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 Replies: 425 / Views: 38,412 |
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Pillar of the Community
 Canada
9866 Posts |
Took mine with me when I went to sell some silver last week.Bullion dealer told me no way he give 20 bucks for it,silver value only.When he paid me he gave me 3 50cent pieces(nickle of course)and said- have fun spending these if you can.No problem with the 50cents,one gone at tim's,one at CT,the last at a convenience store.Scrutinizing looks but no resistance in accepting them.
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Valued Member
Canada
442 Posts |
@DBM,
wow really? Is he strictly a bullion dealer?
My local guy is both coin and bullion, so at least he recognizes the numismatic part of it.
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Pillar of the Community
Canada
1581 Posts |
Interesting point. The RCM says they will except these for exchange or refund at boutiques. Someone should go to the boutique in Vancouver or Laval, and exchange two of these $20 for a 1 oz. Maple Leaf (assuming they offer the bullion coins there, of course). The point of legal tender would certainly be hammered home to them. This is probably going to end up being the 1976 coin fiasco all over again. |
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Pillar of the Community
United States
2408 Posts |
Quote:
Bullion dealer told me no way he give 20 bucks for it,silver value only As a bullion dealer, I would offer silver content ONLY as well. That would be a bonus.... |
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Pillar of the Community
Canada
1581 Posts |
Dealers can't be too pleased with these. And if they got a discount, then right there tells you all you need to know about the seriousness of the legal tender aspect. You can't sell people discounted money, they'd cycle it back again and again.
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Pillar of the Community
Canada
9866 Posts |
vinny-he has a few coins for sale,cherry picks from his bullion buying,and a box of world coins that people left behind when they found they weren't silver,mostly he buys jewelery,bullion,coins,silverware and watches.
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Valued Member
Canada
442 Posts |
@dialog,
What exactly is the 1976 fiasco?
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Pillar of the Community
Canada
1733 Posts |
They were silver coins minted to help fund the 1976 Montreal Olympics. Silver prices were depressed and the coins carried face values of 10 and 5 dollars respectively. So the face value was more than the metal value. Of course people wanted to spend or deposit them and no one would take them. I myself had a row with the bank over it. Let's just say I won that battle but certainly not the war.
Of interest; I stuck one of these new 20's into an envelope full of other stuff I want to sell and sent it off for grading along with the others. Hehehehehe. Yeah I know waste of money, just curious.
Edited for stupid face value mistake.
Edited by Ugly
03/08/2011 8:29 pm
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Pillar of the Community
United States
2408 Posts |
Ugly, actually they were $10 and $5 dollars face value.
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Valued Member
 Canada
322 Posts |
Emanuel from the R.C.M. told me to day how surprised the mint was to see this coin selling on ebay for up to $60.00....before anyone even had them in hand....  |
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Pillar of the Community
United States
2408 Posts |
Did you ask Emanuel about the Legal Tender problematic of this coin? I asked Pierre, but still no feedback on the RCM's position. |
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Pillar of the Community
Canada
1581 Posts |
> What exactly is the 1976 fiasco? It has been recalled elsewhere in this thread. The story goes that a US concern bought up a large number of the '76 coins below face value and then tried to cash them in at face value. The banks refused, and in the end the RCM agreed to take them back at face value for for credit on future RCM purchases. Basically the same terms they offer any dealer. With this offering the mint has put out ads aimed at normal consumers saying "Exchange $20 for $20". That, to me, is a promise to normal people that this coin represents real legal tender. It invites another mass volume attempt for them to keep their word. |
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Pillar of the Community
Canada
1733 Posts |
At C_C... oops yes my bad, I'm sitting here looking right at them (10's and 5's) on my desk and STILL typed that. I had a thread last year with 48 of each on my desk. I still have many more, they seem to accumulate on me somehow, guess I'm a sucker.
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Pillar of the Community
United States
2408 Posts |
Hey Ugly - no problem. Despite the low numismatic value of those '76 coins, I think they are pretty nice. I used to have the entire proofs and a few UNC.
Sold all of it when silver was stellar.
But see, silver today is up again! Our $20 has 9.22 in silver.
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Pillar of the Community
Canada
1581 Posts |
Sold it all back during Hunt-bro?
Inflation adjusted, silver hit something like $140 an ounce (gold something like $2200). So, if that ever got matched the $20s would have $35 in silver.
But, the shocker numbers are that a single pre-1967 CAD 10c would be worth $8.40, and a US 1964 and earlier 10c would be worth over $9.40. Buddy, can you spare a dime. :)
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Replies: 425 / Views: 38,412 |
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Posted 03/07/2011 10:47 am
