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£5 coin - 80th birthday Queen Elizabeth II
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# 1
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koru
Old 26-01-2006, 11:00 AM
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Default £5 coin - 80th birthday Queen Elizabeth II

Just got a flier in this morning's post, saying I have been "specially selected" to be offered the chance to buy the Royal Mint's new £5 coin to commemorate the Queen turning 80. It will apparently cost only £5, post free.

Language like that smells like a scam to me, but I have found the same offer on what does genuinely seem to be the Royal Mail's website. Which makes me curious about how they can afford to send you a coin that is worth £5, post free. If they are bearing the costs of postage and of this marketing, and so on, I reckon that must mean they are only making about £4 after costs. So who is taking the £1 loss?

Does anyone out there know how the Royal Mint operates? Do they have to pay the government £5 in order to mint each £5 commemorative coin? Or do they pay £4? Or what?
koru
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# 2
whereishergar
Old 26-01-2006, 1:35 PM
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Postmen are going to be busy - no disrespect to posties intended!
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# 3
tatts
Old 26-01-2006, 2:27 PM
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Not sure about the post free bit.........think they usually charge for p+p
But if you go into your local post office, you should be able to buy them for £5 anyway! (they usually have them just behind the glass partition in all our post offices, on display) If in doubt, the on foot method is probably the best bet?!?
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# 4
Mumstheword
Old 26-01-2006, 2:34 PM
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If they have your address they will probably plague you with offers of other coins they bring out in the future, obviously at profit to them, which they hope you will buy to make it a collection.
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# 5
melancholly
Old 26-01-2006, 7:41 PM
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i was given a £5 coin for a present a few years ago and have resisted the temptation to spend it (and at times when i've had very little money the temptation has been great!) - would shops accept it as payment, or do they go up in value and become worth holding on to?!
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# 6
libitina
Old 26-01-2006, 8:07 PM
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It's legit. I've got mine.
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# 7
jimladin
Old 26-01-2006, 9:36 PM
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By buying these "special edition" coins you are effectively gifting the treasury money for nothing. They know that the majority of people that buy them will hold onto them (ie not spend them) that means that a fiver - or whatever the coin is worth- has been gained by them.

The only flipside (pardon the pun) is that the coin may increase in value... which in my opinion is quite unlikely
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# 8
koru
Old 26-01-2006, 9:49 PM
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Quote:
Originally Posted by tatts
Not sure about the post free bit.........think they usually charge for p+p
But if you go into your local post office, you should be able to buy them for £5 anyway! (they usually have them just behind the glass partition in all our post offices, on display) If in doubt, the on foot method is probably the best bet?!?
No, it is absolutely clear that there is no p&p.

I have the same point with the Post Office - presumably someone is paying them to carry out the service of selling the coin, so the net proceeds will be less than £5.
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# 9
koru
Old 26-01-2006, 9:51 PM
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Quote:
Originally Posted by Mumstheword
If they have your address they will probably plague you with offers of other coins they bring out in the future, obviously at profit to them, which they hope you will buy to make it a collection.
I suspect you are right. Perhaps that explains why they are selling at a price that will not cover their costs. If A&L can afford to pay me £50 to open a bank account with them, perhaps the Royal Mint is willing to bear £1 of costs in the hope I will buy other stuff from them.
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# 10
koru
Old 26-01-2006, 9:56 PM
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Quote:
Originally Posted by jimladin
By buying these "special edition" coins you are effectively gifting the treasury money for nothing. They know that the majority of people that buy them will hold onto them (ie not spend them) that means that a fiver - or whatever the coin is worth- has been gained by them.
Yep, its a pretty good racket. Perhaps for this reason the Treasury expect the Royal Mint to pass on only £3. Ok, it is less than the face value, but as you say, most people will sit on them for years, so the treasury is still £3 up and Royal Mint makes a nice profit.
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# 11
quoia
Old 26-01-2006, 10:19 PM
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Quote:
Originally Posted by jimladin
By buying these "special edition" coins you are effectively gifting the treasury money for nothing. They know that the majority of people that buy them will hold onto them (ie not spend them) that means that a fiver - or whatever the coin is worth- has been gained by them.

The only flipside (pardon the pun) is that the coin may increase in value... which in my opinion is quite unlikely
Some years ago I got 250 AIRMILES by buying these.

I took advantage at the time of a similar offer (today I think you can only buy 1 coin with free P&P per application)

I "bought" 1000 coins for £5000 with FREE P&P on a credit card where each £20 earned an Airmile.

