Nope, only 31.6 grams of silver (1.1146 oz).... For $100, I would rather buy 4 Canadian 1 oz silver maple leaf coins....
Sure; this is just my opinion. First, you are paying $100 for an ounce of silver. Second, the design is underwhelming. Third, 250,000 is a pretty high mintage, espcially in Canada. Fourth, people have tried to redeem the previously-issued $20.00 for $20.00 coins in Canada and been unable to do so. Just because the Royal Canadian Mint says it is so doesn't make it so. I would only buy this coin if I absolutely was in love with the look and design of it. Again, it's simply my opinion.
Personally, I would rather pay a bit more and get four 2013 Canada Wildlife Bison coins instead (or maybe 2 Bison + 2 Antelope... or two of those 1.5 oz. Polar Bear coins).
I was looking at these with the mintage at 50000 but thanks for the heads up on cashing these things in treehugger. I looked it up and found this link. http://www.thestar.com/business/article/1221621
Its a borderline scam that they keep producing them and are acting like the face value on them actually matters when it doesn't. Two thumbs down!
You know, I never expected that. What good is "legal tender" if that's the way the institutions are playing the game?
This is flat out wrong. Everybody jumped on the one story that they don't actually carry that face value when they do. RCM has a redemption program where they will buy it from the bank at face value and the bank in that story was unaware of the procedure and that the RCM will actually buy them for face value if they're redeemed at a bank. Direct from RCM FAQ page- "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."
This makes a whole lot more sense with regard to legal tender. It would be a matter of educating the bank, or having the RCM do so.
I'm not a lawyer but I play one online... My understanding is this: By law, legal tender is only required to be accepted in paying debts. So if you owe the bank money, they have to accept any form of legal tender for the repayment of the debt. Cashing in or depositing money is not debt repayment. A business can choose what form of payment they will accept in advance. In other words, they can choose whether to do business with you or not based on what you offer as payment. Once you owe them money, they have already decided to do business with you and they can't choose not to accept legal tender. Interestingly, if you go to a restaurant and pay up front, they can choose what form of payment to accept, and refuse to accept legal tender. If you eat first and then pay, it is a debt and the restaurant has to accept any form of legal tender. Here is the relevant section of Canada's Currency Act: . (1) A coin is current for the amount of its denomination in the currency of Canada if it was issued under the authority of (a) the Royal Canadian Mint Act; or (b) the Crown in any province of Canada before it became part of Canada and if the coin was, immediately before October 15, 1952, current and legal tender in Canada. Marginal note: Defaced coins not current (2) No coin that is bent, mutilated or defaced, or that has been reduced in weight otherwise than by abrasion through ordinary use, shall pass current.
sir...you just WOW'd me. never thought of the actual wording and use of the term "debt" in relation to filthy fiat. beautiful. simply brilliant how you stated this.
