Where can I exchange Royal Mint coins?

TheNewGuy_2

Hi bit of an odd one.

I got a £100 coin from a relative and I know this makes me seem really ungrateful but I rather deposit it into a savings account. Does anyone know which bank might take it?

Thanks

Alter_ego

Never heard of such a coin.

EDIT: just learned about them.

Flugelhorn

If it is the recent Buck Palace or Big Ben coins then I am pretty sure that they are legal tender and presumably can be deposited the bank. There are a fair few for sale on e-bay for about £100

TheNewGuy_2

I wouldn't go near Ebay with a barge pole. It'd be all too easy for a coin to be "lost" in the post. I tried asking Santander but they refused so bit worried now. Any suggestions?

eDicky

TheNewGuy wrote: »

I wouldn't go near Ebay with a barge pole. It'd be all too easy for a coin to be "lost" in the post. I tried asking Santander but they refused so bit worried now. Any suggestions?

I wouldn't worry too much, it's 2oz of fine silver and unlikely to lose value, more likely to gain a little if you keep it mint in the pack. It's not something that banks would handle, perhaps a gold shop or such. Apparently the Royal Mint delivers them by Royal Mail 1st. Why not just hang on to it, unless you need the cash?

jonesMUFCforever

Flugelhorn wrote: »

If it is the recent Buck Palace or Big Ben coins then I am pretty sure that they are legal tender and presumably can be deposited the bank. There are a fair few for sale on e-bay for about £100

Banks will not touch them.

Alter_ego

jonesMUFCforever wrote: »

Banks will not touch them.

Are they actually legal tender? If so I would think the banks have an obligation to accept them.

lippy1923

As far as I am aware they are legal tender.

noh

lippy1923 wrote: »

As far as I am aware they are legal tender.

They are but banks have no obligation to accept them.
http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

http://www.thisismoney.co.uk/money/investing/article-3187116/Royal-Mint-issues-second-100-silver-coin-one-sold-11-days-good-investment-future.html

glentoran99

noh wrote: »

They are but banks have no obligation to accept them.
http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

on what basis can they refuse?

noh

They are at liberty, as you are, to decide what to accept.
Have you read the link?