I do not see the drop in silver prices over the last six years hurting the mint as much as one would think because the fall in the Canadian dollar over that period somewhat offsets the silver price change. [Silver is priced in U.S. dollars, so for example, $10 U.S. today is worth $13.54 Canadian whereas maybe four years ago it was at par and that $10 U.S. was worth $10 Canadian].
During the past six years in general the pricing of other NCLT substantially has increased and considering redemptions of XforX were up until recently buried within the overall profitt of their Numismatics Division, it appears to me that's how the redemptions were absorbed and how it will continue to be.
For reference. The youtube tags did not work for the youtube link. My guess is you have to subscribe to "The National" before you can view the video on youtube?
BTW, more than a few errors in that CBC print article but wow, some of commenters are spectacularly misinformed and often hilarious. CBC never disappoints.
Thanks for the explanation, later on I was curious if it was the time advancement in the hyperlink. Looking at the "view page source" it was.
I collect because I like to collect coins. I like my old Queen Victoria denominations over NCLT, but I will buy NCLT if I enjoy the design and its price. I have never sold any of my coins.
Quote: I'm not sure I agree with a lot of it and especially what Henry Nienhuis, president of the Royal Canadian Numismatic Association had to say. "At the very beginning of the series, people purchased them thinking that they . could go to a store and actually spend them," he said from Woodbridge, Ont. But banks and shops won't touch them, and lately "the novelty is worn off."
I used to buy them at face value from collectors who did not want them - my local Starbucks would accept them and I would spend them there... but have not spent one in a couple years now...
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert Oppenheimer
My Bank (TD) does take them in. They don't like it, but they do from clients. When people bring them to the store, I tell them to take them to the bank or I'll pay $17. Surprisingly, they rarely chose the bank...
I did spend a few of them at my local variety store, and Tim's Drive thru. I haven't tried lately, but then (2-3 years ago) they took them at face value. With the way our dollar is being devalued, a silver $20 piece should become standard coinage.
I personally liked the program and IMO the RCM should have limited buyers to 3 or 5. Or, as I said before the RCM should have released the coins through the Banking system. At least they would have had goodwill and perhaps benefitted from the RCM kick backs. Customers would only get the coins through cash exchange - so no credit card miles or points issues.
I personally liked the program and IMO the RCM should have limited buyers to 3 or 5. Or, as I said before the RCM should have released the coins through the Banking system. At least they would have had goodwill and perhaps benefitted from the RCM kick backs. Customers would only get the coins through cash exchange - so no credit card miles or points issues.
From the onset RCM intended the Face Value program to offer opportunity of customer acquisition. Therefore I presume the thought was that people would notice their advertising, decide to buy XforX and in shopping on the website, might also buy other NCLT items. Then comes mailouts and email solicitation for other products as well. It's only the beginning (from RCMs perspective).
If banks had sold XforX, aside from causing even greater confusion between circulated and noncirulated coin, RCM would've lacked the ability to capitalize on the marketing tool, intended to acquire new customers.
It's likely the program was cancelled because it no longer met the original objective, aside from underestimating redemptions. Because XforX was also advertised for gift giving, that recipients might want to spend their $20 or $100 coin at some point isn't surprising to me. To a noncollector it's probably no different than a gift card.
The program worked to bring me into the hobby; I started by only buying XforX and purchased the maximum allowed; to date I have not sold or cashed in a single XforX coin.
This year with no XforX; I made Masters Club PLATINUM PRESTIGE in the first 1/2 of the year.
The program worked to bring me into the hobby; I started by only buying XforX and purchased the maximum allowed; to date I have not sold or cashed in a single XforX coin.
This year with no XforX; I made Masters Club PLATINUM PRESTIGE in the first 1/2 of the year.
See there, RCM gained at least one very successful acquisition and that was you! I'm surprised they didn't ask to feature you on their advertising. lol!
I, too, started with the face value program 3 years ago and within a few months, by purchasing other coins as well, I was assigned a rep. I had no clue what MC status even was. I just came upon the RCM site one day and thought what a great way to give gifts to my family and friends. Thus... my journey began into the world of coin collecting!
I made a lot of mistakes along the way by buying stuff that I just thought was "cute". LOL
I made platinum prestige within a few months because I just could not get enough of buying up all these "lovely" coins. I am still platinum prestige and already I am platinum prestige for the next cycle. The only difference now is that I am way more selective in what I purchase. It was not only the x for x program that got me to this level. It was buying up subscription series as well as coins with low mintage at a higher price.
Also, I found myself surfing the internet and came upon this site as well as many other dealers and within this three year time span, I have learned so much and have had the opportunity to hear so many opinions from hardcore members who have been coin collecting way longer than myself. I will never pretend to have the expertise on this subject like so many have here on this site or on other coin sites that I have been on.
For the first time this weekend, I had the pleasure of finding my way to colonial acres auction site and what a blast I had watching this happen LIVE online. I now am an official bidder on the "I collector" auction site. I am hooked.
So, in this world of coin collecting, I have found positive and negative comments and this is what is so great about about being able to voice an opinion on sites such as these. There are a few people that have helped me tremendously, without even knowing me, by giving me valuable advice. I have also been attacked at times by some who refuse to believe that I am a newcomer to coin collecting because of my "spend" and "status" with the RCM as well as with other dealers.
I am such a newbie and this is what makes it exciting because I want to learn and because of this , mistakes have been made along the way with what I have purchased. I have also bought coins that have appreciated significantly in the secondary markets. WOW....I understand that term. I do not buy to sell. I buy because I enjoy this newfound hobby that comes with many ups and downs.
@WildflowerAB, the RCM may now have TWO PEOPLE to include in their advertisements because of the enticing guarantee with the x for x program that caught my attention and led to further purchases other than face value coins. Each one of us has the right to an opinion BUT not at the expense of making fun of another one's explanation on how they came to purchasing from the RCM.
@onecad Don't let anyone rain on your parade by their comments. I stand with you and congratulations on making MC platinum prestige again. Just maybe the RCM will call us up to be in their advertising campaign for the coming year for some cheerleading by the two of us
P.S. I still have each and everyone of the face value coins that the RCM issued since the beginning. I had to go and buy elsewhere the previous ones that I had missed out on before 2014. My collection is complete with face value 20/25/50/100/200 and those I will keep.
Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited. Contact Us | Advertise Here | Privacy Policy / Terms of Use
First Page
Previous Page
Posted 05/22/2017 09:36 am
