Any takers on the Canada $100 for $100 Bison coin?

greghansen

Is anyone else intrigued by the new $100 for $100 Canadian Silver Bison coin? I've bought some of the $20 for $20 silver coins in the past with the 250,000 mintages, and I thought I'd get this one with 50,000 mintage. I like the multiple bison design and if all else fails...I can hop across the border and spend it!

Royal Canadian Mint $100 for $100 Silver Bison Coin

agentjim007

Actually I find this one interesting. Got to check exchange rate, might be less than $100 US.

Just ordered 3 the web site is moving slow. The $20 for $20 always sell out they mint 250,000. 50k of these are sure to sell out. Worse case I take them with me next time to Canada and spend them.

DBM

About the only place you can spend them is at RCM boutique stores to buy more granny bait.
Banks won't readily take them,stores won't take them at all.

agentjim007

Thanks for that info. I thought you could spend them

greghansen

The following is from the Royal Canadian Mint FAQ page and addresses the legal tender status of the coins.


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.

Edited to add: Anybody having trouble cashing in their $20 for $20 silver coins already issued by the mint let me know. I'll gladly cash them in for you.

pruebas

<< <i>About the only place you can spend them is at RCM boutique stores to buy more granny bait.
Banks won't readily take them,stores won't take them at all. >>


This is true.

And Canada has been known to demonetize coins.

I wouldn't put any faith into that $100 face value.

1960NYGiants

<< <i>
And Canada has been known to demonetize coins.

>>



What coins has Canada demonetized?

pruebas

<< <i>

<< <i>
And Canada has been known to demonetize coins.

>>



What coins has Canada demonetized? >>


I thought they demonetized the 1976 Olympic issue, but I can't find any confirmation of that now. Maybe I'm wrong? Anybody know for sure?

YQQ

ZEROOOOOOOO coins or money demonetized
any Canadian or Canadian provincial coin minted from 1858 to now is LEGAL tender ..
I wish everyone would pay me with 1858 coins... any amount..

amwldcoin

The 1976 Canadian Olympic series was demonitized. Perhaps they reversed that decision when the silver value eclipsed the face value.

ormandh

I think that what everyone is saying is that these issues are not meant for circulation.

ormandh

HMMMM... who wants to pay $100 for an ounce of silver?-Dan

agentjim007

I cancelled my order. If they are not meant for circulation ( option to be used in commerce at face value) they shouldn't push the " $100 for $100" borderline false advertising in my opinion.

pruebas

How else could they get someone to pay $100 for a modern silver crown?

It's certainly cleaver and innovative marketing.

They are basically trying to set a floor on the aftermarket price of the coin.

greghansen

Guess I'll be the guinea pig on this one.

illini420

I tried to place an order this afternoon and they're sold out. Apparently quite a few people like them. On the waiting list so I'm hoping some more of you haters cancel orders

LochNESS

Greg, where did you buy the $20 Wolf coin?

It says "96% SOLD" but then says "not available in store"

LochNESS

Just called. "Estimated wait time is greater than 20 minutes ... you can also try visiting our website" ... website says "phone orders only"

PS: they seriously have one of the best websites ever, in terms of viewing coins. The "flip" function is seamless on my slow internet connection.

agentjim007

I figured I would put the $300 towards another 1914 $5 gold. They're under $800 now ( I paid $799 for the first and $760 for the second, mine are the nicest 62's or 63's. Want to buy a couple more) Heritage archives show MS 62's about $1K before the hoard. Only 1900 in the hoard for a real coin. Time will tell if my money was better spent on the 1914 $5 or not.

SaorAlba

I think I will invest my dosh in old Canadian gold instead of this overhyped nonsense.

YQQ

How about ANY !!!! Newfoundland $ 2 gold piece...???
just look at the mintages..

YQQ

amwldcoin

NONE, neither the $10, nor the $ 5 Olympic coins , nor the Calgary pieces are demonetized...
they will always be worth FV..

amwldcoin

<< <i>amwldcoin

NONE, neither the $10, nor the $ 5 Olympic coins , nor the Calgary pieces are demonetized...
they will always be worth FV.. >>



YQQ Perhaps they just made them impossible to exchange. It is pretty common knowledge that the Foriegn Exchange guys quit buying them 10 or 15 years ago. I was told by several of them that they would no longer exchange them after X date....sortta like what happened to the British Virgin Island coins. The difference is the exchange on BVI coins was gauranteed by the now defunct Franklin Mint!

YQQ

we could go in with this forever. Fact is: all Canadian coinage and currency, provincial and Canadian, issued from 1858 to present, is legal tender!
However, there is a interesting story which apparently happened to Jo Orio ( J&M coins in Vancouver). Rumor has it he tried to pay his taxes with the 5 and $10 olympic coins and Revenue Canada refused to accept them. all the while he was willing to pay, his interest on taxes owing kept accumulating...
You may be right, hardly anyone wants to accept them, and many other Canadian coins, BUT they are still legal tender.
Any Canadian coin the RCM produces is technically and legally valid Canadian currency.
Did you know they made $ 3 and $ 8 coins? even triangular coins.....

pruebas

If the government won't accept them in payment for taxes, how could they be called legal tender?

