Canada - Depositing $20 coins in bank? (Canada)

The Mint has another offer here (www.20for20.ca).
I wonder what kind of looks I will get if I put 6 $20 coins in a bank?
I used my work and home address, and using 2 different CCs.
(Free shipping with code Valpak 1)

The Mint has another offer here (www.20for20.ca).
I wonder what kind of looks I will get if I put 6 $20 coins in a bank?
I used my work and home address, and using 2 different CCs.
(Free shipping with code Valpak 1)

do banks really accept that same as cash, in this case a $20 bill?

if i buy 5 of them( 5 coins) that is $100 in total, will bank allow me to deposit to my bank account as $100?

exchange this 5 coins for $100 dollar bill?

The Mint has another offer here (www.20for20.ca).

This is not *The* Mint.

canadian bank maybe?

This is not *The* Mint.

It is A mint. Maybe we could update the title to say Canadian mint? I understand the US centered nature of FT but I believe most of the us mint threads did say US mint even after "the mint" became shorthand...something I always thought was an unfortunate and potentially confusing abbreviation.

The Mint has another offer here (www.20for20.ca).
I wonder what kind of looks I will get if I put 6 $20 coins in a bank?
I used my work and home address, and using 2 different CCs.
(Free shipping with code Valpak 1)


These are likely to go up in value, and can't go down. Nice find.

Edit:

What is that shipping code? Valpak 1 didn't work.

These are likely to go up in value, and can't go down.

They sure can go down in value. It's called inflation.

These are likely to go up in value, and can't go down. Nice find.

Indeed... If you were to take one of the coins and melt it, it would be worth around $6.90 at current prices. Yes, a terrible price to pay for silver (today), but, the coin will never be worth less than $20 CAD (in Canada).

Anyway, I'm in for 3.

They sure can go down in value. It's called inflation.

Did you note that it's 1/4 OZ Pure Silver? Melt the coin (which I do not recommend) and it's still worth $6.90 at today's prices. I think you've got an 'inflation hedge' built into it. And if silver never reaches $80 CAD per ounce, well, the coin will still worth $20 CAD.

They usually increase in value by abit. I didn't like my canoe set so I sold the set of 3 for $90. I bought these but would rather trade for more polar bear coins.

These are likely to go up in value, and can't go down. Nice find.

Edit:

What is that shipping code? Valpak 1 didn't work.
It should here...

https://lh6.googleusercontent.com/-FF5VLxqdNuU/T7L12p-h2EI/AAAAAAAAA1Y/MjJzoDAccl4/w497-h373/12%2B-%2B1

do banks really accept that same as cash, in this case a $20 bill?

if i buy 5 of them( 5 coins) that is $100 in total, will bank allow me to deposit to my bank account as $100?

exchange this 5 coins for $100 dollar bill?

That's what I want to know too.

It should here...

https://lh6.googleusercontent.com/-FF5VLxqdNuU/T7L12p-h2EI/AAAAAAAAA1Y/MjJzoDAccl4/w497-h373/12%2B-%2B1



That's what I want to know too.

would be nice if it is treated as $20 bill at my chase bank,

meet card spend req?

would be nice if it is treated as $20 bill at my chase bank,

meet card spend req?
Nope. Getting miles on existing cards.
I used Visa Infinite Avion (RBC) and Voyages+ cards btw.

These are likely to go up in value, and can't go down. Nice find.

Edit:

What is that shipping code? Valpak 1 didn't work.
Try Valpak 2 according to the reverse en francais.
https://lh5.googleusercontent.com/-AKgty_Yrlv8/T7L4EcMdIlI/AAAAAAAAA1s/9unGd4aMtwA/w497-h373/12%2B-%2B1

You can only buy three per account, limited churn opportunities.

You can only buy three per account, limited churn opportunities.

can this be deposited to US chase bank? each $20 coin is $20?

thanks

Another shipping code that appears to work for shipping to Canada is "montreal1"

Valpak 1 code works OK for me.
But yes, limit of three.

Well, it took the code..
You have attached the following coupon to your profile: Valpak 1. Your coupon will apply automatically if the following applies to your order: Get free letter mail shipping when you quote promo code
but is still trying to charge CAD 12.99 for shipping....
I give up... too much work.

However, check out this:
a TEN KILOGRAM 99.999 Gold Coin face value of CAD 100K.
I figure it is about $550K worth of Gold,
but I don't see a price or option to add it to cart ... :D

http://www.mint.ca/store/mint/learn/10-kilo-coin-6500002

can this be deposited to US chase bank? each $20 coin is $20?

thanks

Do you routinely deposit Canadian money in your US bank? This is legal tender in Canada, not the US, and I suspect you would befuddle the majority of US banks trying to exchange such a large value coin, as well as having to pay exchange fees.

would be nice if it is treated as $20 bill at my chase bank,

meet card spend req?

jonny1,

Note that AA_EXP09's profile indicates he is from Vancouver (in Canada). His bank will accept the $20 coins for deposit, and/or exchange them for $20 bills. It's legal tender in Canada, so, could be used as one would use a $20 bill (in truth not the best use of it however).

