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What’s the difference between legal tender and spending money? A big headache for a Scarborough man

Please excuse my ignorance, but I'm a bit confused when it comes to the "legal tender status" difference between NCLT (Non-Circulating Legal Tender) and LT (Legal Tender).

I purchased a few of these beautiful $20 Canadian coins from the Royal Canadian Mint for $20 with the assumption that one could, without fuss, return them to a bank or spend them at a retailer at face value if he/she so desired.

It appears after reading the following article which appeared in today's Toronto Star that this may not be the case!!

If you have a clearer understanding on this issue I would appreciate any knowledge you may be so kind to share with me.

Also, is it correct that these $20 RCM coins have a silver content value (bullion value) currently of approximately $7.00CAD each?

Thank you.

Brian.

http://www.thestar.com/business/article/1221621--coin-collector-learns-the-difference-between-legal-tender-and-spending-money-the-hard-way

Brian R. Smith, 7/5/2012
CCRS member since: 3/21/2002
2012 CCRS Patron
Posts: 1421


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Postings in this thread

What’s the difference between legal tender and spending money? A big headache for a Scarborough man (Brian R. Smith, 7/5/2012)
 Re: What’s the difference between legal tender and spending money? A big headache for a Scarborough man (biggrassboy, 7/5/2012)
  Re: What’s the difference between legal tender and spending money? A big headache for a Scarborough man (HOOKEDONCOINS, 7/7/2012)
  Re: What’s the difference between legal tender and spending money? A big headache for a Scarborough man (Brian R. Smith, 7/11/2012)
   Re: What’s the difference between legal tender and spending money? A big headache for a Scarborough man (Brian R. Smith, 7/16/2012)

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