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Replies: 28 / Views: 12,579 |
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New Member
Canada
22 Posts |
I have a question to ask, are the 2017 colored Canadian coins rare or common just being picked over by people
*** Moved by Staff to a more appropriate forum. ***
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Pillar of the Community
Canada
2984 Posts |
They made millions of the 2017 Coloured Coins. Someone on a coin forum said they minted 3 million of the GITD Toonies out of 10 Million Toonies.
However, everyone is hoarding the coins. People are going to keep any they find in their change. Plus collectors have been scouring banks for rolls of toonies. So a lot of them are not even reaching the hand of the public.
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Pillar of the Community
Canada
1571 Posts |
I don't understand why. There are so many, it's hard to imagine they will be worth much more over face value, but I suppose there are people out there willing to spend a few bucks for them.
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Pillar of the Community
Canada
5324 Posts |
The mint has stopped the bulk order department, so the only way normal collectors can get new coins are hit and miss at your local banks. Coin dealers on the other hand must resort to special deals with banks or the armour couriers to gain access to rolls of new coins. The mintage of the 150 toonie must be quite low as in the Toronto area they are almost no where to be found, but the 40 million new 10 dollar bill is available at almost any bank branch.
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Pillar of the Community
Canada
2984 Posts |
You could do the math: 3 Million GITD Toonies vs 40 Million new $10.
Its very hard to find them in the banks. Been to many Vancouver banks, could not find a single one that have the toonie rolls.
Apparently banks don't get the Canada 150 coins unless they place an order through the Mint. Most don't do that.
Not only that but dealers are sold out of the Toonies and other Canada 150 coins. They say they place orders for them but won't receive them until mid or late July.
Edited by MoneyPenney 06/29/2017 2:20 pm
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New Member
Canada
5 Posts |
This year Canadian Mint has completely changed the way they distribute new circulation coins. The only way to officially buy them from the mint in rolls is those incredibly expensive sets of rolls - otherwise you have to fetch for them in banks. And my bank (the second largest in Canada) still didn't get them yet... All seven new design (Canada 150) circulation coins are already in circulation, but - as usual - all colored versions will be quickly squirreled away by coin collectors and kids.
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Pillar of the Community
Canada
5324 Posts |
You need connections at your bank to get large, quanities, especially the toonie most bank employees knows there is an after market for them, they might keep them for themselves and will be a windfall for armour money services. The RCM seems to always find a way to screw up things for it's main customers, the collectors. you promote the new toonie but make it almost impossible to attain at face. I am not sure how dealers can order from the mint anymore, there is no bulk order dept. anymore
Edited by john100 06/29/2017 3:43 pm
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New Member
Canada
5 Posts |
<<The RCM seems to always find a way to screw up things for it's main customers, the collectors. you promote the new toonie but make it almost impossible to attain at face.>> But this is exactly what RCM wanted this year - NOT to allow us, collectors, to get the new coins at face but instead to buy them with hefty premium in "special rolls" (I am just wondering - what is "special" about them? a paper wrap instead of plastic?) or in endless variations of the mint sets.
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Pillar of the Community
Canada
5324 Posts |
When I asked at my home branch of the TD to order me a case of the new toonies and I will pay the shipping and handling fee from Winnipeg, they still can't or won't because they have no process in place, they only get these new coins randomly. At last weeks Torex show a couple dealers had quite a few toonie rolls for sale, must have connections in order to attain such amounts, maybe after July 1, we find out real mintage of these toonies if in the 30 million range eventually they will be easy to obtain
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Pillar of the Community
Canada
2845 Posts |
Banks are at the lowest end of the coin distribution chain. From my past experience, they're serviced by regional and national coin distribution centres and have no process by which to order coin from RCM by specific date. Brinks plays a large role in currency processing and cash delivery. I'd bet money that anyone including retailers serviced by Brinks have a good chance of success. I received a coloured quarter in my change from Tim Hortons a couple of weeks ago. If 2017 coin is being saved by frontline folk in retail outlets or banks that's not a bad thing. Many of us here also expanded our interest in the hobby after learning the thrill of seeking certain circulation coin in the past. Likewise if in 2017 it leads to a new generation of collectors, that's a boost for the numismatics in general.
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Pillar of the Community
Canada
5324 Posts |
As explained to me by the nice lady who runs the bulk order dept. in Winnipeg, the country is divided into 4 or 5 districts, the TD for instance if the Toronto region is running low in toonies, dimes, they will place an order with Winnipeg and they will send out what ever is in stock but they are charged one time fee and shipping thus if the major banks can recycle they will it's cheaper, but I think there is a special directive from the Minister of Finance to get these special 150 circulating coins out to the public by July 1 if not why bother. It's one thing to drive around many large bank branches around Toronto and many has never seen any of the 150 rolls or a limited few who received a box and basically told it went to a couple customers. Those couple dealers at Torex couldn't have received their rolls by random chance, by the RCM stopping the bulk order dept. it made some smart bank and armour courier employees an easy windfall
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Pillar of the Community
 Canada
5584 Posts |
I'd sure like to get an example or two of each of the new coins, but I'm out very little and, even then, seldom use cash to get change... ho, hum!
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Pillar of the Community
Canada
2845 Posts |
@ John, yes that's the way it goes. But the role of banks, even main branches, is not like it was in the past where virtually every business dealt directly with a bank by depositing daily and ordering coin supplies. Big box chains have taken over the retail front and they're the major users of coin in today's world. But they're not supplied coin by local banks. My recollection is Brinks is also able to order directly from RCM, when their reserves fall low. So just my opinion that Brinks (and possibly Loomis) is a far more likely distribution source to get 2017 circulation coin into the public by big box retail stores and fast food chains. The limited number of tellers who remain in even the larger of bank branches is an indication that their role in cash and coin transactions has significantly diminished over time. Brinks ChangeFund Service: http://www.brinks.ca/solutions/changefund.php#1
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Pillar of the Community
United States
3467 Posts |
They are not rare at all. They are simply difficult to get at this time.
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Pillar of the Community
Canada
5324 Posts |
I still believe talking to Winnipeg that only the central coin centers of each major bank in that area can only place coin orders, take Walmart, who ever their bank of choice would be sending out coinage through their choice of armoured service. If Brinks can order it still shows the fault in the system of trying to get these 150 coins out to the general public without paying dealer pricing.
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Pillar of the Community
Canada
2845 Posts |
I'd be curious, has anyone asked employees at places like Walmart, Superstore or fast food restaurants how often they see 2017 circulation coin in their till? If the Finance Dept wants it in the hands of the general public, my thought is that's where the bulk of cash transactions occur. On the topic of Brinks as a RCM coin supplier to retail outlets, according to the following news article, the two have a close working relationship. Retirement gifts to retiring Mint CEO breached conflict rules "In a report released on Thursday, Dawson concluded that both the dinner and the miniature ship - whose real-life inspiration is represented on the Canadian dime - "might reasonably be seen to have been given to influence (Bennett) in the exercise of his official functions," as both were accepted "in the context of an ongoing business relationship" - and specifically, one that included contracts between Brinks and the mint." http://ottawacitizen.com/news/polit...nflict-rules
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Replies: 28 / Views: 12,579 |