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<p>[QUOTE="Jason.A, post: 2782556, member: 87620"]People started dumping the coins at banks and post offices when the price of silver in the coins was lower than the face value of the coin. The RCM was forced to pay the face value (to banks or via post offices back to the consumer). People also stopped buying new ones from the mint when the price of silver dropped. The RCM lost money due to lack of new sales in the last few years and by having to pay back the face value on unwanted coins.</p><p><br /></p><p>Article and more info here:</p><p><a href="http://www.coinweek.com/world-coins/armageddonroyal-canadian-mints-20-for-20-silver-coin-program/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.coinweek.com/world-coins/armageddonroyal-canadian-mints-20-for-20-silver-coin-program/" rel="nofollow">http://www.coinweek.com/world-coins/armageddonroyal-canadian-mints-20-for-20-silver-coin-program/</a></p><p>Unfortunately for the Mint, the value of silver bullion has dropped around two-thirds since its 2011 price. The quarter-ounce of silver contained in these $20 coins now is worth less than $6 Canadian, therefore inspiring owners to cash them in.</p><p><br /></p><p>Non-circulating legal tender items (such as the Face Value series) are designated as <i>collectibles</i>, and businesses and banks are allowed to take the $20-for-$20 coins at face value if they so choose but they are also free to reject them.</p><p><br /></p><p>The Royal Canadian Mint has an agreement with <b>Post Canada</b>. Those customers (whose banks refuse to take them) who wish to return the coins to the Mint are sent a shipping label that includes insurance.[/QUOTE]</p><p><br /></p>
[QUOTE="Jason.A, post: 2782556, member: 87620"]People started dumping the coins at banks and post offices when the price of silver in the coins was lower than the face value of the coin. The RCM was forced to pay the face value (to banks or via post offices back to the consumer). People also stopped buying new ones from the mint when the price of silver dropped. The RCM lost money due to lack of new sales in the last few years and by having to pay back the face value on unwanted coins. Article and more info here: [url]http://www.coinweek.com/world-coins/armageddonroyal-canadian-mints-20-for-20-silver-coin-program/[/url] Unfortunately for the Mint, the value of silver bullion has dropped around two-thirds since its 2011 price. The quarter-ounce of silver contained in these $20 coins now is worth less than $6 Canadian, therefore inspiring owners to cash them in. Non-circulating legal tender items (such as the Face Value series) are designated as [I]collectibles[/I], and businesses and banks are allowed to take the $20-for-$20 coins at face value if they so choose but they are also free to reject them. The Royal Canadian Mint has an agreement with [B]Post Canada[/B]. Those customers (whose banks refuse to take them) who wish to return the coins to the Mint are sent a shipping label that includes insurance.[/QUOTE]
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