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 Replies: 19 / Views: 5,321 |
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Pillar of the Community
Germany
1064 Posts |
http://www.dailymail.co.uk/money/ex...ampaign=1490"Why is my London Mint coin collection only worth a tenth of what I paid?" "R.C.writes: I have accumulated a collection of reproduction British coins from the London Mint Office. My outlay has been £2,500 to £3,000, but I went to a reputable coin dealer recently and was devastated when the coins were valued at less than a tenth of what I paid, despite rises in the value of gold and silver."
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Pillar of the Community
United Kingdom
510 Posts |
The London Mint Office has NO connection with the UK Royal Mint - sadly they produce tons of overpriced crap ephemera  Edited by davidrj
10/21/2014 09:11 am
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Pillar of the Community
 Germany
1064 Posts |
Yeah, a people actually buy it thinking it has value, which is even more worrying. Who spends that much money without knowing what they're buying (apart from my uncle?)
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Pillar of the Community
United Kingdom
2490 Posts |
The best part is that they advertise heavily in the aforementioned Daily Mail
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Pillar of the Community
United States
937 Posts |
People who buy such things deserve exactly what they get. I have no sympathy for them at all. They spend money on coins or other instant ‘rarities' because they saw it on TV, the internet, or a newspaper.
They spend money on things they know absolutely nothing about because they just know that nice man on the phone or TV wouldn't lie to them. They are the same people who buy Beanie Babies, Sham-WOW, and complete collector sets of 1985 Topps hockey cards in the special gold wrapped collectors edition platinum box. Then they cry and whine when they realize they have been taken to the cleaners.
The sorriest part is most of them do not learn the lesson they should, they just continue to whine about how they were robbed. Then the next thing you know they are all excited to flip real estate or buy pharmaceutical stocks.
Once again PT Barnum is proven right. I shed no tears for them.
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Moderator
 Australia
16837 Posts |
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People who buy such things deserve exactly what they get. I have no sympathy for them at all.
The best part is that they advertise heavily in the aforementioned Daily MailI do have sympathy for them. Because these companies do not target knowledgeable collectors. They advertise heavily in the tabloid papers and trash magazines, but not in actual coin magazines. Because their target markets are the non-collectors and (even worse) the beginner collectors who simply assume that there would be some kind of law against calling yourself a "Mint" if you don't actually produce coins, so since they call themselves "London Mint Office" then they must have some kind of "official" government standing. Their website is full of all kinds of "helpful tips" for the new collector. Right now, for the centenary of WWI, this company is heavily promoting "genuine original wartime silver shillings" - worn-flat, probably-cleaned, bullion-grade coins containing less than $3 worth of silver at current prices - being sold for £49.95 plus £5 shipping. That's pounds, not US dollars. Safe to say that nobody who actually knows anything about coins would buy from them. It's the newbies who are paying a high price for small change that are going to get burned, and probably discouraged from the hobby entirely once they find out the truth. And it's people like us, here on an Internet coin forum, that usually have the onerous task of breaking that truth to them - or to their heirs and successors. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Valued Member
Ireland
215 Posts |
The London Mint Office has NO connection with the UK Royal Mint , sadly this makes no difference really, the UK Royal Mint is as guilty of overcharging as the London mint, they seem to think if they stick an old coin onto a bit of card or put in into a wee presentation box with some history printed, it suddenly becomes more valuable, like an old sixpence....£30!! A Victorian Penny £5.00 !!! 5 old LSD pennys from different monarchs, stuck onto a card £22. Sadly its as big a rip-off as the others and it will continue as long as people are silly enough to purchase them Check them out here... http://www.royalmint.com/our-coins/...storic-coins |
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Pillar of the Community
United States
937 Posts |
@SAP You want to feel sorry for these people then that is you right. I have danced on this rock for over 50 years. Before I was old enough to drive I learned well the lesson of not believing what one wants you to believe. If these folks have the money to throw around and do not have the brains to do a little research then they deserve to lose the money. By your own statement The Royal Mint does the same thing as this private company. ALL mints do it. ALL sellers do it. It is the way of the world and if these people wish to live in it they should open their eyes. They are fools acting foolishly. There is no other way to put it. Just as I do not buy antique porcelain of which I know next to nothing they should not spend money on antique coins or guns or modern stocks or whatever if they do not know what they are doing. Just back off and let them start on the path to wisdom. That is my opinion, you are welcome to yours. |
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Pillar of the Community
United Kingdom
548 Posts |
As bad as The Royal Mint is, the London Mint Office is much worse. One of their tactics I see on their website is to sell coins as part of a series. So if you buy one coin from them for £5, then unless you ring up and cancel they will start sending you other coins, only this time they come with an invoice for £50 per coin. It's a pretty horrible company, really. |
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Pillar of the Community
Germany
1064 Posts |
Sales, horrible business, making money out of people by putting pressure on them to do things. I did a sales job for 2 weeks and quit because I didn't want to lie, and even the job was being sold to me every day.
