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Thread: 20 for 20 coins are NOT accepted at Canadian banks!

  1. #11

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    rather than to try to accomplish the same thing with Ahmed at the gas station LOL
    You should have just offered it to "Ahmed" as payment for the debt. If he refused, then you have no reason to pay him anything else as legal tender was offered and refused. Ahmed would have no cause of action to recover the debt.

    The law on legal tender is very clear that it must be accepted to extinguish debts.

  2. #12

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    So the whole rationale of it being just 'simply' exchanging a $20 bill for a $20 legal tender silver coin just went out the window. I always felt something seemed a bit off... they seem to have inconsistent denominations (ie - $20 face for 7 grams and $5 face for 31 grams Ag)

    Along with milk spots, another reason to stay away from the RCM.
    Hopefully, these are just isolated incidences and it will turn out that these bank managers were severely misinformed.
    Last edited by silverfire; 07-03-2012 at 10:41 PM.
    "All truth passes through three stages
    First it is ridiculed,
    Second, it is violently opposed,
    Third, it is accepted as being self-evident"
    - Arthur Schopenhauer

    "exuberance of national pride is often a hindrance to critical thinking"
    - Sir Silverfire III


  3. #13

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    Make sure you get the bank to give you a free large SDB for life as part of the settlement. Make sure you write the ombudsman as well.

  4. #14

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    Quote Originally Posted by GreaterFool View Post
    Make sure you get the bank to give you a free large SDB for life as part of the settlement. Make sure you write the ombudsman as well.
    thank you so much for your concern and care! I do appreciate this! I am putting together a letter to ombudsman at this very moment. Seems like I can do some painful az kicking to mentioned banks

  5. #15

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    This is from the mints website

    "This new Canadian silver commemorative coin is legal tender with a value of $20. It is available for the official price of only $20. You simply exchange $20 from your wallet for a $20 coin of pure 99.99% silver."

  6. #16

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    I contacted the offices of ombudsman at both banks, explained the situation and demanded $5000 compensation for the violent abuse of Federal currency act. I may have a case here...and hope that this occurence will force the banks to work more effeciently with their clients

  7. #17

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    I don't think you'd have much of a legal case. Businesses have some leeway in the area of "out of the ordinary'". You could claim mental anguish and hope for a lenient jury. I don't know how banks are in Canada, but in the USA I don't expect the tellers or the managers to be top notch on keeping up with legal tender laws, if there is one on the books on this particular coin. From what I read on the RCM site, you can send them as many as you want and they'll accept them as they would a $20 fiatnote at the rate of $20 for payment towards maples or any other product they have.
    Last edited by insidedealer; 07-03-2012 at 11:14 PM.

  8. #18

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    It's my understanding that the $20 for $20 coins are commemorative (collectable)coins and banks and retail stores are not obligated to accept them even though they're said to be legal tender. I suspect in most cases bank staff and store owners have never even seen one, and wouldn't know a real one from a fake one. I've never seen one and I wouldn't know real from fake when it comes to any commemorative coins.
    jmo

  9. #19

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    Quote Originally Posted by Hernando Cortez View Post
    And while you're at it ask them why the cougars are so dang ugly! And milk spots! We need answers!
    LoL
    Like +1
    Blessed are those who find wisdom, those who gain understanding,
    for she is more profitable than silver and yields better returns than gold. -Proverbs 3: 13-14


    A fool and his money, are easily parted.

    Learn from the mistakes of others, you wont live long enough to make them all.

  10. #20

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    Quote Originally Posted by Krank View Post
    It's my understanding that the $20 for $20 coins are commemorative (collectable)coins and banks and retail stores are not obligated to accept them even though they're said to be legal tender. I suspect in most cases bank staff and store owners have never even seen one, and wouldn't know a real one from a fake one. I've never seen one and I wouldn't know real from fake when it comes to any commemorative coins.
    jmo
    Krank, call it anything you want. The point is that the bank had violated Canadian currency act, and MUST be held liable

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