Royal Canadian Mint Offers $100 Silver Coin for $100

Following the success of their “$20 for $20″ silver coin program, the Royal Canadian Mint has launched a new series which uses the same concept for a larger face value.

Orders are now being accepted for the first “$100 for $100″ silver coin, which is the initial release for the Wildlife in Motion series. The RCM indicates this is the first time in history that $100 can buy a coin worth $100.

Buffalo $100 Silver Coin

The reverse of the coin designed by Claudio D’Angelo features three members of a herd of stampeding bison racing across the grassy prairie. The bison are pictured in profile, illustrating the movement and momentum of the massive creatures. The background shows foothills which are backed by a jagged mountain with clouds above. The inscriptions read “Canada 2013″ and the legal tender face value of “$100 Dollars”.

The obverse of the coin features the portrait of Queen Elizabeth II designed by Susanna Blunt.

The 2013 $100 for $100 Bison Silver Coin is struck in 99.99% pure silver with a weight of 31.6 grams (1.016 troy ounces) and diameter of 40 mm. The maximum mintage is limited to 50,000 pieces with a limit of three coins per household.

These coins are available for sale priced at their face value of $100 CAD. The product page can be found here.

Comparisons to $20 for $20 Silver Coins

The Royal Canadian Mint has released eight coins under the “$20 for $20″ program.

The $20 silver coins are struck in 99.99% silver with a weight of 7.96 grams (0.256 troy ounces). The new $100 silver coins are struck in 99.99% purity with a weight of 31.6 grams (1.016 troy ounces). This represents less silver content proportional to the face value when compared to the $20 coins. Five times the weight of the $20 coin would have been 39.8 grams.

The diameter of the $20 coins is 27 mm compared to a diameter of 40 mm for the $100 coins.

The finishes of the coins differ. For the $20 coins, a specimen finish is used, compared to a matte proof finish for the $100 coins.

The $20 coins have carried mintage limits of 250,000 each. The $100 coins carry a mintage limit of one-fifth the amount at 50,000 pieces. Both programs have imposed a limit of three coins per household.

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Comments

  1. hockey says

    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.

    if your bank is reputable–just tell them there is a procedure to take these back—they will

  2. VABEACHBUM says

    The more I see the great artwork from the various world mints, the more I wonder why our US Mint continues to struggle with meeting the challenge. Granted, the Legislation often dictates the direction of the artwork, but even when it includes language like “representative of” or “characteristic of,” our artists and sculptors still seem to fall off the Allegory Train right in front of Literal Lane. If this first issue is indicative of this RCM series, I’m in for at least one of each issue. (Buy what I like and can afford!!)

    Following up on Hidalgo’s comment, Gatewestcoin is an example of an authorized dealer for the RCM, and currently shows this coin in stock and available for shipping. Household limit of 5 coins; slightly above RCM sales price; $5.00 flat ship fee to US addresses. I have purchased from them previously with great results each time.

  3. ed says

    one of the dudes made a very good point in one of the thread links and that was if you use it pay a debt such as go in to make a credit card payment, they have to accept it. Simply because it is legal tender but if you want to exchange it for paper or circulating currency they don’t have to accept it. This makes perfect sense to me and is probably the big reason US bullion coins will always have a lower denomination value. They know you’d be quite foolish to exchange an ounce of silver for one dollar’s worth of debt.

  4. Dan says

    I have simple question. Is this 100$ coin legal tender or non-circulating legal tender. The Mint website does not specify. Do I assume NCLT?

  5. Amy says

    Dan: These $20 for $20 and $100 for $100 coins are Non-circulating Legal Tender. Good luck finding a bank that will give face value for them. I haven’t been able to find one. I am very disheartened right now. I am calling some coin shops tomorrow. I was led to believe that if I needed the money, I could change these to Legal Tender at the bank and that just isn’t the case.

  6. cecilia lindstrom says

    It seems this fiat based coin loses value as the Canadian dollar loses value. The same cannot be said for silver bullion. Think twice before buying.

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