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[Royal Canadian Mint] $200 for $200 Coin

  • Last Updated:
  • Sep 26th, 2014 3:20 pm
Newbie
Jun 19, 2011
13 posts
3 upvotes
TD just doesnt know what they are doing LOL... they have to take it for face
Sr. Member
User avatar
Apr 12, 2010
714 posts
130 upvotes
markschneider wrote: Everyone complaining about the value of these coins, I
have two things for you to think about:
1). These are LEGAL TENDER. Canadian Banks are required by law to accept them a such.
No, they're not required by law to accept them.

From the Mint's FAQ itself...
http://www.mint.ca/store/mint/customer- ... 8jTzPm7Y58

Can I redeem a collector coin at a bank or use it as currency to purchase goods or services?

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.

In other words these are YMMV depending on which bank, bank manager, bank teller, etc you get / go to.
Newbie
Feb 12, 2012
30 posts
18 upvotes
London
Exand wrote: No, they're not required by law to accept them.

From the Mint's FAQ itself...
http://www.mint.ca/store/mint/customer- ... 8jTzPm7Y58

Can I redeem a collector coin at a bank or use it as currency to purchase goods or services?

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.

In other words these are YMMV depending on which bank, bank manager, bank teller, etc you get / go to.

*NOW CONTINUE READING*

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.


So yes it could be a pain, if your bank hates you.
But YES banks are SUPPOSED to take them. They will, if they feel you are untrustworthy put a hold on the transaction for a while till the mint confirms.
Sr. Member
User avatar
Apr 12, 2010
714 posts
130 upvotes
arcturus519 wrote: So yes it could be a pain, if your bank hates you.
But YES banks are SUPPOSED to take them. They will, if they feel you are untrustworthy put a hold on the transaction for a while till the mint confirms.
Supposed and law are two different things.

I was replying to the other person who said it was a "law" for banks to take them, which it clearly isn't since it's at a financial institutions discretion.
You know, the very meaning of YMMV.

But hey, if you WANT to go through the hassle of going to your financial institution then having to escalate to management then contacting the Mint to "educate" them, by all means do so.
I've got a perfectly good financial record and I still had issues trying to deposit a couple of special Mint coins that I received as gifts. Eventually escalated to management and it still wasn't resolved the day I went in. Now since they were gifts the hassle didn't bother me but if it was my own money I used to buy these things and tried to deposit later, the waste of time is certainly not worth it since there's no added value or savings involved.
Newbie
Feb 4, 2012
30 posts
28 upvotes
Montreal
I remember someone tried to get his money back at a bank, it escalated, it got some minor media attention and in the end the bank accepted but he wouldn't get the cash before 6 months.

Personally I sold 2 of my 3 100$ for 100$ coins (that was just useless to keep 3 of them, their value weren't increasing) to a local coin shop and he took them for there face value. I lost no money from that transaction. I don't know if they would still accept them if they were in less than perfect condition.
Newbie
Dec 23, 2014
14 posts
66 upvotes
Kapasiwin, AB
Can merchants and banks refuse the coin: yes...
1). Try to cash in a suitcase full of 20's that are each covered in blood. Legal tender = yes... Able to cash in= no.
2). Try to buy a slurpee with a $100 bill, after reading the sign at the register claiming no 50 or 100 dollar bills accepted. Legal tender = yes... Able to cash in= no.

All in all, the point I was trying to make is... Federal legislation gaurantees you are able to attain $200 for this coin provided it has been attained through legal means and is not the proceeds of illegal activity. Banks and merchants both always have the ability to turn down legal tender as ultimately the risk is theirs after the tender is in their possession.

If a bank refuses this coin, they have the right to. The good rapport I have developed with my bank would without question lead to them accepting the coin, even if I was initially turned away. This same scenario most likely applies to any one else who has a positive financial history and is willing to inform their bank of the mints policy on these coins.
Sr. Member
Aug 27, 2009
809 posts
171 upvotes
Sorry to ressurect an old thread... but has anyone had experience with mint.ca charging credit cards late? I ordered 2 $50 for $50 coins last weekend and after ordering I could see that my 'Available credit' on my visa had gone down by $100.. they finally got shipped yesterday and I received them today, but when I check my credit card online there's no sign of the $100 pre-authorized charge and it hasn't been charged to my visa either.. My available credit limit is giving me an extra $100 to spend right now and it hasn't been charged to the visa either lol

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