2014 Canadian Wildlife Series

[jetsfan2014]

There are 3 coins to this series.. one is a bald eagle, another is the Grizzly bear (don't know the third), and they have a face value of $100. I read a post somewhere that the coin isn't accepted at face value ($100). Does anyone know if this is true or can one walk into a Canadian bank and receive $100 for the coin. I looked all over and cant find a definitive answer. Does anyone know?

 

[short_stack]

There are 3 coins to this series.. one is a bald eagle, another is the Grizzly bear (don't know the third), and they have a face value of $100. I read a post somewhere that the coin isn't accepted at face value ($100). Does anyone know if this is true or can one walk into a Canadian bank and receive $100 for the coin. I looked all over and cant find a definitive answer. Does anyone know?

If you're talking about the 100 for 100 series, the first of the three is the bison
http://www.mint.ca/store/buy/100-for-100_coins-cat750003

It's legal tender, with a face value of $100 which means it has to be accepted, just as if you had 100 $1 coins ... but if you're taking it down to the local 7-11 YMMV

In reality, all it means is that the coin will always have a monetary value of $100 CA

 

[hilaire9]

No Canadian bank or business is required or will accept a bullion coin at face value.
High denomination bullion coins are a gimmick more or less.

 

[short_stack]

No Canadian bank or business is required or will accept a bullion coin at face value.
High denomination bullion coins are a gimmick more or less.

Thanks Hilare for correcting.

There appear to be 'classes' of legal tender in Canada!?
After a bit of research it seems these coins are considered Non-circulating legal tender ... so while they may be 'legal tender', its up to the discretion of the business as to whether or not they accept it.

OP, read through this thread
https://www.kitcomm.com/archive/index.php?t-106407.html

 

[ph03n1x]

No Canadian bank or business is required or will accept a bullion coin at face value.
High denomination bullion coins are a gimmick more or less.

Thanks Hilare for correcting.

There appear to be 'classes' of legal tender in Canada!?
After a bit of research it seems these coins are considered Non-circulating legal tender ... so while they may be 'legal tender', its up to the discretion of the business as to whether or not they accept it.

OP, read through this thread
https://www.kitcomm.com/archive/index.php?t-106407.html

It goes further than that, as far as business is concerned they don't have any legal obligation to accept any coin (circulating or not) or any bank note for that matter. It 's purely up to the business's discretion as to what they will or will not accept. That's why you can see business stating they will not accept $50 or $100 note. It's 100% legal because they are not required to do so. They can refuse whatever they want. So the $100 for $100 is probably only good at the bank. And even individual banks can refuse to accept it since there's no legal requirement for bank to accept it either. Then your only chance left would be Bank of Canada, since that's issue by them, they have to recognize it.

 

[db23]

No Canadian bank or business is required or will accept a bullion coin at face value.
High denomination bullion coins are a gimmick more or less.

This is wrong, there is a Canadian forum where they speak of successfully taking the $20 for $20 coins to the bank and cashing them in. I believe there was an initial story about banks refusing to do this, but that seems to have been corrected.

 

[Justfishin]

No Canadian bank or business is required or will accept a bullion coin at face value.
High denomination bullion coins are a gimmick more or less.

This is wrong, there is a Canadian forum where they speak of successfully taking the $20 for $20 coins to the bank and cashing them in. I believe there was an initial story about banks refusing to do this, but that seems to have been corrected.

Correct--I have exchanged $20s and $100s at the Royal Bank with no issue.

hilaire9--would be wise to get your facts straight before posting incorrect info

 

[wsd_collector]

Whoever is posting that you can't take these back...they have no clue what they're talking about.

Banks are not REQUIRED...but they do take them back. It's the same as some businesses not accepting $100 bills (at least prior to the switch to polymer plastic bills here in Canada)

The Royal Canadian Mint actually has a special program in place with the Royal Bank of Canada to accept all numismatic coins back at face value, and the Mint pays RBC and any other bank who will participate a 5% or so admin fee to cover any expenses.

They exchange the coins for hard cash or add the balance to your bank account, with no holds, etc.

I've taken batches of a 100 $20 for $20's and have had them cashed in in the past.