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    • leah14
    • By leah14 1st Oct 17, 11:51 AM
    • 13Posts
    • 0Thanks
    leah14
    Cash for coins
    • #1
    • 1st Oct 17, 11:51 AM
    Cash for coins 1st Oct 17 at 11:51 AM
    Anyone used cash for coins to sell old British currency .... How much do they pay ?
    TIA
Page 1
    • Lisbon
    • By Lisbon 1st Oct 17, 2:22 PM
    • 312 Posts
    • 298 Thanks
    Lisbon
    • #2
    • 1st Oct 17, 2:22 PM
    • #2
    • 1st Oct 17, 2:22 PM
    Depends what you're selling - get a quote for the actual items from them.
    • soolin
    • By soolin 1st Oct 17, 2:45 PM
    • 59,595 Posts
    • 42,290 Thanks
    soolin
    • #3
    • 1st Oct 17, 2:45 PM
    • #3
    • 1st Oct 17, 2:45 PM
    Looking at the website it appears you have to give them a weight of coins in kilos to get a quote.
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    • leah14
    • By leah14 1st Oct 17, 4:55 PM
    • 13 Posts
    • 0 Thanks
    leah14
    • #4
    • 1st Oct 17, 4:55 PM
    • #4
    • 1st Oct 17, 4:55 PM
    Thank you I have over 7kg of old pre decimal currency ... they will not provide a quote without receiving them first read reviews seem ok just wondered if anyone knew what they paid ?
    • forgotmyname
    • By forgotmyname 1st Oct 17, 7:24 PM
    • 26,230 Posts
    • 10,469 Thanks
    forgotmyname
    • #5
    • 1st Oct 17, 7:24 PM
    • #5
    • 1st Oct 17, 7:24 PM
    Wont provide a quote, so they offer £1 for the lot and you say no and they say OK its £20 to post them back?

    They say you can donate anything less than 5kg they wont pay for it, im guessing that at 7kg your going to get pennies.

    Take them down to the scrap metal recyclers and weigh them in. Probably the most your going to get.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • robin58
    • By robin58 1st Oct 17, 7:27 PM
    • 2,020 Posts
    • 2,108 Thanks
    robin58
    • #6
    • 1st Oct 17, 7:27 PM
    • #6
    • 1st Oct 17, 7:27 PM
    If you have 7kg (15lb) of predecimal coins so makes them at least 45 years old, i would look through them yourself before you give them to the mentioned people.

    If you early 1900,s 1s,2s and 2s 6d, they are valuable as they are very high content silver coins.

    plus if you have old one pennies look through them. A 1933 penny is worth a five figure sum.

    Take it from me, they will look for the salelable coins and make a good profit!
    Last edited by robin58; 01-10-2017 at 7:30 PM.
    The more I live, the more I learn.
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    How little I know.!!
    • robin58
    • By robin58 1st Oct 17, 7:33 PM
    • 2,020 Posts
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    robin58
    • #7
    • 1st Oct 17, 7:33 PM
    • #7
    • 1st Oct 17, 7:33 PM
    Wont provide a quote, so they offer £1 for the lot and you say no and they say OK its £20 to post them back?

    They say you can donate anything less than 5kg they wont pay for it, im guessing that at 7kg your going to get pennies.

    Take them down to the scrap metal recyclers and weigh them in. Probably the most your going to get.
    Originally posted by forgotmyname
    Don't take them to the scrap merchants.

    It is illegal to sell the crowns money (old or new) for scrap in the UK.
    Last edited by robin58; 01-10-2017 at 7:43 PM.
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!!
    • Lisbon
    • By Lisbon 1st Oct 17, 8:01 PM
    • 312 Posts
    • 298 Thanks
    Lisbon
    • #8
    • 1st Oct 17, 8:01 PM
    • #8
    • 1st Oct 17, 8:01 PM
    Don't take them to the scrap merchants.

