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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 09/21/2007 : 16:40:42
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This is written for the hoarders "south" of the border (South of Canada that is)
With the Canadian Dollar increasing in value, does it make sense to exchange some US paper money for Candian Coins? I don't mean the pure nickel coins mind you, I mean the regular cupro-nickel or nickel plated steel ones. I think this would be a good way to play the currency exchange market on a small, affordable budget.
Consider it a bit of diversification in one's hoarding strategy.
Any thoughts on the matter?
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly.
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penny4mythoughts
Penny Sorter Member
USA
82 Posts |
Posted - 09/21/2007 : 16:49:52
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I have wondered a lot about currency conversion in general lately, like taking some savings and converting it to Euros or Pounds or even CanDollars because of the possible collapse of the dollar.
Converting inside the US is not easy and certainly expensive, but at some point I wonder when it would become worth it to have alternate currency. Any thoughts? |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/21/2007 : 17:04:25
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A few years ago I traveled to an American Express office that was set up to handle currency exchanges, and I exchanged a some US money for a 20 Swiss Franc note and a 10 Euro note. I am not a customer of American Express, but since I paid in cash and it was a small transaction there were no problems or concerns (I didn't look like a smuggler or a threat so there was no need to call in the FBI).
Currency exchange offices are usually located in major cities, not just in airports. (Avoiding airports in this day and age is probably the wisest thing you can do, what with all the heightened security measures put into place.) Look in the phone book, or use an online phonebook or Google to search for currency exchanges near you. Even if you are not planning on doing any currency swapping in the near future, it is still something good to know.
There was a company that offered currency exchanges and travelers checks, (Thomas Cook I think) though I can't recall if they changed their name or not.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 09/21/2007 : 19:11:37
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I think those currency exchange offices want to skew the exchange rate in their favor both ways.. so there is a cost of converting your FRN's to another currency. I remember trying to buy some foreign money at one of them in SF for my collection and they wanted to charge me a fee.
You might ask at your local bank if they have any foreign currency they have taken in exchange that they can sell you for a fair exhange rate. I think a lot of the larger banks do that sort of thing.
If your percentages are low.. just sort more.
"Preserving REAL coinage.. 2 tons at a time... and FAKE coinage.. a quarter ton at a time.. just for speculation"
HoardCode0.1:M49/15USCA:US1Cu706700(125000 Reserved):US1Zi150000:US5Ni9500:CA5Ni1150 |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/21/2007 : 19:28:12
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I had forgotten about the fee, thanks for the reminder HoardCopperByTheTon.
Another thought popped into my head, can travelers checks denominated in Euros or Swiss Francs be purchased in the US? Maybe that is another way to play the currency exchange game, provided the fees are not too high. I just wonder if a traveler check has a time limit for it to be used.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 09/21/2007 : 19:48:41
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A lot of banks will give you travelers checks for free.. don't pay a fee. There might be a fee when you want to convert them back into US funds though.
I don't think there is an expiration on them, but not sure. Another advantage is, unlike your pennies, if you lose them you can get your money back!
Be sure to get a solid name brand like American Express, not Fredrick Flintstone's travelers checks.
Personally, I use Russian Express..... "Don't Leave Home!"
If your percentages are low.. just sort more.
"Preserving REAL coinage.. 2 tons at a time... and FAKE coinage.. a quarter ton at a time.. just for speculation"
HoardCode0.1:M49/15USCA:US1Cu706700(125000 Reserved):US1Zi150000:US5Ni9500:CA5Ni1150 |
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Canadian Coin Conundrum
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