Royal Mint 20 pound coins

dadsgoneshopping

I also have a fair few other coins which appear to be not worth the metal they are minted on, 5 pound coins old 2 pound coins etc. I tried using them in a few shops and was refused so tried the banks, they also were not interested and advised me to go to a coin dealer-- I did and got offered close to nothing (BFH). Oh well, live and learn.

puk999

At least you can get your money back on those £20 coins. Did you buy 3 also?

Masomnia

This thread got me looking at coins on ebay and came across this:

Undated (tails side only) 20p piece.

Bids up to 25p already.

Think I'm missing a trick

Bazofts_Revenge

I'd get rid of coins at auction. A so called specialist offered my family £250 for my Grans Stamp and coin collection. We actually spent £30 on fuel going and getting them back as we were so unhappy with their valuation. They scoffed when we said a family member had offered £500 for it. We sold the lot at auction for £1800 minus auction costs.

zerog

brendon wrote: »

Just noticed that these coins are selling for £23 on eBay. And the Royal Mint still has them in stock for £20. Odd behaviour.

Well ebay fees and postage mean that you'd only get £15 or so if you sold them for £20. People are happy to pay £23 if they have money in a fake paypal account which they can't withdraw to a bank (because even though paypal doesn't check the name on most accounts that you withdraw to, it remembers the number forever and you can't keep opening new accounts)

Bazofts_Revenge wrote: »

I'd get rid of coins at auction. A so called specialist offered my family £250 for my Grans Stamp and coin collection. We actually spent £30 on fuel going and getting them back as we were so unhappy with their valuation. They scoffed when we said a family member had offered £500 for it. We sold the lot at auction for £1800 minus auction costs.

Well, the so called specialist needs to sell them as well. Do you think he has a million pounds lying around his shop waiting to buy everybody's coins? How much time did you waste trying to sell them - take off "wages" of £20 an hour and the interest he would lose on that money for 6 months before he gets to sell them

puk999

zerog wrote: »

Well, the so called specialist needs to sell them as well. Do you think he has a million pounds lying around his shop waiting to buy everybody's coins? How much time did you waste trying to sell them - take off "wages" of £20 an hour and the interest he would lose on that money for 6 months before he gets to sell them

Or may he knew he could flog them for £1800 at auction the next week?

planteria

lalman wrote: »

I bought myself quite a few of these coins for a few reasons:

1. Nice gifts
2. I collect coins
3. Due to having a face value of 20 quid - its highly unlikely that the value will drop below it...

I can totally understand all the views expressed above though...

agreed. i have 5. happy to just leave them on the book shelf:)

planteria

kidmugsy wrote: »

Hold on. Its value is collared at £20. As a "collectible" its value might increase beyond that. And you're buying silver free of VAT, such that any profit would be free of CGT since it's coin of the realm. The value as silver is only a bit above £6 today but it could be four or five times that the day after tomorrow: or a century hence, whichever comes first.

Meantime it's a thing of beauty. I'd say that might not be an awful investment.

Maybe I should visit a coin dealer and see whether I can buy some for less that twenty quid.

agreed. if you have a few, just keep them. and i like your idea at the end

Doshwaster

crisp wrote: »

I have wondered for some time. I have a few £2 coins from 1986 (commonwealth games) and 1989 (bill of rights (I think)). Can I use them as legal tender?

If not can I take them to my bank and get their face value?

The definition of "legal tender" is that they cannot be refused in payment for a public debt. Shops and restaurants can accept or refuse anything they want.

puk999

Doshwaster wrote: »

Shops and restaurants can accept or refuse anything they want.

AIUI, if you've eaten in a restaurant, you've accrued a debt and they must accept legal tender to settle that debt. Would love to know for sure though.