a silver coin with a picture of rams

Using the Mint to Meet Minimum Spend

Some credit cards have a “minimum spend,” that is, to get the sign-up bonus, or to reach a bonus tier, you have to spend X amount of $ in Y time to get the bonus. For example, to get the 60,000 MR points offered with the AMEX Platinum card (this is a referral), you have to spend $1000 in 3 months. Business cards typically have much higher minimum spends, and occasionally, we have seen minimum spends reaching $10,000 (was an offer from the RBC Avion Visa).

The Canadian Royal Mint offers a number of coins that sell for their face value: 20/20, 50/50, and 100/100. As these are legitimate coins, they can be deposited at a bank* for face value (though the teller will give you a hard time). Back in the heyday, I was able to march into the Royal Mint store in Ottawa and buy them out of these face-value coins using any credit card. With 2 points per dollar spent, this was extremely lucrative. Sadly, I suspect in response to me going in daily, the Royal Mint store has imposed purchasing limits in store and online. Nonetheless, buying these coins, in-person or online, is an excellent way of very quickly meeting a minimum spend on a credit card.

For example, right now, you can buy $540 dollars of face-value coins (max of 3 of 20/50/100) on the mint.ca store, which is currently offering free shipping. Wait a week, get the coins, deposit them at your bank, and pay off your card. Voila! You have reached minimum spend very quickly and for free.

I have received reports of banks denying these coins. I have deposited these coins countless time. I have contacted the banks for an official response. I will post those responses as I get them.

Royal Bank of Canada (RBC): 

Face Value

When numismatic coins are presented for redemption the Sales Unit must redeem them at the face value shown on the coin.

Numismatic coins are legal tender and a service fee is not to be charged.

Note: The coins may have more than face value if negotiated through a coin dealer.

Laurentian Bank:

We inform you that it is not possible to deposit Royal Mint coins in our branch’s.

We regret that we cannot be of further assistance to you in this matter.


    1. I think it’s bank specific. I’ve only ever used TD, and they have always accepted them. I recommend printing out the mint.ca webpage I linked to for the bank.

  1. I tried TD bank in downtown Toronto and they refused to accept. Does any one know a bank which accepts in Toronto?

    1. I’ve used a number of TDs in Ottawa and in Kingston. Maybe print off the Mint website? Can maybe use the “TD Answers” website, get their word on it, and then print that off for the teller. I suspect you’ll have to be a client of the bank for them to do it.

      1. Yes I am a client of TD with many products with them. Will try with getting confirmation from TD answers.

        1. Please keep me informed. Depending on what they say, I might to a media call to the big banks and see what’s up.

          1. TD at World Exchange Plaza; TD at Billings Bridge.

            It’s concerning me that people are getting these reports… I will contact the banks for an official response.

  2. A couple of thoughts on these silver coins. They should be considered legal tender so every bank ‘should’ take them. Having said that, these are limited mintage collector coins and taking using them to meet min spend and just taking to the bank is cringe-worthy for any coin collector. Consider taking them to a coin dealer where you should get at least face value and they will remain available to collectors at large.

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