20 for 20 coins are NOT accepted at Canadian banks!

[orestrus]

You heard it right - the coins with $20 face are not accepted at any Canadian bank! Today I went to CIBC- had a small urgent expence, and unfortunately no cash in my posession. I was thinking that it will be a lot easier to explain to banking officer that this coin is a legal tender..rather than to try to accomplish the same thing with Ahmed at the gas station LOL. Teller refused to exchange this coin for a $20 bill, and I called for a branch manager. Well, I wasn't succesful at explaining to this FOOL that this is a LEGAL TENDER, and the bank MUST ACCEPT IT! He suggested to go to the coin shop..
Well, I went to Royal Bank of Canada ...went directly to the branch manager and she said the following (the most foolish and stupid explanation I ever heard in my life) : This is silver, not the money..even though it has $20 face value. This is a collectable item, and can only be of interest at the pawn shop. Since this coin is made of silver, its not the money and we'll not accept it".
Fellow stackers..I can bet my life that they wouldn't tender $5 1oz Maple! Wow, never thought of the bankers as narrow minded and absolutely unprofessional people. Will be contacting CIBC and Royal Bank of Canada head office, and demand explanation...
All I can say is WOW!

[M_Times_V_at_Tnoreturn]

That is bloody ridiculous, and I hope you get a satisfying resolution from the banks. Whenever you have an update to post, I will read it with interest.

The whole face value issue with general bullion seems a bit silly, and to that extent I really like Krugs and Libs for avoiding it altogether and tacitly stating that the metal is the currency and that is that. But face value on a legal tender coin that is specifically marketed to be a pure upgrade from paper currency with the equivalent value means exactly that -- the whole point is that it is a real $20 coin, isn't it?

[Hernando Cortez]

And while you're at it ask them why the cougars are so dang ugly! And milk spots! We need answers!

[orestrus]

That is bloody ridiculous, and I hope you get a satisfying resolution from the banks. Whenever you have an update to post, I will read it with interest.

The whole face value issue with general bullion seems a bit silly, and to that extent I really like Krugs and Libs for avoiding it altogether and tacitly stating that the metal is the currency and that is that. But face value on a legal tender coin that is specifically marketed to be a pure upgrade from paper currency with the equivalent value means exactly that -- the whole point is that it is a real $20 coin, isn't it?

I have accounts at both banks, so who would in his right mind try to exchange fake $20 coin and get busted for this?? No, their concern wasn't about the authencity of the coin, no. They were actually thinking that $20 mark is a some kind of a joke made by Canadian mint!

[GreaterFool]

Misleading title. I doubt your experience will be typical.

Unless you brought in a big box of Queens, why not just take them to a coin shop for the easy profit?

Worse comes to worst, I'd certainly guess the RCM would take them back.

The only downside to these coins is that until silver is $80/oz, it would be hard to detect pure silver counterfeits considering face value is > silver value.

[orestrus]

Misleading title. I doubt your experience will be typical.

Unless you brought in a big box of Queens, why not just take them to a coin shop for the easy profit?

Worse comes to worst, I'd certainly guess the RCM would take them back.

The only downside to these coins is that until silver is $80/oz, it would be hard to detect pure silver counterfeits considering face value is > silver value.

Sir, there is nothing misleading. I think visiting 2 major banks is more than enough, isn't it? Thanks god I don't need cash right now..I saved the coins, and now have a very good understanding that the banks employ absolutely unqualified , unprofessional people..who dare to make foolish statements at the level of 10 year old child

[beachman]

NOT misleading.

I posted something similar a few weeks back with a link from a guy who tried to exchange his silver back in the 90's. So it is not a new practice. I was basically told that I needed my head examined.

Yes, banks will NOT honor silver coins from mint.

[goldenslvrbug]

my understanding is that all banks HAVE to accept legal tender by law. If not then why accept any fiat at all? These bankers were ignorant of the law they are FORCED BY LAW TO ACCEPT LEGAL TENDER CURRENCY.You could and should have threatened them with legal action for BREAKING THE LAW!

[orestrus]

my understanding is that all banks HAVE to accept legal tender by law. If not then why accept any fiat at all? These bankers were ignorant of the law they are FORCED BY LAW TO ACCEPT LEGAL TENDER CURRENCY.You could and should have threatened them with legal action for BREAKING THE LAW!

And I will. Today I am contacting local papers, tomorrow head offices of CIBC, Royal Bank of Canada and Bank of Canada.

[petp13]

please keep this updated. im sure TONS of people have bought the 20-for-20 coins and maples in general for their face value.
im fairly certain it says on the RCM site that the 20-for-20 coins are 'legal tender'.