Newest Canadian "Exchange $20 for $20" Coin Out Now

I think I'll be in for one or two. I actually kinda like the coin.

 

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Guess that those who complain about a Canadian $20 coin not being worth $20 have never purchased a US silver $1 commem. Face value $1, price roughly $50 ... and boy, will they be shocked when they learn that the value, as a means of payment, is precisely one dollar.

Christian

 

Except that the intrinsic value of the US coin will always be an ounce of silver or close to it and the coins were specifically designed so that the intrinsic value would always be more than the face value because consideration was given to the issue. Versus spending $20 for roughly 1/4th ounce of silver with a face value of $20 that isn't exactly legal tender so all it's really worth is 1/4 ounce of silver. I've seen news stories of people cashing in AGE and ASE's and older US coins to banks at face value because banks,etc will generally take them and honor the legal tender status. And then some lucky person will exchange FRN's for them at face and gladly take them home for the intrinsic value of the metal or the banks will try and find the person or original owner as they realize that the coin has more value than it's face value where as the Canadian coins don't at least not with silver spot at this time.

 

Just who the heck do you think you are trying to stay on topic and answer the question posted in the OP?

You're forgiven this time. Just don't let it happen again.

 

Aww heck. My dad wants them too but the order limit is 3 per household. Guess we are only getting 3.

 

I really like the design too, as well as the series. I need to back track now and get the other coins before the polar bear.

 

So your plan was to buy them and then go out and spend them?

 

No but if they fell in value numismatic wise the original thought was at least it would still be worth the $20 face so not a very big loss. But not being able to actually redeem the coin at face value makes it worth nothing except the intrinsic value of the silver which is 7.96 grams if the coin never gains any value numismatically.

 

Oops, let's hope the Treehugger doesn't see my earlier post :smile

My dad let me put in an order for three as I want one and he wants one and to sell one. It'll be nice to have one.

 

Sure, for a US $1 coin that costs about $50 when you buy it from the mint, they will honor the $1 face value. Fine; I just think that it is pretty silly to say that a newly issued coin with a denomination of "X" is "not worth X". People who buy that Canadian $20 piece will do so primarily because they like the design, or maybe the occasion that it commemorates. Not because they think "oh, fine, a $20 coin - let's go to the nearest store and buy food with it".

Personally I do not like "surcharged" coins (I mean coins that are issued with a price tag that says much more than the face value) a lot anyway, and tend to avoid them. And yet from time to time I may find something about such a piece interesting, and then buy it. Of course I'm well aware of the fact that such pieces are hardly ever used as means of payment. People who are focused on "intrinsic value" and nothing else should buy bullion, and not collector coins. Others may well find pieces like the one mentioned in the first post great.

Christian

 

Looks like it's already pre-order time for the next coin after the "Farewell to the Penny." It doesn't show the design yet, however.
http://www.mint.ca/store/coin/20-for-20-reservation-offer--don%19t-miss-out-on-the-next-20-for-20-coin-celebrating-the-holiday-season-prod1530001
Some holiday theme I guess. Starts shipping in November.

Also, I realize I risk opening this can of worms back up, but....
I did find this on mint.ca:
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.

Just like I said, businesses can accept them if they want, but they don't have to. If they do, the mint will reimburse them the face value of the coin.

 

I got these this week Really nice looking :yes:

 

Very cool McBlzr. My order still says processing. It was the subscription order. Maybe I should call and check on it. I'd think it should have shipped by now.

 

Lon, I placed my order on Aug. 24th.

 

I could provide better photos if I didn't feel guilty opening the capsule. But we got our three.

 

Nice pics. Did you do the subscription for the Diamond Jubilee and this one, or did you just order this one when it was made available?
I'll just have to call them today I suppose.

 

I just ordered them straight from the mint.

 

I bought the polar bear and then had to get the others. I will buy this one too, but I don't really see a farewell to the cent in the design, just the same leaf design that the cent had on it.

 

The next $20 for $20 is on the RCM website. A "Magical Reindeer". I will probably get one because I have one or more of the rest. I used to have a place to ship to in Canada. I think I even got free shipping before. Don't have it now, oh well.