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

  1. #51

    Default Big update ($20 coins not being accepted at the bank)

    well well well...Looks like this problem had been takes seriously by the RBC and the local media. Tomorrow Toronto Star will be publishing the article, so pls be sure to check their web site. RBC branch manager called me, and invited for a meeting. He wants to descuss on how we can "settle" this issue (for now, RBC will not be mentioned in Toronto Star article)

  2. #52

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    Just because a coin is legal tender, that does not mean a bank HAS to take it.

    In order for mints to be able to make collector coins, they must be legal tender, otherwise you have nothing more than a medal.

    But this does NOT mean a bank HAS to take it.
    Last edited by PMStacker2011; 07-04-2012 at 06:42 PM.

  3. #53

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    You rabble rouser!

    Will look for further updates from the scene.

  4. #54

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    Well done! I am very happy to hear that people care about what happened, and that you will get the chance to have a discussion with the branch manager. What are you going to raise in your discussion?

  5. #55

    Default legal tender not legal tender...

    If legal tender is not legal tender then why should banks be forced to accept fiat currency, though i see no laws excluding monetized coinage as an exception. This is contradictaory. Fiat currency is a private unit of exchange wheras minted coinage was made by the government.If anything monetized coinage is "legal tender" rather than privatized "fiat currency".

    I believe the idea is that if one is short of fiat currency one should be legally able to trade that monetized pog/pos coin in exchange for fiat currency instead. My understanding of legal tender means what it suggests, namely it can be used to pay debts and exchange it for other types of legal tender paper and coinage.

    Though after his experiment he found that monetized legal tender coins are not legal tender(20.00 face value legal tender coin=worthless in a bank) in that they cannot pay debts nor be exchanged. This should be illegal just like a bank refusing to accept fiat currency or coinage for that matter. Otherwise there is no reason why anyone would accept legal tender paper(LOL) and coinage as the numbers printed upon it would be worthless.

  6. #56

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    why you should exchange a $20.00 face value silver coin worth between $32.95 to $44.95 for a $20.00 bill?. of course the bank being informed thus willing to exchange them.

  7. #57

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    Quote Originally Posted by annie0926 View Post
    currently price at ap**x are:
    maple leaf - $44.95
    canoe - $34.95
    polar bear - $32.95
    The latest one (Queen) was on clearance this weekend for $20.99 USD for any quantity at Ap**x.

    I thought about loading up but didn't precisely because I wondered whether the exact situation the OP describes would occur.

    I don't have an official source but recall reading somewhere that the 1976 RCM $5 and $10 coins were officially declared to no longer be legal tender.

  8. #58

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    If you get any media requests, make sure you throw in lots of comments about the banks being anti-"real money" and that they should have counted themselves lucky that your temporary need saw you willing to exchange some real-money coins for fiat toilet paper.

    Now that the media is latched on, the BEST outcome of your bank meeting is for you to get them to put their offer in writing and then tell them NO WAY KEEP YOUR TOILET PAPER! And then the papers could run with the story for another day with an easy follow up piece about real-money and its proponents.

  9. #59

  10. #60

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    Quote Originally Posted by SILVERisSilver View Post
    I guess all govs suck.
    Bingo! Oh, that's too short for a post. Ok, Yahtzee!

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