| Author |
 Replies: 64 / Views: 8,829 |
|
|
|
Pillar of the Community
Canada
3690 Posts |
Dcadon, we're on the same page. Clearly sarcasm is hard to detect via text. To be clear, the RCM is being ridiculous, insulting and 100%inaccurate in mismarking these 'coins'. It's wrong, plain and simple. |
|
Pillar of the Community
Canada
1571 Posts |
Dcadon,
The mint actually can't put any face value they want. There is legislation governing what denominations they can select from. But you are absolutely correct about the weight of each coin having to be accurate. What is the point of even having a weight on the coin if it's wrong? It's really silly, not to mention misleading.
How did this even happen?
|
|
Rest in Peace
Canada
1360 Posts |
Redzapsid...I'm sure you've seen that a 1/4 ounce of silver can have anywhere from $3 to $8 face value, and that's what is wrong. If the standard $20 coin is 1 ounce of silver, then 1/4 should be $5 and so on.... That's why I don't believe that there is any legislation governing the face value of coins as they relate to the metal form which they are made.
After all, this new coin has about 1/3 ounce of silver, it's called 1/4 ounce, and has a $3.00 face value. You can't make this $hit up off the top of your head - somebody had to approve these coins.
|
|
Pillar of the Community
Canada
2845 Posts |
Agreed, while the RCM Act stipulates the denominations of NCLT that can be minted, it does not stipulate associated weight and RCM just wings it. Another confusing variance is with gold coins. Some are 1/2 oz, for example the 2016 Star Trek Delta, others are 1 oz such as the 2016 Diwali: Festival of Lights. But both bear a face value of $200.00. |
|
Valued Member
Canada
261 Posts |
Quote:
The mint actually can't put any face value they want. There is legislation governing what denominations they can select from. It must be a fairly extensive list, I came up with these from memory (I'm sure I missed some) Cents: 1, 3, 5, 10, 25 & 50 Dollars: 1, 2, 3, 5, 8, 10, 15, 20, 25, 30, 50, 75, 100, 150, 200, 250, 300, 500, 1,000, 2,500. Quote:
Another confusing variance is with gold coins. Some are 1/2 oz, for example the 2016 Star Trek Delta, others are 1 oz such as the 2016 Diwali: Festival of Lights. But both bear a face value of $200.00. To add to the confusion there's the 1/25 oz gold coin Series with face value 50 cents, has an equivalent face value of $12.50/oz Edited by McNickel
09/15/2016 6:42 pm
|
|
Pillar of the Community
Canada
2845 Posts |
|
|
Pillar of the Community
Canada
1571 Posts |
Dcadon, These are the denominations that are allowed in Canada One million dollars One hundred thousand dollars Two thousand five hundred dollars One thousand two hundred and fifty dollars One thousand dollars Five hundred dollars Three hundred and fifty dollars Three hundred dollars Two hundred and fifty dollars Two hundred dollars One hundred and seventy-five dollars One hundred and fifty dollars One hundred and twenty-five dollars One hundred dollars Seventy-five dollars Fifty dollars Thirty dollars Twenty-five dollars Twenty dollars Fifteen dollars Ten dollars Eight dollars Five dollars Four dollars Three dollars Two dollars One dollar Fifty cents Twenty-five cents Ten cents Five cents Three CentsOne cent |
|
CCF Master Historian of USA Commemoratives
 United States
12250 Posts |
From The Royal Mint Act: Non-circulation CoinsIssue of coins6 The Governor in Council may authorize the issue of non-circulation coins of a denomination listed in Part 1 of the schedule. Amendment to Part 1 of the schedule6.1 The Governor in Council may, by order, amend Part 1 of the schedule by adding or deleting a denomination of a non-circulation coin. Characteristics6.2 The Mint may determine the characteristics, other than the design, of any denomination of a non-circulation coin. Design6.3 The Minister may determine the design of any denomination of a non-circulation coin. PART 1Non-circulation CoinsDenominations One million dollars One hundred thousand dollars Two thousand five hundred dollars One thousand two hundred