London mint coins

force_ten

commemorative coins are not a good investment and in most cases they are actually worth much less than the price they are sold at

it is not just the london mint that are doing this the royal mint are also doing it as well, they are selling £100.00 coins which they say are legal tender and then go on to say

Legal tender has a very narrow and technical meaning in the settlement of debts. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

In practice this means that although the silver UK coins we produce in denominations of £5, £20, £50 and £100 are approved as legal tender, they have been designed as limited edition collectables or gifts and will not be entering general circulation. As such, UK shops and banks are unlikely to accept them.

I buy some of the BUNC £2.00 coins that the royal mint sells for £10.00 each and in the market they will only ever be worth the £2.00 face value but i enjoy collecting them

force_ten

Statement from The London Mint Office Ltd about commemorative coins

The London Mint Office Ltd is passionate about coins and history and we create products for people, like you, who share the same passion as us – either for the coins themselves, or around the person or event that our products commemorate. We understand that our customers buy commemorative coins for the pleasure of owning them, which is why we continually strive to provide products that engage and appeal to our customers and gain as much enjoyment from creating our collections of commemorative coins as our customers do in owning them.
Our position on customers purchasing these products as investments is clear. As a business we do not sell investment products and we take care not to promote them as such. We never recommend that anyone should buy commemorative coins or medals as investments. This is because we cannot predict the future value of any coins and cannot guarantee whether commemorative coins will increase or decline in value in years to come.
With regards to the valuation (of commemorative coins), our experience with coin dealers is that they are very knowledgeable about coins and are likely to agree that value of commemorative coins and medals is found in the pleasure of owning and collecting them. Our products have an emotional appeal to customers who love the design or care about the anniversary a coin commemorates, rather than a monetary value. For those wishing to establish the value of their collection we would advise you to keep in mind that coin dealers are running a business and therefore will naturally buy at the lowest price possible and sell at a profit. However, as we’ve said above, we would never encourage our customers to buy commemorative coins as an investment.
We are also aware that some people have made the incorrect assumption that The London Mint Office Ltd is the same organisation as The Royal Mint. We would like to stress that The London Mint Office has never made any claims to be part of The Royal Mint or made claims that we are an official body. We legally trade under the name The London Mint Office and have done so for the last 10 years.
We hope this statement has reassured you of our continued commitment to bring you the very best in commemorative coins and medals and clarified our position regarding the sale of commemorative coins as an investment. However if you have any further questions or would like to chat to a member of the team then please do not hesitate to contact our dedicated Customer Care team on 0808 1782376 or email customercare@londonmintoffice.org.

James Deeny,
CEO - The London Mint Office Ltd

that is a statement posted on their website so they are well aware of the issues you are highlighting

lincroft1710

force_ten wrote: »

that is a statement posted on their website so they are well aware of the issues you are highlighting

Katewalton23 - that statement makes it so clear that you should spend no more time thinking about, fretting about or pursuing this. You will get absolutely nowhere!

steampowered

If you could prove that your uncle was sold these coins as an investment, or that he was assured they would increase in value, then his estate would have a legal claim against London Mint.

I'm not sure how you could prove that though.

Katewalton23

Thank you, he was told all these things.. They aren't commemorative coins he has bought, they are historic ones.
We are looking into it.. Thank you

Katewalton23

Thank you, it is not commemorative coins he has bought off London Mint
, he has bought several of those off the Royal Mint and he always knew they weren't going to make money, but he liked them. Two different issues alltogether. He's also got about £1000 of coins from the Royal Mint, wouldn't expect them to be worth any more or even hold their value.

[Deleted User]

Katewalton23 wrote: »

They aren't commemorative coins he has bought, they are historic ones.

Like all such items, they are only "worth" whatever someone is prepared to pay.

The "valuation" you received on them was provided by a dealer who offered £600 for the lot but would obviously be selling them on for a handsome profit.

In what way are the coins "historic"?

molerat

Moneyineptitude wrote: »

Like all such items, they are only "worth" whatever someone is prepared to pay.

The "valuation" you received on them was provided by a dealer who offered £600 for the lot but would obviously be selling them on for a handsome profit.

In what way are the coins "historic"?

They sell old coins - Roman, ww2 etc.

Watch any antiques program on TV, dealers will only pay 1/3 to 1/2 retail price on average. These companies big the items up and generally sell at way above normal retail value to unsuspecting punters. Plus the values can be very volatile depending on what it is fashionable to collect at that time.

Unless op has something in writing that these were an investment and guaranteed growth then they are on a hiding to nothing.

[Deleted User]

molerat wrote: »

they are on a hiding to nothing.

I agree.

It's a case of the OP's inflated expectations rather than any documented "investment".

As I said, such items are only ever worth whatever someone is prepared to pay.

The greater the demand, the more can be charged.

wealdroam

Moneyineptitude wrote: »

The "valuation" you received on them was provided by a dealer who offered £600 for the lot but would obviously be selling them on for a handsome profit.

No, you are mistaken.

Re-read the original post - particularly this bit:

Katewalton23 wrote: »

For probate purposes, we had the coins valued by a registered dealer, who I would like to note after the valuation said he would not be interested in buying them ( so the figure he gave us was not for his benefit) I am absolutely gutted, saddened and also sickened to find out the figure he valued them at was £600.