Canadian NCLT not accepted at face value?

TwoKopeiki

I read that statement on another forum and there were cases cited where the Banks were not willing to accept certain NCLT coins. There's currently a commemorative $20 face value silver coin for sale at RCM for $20 that sparked the discussion.

From RCM FAQ's on their website:



<< <i>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. >>

PBRat

customers are advised to contact the Mint with the coordinates of the bank branch

So, if my bank doesn't accept them, I have to survey the bank's location and provide a Latitude and Longitude to the Mint?

Pokermandude

AFAIK the wording of "legal tender" for Canadian law is such that people or business don't need to accept any coin or note for payment of a good or service if they choose. Just like many small stores don't accept $50 or $100 notes, no one can force them to exchange their goods for a strange looking $20 coin.

Those darn $20 for $20 coins.. After this most recent issue I'll be sitting on about $600 worth of them. The first issue still has a pretty large premium ($34-40 on ebay it seems), but the rest probably aren't even worth listing individually. I think I might just keep a couple sets and bulk sell the rest on the BST.

LochNESS

Most stores have signs warning "we have the right to refuse any customer" - even if NCLT was accepted by all businesses, they could still reject to avoid the RCM's return policy (assuming it's inconvenient)

Se la vie! I heard some parking meters don't accept nickels or dimes

DBSTrader2

LochNESS..........Isn't it "C'est la vie!" ? I've been away from French class some 30+ years, and that's probably the extent of my retained knowledge, unfortunately..............

- - Dave

cohodk

Was in Niagara Falls a few months ago.. Had a RCM wrapped roll of 50c coins. Nobody would take them.

SaorAlba

<< <i>Was in Niagara Falls a few months ago.. Had a RCM wrapped roll of 50c coins. Nobody would take them. >>



I think 50c coins are even much less common in Canada than in the USA.