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 Replies: 15 / Views: 2,728 |
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Bedrock of the Community
United States
11951 Posts |
Hoping to get some opinions on common Canadian coins. Here in Florida the local coin shops (LCS) buy foreign coins by the pound. Sometimes I seperate them, thinking there must be some way to cash them in for some sort of profit. None of the banks here will take foreign coin, only currency. I have been wondering if any of the Canadian CCF members have any ideas On how these can be exchanged, and at what price point these should be bought, to leave room for some profit.  |
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Pillar of the Community
Canada
1747 Posts |
First off, have you looked at this site to see if any are worth money? http://www.coinsandcanada.com/coins-prices.phppre 68 dimes, and quarters are silver (some 68's are silver as well) dimes/quarters 68-2000 are 99% nickel Pennies pre 97 are copper, nickels 1981 and older are 99% nickel (some exceptions) Any coins with King George V or VI are worth a premium Really unless you have silver, or a rare date, or variation, I think you are SOL, Stuck out of Luck. the CAD$ is 30% less than the US$ you can try and sell the coins locally to Canadian visitors and maybe you make something, but not likely face value. Lastly you could post them on here and see if anyone wants to trade with you. |
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Pillar of the Community
Canada
5324 Posts |
Unless you are getting them for under 50% with exchange, there is very little chance of making any profits, unless pre 1967 silver coinage
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Bedrock of the Community
 United States
11951 Posts |
Yes I am talking buying the. At less than face value.
Just hoping to figure out what percentage that would have to be
to show some profit. And to figure out how to get them to Canada.
I do plan on moving to Michigan in the next year, so maybe I can build
up a good amount and make a trip to Canada someday. There is
potential to get hundreds of dollars worth.
I do buy all the silver at melt, and put together rolls. There are penneies
and nickels, some are older KG's.
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Pillar of the Community
Canada
5324 Posts |
If you can make 20% is it worth all the hassle for 100.00 on 500.00 of coin rolling, you need 1000.00s in my opinion to make it worth the trip to Canada.
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Valued Member
Canada
414 Posts |
I would have to agree with John, and don't forget the Canadian dollar is only currently worth $0.73US. You'd have to be buying at 25-30 cents on the dollar to make it worth your while. Also, don't forget the weight of transporting nickels and quarters around, your talking about hundreds of pounds of coins.
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Pillar of the Community
Canada
1747 Posts |
hold on, are you asking because you are thinking of buying these, or that you have them looking to sell them?
If you are looking to buy them, can you sort through them? What is the cost/pound? if the price is right, you could make some cash.
the math:
1 lb = 453.5 g (roughly)
modern quarters weigh roughly 4.5g
means you can get roughly 101 quarters per lb = $25.25
Dimes weigh 1.75g = 259 dimes/lb = $25.90
No Canadian would buy Canadian dollars at face value for US$, so the most they would pay is about $15, but think they would need to lug a lb of change back to Canada, and luggage weight is at a premium now. I don't really think there is a way for you to buy these lbs of change and make money, unless of course there is silver.
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Pillar of the Community
Canada
3049 Posts |
Gold Rush:
You're in Florida and the only people that will want them are Canadians...
You will have to look for either coin collectors or people that will be able to get Canadian money for less than face value to make it worthwhile to take back.
Very VERY small market.
I'm a Canadian that goes down to the states usually 2-3 times per year and in different locations. Florida is one of the places I have gone. I used go to the coin shops and asked to buy all their canadian coins for 50% of face. (This was when the dollar was pretty close to par)
Now with the exchange rate.. it would be tough. Lets just say you bought at 50% and sell to someone else at 80% of face... that means you're only making 30 cents on the dollar... that's a LOT of material you have to move to make it worth it.
My best suggestion would be to put up an ad on Craigs list or kijiji or some posters and place them near currency exchange booths to attract Canadian tourists that are down in florida to buy the Canadian coin (with the exchange rate included) to be something less than face (so they think they're getting a good deal).
Looking at current exchange rate (0.74) It may become attractive to others if you were selling $10 of cdn coin for $6.50 U.S.... and that may still leave a little meat on the bone for you to take some profits.
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Pillar of the Community
Canada
5324 Posts |
Don't forget the fun time with our famous CBSA agents if you decide to visit our great country.
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Pillar of the Community
Canada
2632 Posts |
Interesting little conundrum. When I search bank rolls I find tons of U.S. coins in them..that said..every time you roll up any US change just toss a Can. coin in the roll, over time you will have gotten rid of all of them for face U.S.  |
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Bedrock of the Community
United States
11951 Posts |
What I am thinking.
When I get moved to Michigan, I have Friends that go to Canada
a couple times a year.
Do banks in Canada take coins, if you don't have a account.
Or maybe casino's will take cons.
Of course in Michigan it is common to spend Canadian cons,
but spending hundreds of dollars worth would take some effort.
I am thinking I would have to buy them at ...40 US cents for each
Canadian dollar, to make it worth while. But I have not done the math.
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As far as weight ... I already have hundreds of pounds of coins.
Hundreds more wont hurt
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As far as trading on here, I would have to check what postage would cost.
And if there would be any problem with packages getting through.
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Pillar of the Community
Canada
5324 Posts |
Open a TD Canada trust personal account, don't even have to roll the coins dump into their own coinstar machines no fees depsit direct into the new account. This is the easiest way to offload a massive amount of coins.
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Pillar of the Community
 Canada
5585 Posts |
Any Federal Reserve Bank in the US HAS to cash in foreign money at the official exchange rate. Other banks aren't required to. Canadian banks won't take US change. You will only find Federal Reserve banks in major-type cities .. this isn't a corporation name .. they are Federal banks that may be operated by a commercial line.
Edited by okiecoiner
12/12/2015 12:33 pm
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Bedrock of the Community
United States
11951 Posts |
There are a lot of banks that will take currency.
Never heard of one that will take coins.
U.S. Bank ....for foreign coin.
Edited by GR58
12/12/2015 09:58 am
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Pillar of the Community
Canada
5324 Posts |
The TD option only works if you are in a Michigan border city.
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Valued Member
Canada
158 Posts |
If you do make up to the Great White North, ANY bank will take rolled coin and give you bills back at no charge. Unlike the US banks were most of them won't even talk to you if you don't have an account, and if you do have an account won't accept rolled coin. No bank will take foreign coin in exchange for bills.
There is a place online that takes US and Canadian coin shipped in, but I can't find the thread on the forum....
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Replies: 15 / Views: 2,728 |
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Posted 12/09/2015 1:54 pm
