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This is not a racing topic but it is connected to a "gamble" on which you probably cannot win and which is happening now . Recently the Royal Mint issued the first ever £100 solid silver coin called the Big Ben which contains 2 ounces of pure silver . The price from the Mint was obviously £100 each . They have only minted 50,000 of them and they are now all sold out . However there is a big potential problem when you have bought them . They are almost impossible to spend and you virtually cannot get your £100 back on each coin !. The silver content of each coin is £22 at todays silver price . As far as I can see thats all the coin is worth .After much emailing I actually got an official reply from the Royal Mint concerning the coins actual value and what you can and cannot do with it . For starters the paperwork with each coin says it is Legal Tender . But what does that actually mean ? The answer is VERY LITTLE ! The coin cannot be paid into any Bank or Building Society account . It is not a coin for circulation. It cannot be used in a Post Office or any shop in exchange for goods. The only time it can be used is in the settlement of debt and paid directly into Court . Providing the Court agrees . So in effect its only worth its silver content or if you can persuade someone to buy it at face value .
This "selling" situation is happening right now on ebay . Just Google £100 BIG BEN silver coin and loads of listings appear ! They are being sold on ebay for a minimum of £150 and some ebayers are asking hundreds of pounds for each coin ! Yet they basically cannot be used for anything . Just sold as a limited edition collectable coin - but no coin Dealers will touch them with a bargepole !Coin Dealers will only offer the current scrap value viz £22.
SO TO ANYONE READING THIS MY ADVICE IS SIMPLE - GET THEM LISTED ON EBAY NOW AND TAKE A PROFIT BEFORE THE BUBBLE BURSTS . When folkj realize they cant spend the coin or get their £100 back then the current market price for them will collapse !
This has happened recently with the official Royal Mint £20 SILVER coin . You try and sell one . Its only really worth its scrap value of about £5
This is good advice -so please pass it round to anyone who has bought them
PS . I bought 10 for £1,000 two weeks ago and sold them on ebay a week ago for £1600 on BUY IT NOW less charges . I have been lucky so am passing the information on so others can do the same !
This "selling" situation is happening right now on ebay . Just Google £100 BIG BEN silver coin and loads of listings appear ! They are being sold on ebay for a minimum of £150 and some ebayers are asking hundreds of pounds for each coin ! Yet they basically cannot be used for anything . Just sold as a limited edition collectable coin - but no coin Dealers will touch them with a bargepole !Coin Dealers will only offer the current scrap value viz £22.
SO TO ANYONE READING THIS MY ADVICE IS SIMPLE - GET THEM LISTED ON EBAY NOW AND TAKE A PROFIT BEFORE THE BUBBLE BURSTS . When folkj realize they cant spend the coin or get their £100 back then the current market price for them will collapse !
This has happened recently with the official Royal Mint £20 SILVER coin . You try and sell one . Its only really worth its scrap value of about £5
This is good advice -so please pass it round to anyone who has bought them
PS . I bought 10 for £1,000 two weeks ago and sold them on ebay a week ago for £1600 on BUY IT NOW less charges . I have been lucky so am passing the information on so others can do the same !
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Makes cents !
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From the Royal Mint Website....
Who runs the Royal Mint, and what is its strategy? The Royal Mint is a government owned company. We are committed to providing a financial return to the UK government in line with agreed targets. Looks like a nice little earner for the hard-working taxpayer  You are absolutely correct re the term "legal tender". Hugely misunderstood  |
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My posting is intended purely to give advice to others who have bought the coin and who think they can get their £100 back just like that . But you cant - and I think buyers should know the exact position . At this very moment ebay buyers are paying a ridiculous amount in order to get one , thinking they are a good investment . Just offer one to any proffessional reputable coin dealer and see what you get offered ! Silver scrap price of the day and thats about it !
AS ALWAYS --- ITS BUYER BEWARE . |
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I'm glad you made a nice profit on them first!
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drat and double drat...
