Royal Mint tells banks to stop cashing in special 'face value' coins

[Spencer]

i saw this article today. as a silver stacker this is quite worrying. can anyone elaborate on what this actually means?

p.s i know its daily mail and not to be trusted. would just like someone with more experience to tell me what this actually means, thanks in advance

http://www.dailymail.co.uk/money/saving/article-3395473/The-face-value-legal-tender-coins-t-cash-Royal-Mint-mis-leading-special-coin-buyers.html

 

[SoulUK]

From what we've discussed here

http://thesilverforum.com/topic/4853-is-royal-mints-legal-tender-promise-worthless/

You cant used "legal tender" royal mint coins in banks or to buy goods.

If you get a fine/court payment and try to pay with these you cannot be done for none payment

[Spencer]

thanks SoulUK. ive only been collecting for about 3 months and just thought this article would be of interest to members on here. apologies if this is old news and everyone knows about it.

i clearly wouldnt try to trade in my silver for the 2 pound face value when its worth £9.60 spot. i was just worried as to what impact this would have on silver etc.

[SoulUK]

The complaint is more aimed at the £ to £ coins, like the £20 for £20, the £50 for £50 and the £100 for £100.

Where the term "legal tender" was used in the selling of the item, people believed they would never be worth less than the value paid for them, as at the very worst they could've been used to pay for £20 worth of goods. However according to the mints calcification, this is not the case

[Spencer]

Thank you SoulUK. so nothing to worry about in terms of the bullion rounds. Appreciate the help.

[Cointreau]

And here I am, the Royal Mint troll. I feel somewhat vindicated and justified in my loathing for these charlatans.

I wouldn't go anywhere near these face value coins. I'm going to send them another hate filled email.

Join me in boycotting the Royal Mint.

[JohnD]

I won't be buying from there again. I didn't buy the face value coins so I could cash them in obviously but was nice to know that the option was there if needed. Now I'm stuck with a few hundred quid that I could blow on my first sovereign instead 

[Spencer]

Yes JohnD I've been eyeing up a sovereign for quite some time now! At first was put off by the 22k but I've got a few 24k bars and now to me all gold is good gold! 

 

 

 

Apologies for this on a silver thread. New to stacking and forums !

[sovereignsteve]

4 hours ago, Cointreau said:

And here I am, the Royal Mint troll. I feel somewhat vindicated and justified in my loathing for these charlatans.

I wouldn't go anywhere near these face value coins. I'm going to send them another hate filled email.

Join me in boycotting the Royal Mint.

I've been boycotting them for ages, never have bought anything off them.

I was however tempted to buy some of these "face value" coins for the alleged value backstop but luckily didn't get round to it.

[BaldyBob]

Well, we all have older stuff Steve. The question is when did they drop the ball. 2013, earlier?

[sovereignsteve]

Yes but most older stuff can probably be bought on the seconday market cheaper than the RM would sell them. Commemorative silver certainly.

nearly all the proof sovereigns are cheaper on the 2ary market too.

They dropped the ball when deciding to keep the design of the bullion silver Brits the same every year and certainly when changing the alloy, the quality definitely deteriorated then.

 

[BaldyBob]

8 hours ago, sovereignsteve said:

Yes but most older stuff can probably be bought on the seconday market cheaper than the RM would sell them. Commemorative silver certainly.

nearly all the proof sovereigns are cheaper on the 2ary market too.

They dropped the ball when deciding to keep the design of the bullion silver Brits the same every year and certainly when changing the alloy, the quality definitely deteriorated then.

 

Couldn't agree more. In fairness though I don't mind the Silver Brit being mass produced Bullion now that they have gone Lunar.

The problem is that the Lunar series doesn't stand out against the competitors. They could definitely learn a lot from the Perth Mint about quality.

[StackemHigh]

No Quality + No Respect for customers = No Value. 

 

[sovereignsteve]

41 minutes ago, BaldyBob said:

Couldn't agree more. In fairness though I don't mind the Silver Brit being mass produced Bullion now that they have gone Lunar.

The problem is that the Lunar series doesn't stand out against the competitors. They could definitely learn a lot from the Perth Mint about quality.

I thought the Brit series had some really good designs, they should have kept it going. Not that impressed with the lunars.

[StackemHigh]

The trouble with the RM lunar coins is two fold for me although I do have a couple of each. 

I'm of the mind that the complete set has been designed alread. 

And it's a RM product with the production problems we all now associate  with them. Minimal problems getting suitable coins for Lunar set. But still problems! 

[SilverSniper]

All those people who bought the £100 for £100 coin are now realising they are practically worth in the region of £20.

I was given the very first £20 for £20 coin as a gift, and that's the only one I'll have (unless anyone wants to donate theirs to me of course)

[HighlandTiger]

it seems you can't even cash in your old non silver crowns either.

http://www.dailymail.co.uk/money/news/article-3505174/Worthless-commemorative-coins-ve-stored-away-years-Royal-Mint-tells-banks-not-them.html

Interesting quote from the Post Office though.

"A spokesman for the Post Office said branches can accept commemorative 25p and £5 coins and would deposit money into an account or exchange them for goods or services"

As more and more people start thinking that they cant cash in these coins, it might be worth while trying to buy up as many coins as possible at less than face value, and then opening a post office account and sticking them in there.

I see thousands of these coins at boot fairs and flea markets every week, which never sell, it might be worth trying to haggle a price .........have to have a think on this one, might be a nice little earner. Even offering 20p a coin would give you a 25% profit if you could stick them in a PO account. 

Or if you are  a regular seller on ebay swap the coins for postage.

PS.

Just had a quick look on ebay, surprisingly these coins are selling from anything from 50p to a £1 each, especially if you sell in bulk, 

[Spencer]

17 minutes ago, HighlandTiger said:

it seems you can't even cash in your old non silver crowns either.

http://www.dailymail.co.uk/money/news/article-3505174/Worthless-commemorative-coins-ve-stored-away-years-Royal-Mint-tells-banks-not-them.html

Interesting quote from the Post Office though.

"A spokesman for the Post Office said branches can accept commemorative 25p and £5 coins and would deposit money into an account or exchange them for goods or services"

As more and more people start thinking that they cant cash in these coins, it might be worth while trying to buy up as many coins as possible at less than face value, and then opening a post office account and sticking them in there.

I see thousands of these coins at boot fairs and flea markets every week, which never sell, it might be worth trying to haggle a price .........have to have a think on this one, might be a nice little earner. Even offering 20p a coin would give you a 25% profit if you could stick them in a PO account.

Or if you are  a regular seller on ebay swap the coins for postage.

PS.

Just had a quick look on ebay, surprisingly these coins are selling from anything from 50p to a £1 each, especially if you sell in bulk,

Sounds like a good idea for the 25 percent profit!

just read the article - so essentialy the royal mint have been de frauding the british public for many many many years, surely they should just say anything pre 2015 is valid as face value and from now on everything after wont be.

I personally dont own any of the coins in question but i would be straight down that post office if i did!

[DRooster]

Spencer there's a whole thread on here about the £20 for £20 and £100 type of coins that the RM heavily pushed.

Most/All of us who bought them as a "no potential loss" silver stack sent them back when RM on the quiet offered refunds.

I kept one £20 5-queen-heads for my Russki in-laws.