Expired Hot Deals

MINT: $100 for $100 Silver Coin

  • Last Updated:
  • Jun 4th, 2013 7:08 pm
Tags:
None
Jr. Member
Dec 5, 2012
109 posts
19 upvotes
unclekim wrote:
May 16th, 2013 5:36 pm
Again, this article is your only single source on topic?
marketing is your? facts?
So who is right, the customer with the legal tender coin or the banks who kept rejecting it?
They’re both correct, says Royal Canadian Mint Alex Reeves.
He explains all coins produced by the mint are legal tender – meaning they can be exchanged for goods or services at face value – but only circulating legal tender can be readily spent and traded at business and banks.
As defined by Royal Canadian Mint Alex Reeves

Legal Tender. Anything you're exchanging for good's and services. at the "face value" of it. like you have bread, i have bannana, we trade. that is as legal as these coins are

If i don't want your bannna, at $100 cause sobeys has the same bannnas for $23. I goto sobeys. or if you want i can hold your bannanas 6 months and find someoone who will pay $100 to me for them or more. and then i will give you $100 , after i sell them and get 6 months interest on it.
Managers at the RBC branch Fokine visited have arranged to meet with him to discuss the coin. And by Wednesday afternoon Fokine says CIBC had offered to convert the coin to cash, but only after keeping it on hold for six months.
has anyone in these forums, sucessfully got more then silver price value of the day for any coin from a pawn shop, bank, anywhere by this pyramid scheme of coin collectors?
Jr. Member
Dec 5, 2012
109 posts
19 upvotes
whatchamacallit wrote:
May 16th, 2013 5:49 pm
LOL.
You're hilarious.
You're bringing up a doomsday scenario where money is so worthless that everyone needs it, yet you completely ignore the fallacy in your argument.
In a doomsday scenario where money is so inflated that everyone needs it, your $100 polymer bill is worth its weight in polymer/plastic/paper, while this $100 silver coin is worth its weight in silver.

Glad to see when this doomsday scenario does come around I'll be able to exchange my $100 silver coin for its weight in silver, while you can use your $100 polymer bill as something to burn to keep warm.
Jeez. So tired of people who don't understand the importance of silver and gold in economics as well as the concept of legal tender and monopoly money....

cause that's what your e-tele told you and banned history. ppl bought gold and silver, then great depression, then world war 1. even with all the money gold and silver.
they germany did the same, great depression, then ww2.
then kenedry brought back the silver back. and he got assisinated for that, cause the world left that lie. and usd'd back not gold backed.

then recession of the 80's , high silver prices.

yes lets make another one happen, cause the loafs of bread weren't $100 in the depressions.

cause while you're waiting 6 months for your hold on the silver at $100 to be done, i lined up for bread.

sure you can buy a house for $100 , or i can move into the dead ppl's houses and line up for bread. you can buy a slice a day for your silver coin. too paranoid to line up for bread. defending all that.

2008. just gold and silver ... well if we don't ignore history then yes. all that economic failure was. now thank god we have teh stock market turning all your silver value into crap . by virtually trading it and at any moment can sell 10,000 times mined silver and make it worth $2 again.
Member
User avatar
Jun 22, 2004
459 posts
51 upvotes
Ontario
Greg83 wrote:
May 16th, 2013 5:24 pm
that was in the article and the bank said . no no no. then after 3 days. they said ok we'll take a coin. but with a 6 month hold.

i'll cash your work check. with a 6 month hold, make me some interest lol



don't expect money for these. and when you need it, everyone is gonna need it and expect $2 , a loaf of bread for these
and since you can exchange anything for goods and services, legally. my banana is as legal tender as this coin
and i bet the bank won't hold my bannna for 180 days and it will be a faster trade for money. non
$2 and loaf of bread? Banana? WOW, if you do not like collecting coins just ignore the posts about coins. I never understand why people get so worked up over how other people spend their money.
I am betting if I put $100 in the bank and buy a $100 coin, the coin will be worth more in 6 months, but if not I still have $200 so saying it worth $2 or and banana is just silly.
Here is the post from the mint in FAQ,
All coins manufactured by the Mint are legal tender. However, unlike Canadian circulation coins, collector coins are non-circulating legal tender (NCLT). As such, these coins are not intended for daily commercial transactions and accepting them as payment or for redemption is at the discretion of businesses and financial institutions.

