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20 for 20 coins... exit strategy?
Posted:
Tue Mar 28, 2017 11:04 pmby JadeDragon
So I own a few of these. They make nice gifts and rewards for kids and it allows me to collect RCM coins at a lot less then the other issues - like $20 instead of $79. But how does one sell them?
http://canadiancoinnews.com/legal-tende ... ing-heads/
Re: 20 for 20 coins... exit strategy?
Posted:
Wed Mar 29, 2017 12:41 amby Bigjohn
I think these are a long term hold. By the time you have to sell, hopefully they are either collectible enough to sell on feeBay at a nice premium or silver prices have surpassed $80/oz for you to get bullion value and still profit. Worst comes to worst, you should be able to get face value for them (at least in theory and probably in limited locations in Canada............that might or might not have others lining up to do the same depending on market conditions)
Re: 20 for 20 coins... exit strategy?
Posted:
Wed Mar 29, 2017 3:06 amby johnbrickner
I would find that portion of The Currency Act that "specifies that it is not the Mint, but the government of Canada that is responsible for redeeming coins." along with the part that says the coins are legal tender in Canada.
And include it with the coins and my tax returns when paying what I owed in taxes.
Re: 20 for 20 coins... exit strategy?
Posted:
Wed Mar 29, 2017 7:22 amby knibloe
I like the coins as well. I bought several for myself and my family at Christmas. I would buy more (potentially lots more) if their legal status was cleared up.
Re: 20 for 20 coins... exit strategy?
Posted:
Wed Mar 29, 2017 11:34 pmby JadeDragon
One day I was asking for weird or old coins at a bank and they said "we have some silver" which of course is music to my ears. I ended up buying a few $20 for $20 coins and some pre-loonie dollars etc from the bank. So it is possible to deposit them at some branches because evidently that is how I ended up with some of my collection.
I also expect you could spend them at a coin shop or the RCM store but have not asked.
Re: 20 for 20 coins... exit strategy?
Posted:
Thu Mar 30, 2017 1:50 pmby coppernickel
I got one as part of a trade. They look and feel too much like the old silver quarters.
Re: 20 for 20 coins... exit strategy?
Posted:
Thu Mar 30, 2017 3:16 pmby AdamsSamoa
Sell them on here
Re: 20 for 20 coins... exit strategy?
Posted:
Thu Mar 30, 2017 6:11 pmby coppernickel
AdamsSamoa wrote:Sell them on here
That is the best plan.
Re: 20 for 20 coins... exit strategy?
Posted:
Sun Jun 25, 2017 5:42 amby JadeDragon
Apparently you can redeem them at the mint. The program has been cancelled and the Mint is loosing money on the redemptions. I doubt a lot of people are going directly to the mint, more likely depositing at RBC or other banks.
http://www.cbc.ca/beta/news/politics/ro ... -1.4119986