I duly received 2 boxes, each about 18" x 9" x 6", and each weighed about the same as a sack of potatoes (about 25kgs). Each box contained 25 plastic tubes of 20 coins.

I swapped many of the coins at work for banknotes - friends and colleagues taking between 1 and 10 for their kids, themselves, their family etc for presents or similar.

I paid a load (in several deposits) into a few of my accounts at banks and building societies, and even used £1200 of them as deposit for a car at a local dealership.

By the time the credit card bill arrived I'd moved all the money back into my current account (except the car deposit, which was already there since I'd not written the cheque I planned to) and paid it off in full - like I always do.

250 Airmiles for free - well about 2 hours of my time everything considered
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# 12
smid29
Old 27-01-2006, 1:47 AM
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Sometimes when they do this, it's to try to suck you in to a bigger "collecting opportunity" - in other words, the UK 80th Birthday £5 coin is just one coin in a 20-coin set of 80th birthday coins from the 4 corners of the Commonwealth (or whatever!). My guess is that you'll get the hard sell for the rest of the collection along with your 'cheap' UK coin, and the rest of the set will most definitely cost a lot more than £5 each if they manage to 'persuade' you!
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# 13
Alfie E
Old 27-01-2006, 2:56 AM
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Quote:
Originally Posted by melancholly
i was given a £5 coin for a present … would shops accept it as payment … ?
They might – it’s legal tender (the £5 coin is the modern replacement for the crown). However, there’s nothing to force a shop to accept payment in any form of cash.
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# 14
asharon
Old 27-01-2006, 7:09 AM
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I purchased 8 from the royal mint web site with free postage and packaging and had no problems spending them at shops.
Nice to save.
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# 15
koru
Old 27-01-2006, 9:51 AM
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Quote:
Originally Posted by Alfie E
However, there’s nothing to force a shop to accept payment in any form of cash.
Well, yes and no. If you buy on credit, you can insist on meeting your debt in legal tender coins (subject to certain limits eg, no more than 100 5p coins) and ultimately a court would consider that you have settled your liability if you pay the court in this fashion. But assuming you are paying immediately, the shop would be within its rights to refuse to sell to you if you wish to pay in 100 5p coins. (Which is interesting - I never thought they could refuse to accept a coin.)

I seem to remember a long time ago that someone paid a long-fought over fine by "writing a cheque" by carving the words in the bloody carcass of a large shark. Again, apparently this fulfilled the rules about being a legal "bill of exchange" so the payee had to accept it.
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# 16
misterthrifty
Old 27-01-2006, 11:08 AM
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If this coin is legal tender then retailers are obliged to accept them in payment (subject to specified limits for each denomination)

Cheques are different and can be written on anything (back of an envelope, dead shark, the flanks of a live cow etc) as long as they say the right words, I think they can be refused if they are too difficult or un-pleasant to handle.

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# 17
quoia
Old 27-01-2006, 11:53 AM
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Quote:
Originally Posted by misterthrifty
If this coin is legal tender then retailers are obliged to accept them in payment (subject to specified limits for each denomination)
"LEGAL TENDER" actually has nothing to do with using this coin or any other in any quantity.

It has a rather narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays the amount into court in legal tender.

The term "legal tender" is a restriction on the number of coins that can be used to make a payment - above which the recipient can refuse to take them under them "NOT being legal tender"

It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes.

However, in order to comply with the very strict rules governing an actual legal tender transaction it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

Under such a transaction there is NO limit on any banknote or coins with a value above £1.

However 1p & 2p coins should not exceed a total of 20p
5p & 10p coins should not exceed £5
and 20p & 50p ( & any 25p "Crowns") no more than £10

There is an additional restriction on Bank of ENGLAND notes.
Obviously no problem in England and Wales, the £5, £10, £20 and £50 notes are legal tender for payment of any amount, but they are not legal tender in Scotland and Northern Ireland
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(11)A104.28S94.98O112.46N86.73D101.02(12)J130.63F126.76M134.38A200.98M156.30J95.56J102.85A175.93
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# 18
koru
Old 27-01-2006, 12:10 PM
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Quote:
Originally Posted by misterthrifty
If this coin is legal tender then retailers are obliged to accept them in payment (subject to specified limits for each denomination)
As Quoia says, you are wrong. See the Royal Mint webpage in Alfie E's post (http://www.royalmint.gov.uk/RoyalMin...Guidelines.asp).

They are obliged to accept legal tender in settlement of a debt, but that doesn't mean they are obliged to sell to you or to create a debt.
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