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Higher Dollar Canadian Bullion
ilmcoins
Posts: 525 ✭✭✭✭
This was my first time running into one of these. It is a 1 oz. round but marked $100. Apparently, it is worth $100 Canadian dollars. All of the other similar Canadian coins in the lot were marked $15 or $25 and all weighed 1 oz of .999. This is an odd dynamic when the face value of the coin is worth much more than its melt value.
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Spend it!
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As others have noted in the past when they go to cash those in it is difficult to find someone to give you that hundred Canadian dollars.
So if I walked into a Canadian Bank I could not swap it for a $100 Canadian bill?
canada has a long history of this, dating back at least to the montreal olympic silver $5 and $10 dollar coins
Give it a shot with a Canadian bank please and report back.
I remember that several years ago. The price of silver dropped and the melt value of these coins fell well below the face value of the coins so many people took them to their bank who refused to take them.
Worry is the interest you pay on a debt you may not owe.
Sorry I reread your last comment and realized that you don't know the answer to my question. You responded with what you thought you remembered from old posts.
I would think one could spend it in exchange for goods in Canada.... However, I really do not know if this coin was - how shall I say it - de-monetized? Cheers, RickO
Good point. Are these coins considered legal tender by the Canadian government?
Worry is the interest you pay on a debt you may not owe.
These were controversial a bit, banks basically refused to exchange them for cash and it caused frustration to some. Here's the 'rules'.
https://mint.ca/store/mint/customer-service/faq-1100010#Q1a
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.
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.
And over on kitco there are threads about these and the frustrations people were having trying to 'cash' them in. I recall them anyway.
1 oz. silver? Canadian government made a bo bo.
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Not a bo bo. Tons of the $100 1 oz silver NCLT's are floating around. I believe the issue price was somewhere around $100 CAD.
https://coinscatalog.net/canada/100-dollars
on page 3 is your coins
https://coinscatalog.net/canada/coin-silver-100-dollars-orca-whale-silver-bullion-coins