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 Replies: 91 / Views: 19,640 |
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Pillar of the Community
Canada
2845 Posts |
Quote:@wildflowerAB, I look forward to the call from RCM's advertising department ;) Let's hope it pays well! @New1954 Onecad gets it, I definitely was not making fun of anyone. More like having fun, discussion of a hobby doesn't always have to be so serious. Edited by wildflowerAB
05/29/2017 10:49 am
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Rest in Peace
Canada
1360 Posts |
New1954, I too have one of each of the x for x coins. I still say, that purchasing a coin with a face value - for face value is a decent way of collecting. Isn't this what we all started with years ago, when you were filling your books of 1c, 5c, 10c, 25c you found them in your change back then, and paid exactly face value for each. Compare that to the 'beautified' coins - face value of $20, but purchase price is sometimes over $100. Silver value of less than $20 (at today's prices) For the opportunity to buy a complete set of coins for face value with no down side, Thank you RCM. Yes, there were a lot minted, but then again, there were millions of pennies, nickles, dimes and Quarters when I started, and I only collected one of each of those too. |
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Pillar of the Community
United States
2408 Posts |
 100% These were a new breed I'd call ACLT's (Almost Circulating Legal Tender) and could have been a long term success... if released through the banking system. |
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Pillar of the Community
Canada
1571 Posts |
Agreed. Or at least made widely known that they were not fake
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Pillar of the Community
United States
2408 Posts |
Quote:
Or at least made widely known that they were not fake That's an interesting comment. Yes indeed, because so many were produced why would anyone risk jail time for making fakes? I'm certainly not an expert on fakes but I think that X for X's can absolutely be a target for fakers because of face value. The unsuspecting buyer may think that this is a really good deal at below face value if they are able to cash in at their bank. I don't know for sure but I suspect that some fake 200 X 200's are out there. Buyer beware. |
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Pillar of the Community
Canada
5324 Posts |
Someone in the Montreal area made trailer loads of fake toonies
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Pillar of the Community
Canada
1027 Posts |
@John100
Where did you hear about this?
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Pillar of the Community
Canada
3690 Posts |
Edited by CC-Ottawa
06/11/2017 9:55 pm
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Pillar of the Community
Canada
1027 Posts |
@CC Ottawa
Thank you for the link. Very interesting......I wonder how many are still in circulation?
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Pillar of the Community
Canada
3690 Posts |
The following the quote from today's Federal budget. Does this change your opinion on the future of xforx coins? "The Government proposes to introduce legislative amendments to facilitate the maintenance of high-quality bank notes in the money supply and to provide greater clarity on the bank notes that can be used as legal tender. These changes would allow the Government to better manage the money supply so that it is safe and secure for Canadians.
Following these legislative amendments, the Government intends to initiate the process to remove the legal tender status of bank note denominations no longer issued by the Bank of Canada (i.e., $1000, $500, $25, $2 and $1). The Bank of Canada would continue to honour these bank notes and exchange them at their face value." (I added the bolding for emphasis) Will this happen with coins? If so, imagine having to get these to Ottawa to exchange at the BoC. Is it a good idea to cash out at your local bank now, while your still can?  |
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Pillar of the Community
Canada
2984 Posts |
Quote:
Following these legislative amendments, the Government intends to initiate the process to remove the legal tender status of bank note denominations no longer issued by the Bank of Canada (i.e., $1000, $500, $25, $2 and $1). The Bank of Canada would continue to honour these bank notes and exchange them at their face value." (I added the bolding for emphasis)
Will this happen with coins? If so, imagine having to get these to Ottawa to exchange at the BoC. Is it a good idea to cash out at your local bank now, while your still can? I imagine you can bring $1000, $500, $25, $2, $1 to your bank and deposit them to your account. No need to send them to Ottawa. The $500 and $25 are so rare they will bring a premium above face value no matter the quality. The $1000, $22, and $1 are too common and have no premium unless in uncirculated condition or special numbers. Although the $1000, $2, $1 are legal tender, a lot businesses don't take them anyway. So no big deal. Banks will take them. As for the coins, I think you can probably still deposit them in the bank the way you do with banknotes. Edited by MoneyPenney
02/27/2018 8:57 pm
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Pillar of the Community
Canada
5324 Posts |
The big question is why the government at this moment consider this policy so important to include it in this kind of lame budget.
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Pillar of the Community
Canada
3690 Posts |
Quote:
I imagine you can bring $1000, $500, $25, $2, $1 to your bank and deposit them to your account. No need to send them to Ottawa. MP - that's the point. The budget is proposing changing the process whereby you would not be able to redeem these older notes at a bank sometime in the future. From this article: "While you may no longer be able to spend them at your favourite store, the bills affected by the government's plan can still be turned in to a financial institution, at least for the time being. After that, the Bank of Canada will continue to honour these bills and exchange them at their face value." http://ottawacitizen.com/news/econo...b7a847ac9cf5John100, I agree. This was a third budget and as such it is chock-full of nothing but messaging and promises to spend money we don't have. The tangent to recovering old notes is likely noise and lacks any sort of practical policy or procedure since it relies on collectors voluntarily surrendering their collections at face value. |
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Pillar of the Community
Canada
2984 Posts |
The media a few years ago said there were almost one million of the $1000 bills still out there somewhere. And who know how many millions of $1 or $2 bills still stashed in peoples home.
There is no way the Bank of Canada can handle the huge amounts of discontinued bills out there. Imagine the Bank of Canada handling millions of bills sent in by people if the banks no longer accept them. They just can't do it with their limited resources. Remember the Bank of Canada closed all their offices long time ago. The only way it can work is for the Bank of Canada to make a deal with the banks to administer the exchange of bills.
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Pillar of the Community
Canada
5324 Posts |
The Bank of Canada through the minister, sets policy and rules for the banks in Canada to operate, they routinely accept old and torn currency for exchange as part of the banks license to make a billion and a half or more every 90 days. It is just sad that collectors sometimes gets confused and will turn in a really valuable bill for face value as someone in Quebec a few years ago turned in a few French 500 bills into their local bank, who knows the BOC could say in the future all old notes are now illegal to own, that's a worry for the hobby, it's one section of the hobby that is booming
Edited by john100
02/28/2018 10:17 am
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Replies: 91 / Views: 19,640 |
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Posted 05/29/2017 11:59 am