That said, it is doubtful you will have much success depositing an uncommon Canadian coin into a bank outside of Canada.

EDIT: I see Doc Savage already beat me to the comment.

can this be deposited to US chase bank? each $20 coin is $20?

thanks

Seriously?

EDIT: what everyone else said above.

I am guessing the Valpak 1/Valpak 2 codes
are only for shipping within Canada, but am not sure.

Hey, thanks OP for finding this. ^ A really fun coin to buy - really unusual, and looks pretty nice. These would make great little gifts for Christmas, business, etc., especially in Canada where you don't have to pay shipping.

jonny1,

Note that AA_EXP09's profile indicates he is from Vancouver (in Canada). His bank will accept the $20 coins for deposit, and/or exchange them for $20 bills. It's legal tender in Canada, so, could be used as one would use a $20 bill (in truth not the best use of it however).

That said, it is doubtful you will have much success depositing an uncommon Canadian coin into a bank outside of Canada.

EDIT: I see Doc Savage already beat me to the comment.
oh thanks for clarifying that!

I didn't know this is canadian coin!

Yep, the Valpak 1 and Valpak 2 codes are only good in Canada. Fedex shipping to the US is 12.99 CAD.

I'm taking a trip to Vancouver BC in the coming weeks. Maybe I can contact my hotel to see if they can take a shipment for me :)

Yep, the Valpak 1 and Valpak 2 codes are only good in Canada.
Fedex shipping to the US is 12.99 CAD.
I'm taking a trip to Vancouver BC in the coming weeks.
Maybe I can contact my hotel to see if they can take a shipment for me :)Yes, good idea !
I need/wan't to burn my Aeroplan miles,
and have a BA Avios trip to Asia ex-YVR in CX F. :)

edit:
Vancouver Retail Store
The Royal Canadian Mint is extending its newest retail location in downtown Vancouver.
Located at 752 Granville Street, between Georgia and Robson streets –
it's the perfect destination to discover unique gift ideas, exciting new souvenirs, collector products and more! ....call 604-681-6772 for more information.

I wonder if they charge GST at the retail store ??

Yes, good idea !
I need/wan't to burn my Aeroplan miles,
and have a BA Avios trip to Asia ex-YVR in CX F. :)

edit:
Vancouver Retail Store
The Royal Canadian Mint is extending its newest retail location in downtown Vancouver.
Located at 752 Granville Street, between Georgia and Robson streets –
it's the perfect destination to discover unique gift ideas, exciting new souvenirs, collector products and more! ....call 604-681-6772 for more information.

I wonder if they charge GST at the retail store ??

Probably not, but they might charge HST.

Probably not, but they might charge HST.Thanks, I wasn't sure what the ST was called...
HARMONIZED sales tax ! :D

12%... who nose IF they charge it....

I reached out to RBC a few weeks ago, and was told none of their branches will accept the $20 coin for deposit.

I reached out to RBC a few weeks ago, and was told none of their branches will accept the $20 coin for deposit.

Pardon my ignorance, but then what good is it for? Couldn't you just buy .5oz silver blanks?

Done.
Thanks
It worked with the "valpak 2" code.

Michael

Worry not, if you're in Yyz bubba will buy your coins :)

Done.
Thanks
It worked with the "valpak 2" code.

Michael

I used the valpak 1 code.
Maybe valpak 2/YUL1 is for Quebec and valpak 1 is for the ROC?
Too bad RBC won't accept them. I do think though that I will try and use them for 'cash only' transactions in YVR chinatown when I go back there.
I have to pick it up at Canada Post.

Canadian mint says 2 days to process and 5 to 10 days to be received. Anyone actually receive their orders yet? I'm hesitant to order since I'm only going to Vancouver for one evening, and I'm just 8 business days out :(

Has anyone actually deposited them yet? Will TD take them?

It says one set/household. Can I order some for me and can my wife order a set with different credit cards? Anyone do this with success yet?

Yeah, that is what The US Mint said too... :D

You can only buy three per account, limited churn opportunities.

Yeah, that is what The US Mint said too... :D
This time, they only make 250K though making total value of all coins $5M
Has anyone actually deposited them yet? Will TD take them?

It says one set/household. Can I order some for me and can my wife order a set with different credit cards? Anyone do this with success yet?
I ordered some to my workplace, some to my apartment, and my +1 did it to her workplace.

Canadian mint says 2 days to process and 5 to 10 days to be received. Anyone actually receive their orders yet? I'm hesitant to order since I'm only going to Vancouver for one evening, and I'm just 8 business days out :(
Not yet. Will update when I get them.

Has anyone actually deposited them yet? Will TD take them? ...

