Are Royal Mint Gold collectors coins classed as savings?

HollyNW

No, if you’re selling purely for its silver it is easily sellable. Whether you get £90 or £98, it’s a fifth of the value of the actual coin from Royal Mint.

As I said anything is ‘easily sellable’ if you are selling it for 20% of what you paid for it.

If Chards want to pay me 20% of what I paid for a coin 3 months ago, that doesn’t make it easily sellable by any definition. It is not easily sellable at the price you paid for it. 

noitsnotme

Is it the 5oz Queens Beast Completer you’re talking about?

HollyNW

The link you provided is for selling bullion coins.

In my very first post I said I am aware bullion coins are classed as savings!

I am not talking about bullion coins, they are completely different.

HollyNW

I don’t personally have that coin, though I am looking at getting a silver one in that range.

Bullion coins and the brilliant uncirculated proof collectible coins are two very separate things. I have only started collecting the collectors coins in their presentation packs.

HollyNW

Under a freedom of information request the DWP said bullion coins are classed as savings.

Im just trying to find out about the collectors coins as I don’t want to keep up buying them if I’ll be penalised but don’t want to be forced to sell my coins for a fifth of what I paid for them.

noitsnotme

HollyNW said:

The link you provided is for selling bullion coins.

In my very first post I said I am aware bullion coins are classed as savings!

I am not talking about bullion coins, they are completely different.

No, they’re bullion ‘prices’ which is usually what dealers pay even if it’s a nice shiny proof coin.  Your 5oz Queens Beast is worth at least bullion prices.  In reality it’s worth a lot more.

If you are talking about the QB Completer coin then you CAN easily easily sell it for £455. I’d give you £500 for it right now because they easily sell all day long for £1000+.

noitsnotme

HollyNW said:

Bullion coins and the brilliant uncirculated proof collectible coins are two very separate things.

They’re not when it comes to basic value.  A brilliant uncirculated or proof coin is ALWAYS going to be worth AT LEAST bullion price.

I’ve bought many proof coins at bullion prices in the past.

Get yourself over to the Silver Forum to gain a much better understanding.

HollyNW

I know those completer coins go for a lot more ha, I wish I had one. My family member does which is what has gotten me into looking at these coins.

If we were just talking bullion coins it’s very straightforward, they’ve savings, they’re easily sellable and you tend to get back the price you paid for it as it’s bullion.

I just can’t find out anything concrete about these proof collectors coins. 

As you know, it’s quite rare, but some of those coins can have an auction value quite high. And it could then affect means tested benefits, if your  collectible coins are classed as savings and IF you took the auction value. But not if you took its face value, or silver value.

HollyNW

I know they’re worth more. That’s my point.

Your saying they’re easily sellable if I take an 80% cut. That doesn’t make it easily sellable.

And my question is whether they are classed as savings anyway, and if so, what value do you take, the face value, the silver value..

Why are they not classed as personal possessions. A TV is easily sellable, it doesn’t mean it’s classed as savings, it’s still a personal possession. And the same for collectable stamps etc.

HollyNW

I just want to know where in the DWP rulings does it state collectable items are savings. I’ve read through the entire document, I can’t see anything