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Did 1973 Canada $5 & $10 Oly coins circulate at face value?

CaptHenwayCaptHenway Posts: 32,116 ✭✭✭✭✭
in Precious Metals
Tis is kinda bullion related, since the coins trade as bullion now.
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According to Charlton, some Canada 1973 $5 and $10 Olympic coins were issued for circulation at face value through banks. Can anybody confirm this?
Does anybody remember it happening?
Thanks,
TD
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.

Comments

  • CoulportCoulport Posts: 1,087 ✭✭✭
    IIRC they released some through the banks to confirm/legalize their legal tender status.
    It also seems like that some time later when silver dropped, the same banks refused to accept the coins at face value.
    The most money I made are on coins I haven't sold.

    Got quoins?
  • CaptHenwayCaptHenway Posts: 32,116 ✭✭✭✭✭
    The price of silver hear the end of 1973 was around $4 per oz. so the $10 would have melted at about $5.60 (US). The coins could have circulated.
    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • cladkingcladking Posts: 28,637 ✭✭✭✭✭
    I understand there was very limited circulation of these coins before 1980.

    After the price of silver collapsed many banks were refusing the coins and the
    government stepped in to back them in order to maintain the integrity of their
    numismatic programs. Most of the coins redeemed through the '80's and '90
    were reportedly destroyed but since they were indeed redeemable they would
    have circulated to some extent.
    Tempus fugit.
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