Question - $100 for $100??? | Bitcointalksearch.org

haploid23

legendary

Activity: 812

Merit: 1002

Quote from: monbux on June 21, 2014, 08:34:08 PM

Well, what I want is something I can keep for up to a few years, while it does not lose value. Would gold/silver bars be the best way to go? And where should I actually buy from?

I see you're new to precious metals. Personally, I avoid all Canadian Mint stuff because of milk spotting that the mint couldn't give a shit about fixing. Have a look at the silverstackers or kitco forums and read around. A lot of basic questions can be answered. I have accounts on both and frequent those forums about the same as bitcoin forum. Some sections can only be viewed after you register an account.

http://forums.silverstackers.com/index.php
https://www.kitcomm.com/forum.php

Testing123

hero member

Activity: 561

Merit: 500

Quote from: odolvlobo on June 21, 2014, 05:36:03 PM

Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees.

Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html

Quote

Reeves points out banks all have procedures by which customers can convert collectible coins to cash but acknowledges staff aren’t always aware of them. In that case he suggests having the branch manager call the Mint so they can work through the conversion process.

Managers at the RBC branch Fokine visited have arranged to meet with him to discuss the coin. And by Wednesday afternoon Fokine says CIBC had offered to convert the coin to cash, but only after keeping it on hold for six months.

Hm...so the banks would still accept the coin for the face value, after some troubles...

TECSHARE

legendary

Activity: 3318

Merit: 2008

First Exclusion Ever

Quote from: monbux on June 21, 2014, 08:34:08 PM

Quote from: TECSHARE on June 21, 2014, 08:31:14 PM

You would be better off with silver Eagles if this is the kind of thing you want. The Royal Canadian Mint is clearly running a racket.

Well, what I want is something I can keep for up to a few years, while it does not lose value. Would gold/silver bars be the best way to go? And where should I actually buy from?

In this case silver is a decent bet. Gold is over saturated and there are hidden caches all over making a sudden price drop or manipulation very possible. Silver is consumed at a very high rate in production of electronics, and there is no known suitable substitute for many of thee applications. Additionally the historic gold/silver value ratio is way out of whack indicating silver will go way up or gold will go way down (or some of both). IMO silver is a very reasonable store of value with good fundamentals backing it. As far as where to buy from, Amagi Metals has a fairly decent rep, and they take BTC/LTC.

monbux

legendary

Activity: 1736

Merit: 1029

Quote from: TECSHARE on June 21, 2014, 08:31:14 PM

You would be better off with silver Eagles if this is the kind of thing you want. The Royal Canadian Mint is clearly running a racket.

Well, what I want is something I can keep for up to a few years, while it does not lose value. Would gold/silver bars be the best way to go? And where should I actually buy from?

TECSHARE

legendary

Activity: 3318

Merit: 2008

First Exclusion Ever

You would be better off with silver Eagles if this is the kind of thing you want. The Royal Canadian Mint is clearly running a racket.

monbux

legendary

Activity: 1736

Merit: 1029

Quote from: odolvlobo on June 21, 2014, 08:06:26 PM

Quote from: monbux on June 21, 2014, 08:05:39 PM

Quote from: TECSHARE on June 21, 2014, 07:55:48 PM

Quote from: odolvlobo on June 21, 2014, 05:36:03 PM

Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees.

Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html

I believe there are laws stating any legal tender in the US must be accepted the same as cash. I am shocked to find this is not the case in Canukistan.

Hm, weird...so this should be treated the same as a $100 dollar bill, but rarer, correct?
And another question, what benefit does the royal canadian mint get from this... or is it just for promotional purposes?

They are selling 1 oz of silver for $100.

And they are just putting its face value at $100? That's some dirty stuff -_-

Would you say investing a couple thousand in these coins as a safe investment? Or should I just spend them on proper bullion instead?

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: monbux on June 21, 2014, 08:05:39 PM

Quote from: TECSHARE on June 21, 2014, 07:55:48 PM

Quote from: odolvlobo on June 21, 2014, 05:36:03 PM

Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees.

Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html

I believe there are laws stating any legal tender in the US must be accepted the same as cash. I am shocked to find this is not the case in Canukistan.

Hm, weird...so this should be treated the same as a $100 dollar bill, but rarer, correct?
And another question, what benefit does the royal canadian mint get from this... or is it just for promotional purposes?

They are selling 1 oz of silver for $100.

monbux

legendary

Activity: 1736

Merit: 1029

Quote from: TECSHARE on June 21, 2014, 07:55:48 PM

Quote from: odolvlobo on June 21, 2014, 05:36:03 PM

Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees.

Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html

I believe there are laws stating any legal tender in the US must be accepted the same as cash. I am shocked to find this is not the case in Canukistan.

Hm, weird...so this should be treated the same as a $100 dollar bill, but rarer, correct?
And another question, what benefit does the royal canadian mint get from this... or is it just for promotional purposes?

TECSHARE

legendary

Activity: 3318

Merit: 2008

First Exclusion Ever

Quote from: odolvlobo on June 21, 2014, 05:36:03 PM

Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees.

Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html

I believe there are laws stating any legal tender in the US must be accepted the same as cash. I am shocked to find this is not the case in Canukistan.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Even though the coin is legal tender, getting $100 for it could be difficult because banks apparently believe they don't have to accept it, and the Royal Canadian Mint apparently agrees.

Read this: http://www.thestar.com/business/2012/07/05/coin_collector_learns_the_difference_between_legal_tender_and_spending_money_the_hard_way.html

Blazed

legendary

Activity: 2128

Merit: 1119

pffft...spend that $100 on BTC!

markj113

legendary

Activity: 2254

Merit: 1043

just spend the $100 on proper silver coins/bars.

Buy this and keep it and the $100 devalues every year due to inflation + silver is not likely to hit $100 per oz any time soon so a loose/loose disguised as a good deal Wink

TECSHARE

legendary

Activity: 3318

Merit: 2008

First Exclusion Ever

It would be similar to purchasing a US silver eagle which like this coin, is legal tender. It has a face value for $100, meaning it is the same as owning a paper $100 bill, but this coin is made of silver, meaning it could potentially have the melt value of silver at any given moment. You have to choose one or the other, you can't spend or trade it both ways unfortunately. The metal value may be more or less than the face value. That is a determination you will have to make. One additional note, if there are ever metals confiscations in your country, legal tender coins are usually according to history, left in circulation and bullion usually ends up being confiscated. There are also tax implications to having a legal tender precious metal coin.

Treggar

full member

Activity: 196

Merit: 100

It's face value $100 coin so you can spend it or deposit in your bank, etc.

It's not worth $100 + silver value though, it's worth $100... unless spot silver price goes >$100/oz or it becomes a collectors item.

Blazed

legendary

Activity: 2128

Merit: 1119

So yes it has a real value of 100 CAD

Blazed

legendary

Activity: 2128

Merit: 1119

Means you paying for a coin with a $100 face value (denomination of coin is $100)

monbux

legendary

Activity: 1736

Merit: 1029

I am nowhere near a coin expert, or a big collector.
I have a question... what does this mean, $100 for $100?
http://www.mint.ca/store/coins/100-for-100-fine-silver-coinbr-bighorn-sheep-2014-prod2060131

Does it mean that after I purchase this coin, I can go to a bank and sell this coin to them for $100 CAD? And is it $100 worth + the silver value?

Thanks in Advance!

Topic: Question - $100 for $100??? (Read 1092 times)