Is it true that coins like the British Sovereign from 1979 on, Canadian gold proofs, and the American gold Kennedy halves aren't considered coins but are actually nonmonetized bullion?
They fall under the heading of NCLT (Non Circulating Legal Tender) and, they are both bullion and monetized, but you'd have to be a hogwart to spend an ASE for a bucks worth of goods or sevices........
An ASE is an American Silver Eagle, which contains one troy ounce of silver, and a 'hogwart' is any idiot who would use it for face value purposes. The coin itself is monetized for one dollar........
I saw an ASE in a bank tellers tray last year...yeah, she wouldn't give it up. Grr. Junkies (or kids) don't know any better, so they are just looking for quick money.
I recall a story - I think it was RCM silver coins a while ago which had a monetized value on them - which ended up shortly after issuance of being more than the value of silver. Canadians rushed into banks to claim the dollars for their coins ...and... refusals and legal battles ensued.
You gotta be careful with the British and Canadian precious metal stuff and their money value. I believe both have had occurances where the mints have told the banks they don’t have to cash them in if they don’t want to or even more specifically not too like the Canadian 20 for 20 stuff ect. The British stuff generally is fine since the premiums or metal content is well over face, but people should look into the 20 for 20 type things more before jumping in heavily if they think they can just cash it in worse case scenario