    It is illegal to sell the crowns money (old or new) for scrap in the UK.
    Originally posted by robin58
    ...and who exactly will be checking....?
    • leah14
    • By leah14 1st Oct 17, 8:34 PM
    • 13 Posts
    • 0 Thanks
    leah14
    • #9
    • 1st Oct 17, 8:34 PM
    • #9
    • 1st Oct 17, 8:34 PM
    Checked through them sold the silver no 1933 penny or other key date coins, just what to do with what's left ?
    • McKneff
    • By McKneff 1st Oct 17, 8:37 PM
    • 35,716 Posts
    • 45,988 Thanks
    McKneff
    Give it to a charity they will have contacts
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • shaun from Africa
    • By shaun from Africa 1st Oct 17, 8:55 PM
    • 9,618 Posts
    • 10,778 Thanks
    shaun from Africa
    Don't take them to the scrap merchants.

    It is illegal to sell the crowns money (old or new) for scrap in the UK.
    Originally posted by robin58
    It is not illegal to sell any UK currency for scrap.
    What is illegal is for unlicensed people to melt or to physically break down any UK currency coins that are current legal tender or have been legal tender at any time since 1969.

    There are plenty of bullion dealers who will buy worn or damaged gold and silver coins then sell these on to a smelter who is licenced by the treasury.
    • antenna
    • By antenna 2nd Oct 17, 6:27 AM
    • 1,637 Posts
    • 973 Thanks
    antenna
    Google "valuable pennies"
    Political?....I dont do Political....well,not much!
    • zerog
    • By zerog 3rd Oct 17, 1:27 PM
    • 2,306 Posts
    • 785 Thanks
    zerog
    This is the ebay forum... sell them on ebay or bag them and bring them to HSBC / Natwest / Barclays yourself

    If you are near to London (or Bradford!) then another option is to put them into Fourex, you get 96% of value, that's more than I would pay for them

    Leftover Currency also takes them, but only at 75% which is rubbish
    Last edited by zerog; 03-10-2017 at 1:30 PM.
    • jeffuk
    • By jeffuk 3rd Oct 17, 5:42 PM
    • 421 Posts
    • 259 Thanks
    jeffuk
    This is the ebay forum... sell them on ebay or bag them and bring them to HSBC / Natwest / Barclays yourself

    If you are near to London (or Bradford!) then another option is to put them into Fourex, you get 96% of value, that's more than I would pay for them

    Leftover Currency also takes them, but only at 75% which is rubbish
    Originally posted by zerog
    "old pre decimal currency"
    • zerog
    • By zerog 3rd Oct 17, 6:16 PM
    • 2,306 Posts
    • 785 Thanks
    zerog
    "old pre decimal currency"
    Originally posted by jeffuk
    Hmm? All three options I mentioned accept pre-decimal coins.
    • forgotmyname
    • By forgotmyname 3rd Oct 17, 9:19 PM
    • 26,230 Posts
    • 10,469 Thanks
    forgotmyname
    Their value is close to zero because the OP has listed them on ebay and not sold them?
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • zerog
    • By zerog 4th Oct 17, 5:54 AM
    • 2,306 Posts
    • 785 Thanks
    zerog
    Their value is close to zero because the OP has listed them on ebay and not sold them?
    Originally posted by forgotmyname
    When did the OP say he tried to sell them on ebay?


    The main problem and the reason why companies like Cash4coins pay peanuts, is that it takes a long time to count and sort them, and they are very heavy for the value. People have had nearly 50 years to remove any silver ones and basically you don't ever find any silver unless the lot has been untouched since WW2 - might as well just play the lottery.

    A post-1947 3d coin is worth £0.0125 and weighs 6.8g. So you need 80 of them to make up a pound bag to pay into the bank, which weighs half a kilo.

    If you employ someone in the UK to count and sort them, then you need to pay at least minimum wage plus all the other overheads. Realistically you can't do much more than 1000 coins per hour which barely breaks even on the costs of doing business. While companies like Cash4coins probably send them direct to the Royal Mint, smaller companies or sole traders have to go to the bank themselves and probably pay fees for business accounts.

    So anybody willing to pay more than a nominal amount will either be counting them themselves or has a machine that does some of the work.

    Another option is to ship them to China, where there are hundreds of workshops filled with people are counting and sorting low value coins from around the world, but enough of them turn up in scrap metal lots, that nobody is going pay for additional coins shipped in from richer countries. Also such companies are finding their business models being ruined by the reluctance of central banks to reimburse them for the coins - due to suspicion of counterfeiting.
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