| Author |
 Replies: 9 / Views: 2,753 |
|
|
Valued Member
United States
190 Posts |
If you know Canada coinage, then you know what I am referring to here, so I will not post a photo. I have the entire five penny silver 2012 Farewell to the Penny set. I had purchased one coin separately, then I bought the entire set, so I had an extra. I went to a local coin show in Illinois to see if I could trade it for the two coins I am missing (1911-2011 and 1935-2010 Proof Pennies). Unfortunately, the Foreign dealer does not have much in stock for modern Canada pennies. However, he did offer to buy my coin. But, he changed his mine when he could not find it in the updated price guide. He said I did not have a real coin because it was not in the coin price guide, but I had a medal. He offered me $10 for it, which is way too low. I told him the entire set is being sold on ebay for $600 to $1500. I was not about to let it go for $10 for a graded coin in a PCGS holder. Well, anyway, I was wondering if the five coin silver proof Farewell to the Penny set was a set of real coins or just silver medals minted by the RCM like the dealer said? |
|
|
|
Valued Member
 United States
190 Posts |
*** Edited by Staff - Please review the rules that you agreed to when you registered. ***
Edited by pasasap
06/21/2016 10:29 pm
|
|
Pillar of the Community
Canada
5324 Posts |
They are real NCLT coins by the RCM, just like the US gold Kennedy coin as an example. |
|
Pillar of the Community
Canada
1571 Posts |
The 5 coin set of pennies are actual currency not just a token or metal.
|
|
Pillar of the Community
Canada
2845 Posts |
I suppose some might consider proof coins not to be "real coins" because they were never minted for circulation, although they have a 1 cent value. They are collector coins - Non-Circulating Legal Tender ( NCLT). This is the original set: http://www.mint.ca/store/coin/fine-....V2oQzJDOerV |
|
Pillar of the Community
Canada
2019 Posts |
Anything made by the RCM with a denomination of 1 cent and up are "real coins" or legal tender. But... Quote:
Most people, it seems, think that legal tender means money. Well the word tender is key, since legal tender means it can be used to pay a debt. Simple enough until you end up with an unusual coin, such as an old Montreal Olympics commemorative. Here is where we discover what legal tender does not mean.
It does not mean that a bank has to accept it in deposit. It does not mean that a bank has to swap a coin for an equivalent amount of cash in another form. It does not mean that a merchant has to accept it at the till. And, it does not mean the Mint will swap it out for an equivalent value in paper money.
To make matters worse, there is a bit of a loophole that means that even if you are offering a legal tender of legitimate money, a merchant can refuse to accept it if they are in any way suspicious or unsure.
That is how businesses are able to legally refuse to accept $50 or $100 notes, they simply have to say that the large number of counterfeits confuse them. It also means you can't use a pocketful of $20 for $20 coins to fill your tank at the local gas station.
Here is where things get even more confusing: a large number of coins are only legal tender up to a certain amount, in most cases less what it takes to make a roll. For example, a roll of 50 pennies is not considered legal tender since the 'legal tender' limit is 40 pennies. A similar rule applies to other coins, depending on denomination.
In high value non-circulating coins, such as $5 and up, the limit is one coin, except for Montreal Olympics commemoratives, where legal tender are units of two coins as they are governed by a different act.
So if you owe a parking ticket of say $50 and you decide to pay it all in nickels in a wheelbarrow, the local authority can refuse to accept payment. Since 1,000 five-cent pieces are not an offering of legal tender.
Are you confused yet? http://canadiancoinnews.com/legal-t...ys-be-spent/ |
|
Pillar of the Community
Canada
2019 Posts |
There are exceptions though, 2011-2012 Circulation Coin and Test Token set. The test tokens in these sets are not considered "legal Tender" The tokens have the Y and E inside the small maple leafs. Is it still a "real coin" ? Sort of yes and no...lol  Edited by Northerncoins
06/22/2016 04:33 am
|
|
Pillar of the Community
Canada
1984 Posts |
I had 2 1935-2010 cents that I had picked up and recently sold them both on ebay. They went for around $75 each. I have decided to throw in the towel on NCLT. The set had a low mintage----5000 I think it was----so there aren't many around. I got both mine by buying sets and selling off the balance. I think that is why it is hard to find the one cent coin but quite a few of the others...lots of people up to the same thing. |
|
Pillar of the Community
Canada
5324 Posts |
Chuck it on ebay, if it's graded you will be surprized in what it will sell for. |
|
Pillar of the Community
Canada
6768 Posts |
Take a look at this listing: ebay Item ID = 401129891493NGC PF69 2012 1c silver coin goes for CAD 650!Looking carefully we see that seller from China (so auto-assume that it fake, even if not fake) And...this is 1/2oz 1c coin (and not from the Silver set), while seller just doesn't say a thing, fishing for innocent buyer. Well, the listing with the Best Offer (the seller might take $50 for it), but who will try?  Edited by Silveroid
06/25/2016 2:05 pm
|
| |
Replies: 9 / Views: 2,753 |
|
Posted 06/21/2016 10:43 pm
