$100 FV NCLT coin

[ccg]

So it seems the mint isn't satisfied with the $20 coins and is now putting out 1 oz $100 face silver coins.

 

[thedeadpoint]

Are they typically $20 face value?

[Art1.2]

I like the design. How much silver does it contain?

[ccg]

Are they typically $20 face value?

 

For the last year or so the mint had been issuing $20 FV 1/4 oz 999 silver coins, with 3-4 different ones per year. They seemed popular early on, but some of the more recent ones haven't really caught on.

 

They (the $20 coins) were sold in limited numbers by the mint at $20, and distributed through Post Offices for $25.

[ccg]

I like the design. How much silver does it contain?

 

1 oz fine silver, so same as a SML or SAE, except that instead of the $5 face value on the silver maple, or $1 face value on the silver eagle, this will be issued with a $100 face value, and sold at face value rather than spot price + premium.

 

I would imagine that dealers probably won't like them since they likely can only charge $105 or $110 for it, leaving virtually no margin. (Then again, most mint product is sold on thin or non-existant margins)

[wabnoles]

Although they do not contain $20 or $100 worth of silver, you have to like the fact that you are buying what amounts to face value legal tender and the Canadian dollar is roughly 1:1 with the American dollar

[lostwords]

here's mine

 

 

 

[lostwords]

I like the design. How much silver does it contain?

 

 

You are right. Most of the 1oz Numismatic silver coins typically have a FV of $20 but they are not guarantee value. It is just a number on the coin. Where as this new $100 for $100 is gaurantee that it will be worth $100.

 

There are stories in which some banks won't accept it. It was true when the $20 for $20 cames out, there were issues in which banks were not willing to accept them as deposit. Because of the stories written about that, more banks are willing to accept these. If they don't, you can contact the mint and they will contact the bank and let them know of the procedures.

[rsraghead]

Whsts the reverse on these coins look like?

[ccg]

 

 

 

You are right. Most of the 1oz Numismatic silver coins typically have a FV of $20 but they are not guarantee value. It is just a number on the coin.

 

 

Which issues are you referring to?

[rsraghead]

the $100 for $100

[Scottishmoney]

I have heard that TD bank is particularly bad with not accepting these. But TD bank is a different animal when it comes to numismatics anyway, which is sad because back in the days of Bank of Toronto and Dominion Bank they put out some really lovely Charter notes.

[lostwords]

Which issues are you referring to?

 

this is an old article written about $20 for $20.. interesting read

http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html

 

but keep in mind, this is an old article and the mint had work hard to fix this.

 

This is how I looked at this... if you go to a corner store with $100 bill, it is legal tender, does the store have to take that $100 bill??? They still have the right to say, no sorry, we don't take $100 bill. Actually, if you live in Canada, good luck getting the new bills (plastic bills) to work with vending machine.

 

So, these $20 for $20 or $100 for $100 coins are the same. It is legal tender, it doesn't mean the bank or stores will have to take it

[rsraghead]

Imagine craving a cigarette and not being able to spend your $20.

[ccg]

Just to clarify...

 

Most of the 1oz Numismatic silver coins typically have a FV of $20 but they are not guarantee value. It is just a number on the coin. Where as this new $100 for $100 is gaurantee that it will be worth $100.

 

All Canadian coins have always been valid at their face value, and always will be honored as such by the RCM, with the exception of the 1997 Gold Mountie, which had a face value of $50 with a secondary value guarantee of US$310 valid until 1.1.2000

 

There was no specific guarantee of the face value for this issue, or any other issue, because that had never been an issue.

 

This $100 coin, as with anything else, can always be refused by a bank when making a deposit, or by a grocer when buying groceries because neither of those transactions involves a debt.

 

Legal tender refers to a valid (legal) offering (tender) of a medium of exchange to settling a debt. You can definitely use any NCLT (within the prescribed limits) for payments towards a bill payment, be it at a restaurant, or for your mortage.

 

Yes, (Canadian) banks and credit unions are encouraged to accept all (Canadian) legal tender for deposit, but most of the reason why many decline is simply because having something oddball requires seperate accounting for, and transport back to a regional or national office (or the mint itself) for clearence / redemption, and that's a cost they'd incur for seemingly no benefit. Lack of recognition, while a concern, is a lesser issue.

[rsraghead]

I can see where it could be a financial hardship on some banks. Regardlless of the number of coins they had, cost of transportation incurred would be on them.

And other customers would not want them because of the same problems in spending them.

Do I have it correct now?

[ccg]

Yes. But the second part can go both ways - a bank can only pay out what people ask for. One bank branch I frequent has no problems taking halves and old dollars in deposits as they have 1-2 regulars who "buy" any oddball stuff they get - so in their case, taking in the stuff results in two happy customers. (and they know they're not going to be stuck with it)

[rsraghead]

 

thanks!!!

I now haave a much better graspp of it than I ever had

Makes me glad that I dont have to deal with it too.

I would probablly be the guy with a pocket full of money that nobody wanted.