New $20 4 $20

C_C: Here is a copy of the currency act that has already been posted in this thread.
http://www.canlii.org/en/ca/laws/st...-c-c-52.html

There are a few sections that affect this coin. I have already commented on the one section in this thread. Unless you go to case law (or talk to a lawyer) to find out how the law has been interpreted and under what conditions the act is as good as it gets. Or email the RCM and maybe a RCM lawyer will tell you. A customer service representative is hardly qualified to speak on the subject. You might as well ask people on the internet.

Or go to the RBC's bank site and click contact us and ask them what their policy is on taking NCLT's.

^^^ It is simple.

By law it is.

Does that mean everyone working at a corner store is going to know that? No.
Does that mean all corner stores won't except it? No. Some will and some won't. By law they can refuse ANY money.
Do banks except it? Yes.
Does that mean all tellers know they should? No.
Will you die driving your car? It is not likely, but it is possible.
Should you drive your car? That is up to you.

In general, black and white or extremes is all people know or can deal with (simple minds). Thinking or finding out answers is not what most people do - they assume they know; they never actually try to find out. Specifics matter. If you want a coin that is simple and straight forward do not buy this coin. If you are worried about losing a $20 paper bill use debit cards. By law, if you unknowingly get a fake $20 paper bill - you are out the money. Last person holding it loses it, even if you did nothing wrong. Nothing is as straight forward as it seems, even though the simpletons think it is.

Maybe. This case is a bit different because $20 for $20... puts this coin in a different category I would say. I don't think it's a matter of being hard on cash, because again, there is no mark up. I don't get your insinuation that posters want to hear their own voice.

Yes I know vinny, not sure why but coins (NCLT in particular) tend to heat up quite a bit. You'd think it is a relatively benign subject (as opposed to politics for instance).

I think this coin is unique in the sense that it does not follow the typical NCLT profile. We'll talk more of the legal aspect of it because I think history can repeat itself, and we'll just rehash the same debate we had 20 years ago.

Heh, they should have just waited for silver to rebound. Would have made more money. :P

^^^ It is been thought out to cover all bases for coins (now and in the future) which includes NCLT's.

The number limits on coins are to stop people who have to pay taxes or parking tickets from paying in cents etc. Some people try to be "smart/funny" but the act prevents them from doing this. If you bring in a reasonable number of coins to a bank or to pay the government you will have no problem. Bringing 3 or 10 of these coins to the bank should pose you no problem. Bringing in a thousand probably will. Most people are reasonable about it, but like all laws they are written for the "lowest common denominator" types in society.

Who here can guess what I got in the mail today!?

My credit card bill!

But that's alright because it was hidden behind a box of ten 20$ fine silver coins!

Hawk, only a fool would post pictures of his credit card statement on a public forum! If you want to pay my bill I accept donations in cash or paypal.

Oh you mean the coins! Yes yes of course! *wink* I'll post a picture but you'll have to forgive me. My camera is in the shop so you'll have to settle for camera phone quality!