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Canada Dollar Coins


meyer
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I have about 100 Canadian Dollar coins form 1970 to 1982.

Varied dates, all circulated.

I tried to sell them.

Coin Shop will not buy.

5 different banks in downtown Toronto would not take them.

What gives?

I accumulated all of these during the time they were issued.

Are my Canadian Dollars worthless?

Thanks.

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If they are the regular circulation strike nickel dollars, they're just worth face value. I believe that banks don't like them because it costs them money to ship them off to be melted. Essentially they are obsolete, though still legal tender.

 

I have probably 40-50 of these myself. I think once I've established a good enough relationship with my bank, I'll haul them all in one day.

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  • 1 month later...

If it is leagal Canadian currency, they cannot refuse to change it to paper money.

BUT

If it isn't rolled they can refuse it, there are guidelines of how much coinage you are allowed to change/cash in/deposit without it being rolled.

Secondly, if you have a bank account ( and in these times how can you function without at least 1 )

You can simply go to a teller at your bank & make a deposit.

if you don't want to roll them, make a $15.00 deposit (for an example)

You can't roll 15.00 of dollar coins.

A roll is 25 dollars.

They would have to accept it .

In my ongoing learning curve on Canadian money, Any paper or coin minted by Canada is still legal tender.

No matter how old, or new it is.

So your nickle dollars would qualify.

If we get rid of the penny from our coinage as Government is threatening to do, there will be a time period to turn your pennies into the banks to redeme it for legal tender & it will be the first money that Canada has ever issued, to lose its government guaranteed backing.

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If it is leagal Canadian currency, they cannot refuse to change it to paper money.

 

Does the Canadian Banker's Association actually has that in their rules?

 

The laws regarding "legal tender" concern only the tendering of "legal tender" towards payment of a debt - it doesn't force acceptance of cash. For example, newspaper subscriptions are commonly payable only by credit card or check.

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If you don't have a super bunch just spend them. I spend half dollars and dollar coins and such all the time. Strange looks - somethimes. Refusal - never.

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  • 1 month later...

Does the Canadian Banker's Association actually has that in their rules?

 

The laws regarding "legal tender" concern only the tendering of "legal tender" towards payment of a debt - it doesn't force acceptance of cash. For example, newspaper subscriptions are commonly payable only by credit card or check.

 

Hi CCG

According to the Canadain Government website & my little bit of knowledge on Canadian coins..none of them ever issuedgoing back to 1858, when it was controled by Gereat Britian has a Canadian Coin ever been de listed. So all Canadian Coins ever listed are still legal tender.

http://www.canlii.org/en/ca/laws/stat/rsc-1985-c-c-52/latest/rsc-1985-c-c-52.html#history

 

Scroll down to current coins Part 1 - 7.(1)

look at it & part (a) as well as (B)

So any coin minted after 1952 says part -(a)

Plus when the Royal Canadian mint Act was incorporated.

part (B) says that all coins used previous to that date...are legal tender still.

 

In my observation of the Coinage of Canada & our government, they are (& have been for years) looking at getting rid of the

Candian 1 cent coin. If they do it will be the first time Canada has removed a coin from circulation.

 

But the debate rages on

http://www.creditcardscanada.ca/news/2011-02-15-penny-brief

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Hi CCG

According to the Canadain Government website & my little bit of knowledge on Canadian coins..none of them ever issuedgoing back to 1858, when it was controled by Gereat Britian has a Canadian Coin ever been de listed. So all Canadian Coins ever listed are still legal tender.

http://www.canlii.org/en/ca/laws/stat/rsc-1985-c-c-52/latest/rsc-1985-c-c-52.html#history

 

Scroll down to current coins Part 1 - 7.(1)

look at it & part (a) as well as (B)

So any coin minted after 1952 says part -(a)

Plus when the Royal Canadian mint Act was incorporated.

part (B) says that all coins used previous to that date...are legal tender still.

 

I'm not disputing the legal tender status of nickel dollars.

 

My argument is that legal tender status concerns only the validity of a piece of currency towards payment of a debt, and that as such, there is no obligation for a bank, or anyone else, to exchange one type of legal tender for another, in other words, banks are not obligated to accept nickel dollars in exchange for other coins, banknotes, or as a deposit. The only time the legal tender argument comes into play for a bank is if you were to use them towards payment of a debt (e.g. credit card bill).

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  • 3 months later...

Take them and spend them at you local fast food establishment. Odds are that the kids working there have never seen a dollar coin (this at least happens in the US) and you can giggle at their ignorance of the coinage system. I get these results with the dollar and the half dollars. Best of all I have the most fun with Ike dollars even though I might be loosing some numistic value in the deal but the looks of wonderment from the cashiers is worth it.

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On the other side of the coin, I've run into Canadians who don't know about their 50 cent piece.

 

:yes: Unlike with the US, where the half dollar is ocassionally seen (at casinos, etc.), the 50c has been out of circulation since the silver to nickel/clad changeover here, and most people born since then don't recognize it - that includes bank tellers.

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:yes: Unlike with the US, where the half dollar is ocassionally seen (at casinos, etc.), the 50c has been out of circulation since the silver to nickel/clad changeover here, and most people born since then don't recognize it - that includes bank tellers.

True story, I bought a coffee at a Tim Hortons (in Ohio) with a Sacagawea and a half dollar, and the window help asked me if the Kennedy was a two dollar piece...

 

I was so very tempted to say, "Yes. Yes, it is," in as sincere a voice as I could manage. :hysterical:

 

As it stands, I have a 1994P half in my pocket even as I type.

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  • 1 year later...

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