Canadian town wary over legal tender status of proposed "centennial" coin
Michigan
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Fears over fraud have got councillors at the Municipal District of Pincher Creek wary of endorsing the Chamber of Economic Development’s centennial coin.
Late last month, council received a letter from the chamber asking councillors to pass a motion to make the coin legal tender within the municipality.
The chamber is planning to print 7,500 of the coins which will have a face value of $2. The coins will be legal tender within the town between May 12 and Dec. 31 this year.
But last Tuesday, councillors at the MD were reluctant to pass a similar motion for the MD.
“My only concern about this is it being approved to be legal tender,” said Councillor Neil Stewart, who said that by making the coins legal tender the chamber could become vulnerable to counterfeit issues.
“If we’re going to pass a law saying it’s legal tender, it’s different than a souvenir,” said Stewart.
“Who’s controlling this?” asked Councillor Rod Zielinski. “If someone makes 10,000 of these and passes them in, who’s responsible?
“I like the idea and I’d support it, but I want somebody’s name on the line to be responsible for it.”
“I don’t know what kind of significance they have in the municipality anyway,” added Reeve Brian Hammond.
But Councillor Ted Smith was for the idea. He argued that if people attempted to use the coins as legal tender in stores, there would be no obligation to accept them, and added that they were only legal tender until Dec. 31.
Smith made the motion to approve the coins as tender, but all other councillors opted to oppose his motion.
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Late last month, council received a letter from the chamber asking councillors to pass a motion to make the coin legal tender within the municipality.
The chamber is planning to print 7,500 of the coins which will have a face value of $2. The coins will be legal tender within the town between May 12 and Dec. 31 this year.
But last Tuesday, councillors at the MD were reluctant to pass a similar motion for the MD.
“My only concern about this is it being approved to be legal tender,” said Councillor Neil Stewart, who said that by making the coins legal tender the chamber could become vulnerable to counterfeit issues.
“If we’re going to pass a law saying it’s legal tender, it’s different than a souvenir,” said Stewart.
“Who’s controlling this?” asked Councillor Rod Zielinski. “If someone makes 10,000 of these and passes them in, who’s responsible?
“I like the idea and I’d support it, but I want somebody’s name on the line to be responsible for it.”
“I don’t know what kind of significance they have in the municipality anyway,” added Reeve Brian Hammond.
But Councillor Ted Smith was for the idea. He argued that if people attempted to use the coins as legal tender in stores, there would be no obligation to accept them, and added that they were only legal tender until Dec. 31.
Smith made the motion to approve the coins as tender, but all other councillors opted to oppose his motion.
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