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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
 Posted - 07/19/2006 : 15:25:19
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From today's Calgary Sun. Not sure why our crown corporation is helping fund and promote these total scam machines (they charge you 1.9% just for couning yr coins.) Why no free coin counters at banks like in the US? This sucks.
TORONTO -- Got any spare change?
The Royal Canadian Mint hopes so.
The Crown corporation partnered with the U.S. company Coinstar -- maker of commercial coin machines -- a year ago in an effort to recycle loose change that's collecting dust in ashtrays, jars and coffee tins across Canada.
Now, with the typical summertime rise in coin usage, the Mint has started placing radio and print ads to promote the machines, which are in grocery stores in southern Ontario.
"Definitely, demand for coin is on the rise," says Pam Aung Thin, spokesperson for the Mint in Ottawa.
"In the summertime, the demand is always a little bit higher -- people are out more, they're spending more money -- and, of course, the other busy period during the year is getting close to Christmastime, so it's a fairly cyclical thing."
The self-service Coinstar kiosks can count 600 coins per minute. Coinstar will install more kiosks in Montreal by the end of the year, followed by a wider rollout depending on reaction.
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 07/19/2006 : 17:47:54
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I don't know, but it must be a great racket to get into. It would be great to have those machines esp. if they would sort the copper cents from the zincs.
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If you can conceive it, you can achieve it. -Napoleon Hill |
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realcent
Forum Admin
USA
246 Posts |
Posted - 07/19/2006 : 17:47:54
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Quote:
Not sure why our crown corporation is helping fund and promote these total scam machines (they charge you 1.9% just for couning yr coins.) Why no free coin counters at banks like in the US? This sucks.
We have coinstar machines in about every grocery store around here. We also have plenty of Commerce banks in my area that offer free coin counting machines that you don't even have to be a customer to use. The banks all have huge signs on them promoting the free counting machines, but when I go to the grocery store I almost always see someone dumping change into the coinstar machines. I am not sure why people pay for the service when they can cross the parking lot and use one for free.
The only good thing about the coinstar machines is they started offering free counting if you take the total in the form of a gift card to some other businesses they partner with. If we didn't have Commerce banks around here and I was planning to spend money at one of those businesses anyway, I might go that route.
RealCent
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 07/19/2006 : 20:01:22
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| see, no banks here take loose coin |
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n/a
deleted
1 Posts |
Posted - 07/02/2007 : 22:36:58
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Hey Canadian-Nickel,
I can't seem to email you b/c I don't have enough posts, but from what I guage; you are in the Torotno area.
I was just wondering where about these machines are that charge 1.9% to count coins?
Thanks,
Heavy metal |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 07/03/2007 : 01:25:38
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sorry, that's a typo. It's 9.8%
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"A nickel's nothing to scoff at."
C. Montgomery Burns
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CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/03/2007 : 09:57:51
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quote:
Originally posted by Canadian_Nickle
sorry, that's a typo. It's 9.8%
And here I thought you guys were getting a bargain.. LOL. I think it is 8.9% here in the states, but you can avoid the charge if you put it on a Starbucks or Amazon gift card.
What is this I read on Coinflation about a coin shortage in Canada? Did you cause that? Maybe if they get really short the stores will offer a premium for your rolls of nickels and pennies.. that happens down here in the states sometimes.
"Preserving coinage.. 2 tons at a time"
HoardCode0.1:M48/14USCA:US1Cu639700:US5Ni2400:CA5Ni46 |
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MaDeuce
Penny Pincher Member
USA
124 Posts |
Posted - 07/04/2007 : 15:25:22
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The mint likes coinstar because it gives them access to street coin that might not otherwise come back in. The coins are culled by certain "service providers" that remove desirable coins for participation in the RCM's "alloy recovery program." The RCM is currently reaping a huge windfall via their ARP.
MaDeuce |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/04/2007 : 17:31:17
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quote:
Originally posted by MaDeuce
The mint likes coinstar because it gives them access to street coin that might not otherwise come back in. The coins are culled by certain "service providers" that remove desirable coins for participation in the RCM's "alloy recovery program." The RCM is currently reaping a huge windfall via their ARP.
MaDeuce
Sounds like our northern neighbors are more on the ball than the US mint. That Alloy Recovery Plan sounds like a great idea. Wonder how long before the US mint starts something like that.
I actually have my own Alloy Recovery Plan. I even have a card for it.. the AARP card. The American Alloy Recovery Plan. Gets me discounts at hotels and such.. <G> Hope I can recover a couple of more tons before the big boys jump in.
"Preserving coinage.. 2 tons at a time"
HoardCode0.1:M48/14USCA:US1Cu639700:US5Ni2400:CA5Ni46 |
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MaDeuce
Penny Pincher Member
USA
124 Posts |
Posted - 07/04/2007 : 18:54:14
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Interestingly, the Royal Canadian Mint is a "Crown Corporation." I haven't tried to find out exactly what that means, but I do know this much -- the RCM isn't "the government" in the same sense that we Americans would view the US Mint as simply an arm of the US Government. The RCM is run for profit. I think this explains why they have so many more commemoratives and other special issue coins than we do in the US. I suspect that this also explains why there is so much less information available from them compared to what's available from the US Mint.
MaDeuce
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/04/2007 : 21:18:40
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I think the US mint is run for profit too. How can they charge what they do for those special coins and not make a profit? And then think of the seignorage on all those quarters and dollars. The only thing they lose money on is pennies and nickels.
"Preserving coinage.. 2 tons at a time"
HoardCode0.1:M48/14USCA:US1Cu639700:US5Ni2400:CA5Ni46 |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 07/05/2007 : 08:43:56
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quote:
Originally posted by HoardCopperByTheTon
I think the US mint is run for profit too. How can they charge what they do for those special coins and not make a profit? And then think of the seignorage on all those quarters and dollars. The only thing they lose money on is pennies and nickels.
There is a difference between earning income, and keeping it as profit. The U.S. Mint's gain from seignorage is not theirs to keep; it goes to the U.S. Treasury directly.
RUNNING TOTAL
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3075 zincs (1982-2007) 75.7%
957 coppers (1959-1982) 24.0%
23 wheats (1920-1958)
6 Canadian (1968-1995)
1 dime (2004)
Wanna take money away from the Fed? Spend dollar coins! |
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mickeyman
Penny Pincher Member
Canada
243 Posts |
Posted - 07/05/2007 : 21:45:13
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If people still understood money, the news that the Canadian mint had launched the ARP would be met by torch-and-pitchfork-bearing mobs marching on Parliament Hill. This is one of the most malevolent acts that a government can carry out against its own people.
When government promises fail, as they inevitably do, the only protection for people is in the metal value of its coins. One of the markers of the controlled collapse of a civilization is the issuance of debased coins. The marker of impending freefall is when the government actually recalls its coinage to recover valuable alloys.
This step by the Mint (which I noticed is very quiet) should be viewed as a sign of Very Bad Things to come. Plan your actions accordingly. It is now a race between the People and the Government to see who can recover the most coins with some value.
Not all who wander are lost. |
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mickeyman
Penny Pincher Member
Canada
243 Posts |
Posted - 07/05/2007 : 22:26:48
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To use a metaphor--this particular debasement is like driving the Titanic full speed through Iceberg Alley in the dark and then the captain orders the lifeboats to be destroyed because he doesn't want anyone to have the option of leaving the ship. It is, after all, unsinkable.
Not all who wander are lost. |
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Canadian Mint + Coinstar= ???
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