillar of the Community
New Zealand
526 Posts |
Quote:
Bas - PRC notes are very unappealing, apparently because the Chinese govt maintains a fixed exchange rate.
There's no margin for the moneychangers, so they won't touch it. Peter Fortunately I managed to get the Yuan changed in New Zealand at the Kiwi Bank (Govt owned bank). Just checked my records...they actually changed 390 Yuan for me and gave me $71.80 NZD. Lots of Chinese in Auckland so they probably can move them easily. As I mentioned earlier they refused the 6 x 1 Yuan notes.A bit messy, but I can probably sell those individually at on-line auction for $1 each which gets them away - and beats the exchange value of 0.184 NZD each 1 Yuan note. Edited by Bas S Warwick
11/26/2014 10:59 pm
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Bedrock of the Community
United States
20753 Posts |
Quote:
They can't take it to the bank because, as far as I understand the North American banking systems, banks don't usually accept foreign money. The ones that do, don't accept foreign coins. Moneychanging companies don't take coins, either; coins simply aren't economically viable to repatriate. Depends. In the Chicago area there are many, many banks and some not only take coins and currency from other countries, but also you can buy them too. One I know of does charge for that service although not much, still you don't get exact exchange amount. In this area there are banks or representative banks from all over the world. One I used to like was Dai-Ichi Kangyo Bank Ltd. Had fun trying to say give me change in Japan money. |
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Replies: 10 / Views: 1,552 |
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Posted 11/25/2014 7:48 pm