and fifty dollars One thousand dollars Five hundred dollars Three hundred and fifty dollars Three hundred dollars Two hundred and fifty dollars Two hundred dollars One hundred and seventy-five dollars One hundred and fifty dollars One hundred and twenty-five dollars One hundred dollars Seventy-five dollars Fifty dollars Thirty dollars Twenty-five dollars Twenty dollars Fifteen dollars Ten dollars Eight dollars Five dollars Four dollars Three dollars Two dollars One dollar Fifty cents Twenty-five cents Ten cents Five cents Three Cents One cent Based on 6.2 above, the RCM can use whatever specifications it chooses for any of the denominations listed in Part 1 of the Schedule. This is how the RCM now uses what was the standard 36mm planchet for silver dollars for coins with denominations of $1, $5, $8, $10 and $15. The denominations on the RCMs modern NCLT are truly symbolic - they have no basis in the intrinsic value of the coins. So, as long as the designated Minister approves the design of a given coin, the RCM is free to use whatever specifications they like for it. For example, if the Minister approves the design of a $3 "coin" that includes an inscription of "1/4 ounce argent pur" the RCM, technically, can produce the coin with any amount of silver that it chooses. Is this appropriate? IMO, no. Is it legal? Apparently, yes. Collecting history one coin or medal at a time! (c) commems. All rights reserved.
|
|
Pillar of the Community
Canada
1571 Posts |
I'm not sure if the 1 cent has been removed.
The law states:
The Governor in Council may, by order, amend Part 1 of the schedule by adding or deleting a denomination of a non-circulation coin.
I don't believe there is any regulations that state a coin with a specific face value has to have a corresponding weight.
The $20 for $20 coins are not 1oz.
|
|
Pillar of the Community
Canada
1571 Posts |
I suppose that since the actual weight of silver is more than stated, it's allowed? If it stated 1/2oz of silver and actually weighed less, that would certainly be a huge problem
|
|
Valued Member
Canada
261 Posts |
Quote:For example, if the Minister approves the design of a $3 "coin" that includes an inscription of "1/4 ounce argent pur" the RCM, technically, can produce the coin with any amount of silver that it chooses. Is this appropriate? IMO, no. Is it legal? Apparently, yes.  |
|
Pillar of the Community
Canada
1571 Posts |
Even if it is technically legal, it's still stupid.
|
|
Rest in Peace
Canada
1360 Posts |
The stamp on the coin indicates a weight of 1/4 ounce of 999 silver - this isn't artwork - this is stipulating a fact that is wrong. Weights and Measures Canada should be putting a stop to this practice and give whoever approved of this design a slap up across the head.
|
|
Pillar of the Community
Canada
2845 Posts |
Quote:
suppose that since the actual weight of silver is more than stated, it's allowed? If it stated 1/2oz of silver and actually weighed less, that would certainly be a huge problem
Even if it's more it still should be illegal because RCM appears to justify the higher price given the additional volume of silver. Considering the true weight is incorrectly stamped, that potentially leaves a seller disputing the stamped weight down the road. In order to protect the consumer and prevent such occurrences, my understanding is that's the purpose of the Weights and Measures Act. It might not make much of a difference today but at one time gold wasn't worth all that much either. http://www.mint.ca/store/coins/pure...es_#QAHeader |
|
Valued Member
Canada
135 Posts |
Received the $20 Nature's Adornment: Dragonfly today. Impressed! While not as detailed as the glass creatures series, this coin has a physical niobium butterfly that is attached to the coin. The online rendering on the RCM website does a horrible job with depicting this. Even the video fails to capture the full 3-D effect of the dragonfly. If this is the first coin in a new series, could it be a sleeper hit? |
| |
Replies: 64 / Views: 8,829 |
First Page
Previous Page
Posted 09/15/2016 5:48 pm
