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 Replies: 10 / Views: 2,290 |
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Pillar of the Community
United Kingdom
2882 Posts |
Edited by Bacchus2
12/29/2014 01:32 am
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Pillar of the Community
Germany
1064 Posts |
Well that's any Big Ben design out of the 1 pound competition then. What next? Personally I'd like to see a 103.50 coin out there, they could put the Bullring in Birmingham on it.
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Pillar of the Community
United Kingdom
1682 Posts |
Okay, I will ask, why a 103.50 coin?
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Pillar of the Community
United Kingdom
548 Posts |
This is just a cynical attempt to sell £20 worth of silver for £100. You can't spend this coin or deposit it. The fact that it's made out solid silver is proof that it's not meant for circulation.
The coin says £100 on it but how is anyone supposed to realise that value? I seriously doubt anyone would accept this coin either as payment or deposit.
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Pillar of the Community
United Kingdom
1682 Posts |
The same could be said about the Royal Canadian Mint with with their $20, $50, and $100 offerings which do appear sold later on for at least their face value. The coin is legal tender but as with the £5 coins, £20 coins, they are not intended to be used. http://blog.royalmint.com/are-20-po...egal-tender/What about the Proof silver Britannia which has an ounce of silver, face value of £2, and is sold for £97.50? At least with the £100 for £100, you getting the coin at face value and twice the silver. Ken |
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Pillar of the Community
Germany
1064 Posts |
Well I'd ask why a 100 pound coin. There's no need for a 100 pound coin, there's hardly any need for a 100 pound note for most people. I never use them. So just come up with random numbers and make a coin for people to collect, it'd be far more interesting to have one with a crazy number on the front.
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Pillar of the Community
United Kingdom
548 Posts |
Proof Britannias for £97.50 are bad value but those coins are for collectors and only have a nominal value of £2. Obviously the coin is worth more than £2, even if it's not worth £97.50. The mark-up is for a silver coin in proof quality. This £100 coin is being sold for £100 primarily because of its status as legal tender, but a face value of £100 is meaningless when The Royal Mint admits that it won't be accepted by shops or banks. In the legal world this would be described as sharp practice. Technically The Royal Mint is correct about this coin being legal tender, but the reality is that you can't treat this coin as such. Furthermore, using its status as legal tender as a selling point is misleading as I bet most consumers are unaware of the legal definition and simply take it to mean that it can be used to buy things. Edited by Demarco Bishopp
12/29/2014 10:14 am
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Pillar of the Community
United Kingdom
1682 Posts |
My answer is rather simple. The UK hired Mark Carney from Canada to run the Bank of England. Since them we have had the £20 for £20 coin which people purchased, like folks with with the Canadian offerings. So why not try a £100 for £100, since it is a rather nice money spinner for them.
50,000 £100 coins is 5 million. 2 ounces of silver each at £10.28 is £1,028,000. No idea about postage, but let's say it is £5 per coin, so that is £250,000. No idea about production costs and so forth, but so far if they sell them all, the are left with £3,722,000. I don't think production costs would exceed 222,000, but even if it did, that would give them £3.5 million of profit.
By the way, their web site is very slow today....
As I said before, to me this coin makes more sense to me than the proof silver Britannia coin does.
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Pillar of the Community
United Kingdom
1682 Posts |
Royal Mint site shows that £100 coin is no longer avaiable. I have seen one dealer selling these coins for £135.
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Pillar of the Community
United Kingdom
548 Posts |
Could just be because it's a flash in the pan for the new year and now they've withdrawn it from sale. I don't believe a £100 coin with a mintage of 50,000 would sell out that quickly.
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Pillar of the Community
Germany
1064 Posts |
People probably trying to make an investment. They see low mintage figures and take a punt on it. They hope in the future it will be worth more, I doubt it, it doesn't seem that collectible to me.
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Replies: 10 / Views: 2,290 |
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Posted 12/29/2014 04:56 am
