• The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.

  • Join The Silver Forum

    The Silver Forum is one of the largest and best loved silver and gold precious metals forums in the world. Join today for FREE! Browse the sponsors topics (hidden to guests) for deals and offers, check out the bargains in the members trade section and join in with our community reacting and commenting on topic posts. If you have any questions whatsoever about precious metals collecting and investing please join and start a topic and we will be here to help with our knowledge :) happy stacking. 

ChardsCoinandBullionDealer

Sell Sovereigns for Intrinsic Price! (subject to quality check)

Recommended Posts

Good afternoon! 

Just letting you know we've increased our buying price on Sovereigns. We're now paying 100% of the intrinsic value! To see how much we're currently paying, have a look at our sovereign selling page or visit our live gold price page for up to date metal prices.

We're also offering a new new distance buy in service meaning you can sell to us without leaving your house!

 

EDIT: Based on feedback we have adjusted our buy in prices to 98% as of today (9th April). Please call us prior to sending in any coins as our buy in prices change regularly and this post may not be accurate.

Edited by ChardsCoinandBullionDealer
feedback

Share this post


Link to post
Share on other sites
10 hours ago, ChardsCoinandBullionDealer said:

Good afternoon! 

Just letting you know we've increased our buying price on Sovereigns. We're now paying 100% of the intrinsic value! To see how much we're currently paying, have a look at our sovereign selling page or visit our live gold price page for up to date metal prices.

We're also offering a new new distance buy in service meaning you can sell to us without leaving your house!

Are you able to visit and buy at my house? It does say “...or Anywhere Else!”😁

Share this post


Link to post
Share on other sites

If you follow the links, it will answer your question...it would appear the answer is actually yes ;) not ina visit sense but in a will provide everything you need to just hand to an insured courier from your front door.

Edited by Oldun

Share this post


Link to post
Share on other sites

haha yes its not quite a visit in person though we have been known to do this in the past! 

The US is not out of the question @CadmiumGreen we would just have to agree postage costs as understandably we couldn't offer the UK rates. There is no barrier in terms of geography, value of coins, quantity or weight with our service :D  I might make this more clear on the page but its good to know we have potential customers in the US after only 3 weeks of the new service...... 

Thanks, Ian 

 

Share this post


Link to post
Share on other sites

Ian, Thank you...definitely of interest, and I do recall you mentioning the service previously. But still it would be really nice to get a visit from @ChardsCoinandBullionDealer! Of which you are always welcome to stop over for a spot of tea or to see the sights any time!😀

Edited by CadmiumGreen

Share this post


Link to post
Share on other sites

aha thank you for the invite..... if flying in person is cheaper than post consider it done! haha

We have been humming and harring for a while but only officially launched the service. Feel free to PM me if you want to get a quote for the US or whatever or mention my name if you ring up. 

 

Share this post


Link to post
Share on other sites
29 minutes ago, ChardsCoinandBullionDealer said:

aha thank you for the invite..... if flying in person is cheaper than post consider it done! haha

We have been humming and harring for a while but only officially launched the service. Feel free to PM me if you want to get a quote for the US or whatever or mention my name if you ring up. 

 

Ian, greatly appreciate it and I will let you know! Always welcome regardless of a coin pick up or not!

Share this post


Link to post
Share on other sites
On 21/03/2019 at 12:07, ChardsCoinandBullionDealer said:

Good afternoon! 

Just letting you know we've increased our buying price on Sovereigns. We're now paying 100% of the intrinsic value! 

 

It turns out this isn't true.

After sending some in I've received a phone call today from @ChardsCoinandBullionDealer with the knocked down price.

You only get 100% if they are in good condition and without 'rim damage'. 

 

Share this post


Link to post
Share on other sites
3 minutes ago, HelpingHands said:

 

It turns out this isn't true.

After sending some in I've received a phone call today from @ChardsCoinandBullionDealer with the knocked down price.

