Old, Odd, and/or Out of Circulation Coins

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SkaSka
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Old, Odd, and/or Out of Circulation Coins

Post by SkaSka »

I have some old, odd, and probably out of circulation coins that I want to deposit at the bank:

- Four (4) of the "Canoe" dollar coins, dates of 1975, 1982, 1985, and 1985
- One (1) 50 cent coin celebrating the 1952-2002 reign of the queen

I had a nagging suspicion that these might not be accepted... even though they are legal tender.

Search results online seem to suggest that no one really knows if a bank will accept these types of coins.

I was wondering if anyone here knew or has experience with depositing such coins at the bank.

Thanks!
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Re: Old, Odd, and/or Out of Circulation Coins

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Like this? You are good to go, to save time try to get an older teller :) I had fun with a one dollar bill at the grocery a few years ago, the youngish clerk had a semi tough time dealing with it. Wasn't in particularly good shape to keep so back into the wild with it.

In other news I got a silver quarter in my change a few months back. Worth about $3.25 at $21cdn an oz. Big score eh.
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Re: Old, Odd, and/or Out of Circulation Coins

Post by SkaSka »

Exactly those! Thanks Profit not Prophet!
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Re: Old, Odd, and/or Out of Circulation Coins

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I feel confident giving out sub five dollar advice. You could spend it on candy or coffee too eh. Perhaps even donate it to the government via somesort of lottery ticket?
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Re: Old, Odd, and/or Out of Circulation Coins

Post by SoninlawofGus »

You can do a lot more than that. TD will accept the old nickel dollars and older currency as well (60s, etc.). In many cases, these are not worth trying to sell -- you'll get maybe 5% profit, for a lot of hassle. Coins shops won't take them. A couple of years ago, I took something like $500 of the nickel dollars to TD (and got a young teller). Her manager said "no problem," but the only catch was we had to count them into groups of 20, I think, even though I had pre-sorted them.

The banks often will phone up or save these for collectors. Same with the older currency. It's a tough thing to accept, but like just about every stamp manufactured in the past 50 years, you're better off cashing out and looking elsewhere. I also cashed in my $20 for $20 dollar silver coins the same way (the new ones, which the mint cancelled).
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Re: Old, Odd, and/or Out of Circulation Coins

Post by optionable68 »

I've collected old Canadian currency since I was a teenager.

I have collected every year of the Canadian dollar coin since inception, with the only exception being the 1948 dollar coin.... which is valued well above face value now depending on condition.... if anyone has it, PM me and lets make a deal :thumbsup:
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Re: Old, Odd, and/or Out of Circulation Coins

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I always though the 1949 Dollar with the ship Matthew(?)was one of the nicest looking, not too bad either although mine was dad's. The 5cent series one of the most interesting and was affordable as a kid.
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Re: Old, Odd, and/or Out of Circulation Coins

Post by SkaSka »

My financial institution would not accept the 4 dollar coins and the 50 cent coins.

The teller was under the impression that these were collectors coins and told me I should try to sell them for more than the measly $4.50 I was trying to deposit.

She even spoke to her supervisor and it was still a no go!
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Re: Old, Odd, and/or Out of Circulation Coins

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Give them to the nearest 5 year old?
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Re: Old, Odd, and/or Out of Circulation Coins

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hboy43 wrote: 02 Jan 2018 23:57 Give them to the nearest 5 year old?
:thumbsup: I'd give them to a niece or nephew or similar who could appreciate them and likely put them with his/her collection of hockey cards (or whatever). I have a box of perhaps $50 worth of such coins myself (from my father's estate) that I am looking for the right young'un at the right age to give them too.
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Re: Old, Odd, and/or Out of Circulation Coins

Post by kcowan »

AltaRed wrote: 03 Jan 2018 00:10
hboy43 wrote: 02 Jan 2018 23:57Give them to the nearest 5 year old?
:thumbsup: I'd give them to a niece or nephew or similar who could appreciate them and likely put them with his/her collection of hockey cards (or whatever). I have a box of perhaps $50 worth of such coins myself (from my father's estate) that I am looking for the right young'un at the right age to give them too.
:thumbsup: Same here. A collection of silver quarters and a set of centennial dollar bills. I still have them because I know not what to do with them.
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Re: Old, Odd, and/or Out of Circulation Coins

Post by Profit not Prophet »

oy vey. Average is pretty dumb by times. Try for a bag of milk, they a real business. Most cities still have a coin dealer downtown somewhere but not worth the gas to arrive perhaps. I think were a little late for a kid's stocking. Hang on to it for 50 1/2 weeks maybe....cheers
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Re: Old, Odd, and/or Out of Circulation Coins

Post by SoninlawofGus »

SkaSka wrote: 02 Jan 2018 22:57 My financial institution would not accept the 4 dollar coins and the 50 cent coins.

The teller was under the impression that these were collectors coins and told me I should try to sell them for more than the measly $4.50 I was trying to deposit.

She even spoke to her supervisor and it was still a no go!
Interesting. I would try TD. They seemed to want them. At the time I deposited mine, the plan was to send them to the mint in bags of 20, assuming a collector did not want them. The fifty cent piece, which does still pop up in circulation, might still be accepted by a cashier.

I tried to get my teenaged kids interested in coins. They took a passing interest when they were little, but quickly lost interest. Today, they have no interest whatsoever. It's not a pastime for them; maybe when they are much older. I'm not convinced coin collecting won't go the way of stamps at some point, though it will take longer to get there and will remain propped up by the American market to some degree.
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Re: Old, Odd, and/or Out of Circulation Coins

Post by SkaSka »

I think the idea of giving them to nieces/nephews is a great idea - they are all at the age where they find stuff like this fascinating, as a coin or something they conjure up in their imagination.

They will get far more value out of them than $4.50!
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Re: Old, Odd, and/or Out of Circulation Coins

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A little off topic but the coin collectors in the crowd should appreciate this wonderful story. The owner of the coin collection inherited it from his grandfather. He was the minister at our church in the 1970s. He was the nicest, happiest most unassuming man you could ever imagine. Who could have guessed...
He always dressed casually, only wore New Balance shoes and sweaters often with holes in the elbow. He was always cheerful and ready to tell a joke. I think we all felt he did not have a great deal to live on.
I attended the Landon sale, along with our freelance journalist Jesse Robitaille. As soon as we stepped into the room, you could feel the feverish, high pitch of anticipation. We were lucky enough to find two seats, because moments later it was standing-room only.
Landon’s collection featured more than 2,000 pre-confederation and post-confederation tokens with the majority still stored in “G.F. Landon envelopes.” In fact, according to the auction catalogue, “a few have the original auction lot envelopes from the time of purchase, (ca 1890-1910).”
The Landon Estate Story

Canadian cents, U.S. coins soar at Landon sale

Catching coin fever
When I was young, I was poor. Now, after years of hard work, I am no longer young.
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