Sun 28 Jun 2009
Do exchange rates between the US and Canada apply to coins?
Posted by echan76 under Other - Business & Finance
[3] Comments
Chubbs20 asked:
I have heard that if you trade coins in at a bank from or to canadian or american currency, you just get the same amount of currency back, no exchange rate, is this true?
I have heard that if you trade coins in at a bank from or to canadian or american currency, you just get the same amount of currency back, no exchange rate, is this true?
no, the same rate applies.
no thats not true. it applies to all currency. imagine if you had a dollar or more worth of coins..
If you turn in a roll of U.S. coins and you include a couple of Canadian coins in it, you will typically get the full value of the roll in U.S. dollars. This is how we in the U.S. get Canadian coins in our change occasionally, and I suppose the opposite is true in Canada. For one or two coins in a roll the difference is so small that it is not worth it to quibble. But if you were to, for example, turn in a roll of Canadian quarters and expect $10 U.S. for it – or try to exchange one Canadian dime for one U.S. dime – the bank would say no.
My bank does not examine the coins when turned in in rolls, but does require that my account number be written on all the rolls: presumably so that they can contact me if there is any problem with a roll I have turned in.