You only get 100% if they are in good condition and without 'rim damage'. 

 

Naughty.

No mention of this aspect on their selling page, just a disclaimer about ex-jewellery and scrap quality coins.

Share this post


Link to post
Share on other sites

Hi @HelpingHands

Yes we can only pay the price if we can re sell them as bullion sovereigns often coins come in too damaged to resell as such. I must ensure my wording reflects this as normally we write "up to 100%" so my first message here was not ideal. We do write "up to" a price on our selling page @sovereignsteve this is under the product but perhaps I need to write this out underneath to. We try our best not to mislead anyone.....

I cannot comment on your exact coins as I have not seen them here today but my team advise me we did pay 100% for some of them. When customers call up or speak to our staff prior to sending in coins we always explain this (I hope we are consistent) and you received this service please confirm so I can feedback accordingly. 

Thanks, Ian 

Share this post


Link to post
Share on other sites
1 minute ago, ChardsCoinandBullionDealer said:

we write "up to 100%" so my first message here was not ideal.

I think you mean 'not correct'.

 

Of the seven I sent the three modern QE2 coins qualified for the intrinsic value.

I was told one coin (1910) would be scrapped and that did have a scrape on the obverse.

I very much doubt you'll be scrapping the 1871, 1880 and 1925SA.

 

As I said on the phone I won't be sending anymore.  I will just list them on here.

Please try to be more accurate when posting offers on the forum.

Share this post


Link to post
Share on other sites
On 05/04/2019 at 13:28, HelpingHands said:

I think you mean 'not correct'.

 

Of the seven I sent the three modern QE2 coins qualified for the intrinsic value.

I was told one coin (1910) would be scrapped and that did have a scrape on the obverse.

I very much doubt you'll be scrapping the 1871, 1880 and 1925SA.

 

As I said on the phone I won't be sending anymore.  I will just list them on here.

Please try to be more accurate when posting offers on the forum.

Always better on forum ;) 

Share this post


Link to post
Share on other sites

Good afternoon, 

I have now seen the coins in question and can confirm they will be sold as "grade C" as they do not qualify as bullion. We used to accept any condition coin as bullion as long as it was within the weight tolerance but this generated too many complaints as customers expect high condition coins even for a bullion purchase. 

Post wise I will certainly strive to make any more posts more accurate. If it is any consolation I have taken on board the feedback and updated the selling pages to explain the quality check and make it more obvious to call us prior to sending coins in. Hopefully this prevents re-occurrence.

Ian 

Share this post


Link to post
Share on other sites
10 minutes ago, ChardsCoinandBullionDealer said:

Good afternoon, 

I have now seen the coins in question and can confirm they will be sold as "grade C" as they do not qualify as bullion. We used to accept any condition coin as bullion as long as it was within the weight tolerance but this generated too many complaints as customers expect high condition coins even for a bullion purchase. 

Post wise I will certainly strive to make any more posts more accurate. If it is any consolation I have taken on board the feedback and updated the selling pages to explain the quality check and make it more obvious to call us prior to sending coins in. Hopefully this prevents re-occurrence.

Ian 

Sounds good hope to see your coins. 🌞

Share this post


Link to post
Share on other sites
On 21/03/2019 at 12:07, ChardsCoinandBullionDealer said:

Good afternoon! 

Just letting you know we've increased our buying price on Sovereigns. We're now paying 100% of the intrinsic value! To see how much we're currently paying, have a look at our sovereign selling page or visit our live gold price page for up to date metal prices.

We're also offering a new new distance buy in service meaning you can sell to us without leaving your house!

I think the problem here is (a) the title of this thread "Sell Sovereigns for Intrinsic Price" and (b) your post quoted above. This is a headline grabbing title guaranteed to catch people's attention.

It is easy to see how someone could assume you are paying spot for all sovereigns, and as you admit. your selling page did not clearly specify any caveats.

The issue now is you have muddied the waters by actually grading any coins you receive as bullion, grade C and scrap.