Dik not being dastardly ! |
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PS - I sold mine on ebay BEFORE I got the official reply from the Royal Mint plus the Bank of England . A shrewd person I know had spotted the profit to be made on ebay and advised me to sell the whole ten I had purchased . I originally bought them as I thought you couldnt lose as you could always get your £100 back as they were officially Legal Tender . But getting your hundred quid back will look mighty difficult in the near future unless of course the coin does become a classic collectable ? But they have made and sold 50,000 of them. So it may take many years before they gain in value ?
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As Blackbarn said it's a nice little earner for taxpayer, turning just over a million pounds worth of silver into five million in cash.
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Dik, I've got one of those twenty pence coins from several years back, what are they worth now ?...
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13p
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Halcyon - I am feeling in a generous mood today - so I will double the amount you paid for your coin . 40p will be credited to your Betfair account very shortly .
Doubling ones money is what its all about ! |
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what about the mileniam fookin falcon ,you buy a magazine (1st issue 99p) and get parts in each issue to make a star wars millennium falcon ,all subsequent issues are near on a tenner each ,the fookin falcon costs near on a grand
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Surely if a coin is "legal tender" then any bank that accepts one will have the money refunded to them via its Bank Of England account.
The same way as if for example you took a torn £50 note to your Bank.. The way that the Royal Mint makes money out of these issues is that they know that most will stay out of circulation for years and when they redeem them inflation (!) would have ensured a profitable issue... Just a thought..... |
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FOYLESWAR 31 Jan 15 19:04 Joined: 09 Jan 11 | Topic/replies: 8,366 | Blogger: FOYLESWAR's blog
what about the mileniam fookin falcon ,you buy a magazine (1st issue 99p) and get parts in each issue to make a star wars millennium falcon ,all subsequent issues are near on a tenner each ,the fookin falcon costs near on a grand I built Nelsons Flagship.... Yes really it cost more to build the replica than the original Victory... |
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Published: 29 June 2009
An "incredibly rare" error by the Royal Mint has seen up to 200,000 20p coins issued without a year date - making them worth £50 each. The coins are missing their 2009 stamp and are instantly valuable - and could become more so. Dik, for being a ''so called'' numismatist you're not very knowledgeable ! |
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homefortea - just google what "legal tender" means, or even just read the whole thread. The Royal Mint has no obligation, nor even the mechanism to redeem any of these coins.
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I'm used to 2,500% ROI
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I've a fooking shed load of coins and stamps to get rid of, don't know where to start
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Dik has that name for a reason and I think Tony Blackburn has had the curtains closed for far too long..
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Hal - the dateless 20p's are worth about £40 now, and you can still get 20p for them anywhere.
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saddo do not keep stamps in the shed...
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blackbarn, good evening.
Yes, I was hoping Dik was going to inform they had in fact gone up in value ! |
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Tony I am supposed to believe something that Dik Dastardly says...
You are on a wind up.. Me I am a gentle soul that cannot be wound up... |
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... coins & stamps in shed = insulation imvho
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Even if Dik is not a numim nusmis a coin expert!!. His advice on the £100 Big Ben Coin is spot on, although the days of turning a profit are gone. Might still be the odd numpty available on Ebay though.
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Dik Dastardly & homefortea........
Jeez... how long before muttley appears ! |
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Too many Wackey Racers on at this time of night for my liking....
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Homefortea. Agreed, and particularly those that cannot read a thread.
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Hal
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Let me repeat - I have the official reply from the Royal Mint - for those thst still doubt
THE £100 coins CANNOT BE PAID INTO ANY BANK OR POST OFFICE OR BUILDING SOCIETY . THEY SIMPLY CANNOT BE SPENT ! Your £100 rapidly turns into £22. All this can easily be confirmed by emailing the Royal Mint or Bank of England I AM SIMPLY LETTING PEOPLE KNOW THE EXACT LEGAL POSITION ONCE THEY HAVE BOUGHT THE COINS ITS BUYER BEWARE -BIG STYLE THIS THREAD IS NOT A WIND UP! |
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homefortea - Looks like a win for the Wacky Racers, unless of course you know better
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I bet plenty of people pay £100 for a piece of silver jewellery that has a scrap value of far less.
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Have you blocked me Dik ?
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No, sorry you haven't !
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s kenbo - agreed but you look daft wearing a coin
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He wouldn't, he's a bad penny !
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Better than being ha'penny short of a shilling
Apparently |