Comments on: Canadian $20 Farewell to the Penny Silver Coin for $20 Released

By: Mark

Mark — Tue, 06 Nov 2012 00:11:17 +0000

I’ve ordered three of each since the begining, kept two of each and sold the third from each issue for $25-$30.

By: Rick

Rick — Mon, 24 Sep 2012 04:25:12 +0000

I get friends and relatives to buy their allowed three coins for me and end up with over 20. I keep two for my coin collection and remove the packaging and spend the rest of them. People are delighted to get a very handsome pure silver coin instead of a $20 bill. Tellers at our bank and credit union will accept them but I only use them for purchases (to their great disappointment.

By: mark

mark — Fri, 31 Aug 2012 06:09:21 +0000

How is it that the Canadian mint issues this coin but won’t accept cash for it? “Credit cards” only as stated in their advertising.

By: Joe

Joe — Thu, 30 Aug 2012 23:01:58 +0000

Well explained. Thanks.

By: The other Brian

The other Brian — Thu, 30 Aug 2012 16:46:24 +0000

Having worked as a bank teller in my past, I speculate that there simply isn’t a stream lined way to collect, sort, account for and forward them on. It was always a pain/inconvenience to get $2 bills, 50 cent pieces, Eisenhower dollars, etc at the bank, but we always accepted them anyway. Somebody tried to get a dollar once for a Silver Eagle, but I informed them that it was worth more and they held on to it. But honestly, I don’t know. If someone pressed them hard enough, I bet they would. Many banks/employees probably aren’t educated on “non-traditional” currency, even “legal tender.”

By: Joe

Joe — Wed, 29 Aug 2012 20:19:52 +0000

So why won’t they, if they can?

By: The other Brian

The other Brian — Wed, 29 Aug 2012 16:52:19 +0000

I found a few links, most referring to this story. http://www.thestar.com/business/article/1221621–coin-collector-learns-the-difference-between-legal-tender-and-spending-money-the-hard-way

So it’s not that the banks “can’t” accept them, but more that they “won’t.”

By: Joe

Joe — Tue, 28 Aug 2012 23:54:44 +0000

The other Brian, I can’t post the link. My google doesn’t work. That’s where I found it. Save your $20 coin. It is a collectible.

By: The other Brian

The other Brian — Tue, 28 Aug 2012 23:29:42 +0000

@Joe – I get what you are saying face value vs. melt value. Obviously whichever is higher is what you are going to want to go with. I suppose I don’t understand why they wouldn’t accept it at banks in Canada, as it is legal tender. I worked at a bank in the US for three years in college and we always accepted any legal tender coins/currency – even from other countries (if it was verified as legit.) Bummer. Although I’m sure I’ll find someone readily available to take it for what I bought it for at some point.

By: Joe

Joe — Tue, 28 Aug 2012 20:28:07 +0000

The other Brian, first of all you can’t use the $20 coin at major banks. They don’t accept it as currency in Canada. Therefore there not going to accept it in any store in Canada. The $20 coin only has 1/4 oz of silver in it. You would only get melt for it in America which is about $10 Same in Canada. Maybe someday it will be a collectible and worth more than $20. Technically an uncirculated Silver Eagle is worth $25 more than a $20 Canadian coin.