How are prospective sellers to you to know which type of coin they have before they send them to you, which incurs significant cost especially for small numbers?

I would imagine the vast majority of coins you receive will be good enough to qualify as bullion and as such be re-sold by you at 2.5 - 3.5% premium, depending on numbers.

You sell the Grade C coins at 2% and presumably you get around 98% selling scrap to a refiner.

It would be more satisfactory from a potential sellers perspective if you didn't make the distinction when buying between bullion and grade C sovereigns, but instead offered an all-in price that would fit in with your profit margin and risk etc.

I would actually prefer it if you included the odd scrap sovereign in this all-in price but obviously you would need a means to make sure people didn't use you just to dispose of scrap coins. If people were abusing your offer in this way, you could include caveats in the T&C or simple refuse to buy them.

What a potential seller needs is a guaranteed way of liquidising sovereigns at a moments notice and know exactly what they are going to get.

 

Share this post


Link to post
Share on other sites
1 hour ago, Cornishfarmer said:

@HelpingHands now much less did you get than intrinsic price?

I can't remember off hand the amount.  I have to wait three business days to be paid or be charged £30 for same day pay.

Maybe it was £1569 for the seven.

100% spot at the time was £231 I think which three qualified for.

Which leaves an average of £219 for the remaining four.  So if I'm remembering correctly 95% ?

I'll have a look later if I have photos so you can see what grade C coins look like.   

Share this post


Link to post
Share on other sites

@sovereignsteve really appreciate the feedback and I will certainly take it to the management meeting for consideration. In an ideal world we would always deal in person as much more can be achieved with a conversation and viewing the coins in person. The internet in general is amazing but it does make communication slightly more tricky. We will review this with an aim of simplicity and consistency in messages we send out.

Share this post


Link to post
Share on other sites
5 hours ago, HelpingHands said:

So if I'm remembering correctly 95% ?

Quoting from the Chards selling gold page:

"As a rough guide our buying prices for sovereign vary from about a 2% discount to a 2% premium"

So presumably this must be for bullion and Grade C sovereigns

Share this post


Link to post
Share on other sites

@sovereignsteve I might not be correct on the amount as I haven't received it yet.  The total was £1569 but might've been £1579, £1589.

I was surprised by the call so forgot to write it down.

But here's the thing.  These were bought from a dealer we all know from their best value bullion sov range.

So one dealer claims they are  bullion quality whilst the another claims they are below bullion standard.   

I only took partial photos to remind me which dates I was sending but here are the pictures I have of the grade C coins.

IMG_5203.thumb.JPG.f34269cea34bdce116ba15e47dfb0194.JPG

IMG_5204.thumb.JPG.cbbe169125a85fa8c25990363f8191e8.JPG

IMG_5205.thumb.JPG.7c93d1be7caf3a89341178a21dcdbcda.JPG

IMG_5206.thumb.JPG.8bfa9a915969b1c8a50db8bf7ccf474a.JPG

IMG_5207.thumb.JPG.b691127334bbfdeac7bf3154cd5ce8bd.JPG

IMG_5208.thumb.JPG.fab85b04f8891718bfb6ee6f5faf8ed8.JPG

IMG_5209.thumb.JPG.379e20a2c5bbd7d802db260f59ef8437.JPG

IMG_5210.thumb.JPG.5d3f1ce21159afe7a245774215c47d6c.JPG

 

 

Share this post


Link to post
Share on other sites

Honestly I think you can do much better on those old sovereigns, regardless of their quality. I wouldn't settle for "100% intrinsic value" (which is basically what you'd pay for scrap gold). It's worth more, and I'm pretty sure you'd find willing buyers, either here on the forum, on Ebay or elsewhere. Sovereigns are very liquid, it shouldn't be a hassle getting at least spot price for them, regardless of quality. Also ask yourself why dealers are eager to get their hands on them in the first place... 

Edited by goldmember44

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.