YQQ

You seem to have the idea that Gov is Gov....
well, not so, When it comes to taking advantage of something. OR, to make it clearer, can you walk in to an FBI office ( FederaL GOV) and pay your IRS dept in single US legal tender $2 bills or CC dollars?)

There are rules here (actual law) on how many coins of each type a merchant must accept for a dept and over that limit, can refuse or accept the legal tender, at their discretion.
Tax dept refused to accept... the interest is accumulating. However, they would have accepted a regular check as payment. They were playing the same game as Jo was.(Jo was peed off at them for his assessment and wanted to get back at them)
The story goes on: after much discussion Revenue Canada did accept the coins with the following reservation:
The RCM must recognize and confirm the coins as legal tender............... which they happily did,and all in accordance with the laws of Canada.
BUT, These laws again are the same that regulate the acceptance. Then apparently some person in the KNOW suggested that the RCM and REVCAN, are just instruments of the Gov and as such are completely independant organizations and really have nothing to do with each other, other than being owned and controlled by the same "owner".
The real place, which must accept and exchange without reservation, but subject to authentication, all Canadian legal tender is in fact the Bank of Canada.
So, after much hahaha we got you and hohoho, what a crabshoot, the coins were exchanged by the BoC.

remember, the story is a rumor I have heard years ago. BUT Jo Orio has so far not denied it over the years.

Weiss

Here's an example of these modern "legal tender" coins not being accepted.

I wouldn't touch these with a 10 meter pole.

YQQ

I rest my case.....

Stork

Does anyone remember much about the 1997 Canadian Gold Mountie (random ebay auction with picture)?

IIRC the price of gold ended up lower than $310US, which is what it was supposedly able to be redeemed for any time between the release date and the year 2000. Did people try and redeem them and/or was this honored by the RCM (as was stamped on the coin)? I wonder what the surviving mintage is if, indeed, the value was honored back in those lower gold price days (? $290s in 1998/1999 time frame).

There were a couple 100,000 yen coins from Japan that ended up having less gold than the face value for quite awhile (20 grams AGW)--even when first released-- and I also wondered if there were ever any attempts to 'spend' them at face value.

It's a little different than a NCLT vs circulating legal tender, but your question reminded me of the Canadian coin--that one was specifically stamped as being 'worth' a specific US dollar price (and what was up with using US dollars...kind of weird not using the Canadian dollar, but I digress).


Cathy

SaorAlba

Someone in the RCM came up with a gimmick to sell $22 worth of silver for $100 and market it like they are giving you a bargain.

YQQ

and they are selling it.
If they can not successfully unload them in Canada, they will seel out overseas.
Dealers in Europe are now taking orders for them.

NOT: there is something wrong with my system...hit the send button ONLY one time, and three post show up!! sorry guys.. it has happened before.
PC looks like it wants to freeze when this happens... nobody can find the cause..????

YQQ

sorry...., can not delete

YQQ

same here, sorry..

LochNESS

<< <i>Here's an example of these modern "legal tender" coins not being accepted… >>


Article says, "CIBC had offered to convert the coin to cash, but only after keeping it on hold for six months…"

I believe Tort Law calls that "theft by conversion"

Pokermandude

I made a point to grab three of these as soon as I could, even though I was vacationing in France at the time. With the popularity of the 20 for 20 series, the face value and the fact that it gets me 30% closer to Masters Club status (free s/h and early release privileges) this was absolutely a no-brainer. I now see that they've lowered the limit to three per household and are taking phone orders only.

Fountainhead

<< <i>There were a couple 100,000 yen coins from Japan that ended up having less gold than the face value for quite awhile (20 grams AGW)--even when first released-- and I also wondered if there were ever any attempts to 'spend' them at face value. >>

I understand these were redeemed at face value and accumulated in the Bank of Japan's vaults, creating an accounting nightmare as they weren't then counted as gold reserves but as a financial loss.

LochNESS

Circulating coins and currency need stability or the illusion of stability in order to work. The most popular coins in history were the most consistent and easily-recognizable (pillar dollar, British pound, etc). Bullion however seems to thrive on the market roller coaster. Therefore I would never expect a bullion coin to survive. The only reason bullion served well as coinage back in the olden times is because there was no international stock exchange. Once we began trading metals it all went downhill.

That's my 2¢

illini420

Although I was placed on the waiting list when I called and tried to order one of these, I ended up getting one in the mail about two weeks ago. Just showed up on my doorstep w/o any notice Of course my credit card was promptly billed. Very cool design and glad to have received one of them.

They haven't been selling for much of a premium on eBay as of yet... most selling for around $125 or so. But at least they are selling for over face value