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Title: Question - $100 for $100??? Post by: monbux on June 21, 2014, 05:25:33 PM I am nowhere near a coin expert, or a big collector.
I have a question... what does this mean, $100 for $100? http://www.mint.ca/store/coins/100-for-100-fine-silver-coinbr-bighorn-sheep-2014-prod2060131 Does it mean that after I purchase this coin, I can go to a bank and sell this coin to them for $100 CAD? And is it $100 worth + the silver value? Thanks in Advance! Title: Re: Question - $100 for $100??? Post by: Blazed on June 21, 2014, 05:34:52 PM Means you paying for a coin with a $100 face value (denomination of coin is $100)
Title: Re: Question - $100 for $100??? Post by: Blazed on June 21, 2014, 05:58:48 PM So yes it has a real value of 100 CAD
Title: Re: Question - $100 for $100??? Post by: Treggar on June 21, 2014, 06:19:19 PM It's face value $100 coin so you can spend it or deposit in your bank, etc.
It's not worth $100 + silver value though, it's worth $100... unless spot silver price goes >$100/oz or it becomes a collectors item. Title: Re: Question - $100 for $100??? Post by: TECSHARE on June 21, 2014, 06:21:35 PM It would be similar to purchasing a US silver eagle which like this coin, is legal tender. It has a face value for $100, meaning it is the same as owning a paper $100 bill, but this coin is made of silver, meaning it could potentially have the melt value of silver at any given moment. You have to choose one or the other, you can't spend or trade it both ways unfortunately. The metal value may be more or less than the face value. That is a determination you will have to make. One additional note, if there are ever metals confiscations in your country, legal tender coins are usually according to history, left in circulation and bullion usually ends up being confiscated. There are also tax implications to having a legal tender precious metal coin.
Title: Re: Question - $100 for $100??? Post by: markj113 on June 21, 2014, 06:58:33 PM just spend the $100 on proper silver coins/bars.
Buy this and keep it and the $100 devalues every year due to inflation + silver is not likely to hit $100 per oz any time soon so a loose/loose disguised as a good deal ;) Title: Re: Question - $100 for $100??? Post by: Blazed on June 21, 2014, 07:29:49 PM pffft...spend that $100 on BTC!
Title: Re: Question - $100 for $100??? Post by: odolvlobo on June 21, 2014, 10:36:03 PM Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees.
Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html Title: Re: Question - $100 for $100??? Post by: TECSHARE on June 22, 2014, 12:55:48 AM Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees. I believe there are laws stating any legal tender in the US must be accepted the same as cash. I am shocked to find this is not the case in Canukistan.Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html Title: Re: Question - $100 for $100??? Post by: monbux on June 22, 2014, 01:05:39 AM Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees. I believe there are laws stating any legal tender in the US must be accepted the same as cash. I am shocked to find this is not the case in Canukistan.Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html And another question, what benefit does the royal canadian mint get from this... or is it just for promotional purposes? Title: Re: Question - $100 for $100??? Post by: odolvlobo on June 22, 2014, 01:06:26 AM Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees. I believe there are laws stating any legal tender in the US must be accepted the same as cash. I am shocked to find this is not the case in Canukistan.Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html And another question, what benefit does the royal canadian mint get from this... or is it just for promotional purposes? They are selling 1 oz of silver for $100. Title: Re: Question - $100 for $100??? Post by: monbux on June 22, 2014, 01:20:41 AM Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees. I believe there are laws stating any legal tender in the US must be accepted the same as cash. I am shocked to find this is not the case in Canukistan.Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html And another question, what benefit does the royal canadian mint get from this... or is it just for promotional purposes? They are selling 1 oz of silver for $100. And they are just putting its face value at $100? That's some dirty stuff -_- Would you say investing a couple thousand in these coins as a safe investment? Or should I just spend them on proper bullion instead? Title: Re: Question - $100 for $100??? Post by: TECSHARE on June 22, 2014, 01:31:14 AM You would be better off with silver Eagles if this is the kind of thing you want. The Royal Canadian Mint is clearly running a racket.
Title: Re: Question - $100 for $100??? Post by: monbux on June 22, 2014, 01:34:08 AM You would be better off with silver Eagles if this is the kind of thing you want. The Royal Canadian Mint is clearly running a racket. Well, what I want is something I can keep for up to a few years, while it does not lose value. Would gold/silver bars be the best way to go? And where should I actually buy from? Title: Re: Question - $100 for $100??? Post by: TECSHARE on June 22, 2014, 01:40:35 AM You would be better off with silver Eagles if this is the kind of thing you want. The Royal Canadian Mint is clearly running a racket. Well, what I want is something I can keep for up to a few years, while it does not lose value. Would gold/silver bars be the best way to go? And where should I actually buy from? Title: Re: Question - $100 for $100??? Post by: Testing123 on June 22, 2014, 07:48:50 AM Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees. Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html Quote Reeves points out banks all have procedures by which customers can convert collectible coins to cash but acknowledges staff aren’t always aware of them. In that case he suggests having the branch manager call the Mint so they can work through the conversion process. Managers at the RBC branch Fokine visited have arranged to meet with him to discuss the coin. And by Wednesday afternoon Fokine says CIBC had offered to convert the coin to cash, but only after keeping it on hold for six months. Hm...so the banks would still accept the coin for the face value, after some troubles... Title: Re: Question - $100 for $100??? Post by: haploid23 on June 24, 2014, 03:55:46 AM Well, what I want is something I can keep for up to a few years, while it does not lose value. Would gold/silver bars be the best way to go? And where should I actually buy from? I see you're new to precious metals. Personally, I avoid all Canadian Mint stuff because of milk spotting that the mint couldn't give a shit about fixing. Have a look at the silverstackers or kitco forums and read around. A lot of basic questions can be answered. I have accounts on both and frequent those forums about the same as bitcoin forum. Some sections can only be viewed after you register an account. http://forums.silverstackers.com/index.php https://www.kitcomm.com/forum.php |