A Bit Confused

Discussion in 'Silver' started by ounces, Dec 17, 2013.

  1. ounces

    ounces New Member

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    Have never stacked or collected coins
    Question- here is the dumb question
    Does a sovereign mint coin (USA) that has a value imprinted on the coin make it a legal tender amount.
    So could you cash it at any bank or use it to purchase a product??
     
    ounces, Dec 17, 2013
    #1
  2. 1for1

    1for1 Well-Known Member

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    No such coin
     
    1for1, Dec 17, 2013
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  3. ounces

    ounces New Member

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    The ASE and AGE both have a value stamped on the coin???
     
    ounces, Dec 17, 2013
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  4. House

    House Well-Known Member Silver Stacker

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    Yes, it is considered legal tender and should (technically) be accepted as payment.
     
    House, Dec 17, 2013
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  5. valuecreator

    valuecreator Well-Known Member Silver Stacker

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    Legally you can use it, but tell that to the cashier...
     
    valuecreator, Dec 17, 2013
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  6. DanielM

    DanielM Active Member Silver Stacker

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    Who would be more stupid, the person trying to spend it or the one refusing to accept it?
     
    DanielM, Dec 17, 2013
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  7. 1for1

    1for1 Well-Known Member

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    Its Legal Tender... but non-circulating legal tender.. from Experience in Australia its an ordeal even cashing $5 coins in the bank.. St George Bank said no initially and i would of needed to talk to the bank manager to bother.. i didn't want to waste any ore time in the bank hating the establishments with a passion.

    I know the $20 Canadian silver coins are generally not accepted..in banks or anywhere else..

    Luckily only stupid kids looking for lolly money would be the only ones silly enough.. and its not going to work out for them if they try, considering how little the average Joe knows about silver and gold id say most shop keeping wouldn't even know the potential extremely good deal they were getting.

    1for1
     
    1for1, Dec 17, 2013
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  8. serial

    serial Well-Known Member Silver Stacker

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    no the person who then sends it to the bank that calls me to tell me they have a coin I might like that I get at face value :p
    lost count of the number of round 50's I got from the bank
    still get florins occasionally at 20 cents each
     
    serial, Dec 17, 2013
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  9. Byron

    Byron Guest

    Interesting , did the teller flat out say no, maybe because they had no clue?

    I recall oz copper (I think) having no problem depositing $200 coins in the bank years ago, when gold value was less than face value.

    Maybe it depends on the bank/manager?
     
    Byron, Dec 17, 2013
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  10. 1for1

    1for1 Well-Known Member

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    He did flat out say no... but the guy was obviously clueless... i said something like... its legal tender.. how can you not accept it? At this stage i didnt particularly want to waste my breath so i took my $5 dollar Parliament Coin and Walked out.. i was there cashing in my commemorative 50c coins and unc banknotes so couldnt be bothered waiting to talk to the manager.. my time is too valuable to waste on bank scum (much like real estate agents who are the scum of the earth).

    1for1
     
    1for1, Dec 17, 2013
    #10
  11. Byron

    Byron Guest

    Thanks for the clarification. I thought for a minute you where trying to cash in a silver kook or koala just to see their reaction and what they would say.

    I've got the same $5 coin from 1988. Never thought I'd have trouble cashing it in.
     
    Byron, Dec 17, 2013
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