Did 1973 Canada Oly $5's and $10's circulate?

CaptHenway · June 15, 2011 2:34PM

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

coinkat · June 15, 2011 8:28PM

I do not remember- I suspect it is possible but not likely

SaorAlba · June 15, 2011 9:05PM

They must have been sold at banks or somewhere at near face value - a friend of my mom had brought back a $5 coin from her visit home to Montreal and gave it to me.

syl · June 15, 2011 9:20PM

I don't think that they ever circulated here. The coins lost their legal tender status 15-20 years ago and the banks would not redeem them for face value. The coins/sets that were left over from Montreal, unsold, were bought up in huge lots at a large discount by a couple US investors who then redeemed (or tried to redeem) them for face value, thereby making a tidy profit. Canadian banking put a halt to it and collectors and others were left holding onto coins at a big loss at the time .. they never became popular collector fodder. Recently, it's a mute point because the silver content alone is worth much much more than face value or cost from back then. I have a complete 28 coin set in the birch boxes that I bought back in the mid-80's for $225 and could sell them now, but I've kinda grown attached to them .. some are very nice designs; others are granny bait. Now the coins were made in both Uncirc and proof by the mint, so maybe that's what Charlton means.

CaptHenway · June 15, 2011 11:24PM

<< <i>I don't think that they ever circulated here. The coins lost their legal tender status 15-20 years ago and the banks would not redeem them for face value. The coins/sets that were left over from Montreal, unsold, were bought up in huge lots at a large discount by a couple US investors who then redeemed (or tried to redeem) them for face value, thereby making a tidy profit. Canadian banking put a halt to it and collectors and others were left holding onto coins at a big loss at the time .. they never became popular collector fodder. Recently, it's a mute point because the silver content alone is worth much much more than face value or cost from back then. I have a complete 28 coin set in the birch boxes that I bought back in the mid-80's for $225 and could sell them now, but I've kinda grown attached to them .. some are very nice designs; others are granny bait. Now the coins were made in both Uncirc and proof by the mint, so maybe that's what Charlton means. >>

The demonitization happened long after 1973. I'm just wondering what happened in 1973.....if the coins were available from banks at face value.

TD

syl · June 16, 2011 1:34AM

I don't think that they were ever available at face value from banks in 1973. The first set of 4 (2-$10 & 2-$5) was issued in Dec '73. New sets of 4 were issued periodically from then until June of 76 when the Olympics were held shortly thereafter. The issue prices were always more than face value. There is a possibility that the bank could have sold coins that had been turned and cashed in to them to bank customers, the same as you can go to banks now and get nickel and silver dollars or paper $1 & $2 bills at face value if they have any on hand. I've gotten lots of silver 50 cent and dollars at my bank over the last 10 years. But nothing, as far as I know, happened in 1973 with banks. The mint (Hull mint in Quebec) didn't issue the first ones until late in that year.

CaptHenway · June 16, 2011 7:20AM

The price of silver near the end of 1973 was around $4/oz., so the $10 coin would have melted at about $5.60(US). It could have circulated.
TD

ProofArtworkonCircs · June 16, 2011 3:21PM

<<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 >>

Yes, I remember it happening. My local relatives told me the bank in Salisbury, New Brunswick had $5 and $ 10 for sale at face. It would have been a short trip, but I never made it. The local bank in Petitcodiac didn't have any.

Part 2 is a little more fuzzy. I believe that I read in Coin world or somewhere that this was done to monetize the issue, BUT only the first series was so released.

spoon · June 16, 2011 5:37PM

Krause lists issue prices for some of these in toward the end:

syl · June 16, 2011 8:17PM

Each of those sets listed was 4 coins: 2 $10 & 2 $5. I believe that the very first $5 coin had an issue price of $6.50 Canadian and the $10 coin was $12.00

CaptHenway · June 16, 2011 10:47PM

<< <i><<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 >>

Yes, I remember it happening. My local relatives told me the bank in Salisbury, New Brunswick had $5 and $ 10 for sale at face. It would have been a short trip, but I never made it. The local bank in Petitcodiac didn't have any.

Part 2 is a little more fuzzy. I believe that I read in Coin world or somewhere that this was done to monetize the issue, BUT only the first series was so released. >>

Great!
Thanks. That's what I needed to know.
TD

YQQ · June 19, 2011 11:12AM

please all remember that the set is NOT complete at 28 pieces. even though the boxes only accommodate 28 coins, there is the 1973/1974 piece..
it is recognized....I owned one and sold it for Euro 450 in Europe last year. I was extremely lucky, as it was high grade and the buyer really wanted it badly...
If anyone is interested to get one, last time I saw one on a small European dealers web site. ( somewhere around $500 he wanted. I passed)
here is an image of both coins, the 73 and 74 obverse sides

H

Pokermandude · June 19, 2011 3:47PM

<< <i>please all remember that the set is NOT complete at 28 pieces. even though the boxes only accommodate 28 coins, there is the 1973/1974 piece..
it is recognized.... >>

True it is recognized, but it is a mule. Number struck is unknown as far as I know. Personally, I wouldn't consider one of these necessary to complete the set.

YQQ · June 20, 2011 4:27AM

just thought i mention it...
perhaps many are not aware of it..
H

syl · June 20, 2011 5:20AM

Other than the digits further apart, so the 74 is above a horizonal line from the Queen part, where is the "mule" part. That usually involves an Obv/Rev mismarriage.

Pokermandude · June 20, 2011 5:27AM

<< <i>Other than the digits further apart, so the 74 is above a horizonal line from the Queen part, where is the "mule" part. That usually involves an Obv/Rev mismarriage. >>

The normal/regular $10 coin with the Map on the reverse had the 1973 dated obverse (as did the first 8 coins in series I). The mule has the 1974 obverse with the Map reverse. The 1974 obverse was used for all the coins in series II). YQQ didn't post the reverses in his post, I think that caused the confusion.

Did 1973 Canada Oly $5's and $10's circulate?

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