The Mint has a process in place to reimburse financial institutions the face value of redeemed NCLT coins, once they have accepted them from a customer and returned them to the Mint. In the event a bank branch is unaware of this procedure, customers are advised to contact the Mint with the coordinates of the bank branch, which will take steps to inform the branch of the redemption process.

As collector coins can only be redeemed at face value by businesses and financial institutions willing to accept them, it is recommended that individuals wishing to sell a collector coin first consult with a coin dealer, who is more likely to offer a price above face value.
Jr. Member
Dec 5, 2012
109 posts
19 upvotes
ok and i explained . in human english these pyramid scheme and how no one can actually get teh $100 for this.

but i suppose you can keep telling yourselves these. cause only one gonna give you the $100 for this $23 silver coin. is mint.ca
and if they're not selling new coins, they cannot cover the returns.

and supply and demand, like the bannana, you all need food for the silver. well i don't need no f-kin silver i need food.

and as the royal canadian mint said. $100 legal tender, in exchange for good's and services. they only have to provide you , credit at royal canadian mint. not $100
Member
User avatar
Aug 31, 2009
305 posts
206 upvotes
BC
Your human English is pretty hard to follow. Please just let it go Greg83 and don't read the threads about mint.ca coins. You will never convince the buyers and the buyers will obviously never convince you. Move on.

Not that it matters to you, but ppl have been actively selling all the $20 coins in a similar series on ebay and elsewhere for $25+.
Deal Addict
Dec 18, 2006
1754 posts
212 upvotes
Edmonton, AB
jslwc wrote:
May 16th, 2013 6:16 pm
Your human English is pretty hard to follow. Please just let it go Greg83 and don't read the threads about mint.ca coins. You will never convince the buyers and the buyers will obviously never convince you. Move on.
Not that it matters to you, but ppl have been actively selling all the $20 coins in a similar series on ebay and elsewhere for $25+.
Not forgetting people have been depositing it at financial institutions like ATB and TD for quite a few months now.
Greg83 is as useful to this thread as a hammer is useful to a hippopotamus (sorry, I had to make this weird comparison as Greg83 thought comparing bananas and bread to silver and coins was appropriate lol)
Deal Fanatic
User avatar
Dec 7, 2011
6445 posts
4846 upvotes
whatchamacallit wrote:
May 16th, 2013 5:49 pm
...Glad to see when this doomsday scenario does come around I'll be able to exchange my $100 silver coin for its weight in silver,
while you can use your $100 polymer bill as something to burn to keep warm...
Sorry, have to disagree with you there...

The new bills will melt, so he won't even be able to keep warm, as well as, they will most likely emit toxic fumes, so burning them no longer becomes an option. ;)
Deal Expert
User avatar
Dec 19, 2001
28322 posts
823 upvotes
Looks like the tin foil hats are changing heads.
Deal Addict
User avatar
Sep 18, 2003
1487 posts
31 upvotes
Winnipeg
Ordered some. Big hit, but look sweet.
Newbie
Apr 24, 2013
21 posts
26 upvotes
I know I'm wasting my breath here, but here's my take on the value of Mint's coins, hope it explains it better than bananas and doomsday scenarios.

Like all consumer products. Mint produces most of it products below material costs. the $100 silver coin costs $23 in silver + some production costs to make. The $100 (at time of release) Matrix Trilogy DVD Ultimate Collection Costs $10 in plastic + some production costs to make.

All items may increase or decrease in value depending on time, The matrix DVD collection may sell for $1000US in ebay due to demand and rarity at the time of release. 10years later you may see it at the bargin bin for $15 when everyone is using Blueray. I hope that we can agree most stuff we buy will decrease in value in time, some rare item will actually increase in value, all the strange reasons.

Coin collecting is just another product but with a special property. It has a minted value legalized by the country issued. It means that should this product becomes worthless viewed by the public. You can still redeem it at the bank for its minted value.

