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

  1. #21

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    who care about banks accept it or not. all these $20.00 face value silver coins at .2559 ounce issue last year and this year were selling at above value now. check apmex. why change it for $20.00 only. sell it at coin shop and get more than face value. or i get it from you for $20 for $20. first issue selling at $44.95. second and third issue selling at over $32.00.

  2. #22

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    Quote Originally Posted by orestrus View Post
    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!
    There are so many uneducated people out there. 99% of people have no idea that a coin could have actual value anymore. Even if it has a stamped face value, they think only in terms of novelty or nusimatics. I think I will walk into my local BMO branch and ask them the same question just to see the reaction.

  3. #23

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    Quote Originally Posted by orestrus View Post
    Krank, call it anything you want. The point is that the bank had violated Canadian currency act, and MUST be held liable
    So go for it . . . I'm sure if he scans Google, Gord Nixon will be shaking in his boots by now . . . first Barclays implicated in the Libor-rigging and now RBC refuses to accept a collectable silver coin . . . all in the same week. Maybe PUT options are in order.

  4. #24

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    I'm not Canadian. But, I know that in the USA retailers are not required by law to accept any and all forms of legal tender. For example, I go to buy an electric drill with a $50 bag of Lincoln Cents. I'd be mildly surprised if my $50 was accepted, even though it is legal tender.

  5. #25

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    Reminded me of this video on the gold coin value.

    http://m.youtube.com/#/watch?desktop...VG1WEP10&gl=US
    "An investment in knowledge always pays the best interest."
    - Benjamin Franklin

    "Knowledge talks, wisdom listens."
    - Jimi Hendrix

    United we stand, Divided, we fall.

  6. #26

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    Quote Originally Posted by orestrus View Post
    Krank, call it anything you want. The point is that the bank had violated Canadian currency act, and MUST be held liable
    Does the Canadian currency act actually say that banks must except any and all legal tender? Please post if you find such a part of the act. And of course, retail stores don't have to except any cash, I have been in some places that only except plastic, no cash allowed; not excepting hundreds has become very common place, even though a $100 is no longer such a large amount, like a $20 in the eighties. The U.S. dept of state office near were I live, this is part of the the federal government, does not handle cash at all -- you can not make any payment with cash with one of the biggest branches of the federal government!

    Cash & gold are the haven of criminals, and need to be slowly eradicated from use by common citizens. Good citizens need to open their financial lives to the authorities, and the use of cash and gold makes such openness more difficult. So if you want to be a good citizen, please refrain from the use of archaic relics if at all possible. Master knows best, be happy with what you are allowed, be happy that he trusts you to be a good worker and debtor.
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  7. #27

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    Banks can refuse any coin for deposit, they must accept bills. Generally they do accept coins but may refuse them for any reason they see fit.

    They must however accept any legal tender for the payment of a debt. If you were paying a credit card bill then the bank would not be allowed to refuse it.

    I took in a pile of old paper money from the 30s along with old rolls of nickels to the bank. They took the old money but said they had to hold it for a week to make sure it was real, they refused the nickels saying they did not have to accept coins for deposit. When I said I wanted to pay my credit card with the nickels they sighed and accepted them.

    People who deal in very large amounts of coins, ie laundry mats, video arcade etc often have to negotiate a fee with the bank for them to accept their coins.

    The bank does not want to accept your $20 coin because it is a pain in the ass for them to account for and dispose of. Try paying a debt with it, if they refuse an attempt at paying a debt with legal tender they could forfeit the debt.
    Last edited by HighInBC; 07-04-2012 at 07:36 AM.

  8. #28

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    If you look at the currency act on the website,
    it does have a break down of how many coins you can use
    in what cases. I'm just heading out the door but I ran across
    it last night while I was looking up the legal tender wording.

    I think your argument has merit. I don't think demanding 5000.00
    helps your case in the least though.

  9. #29

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    Quote Originally Posted by NCCPC View Post
    I'm not Canadian. But, I know that in the USA retailers are not required by law to accept any and all forms of legal tender. For example, I go to buy an electric drill with a $50 bag of Lincoln Cents. I'd be mildly surprised if my $50 was accepted, even though it is legal tender.
    1. No one is obliged to accept legal tender for an exchange.
    2. It is required that legal tender is accepted to extinguish debt.

    So if I'm selling watermelons, and you offer me a $5 legal tender note, I'm not under any obligation to accept your $5.

    However if you owe me $5, and you offer a $5 legal tender note to repay the debt. I would be obliged to accept it to extinguish the debt.

    United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes and dues. Foreign gold or silver coins are not legal tender for debts.

  10. #30

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    From the BoC:

    The fact that bank notes [and coins] are legal tender does not mean that there is a legal obligation to accept them.
    Banks definitely do not have to accept the coins and, perhaps more importantly, the RCM will not buy them back:

    From the RCM FAQ:
    ...it does not buy back old collector coins.

    Have we all been had?

    I know the RCM has already committed FRAUD when they advertised the very first coin in the series was available ONLY in Canada, yet they sold thousands of them to US dealers. Seems like fraud is an acceptable business model these days. Anything for a buck!

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