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But you can pay off your taxes with a big bag of coins. Pay off the car loan with a big bag of coins etc.

• smnrchrds 4y ago
  It depends on the country. In Canada, there is a limit on the quantity of coins, above which they are not legal tender. (2) A tender of payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins: (a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars; (b) twenty-five dollars if the denomination is one dollar; (c) ten dollars if the denomination is ten cents or greater but less than one dollar; (d) five dollars if the denomination is five cents; and (e) twenty-five cents if the denomination is one cent.* https://laws-lois.justice.gc.ca/eng/acts/c-52/page-1.html#h-142377 https://laws-lois.justice.gc.ca/eng/acts/c-52/page-1.html#h-...
  • tastyfreeze 4y ago
    Hah, that is really interesting. I suspect this is to stop people from paying with a large quantity of coins to be an ass. Any idea how that plays out when trying to change bags of coins at a bank? coin-op vendor: I would like to deposit all of my bags of coins. bank: Sorry sir, your money is no good here unless you break it into smaller quantities. I knew a contract security guard that worked for a laundromat. They paid him in bags of quarters.
    • smnrchrds 4y ago
      > Any idea how that plays out when trying to change bags of coins at a bank? I am not sure. I know they accept rolled coins for deposit at least from business customers. But I don't know what is the minimum legally required service level vis-à-vis coins and what is the customary service level banks actual offer right now. I remember TD having coin deposit machines that were free for TD customers to use but deducted a fee from non-customers, but they discontinued the service a couple of years ago. These days most people use third-party machines like this, which deduct a fee: https://www.coinstar.ca/ https://www.coinstar.ca/