What is the preoccupation with being able to deposit $60 worth of coins in the bank? If your plan is to exceed the household limits, then this implies you're willing to go through the effort of creating multiple accounts, yet, don't really have a plan (and alternate plans) to dispose of the coins?

Besides, AA_EXP09 only just started this thread a week ago, you seriously believe that folks can report back on the complete round trip of the coins at this point? Especially when the RC Mint already tells you it can take over 10 business days to receive your order.

I've only gone for $60 worth, as I just didn't feel compelled to go through the effort of creating multiple accounts at only $60 (spending) a pop. Thus, I'm not going to even try to deposit these, I'll enjoy the $60 trophy (so, I won't even be reporting back about success at TD bank or anywhere else). If being unable to redeposit $60 of coins causes angst, I question why you would even try this deal (and others). In the least wait for about a month until you can reasonably expect some tangible information on this (granted there may be risk they sell out by that time).

Got my coins. This morning, I found a note in my mailbox telling me to go to a Canada Post office to pick them up.
Before I could go to the bank, my +1 told me of someone who wanted the coins and would give me cash at face value.
At lunch, the Canada Post man came to my work and asked me to sign for more coins.

Well, to help y'all maximise your Canada Mint spending, might I suggest a CND$100,000 coin?
http://www.mint.ca/store/mint/learn/10-kilo-coin-6500002

Buying it will earn you a lot of miles, but you may need some gym training before you think about carrying several of these back to the bank. Each one weighs 10 kilos (about 22 pounds).

Bon chance!

I believe that these actuallyncost well over the 100,000 face value.

Well, to help y'all maximise your Canada Mint spending, might I suggest a CND$100,000 coin?
http://www.mint.ca/store/mint/learn/10-kilo-coin-6500002

Buying it will earn you a lot of miles, but you may need some gym training before you think about carrying several of these back to the bank. Each one weighs 10 kilos (about 22 pounds).

Bon chance!

I got my 3 coins today. Beautiful coins, though I was a bit surprised how small they are (about quarter sized). I guess I was thinking they would be closer to the size of an old silver dollar - prices have obviously gone way up.

Transferred to Canada forum where they may be a higher concentration of potential buyers/depositors.

Any success depositing these at a canadian bank?

They're apparently refusing them now, but stores do take them.

Also, bubba will pick them up if you're in Toronto.

Any success depositing these at a canadian bank?

It is legal tender in Canada.

However, if you intend to deposit Canadian coins in a bank outside Canada - that could be tricky. It was my experience that banks do not like to deal with foreign coins in general.

Out of curiosity, what is the purpose of depositing these in to the bank?

Are you guys really buying them to collect 1 or 2% rewards on a credit card?

Out of curiosity, what is the purpose of depositing these in to the bank?

Are you guys really buying them to collect 1 or 2% rewards on a credit card?

I don't think it's for the miles, but spending requirement.. which is still not worth it

Out of curiosity, what is the purpose of depositing these in to the bank?

Are you guys really buying them to collect 1 or 2% rewards on a credit card?

spend

spend

None of the banks will accept, I don't think stores will either...

It is legal tender in Canada.

Yes but with a caveat according to the explanation on the Mint's website FAQ:

All coins manufactured by the Mint are legal tender. However, unlike Canadian circulation coins, collector coins are non-circulating legal tender (NCLT). As such, these coins are not intended for daily commercial transactions and accepting them as payment or for redemption is at the discretion of businesses and financial institutions.

https://www.mint.ca/store/mint/customer-service/faq-1100010?lang=en

BTW I couldn't get the valpak 1 code to work at the Mint's website so gave up.

The full version of that FAQ says the Banks will be reimbursed by the Mint for the face value of the coin...but it seems like a pain in the but process...

http://www.mint.ca/store/mint/customer-service/faq-1100010#Q1a


Can I redeem a collector coin at a bank or use it as currency to purchase goods or services?


All coins manufactured by the Mint are legal tender. However, unlike Canadian circulation coins, collector coins are non-circulating legal tender (NCLT). As such, these coins are not intended for daily commercial transactions and accepting them as payment or for redemption is at the discretion of businesses and financial institutions.

The Mint has a process in place to reimburse financial institutions the face value of redeemed NCLT coins, once they have accepted them from a customer and returned them to the Mint. In the event a bank branch is unaware of this procedure, customers are advised to contact the Mint with the coordinates of the bank branch, which will take steps to inform the branch of the redemption process.

As collector coins can only be redeemed at face value by businesses and financial institutions willing to accept them, it is recommended that individuals wishing to sell a collector coin first consult with a coin dealer, who is more likely to offer a price above face value.

(bolding mine)

The full version of that FAQ says the Banks will be reimbursed by the Mint for the face value of the coin...but it seems like a pain in the but process...



(bolding mine)

I contacted a coin dealer and they offered me under face value.
I actually ended up trading them for $20 USD/coin.

I contacted a coin dealer and they offered me under face value.
I actually ended up trading them for $20 USD/coin.

LOL

LOL

I'm being serious!