London mint coins

Katewalton23

You are very wrong, my uncle told them he was looking for old, valuable coins to collect as investment for his great nephew.
The coins he have bought are largely older, 'rarer' coins . Once he started buying they rang him to offer him more and more. I didn't look into at the time, I wish I would have . All the family were aware, and thought it sounded a good investment for the future.
We thought what he was doing and being told must have been fine.
To spend £8k on coins to be worth £600, I'm sorry Its not acceptable.

Katewalton23

Yes they did, but would have been by means of telephone calls. Used to tell him they had got a very rare coin would he be i terested in, and I know they used to reel off celebrity names that bought coins off them, and my uncle used to tell us ;(

unholyangel

Katewalton23 wrote: »

You are very wrong, my uncle told them he was looking for old, valuable coins to collect as investment for his great nephew.
The coins he have bought are largely older, 'rarer' coins . Once he started buying they rang him to offer him more and more. I didn't look into at the time, I wish I would have . All the family were aware, and thought it sounded a good investment for the future.
We thought what he was doing and being told must have been fine.
To spend £8k on coins to be worth £600, I'm sorry Its not acceptable.

Katewalton23 wrote: »

Yes they did, but would have been by means of telephone calls. Used to tell him they had got a very rare coin would he be i terested in, and I know they used to reel off celebrity names that bought coins off them, and my uncle used to tell us ;(

But can you prove any of this? And more to the point, are you the executor of your uncles estate? If not, I'm struggling to think of grounds you would have for raising complaints or taking any kind of action.

As it stands, your uncle gifted your son xyz coins in his will and your son received xyz coins. The fact they're not worth what you thought/were led to believe they're worth is neither here nor there - while your uncle may have had a complaint about him being misled, you/your son do not.

Not trying to be mean, just genuinely can't think of any grounds as above.

lincroft1710

Understand you anger

BUT

Don't waste your time complaining, "older/rarer" does not necessarily equate to valuable. To whom would you complain?

You would spend your time more wisely if you looked for someone who bought/sold/collected London Mint products and who might buy them at a reasonable price rather than a coin dealer.

As unholyangel stated, you were not a party to the transactions, so you have no basis for complaint

DCFC79

Katewalton23 wrote: »

Thank you all for your replies .. I'm pursuing the matter down several different avenues, I will post an update when I have one

What are these avenues ?

Please do do tell.

I agree with previous posters in that I don't see you have a case as they are just collectibles.

You didn't buy them so no contract exists with you and London Mint ?

The coins will be mass produced so not worth much (which you have found).

takman

Katewalton23 wrote: »

You are very wrong, my uncle told them he was looking for old, valuable coins to collect as investment for his great nephew.
The coins he have bought are largely older, 'rarer' coins . Once he started buying they rang him to offer him more and more. I didn't look into at the time, I wish I would have . All the family were aware, and thought it sounded a good investment for the future.
We thought what he was doing and being told must have been fine.
To spend £8k on coins to be worth £600, I'm sorry Its not acceptable.

He agreed to pay that price and he got what he paid for. It's a bit late now to complain that he overpaid for them. That is something he should have done when he received the first coin if he wasn't happy with it. But he must have been happy with it to continue to buy more and more coins from them.
I really don't understand why you and all the family went along with it aswell if a relative of mine started spending thousands on "valuable" items and didn't have Internet access i would atleast do a search online to make sure they were paying a good price for them.

But at the end of the day stuff like that is only worth what people will pay for it. You just go into a jewelry shop and buy an expensive ring at full retail price and then go to another one to sell it, you won't get anywhere near what you paid for it!.

Katewalton23

Yes I am executor, along side my sister.
We shall see what happens,
Thanks for your replies.

Katewalton23

I agree in hindsight I wish we did look in to it.
But was buying them in good faith for my sons inheritance and he was told they would increase in value as years went on.

I didn't know he had spent thousands Until London Mint sent me the statement.

I have asked them why £8k of coins are worth £600 but no reply as yet.

Katewalton23

Thank you I have found your replies very helpful

bris

Sadly you're uncle fell for the fancy TV ads the same as every one else who falls for this. The name leads you to believe they are a government affiliation when in actual fact they are nothing.


They sell the coins at highly inflated prices way over their true worth. Basically they are buyers and sellers reproductions that have no worth.