No one buys a product and thinks about its resale value, we buy products to enjoy, DVD to put to a DVD player to watch, Mint coins to put behind a display case and watch. When your Matrix DVD collector's edition drops down to $15 at walmart and you 'suddenly need cash for food', you won't expect to pull to walmart and trade your DVD for $15. You go to ebay and hope someone will buy your DVD for $15, you might wait forever, unless you drop your DVD price to $12... $10... $8 and sold!

Similiar case with the Mint coins, they are a collector's item. don't expect every coin made will jump 100% in value. and don't expect if you 'suddenly need cash for food' you can just walk into a bank and demand money for it. However, you can expect to write to Mint to tell your bank about it. They will take it, hold 6 month. and you get money based on the minted value. Here's the deal in the $100 for $100. you paid $100 now and in the worst case scenario future, up to 6 months in advance before doomsday. You will get $100 back. If you pay $100 for a very good looking coin with a minted value of $15, you can expect $15 back. If you pay $100 for the Matrix DVD Collertor's edition... may ebay help you, I sure won't pay $0.25 for it.

The good news is, most coin collectors rarly sell at a worst case scenario. We keep it for 40, 50 years, give it to our grandkids. and see the value rose by a few hundred percent. Not much higher than inflation, but sure beats the DVD collector edition. And we tell our grandkits don't spend money on collector's editions, no matter the media format.

In rare cases. the coin's market value will jump a lot in a short time span. The first $20 for $20 maple leaf is a good example, its selling at around $43 on ebay after 2 years. try selling your $20 canadian bill for that price and look for takers.

In extremely rare cases. WW3 comes along and everyone goes hungry. We all traded everything we had (Cash, mint coins, DVD collector's editions) for bananas. But NOT YOU! you stayed hungry and kept the mint coin. The war is over and everyone is happy again, you are now the sole owner of a rare 2013 Bison $100 coin that is worth millions. (Of course you can choose to be the guy who owns the last remaining copy of the Matrix DVD collector's edition on earth too. To each its own). :)

P.S - Some people here mentioned you are better off buying silver and gold in its weight instead of mint coins. I just want to point out, like all products. You always take a hit when reselling back. There is always a buy and sell value attached to precious metals. buy values are always higher than sell values. If you don't believe me, go sell 1 ounce of silver to the exchange, then quickly buy it again with the money you are given, repeat 20 times.

Thank me if you like this post. I'm a noob at RFD and smiles when thanked.
Jr. Member
Dec 5, 2012
109 posts
19 upvotes
no the bank of Canada. didn't mint these coins , nor do they insure them
a private enterprise , like FedEx in the USA. not of the government with the corporate name of the royal Canadian mint insured these coins

its just a legal form of tender. like a check. if the mint cannot cover the $100 and bounces the check. the coins have no value. other then the silver value.
Member
Nov 16, 2010
274 posts
34 upvotes
Scarborough
Greg83 wrote:
May 16th, 2013 8:16 pm
no the bank of Canada. didn't mint these coins , nor do they insure them
a private enterprise , like FedEx in the USA. not of the government with the corporate name of the royal Canadian mint insured these coins

its just a legal form of tender. like a check. if the mint cannot cover the $100 and bounces the check. the coins have no value. other then the silver value.
You seriously have no clue what you are talking about. Royal canadian mint produce all the circulated coins in Canada. PAPER CURRENCY and COIN are forms of legal tender. Check, credit cards, money order are not consider legal tender. Bank of Canada does not produce the paper currency.

You are technically saying paper currency have no value if the company that produce them go bankrupt. Paper currency is just toilet paper if there is no face value. If the face value on a silver coin is gone then it is worth the price of silver. I bet the price of silver is worth way more than a piece of a toilet paper.
Deal Addict
Jul 11, 2008
3460 posts
1038 upvotes
seems like there are a lot of idiots on RFD.

The Coin has face value of $100 and because it's from Royal Canadian Mint, it's a legal tender and you can take it to the bank for a $100 minimum.

If you're trying to compute the value of these coins based on its silver weight, you're an idiot.

quarters, dollars, toonies you carry - if you value them based on their raw material costs, contact me - i will buy them at a premium.
× < >

Top