People need to be responsible for their own money. Often people who get caught are those with enough money to waste.
This guy got his money back because he got in a national newspaper, but the reality is he bought what he didn't know about and got stung by it. I'd have a problem spending more than say, $20 on a coin if I didn't know anything about it. And I collect coins.
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Pillar of the Community
United States
1234 Posts |
We get the same thing on this side of the pond too, I have several commeratives from the Marshal Islands that I don't even want to know the current value of(non-silver  ) I just got a cent design set from a little town in Pennsylvania, the ad was in a glossy add-in flyer from a newspaper. 9 coins for $2.95... I had bought an Indian Head cent a while back and paid $2.00 for it. I picked up two of these sets. The way that I rationalize it is $2.00 for each Indian Head and $1.90 for shipping. But they also sent me 5 coins that I can either return -OR- pay them $20.00 to keep. 1937 - Buffalo nickel - Average Circ - $5.25 1942 - Mercury Silver Dime - Average Circ - $12.50  Deleware Treaty Sacagawea dollar - Uncirculated - $2.95 2009 Kennedy half dollar P & D set - Uncirculated - $8.00 $28.65 for $2.15 face value  but if you keep the entire selection it's only $19.94! I can't say I was dissapointed because I really wasn't expecting much, you gotta admire their moxie a bit. Current melt value for a silver dime is about $1.25... so there is that factor of 10 again  |
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Pillar of the Community
United Kingdom
837 Posts |
Quote: if they stick an old coin onto a bit of card or put in into a wee presentation box with some history printed, it suddenly becomes more valuable, like an old sixpence....£30!! A Victorian Penny £5.00 ! 5 old LSD pennys from different monarchs, stuck onto a card £22. Check them out here... http://www.royalmint.com/our-coins/..storic-coins Fascinating stuff   ......I thought they melted all those old pre-decimal coins when they removed them from circulation , apparently not .....I am surprised the mint still has some  |
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Pillar of the Community
United Kingdom
548 Posts |
A lot of pre-decimal currency was removed from circulation and melted down but we're talking millions upon millions of coins here and a lot of people held onto their old coins.
Similar to how I still have a few French centimes, even though France has been using the Euro exclusively for years now.
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Pillar of the Community
United Kingdom
837 Posts |
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A lot of pre-decimal currency was removed from circulation and melted down Interesting stuff, was the scrap metal used to make new decimal coins ? |
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New Member
United Kingdom
28 Posts |
I'm surprised he thought there would be any appreciation with 'replica' coins. The buyer was very silly IMHO.
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Valued Member
United Kingdom
435 Posts |
I wonder how much of the global economy would be left standing if foolhardiness and con-artistry were removed from the situation?
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Replies: 19 / Views: 5,321 |
Posted 10/21/2014 09:44 am
