Paid £14000 for silver bullion

Crumbo

I recently obtained a quote for 10oz of silver bullion coins from the Royal Mint (RM) at a sell quote of £160~, I agreed to proceed based on the estimate and posted the silver to the RM, who after around a week paid me just over £14000, to my RM investing account. It seems likely to me that an error involving the gold price has been made, obviously I’m particularly happy with this valuation of my silver, but I’m unsure from a legal perspective where I stand. 
A brief search online has many cases of employers overpaying, however I’m not sure this applies, as the buyer is the one who has probably made a mistake. I’ve made a withdrawal of £150 which is under their initial valuation of the silver, the rest of the £14000~ remains on my RM account.
I’m reluctant to get in touch with RM, as I’m unsure of my rights to accept their latest, possibly mistaken, valuation. 

TBC15

Well done this happens more often then you may think. Just spend the money they gave it to you and they never follow up. Over the years I’ve had a lottery win I’ve never entered and a kidney I didn’t really need.

It must be your turn now.

dunstonh

bviously I’m particularly happy with this valuation of my silver, but I’m unsure from a legal perspective where I stand. 

You have no legal entitlement to money you have received that you are not entitled to.    You would need to have a reasonable expectation of that amount to argue your case and you already know you cant argue that.

InA

Crumbo said:

I recently obtained a quote for 10oz of silver bullion coins from the Royal Mint (RM) at a sell quote of £160~, I agreed to proceed based on the estimate and posted the silver to the RM, who after around a week paid me just over £14000, to my RM investing account. It seems likely to me that an error involving the gold price has been made, obviously I’m particularly happy with this valuation of my silver, but I’m unsure from a legal perspective where I stand. 
A brief search online has many cases of employers overpaying, however I’m not sure this applies, as the buyer is the one who has probably made a mistake. I’ve made a withdrawal of £150 which is under their initial valuation of the silver, the rest of the £14000~ remains on my RM account.
I’m reluctant to get in touch with RM, as I’m unsure of my rights to accept their latest, possibly mistaken, valuation. 

I don't want to dash your hopes but there is absolutely no way that your 10oz of silver bullion coins is worth over £14000. IMO, this is probably either a typo (e.g. entered £14150 instead of £141.50) or a mix-up with another customer. Either way, sooner or later, RM will find out what has happened and will attempt to rectify it.

I think you'll have hard time convincing anyone that you thought the sum over £14000 was the latest valuation given the large discrepancy in amounts.

DiggerUK

"Your honour, I am pleased to hear the court acknowledge that my client had no way of knowing that they had been overpaid  and therefore at no point could they be found culpable of any wrong-doing.

They clearly understood that the original quote was not a contractual agreement under law to pay  the quoted figures. That being understood, it should be pointed out that my client is not an experienced person in the precious metals market. As such they quite understandably assumed that the payment they received was in line with the markets determining that prices had gone through the roof, and saw nothing  awry in the payment.

Assuming that this was a proper payment they purchased premium bonds, bonds they have held in good faith for all the intervening years.

In line with your decision that a reasonable amount of the payment be returned, my client will cash in the required number of bonds to make good the Royal Mints mistake. 

Would the court be agreeable to this repayment being made within a reasonable time frame. We suggest, on our clients behalf, a period of one year from today?..._

Crumbo

Thanks everyone, I have emailed RMB customer services and told them, there seems to be very little online info on ‘theft by finding’ or ‘fraud by omission’, but I don’t want to be a test case, interesting as it might be... hopefully they reassess the silver on today’s stronger price, as a goodwill gesture. 
The common disclaimer that investments may go up as well as down, seems inadequate as a defence. I do collect other silver coins, and RMB have disclaimers that coins will actually be assayed and the price adjusted on condition. 

DiggerUK

It seems that not only are the Royal Mint the most expensive boutique outfit to buy from, they are the meanest to sell to..._

https://atkinsonsbullion.com/sell-to-us/sell-silver-coins/pre-2013-uk-britannia-1oz-silver-coin

https://www.bullionbypost.co.uk/silver-price/silver-price-uk/

IanManc

Crumbo said:

Thanks everyone, I have emailed RMB customer services and told them, there seems to be very little online info on ‘theft by finding’ or ‘fraud by omission’, but I don’t want to be a test case, interesting as it might be... hopefully they reassess the silver on today’s stronger price, as a goodwill gesture. 
The common disclaimer that investments may go up as well as down, seems inadequate as a defence. I do collect other silver coins, and RMB have disclaimers that coins will actually be assayed and the price adjusted on condition. 

You have done the right thing. RM would have realised eventually, would have wanted the money back, and you wouldn't have had a leg to stand on.

The sooner it is sorted out the better.  🙂

csgohan4

https://www.money.co.uk/guides/can-you-keep-money-accidentally-paid-into-your-bank-account.htm

pretty clear tbh

Keeping any money wrongly credited to your account could lead to you being charged with retaining wrongful credit' under the Theft Act 1968.

grumiofoundation

jasonwebb said:

Silver is not a precious metal, has very few industrial uses and degrades in nature. gold lasts forever so far far better. Can see no rationale at all for owning silver it has mostly been leached away into the air and earth over thousands of years

Where did you study chemistry?

John_

jasonwebb said:

Silver is not a precious metal, has very few industrial uses and degrades in nature. gold lasts forever so far far better. Can see no rationale at all for owning silver it has mostly been leached away into the air and earth over thousands of years

Wow, that’s one of the least-informed posts I’ve seen on here in ages.

Yes, it’s a precious metal, yes it has many industrial uses, including as a catalyst, and no, it doesn’t “degrade.”

What would you even mean by degrade?

If you don’t know the subject, why not just write nothing?