Author
Topic: Mint x for x  (Read 40272 times)
hanmer
  • Full Member
  • ***
  • Posts: 188
« on: March 23, 2015, 11:08:04 am »

I'm not sure how long the mint has been doing this, but last fall I bought the $25 for $25 with the Canadian Flag on it in colour, and have started getting the $50 for $50 as well. I have noticed that both the polar bear and snowy owl of this series have sold out and are priced at a premium on dealer sites and on E BAy already.  I've seen a ton of negative points regarding the mint and the coins it sells on this site and in other places, I'm curious what the most people think of this particular series. To me it seems to be a no brainer, a face value of $50 for $50 all in, and it's a nice silver coin 99.99%. Besides the coins themselves are beautiful. This is also available as a $100 for $100, and $20 for $20 as well.

:)
Philippe_B
  • Senior Member
  • ****
  • Posts: 270
  • CPMS 1363
    • http://pages.videotron.com/transam/IMG_1194.JPG
« Reply #1 on: March 23, 2015, 11:18:14 am »

I think that all these face value coins are junk with no investment potential.

Instead of buying a $100 face value coin that contains 1 oz of silver buy four silver maples for the same price. When silver hits $100 per once you will have a value of $400 with the maples and only face value for the $100 high mintage coin. The mintage of these coins is way too high and collectors who know what they are doing avoid these coins.

Also good luck if you want to deposit your coins at the bank.

Philippe
friedsquid
  • Very Senior Member
  • *****
  • Posts: 2,879
  • CPMS 1593
« Reply #2 on: March 23, 2015, 12:24:22 pm »

Quote
Also good luck if you want to deposit your coins at the bank.

I picked up 100 of the $20 for $20 (various issues) RCM issued coins for $20 each (no premium no tax) from a local coin dealer
I was surprised because I thought that they would want atleast a few $$$ over issue price but I was told that in order to buy a very large collection from a customer they had to take these as well (the customer also said that they could not deposit them into the bank they deal with)
Anyways, I sold them all for $3 each over FV to a guy at the flea market...a quick $300 profit
But probably not an item I would invest in and hang onto



Always looking for #1 serial number notes in any denomination/any series
CA_Banknotes
  • Senior Member
  • ****
  • Posts: 403
« Reply #3 on: March 24, 2015, 12:31:59 am »

I've had 100% success depositing these coins with RBC. I've cashed in a whole lot of them, from the $20 to the $200 coins.

Been buying them to meet the minimum spends on new credit cards to unlock huge reward mile bonuses.
friedsquid
  • Very Senior Member
  • *****
  • Posts: 2,879
  • CPMS 1593
« Reply #4 on: March 24, 2015, 10:36:01 am »

I wonder if it depends on the branch and who you approach?
What do you think the bank does with them when they are returned?
Back to the mint to be melted into more $20 for $20's   :)



Always looking for #1 serial number notes in any denomination/any series
Seth
  • Very Senior Member
  • *****
  • Posts: 935
« Reply #5 on: March 24, 2015, 02:17:10 pm »

I've had 100% success depositing these coins with RBC. I've cashed in a whole lot of them, from the $20 to the $200 coins.

Been buying them to meet the minimum spends on new credit cards to unlock huge reward mile bonuses.

That's good to know that RBC accepts them for deposit. The mint has a FAQ about this process that says that financial institutions or businesses are not obliged to accept non-circulating legal tender, although it is willing to contact branches and educate them about their ability to accept it if they so desire.

If I can find a Scotiabank or Vancity branch willing to accept NCLT, then I have a credit card all ready to go for the same reason as you.

Track your Canadian currency online!

http://www.whereswilly.com
mmars
  • Very Senior Member
  • *****
  • Posts: 1,352
  • money is gregarious
« Reply #6 on: March 24, 2015, 04:54:07 pm »

The mint has a FAQ about this process that says that financial institutions or businesses are not obliged to accept non-circulating legal tender, although it is willing to contact branches and educate them about their ability to accept it if they so desire.

Here is just a thought... Is the Mint willing to redeem these coins??

    No hay banda  
Seth
  • Very Senior Member
  • *****
  • Posts: 935
« Reply #7 on: March 24, 2015, 07:13:43 pm »

Nope. The mint will only accept them at face value in exchange for the sale of more mint products, not for cash. Once coins leave the mint they are no longer a liability of the mint, nor do they become a liability of the Bank of Canada.

Track your Canadian currency online!

http://www.whereswilly.com
mmars
  • Very Senior Member
  • *****
  • Posts: 1,352
  • money is gregarious
« Reply #8 on: March 25, 2015, 05:00:59 pm »

Nope. The mint will only accept them at face value in exchange for the sale of more mint products, not for cash. Once coins leave the mint they are no longer a liability of the mint, nor do they become a liability of the Bank of Canada.


 :D Oh well.  At least this gives me cause to put up a classified ad saying that I will buy any intact Mint product for $1.

On the bright side, no matter how ridiculously high the face value of a coin is, the intrinsic value of the metal in it will EVENTUALLY surpass it.

    No hay banda  
 

Login with username, password and session length