Chapter7- Collecting 2010 Olympic coins

Summery: Start from February 23, 2007, seventeen commemorative coins marking the Vancouver 2010 Olympic and Paralympics games begin to circulating. About 350 million coins will be made from 2007 to 2010. “Three extra quarters will show Canadian athlete medalists that ordinary Canadians will be able to vote on in the run up to the games.” This circulation is sponsored by The Royal Canadian Mint. Also, 36 non circulating legal tender Vancouver 2010 commemorative coins are planned and will start to sell on 23 February 2007. “30000 special edition Uncalculated coin sets of the made for circulation coins, including the Vancouver 2010 quarters and loon dollars, will be produced annually“

Connection: In chapter 7, I have learned the identification of Canadian money, such as durable, portable, divisible, recognizable and readily accepted, not easily copied and face value greater than actual value. The object cannot be “money” without any of the identification above. The article says that “there will be 15 $25 face value sterling silver coins with a limited mintage of 45000 pieces of each.” The coin has a face value of twenty-five dollars, but the material of make the coin is actually greater than twenty-five dollars. Therefore, this Olympic coin is not able to be fiat money.

Reflection: Olympic coins are the witness to the winter Olympic. Indeed the coins are money, but they will not become the money we use in daily life. Also their potential appreciation is greater than normal money. For example, in the next 20 years, a $20 paper money is still worth $20. Even though the bank has published new version of paper bills, we can exchange a new 20$ with that old $20. But a face value of $25 coin might increase its price to $35 in 20 years. The witness to the history is always has a greater price than “money”.
Article: http://www.allnationsstampandcoin.com/newsletters/news90.html