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Royal Mint - Face Value - Legal Tender Coins - Or Not

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bonly1's Avatar
United Kingdom
8 Posts
 Posted 01/09/2016  5:51 pm Show Profile   Bookmark this topic Add bonly1 to your friends list Get a Link to this Message Number of Subscribers
Royal Mint sold .999 silver £20 coins, (£100 and £50 too) since 2013 leading all to believe that while Banks were not obliged to accept those coins, they may do so at their own discretion. This marketing advice within RM sales patter meant the coins were always worth their face value, didn't it?
NO LONGER......RM have now instructed banks NOT to accept the coins, so are they now worthless? http://www.dailymail.co.uk/money/ne...pt-them.html

*** Edited by Staff to remove YELLING. All capital letters is the internet version of yelling. Please don't do it in titles or posts. ***
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Pertinax's Avatar
United Kingdom
2134 Posts
 Posted 01/09/2016  7:48 pm  Show Profile   Bookmark this reply Add Pertinax to your friends list Get a Link to this Reply
This is The Royal Mint's definition of 'legal tender' - I don't think it has been tested in court.

It could be tested cheaply and easily by James by taking The Royal Mint to the Small Claims Court.

My feeling when I discovered this last year, that if these coins cannot be returned to the bank or The Royal Mint, then they aren't really legal tender coins, so the £20 for £20 claim isn't valid.

On that basis, I'm not interested in collecting them.
I think The Royal Mint has shot itself in the 'commercial' foot.
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sel_69l's Avatar
Australia
21788 Posts
 Posted 01/09/2016  9:52 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
I can understand why victims should be so peeved.
An exercise in cynical marketing, that has gone wrong.

As many of you may have guessed, I don't like being marketed to, with Mint product.

If good quality NCLT interests you, stay in the aftermarket, where you are free to do your own calmly considered price research, at your own pace.
Edited by sel_69l
01/10/2016 06:18 am
Pillar of the Community
United Kingdom
1323 Posts
 Posted 01/10/2016  05:55 am  Show Profile   Bookmark this reply Add andyg to your friends list Get a Link to this Reply
No wonder some of the issues have sold out...!

I think "legal tender" has always been thus though.

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Sap's Avatar
Australia
16849 Posts
 Posted 01/10/2016  09:50 am  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
As I said on another coin forum where this was posted, this is another example of scammers breaking things for the rest of us - the "Scammers" in this case being the people who are using the Mint to scam frequent flyer miles off the credit card companies. Though, to be fair, The Royal Mint should never have accepted credit card payments for them.

As for the legal tender definitions, it hasn't changed at all. The only thing that has changed is the Mint actually issuing advice to Banks on what they should or shouldn't do. But the Mint is really just telling the banks something they should already have known: that they aren't legally obliged to accept any form of currency as a deposit.

From a legal standpoint, once a legal tender coin has been issued, it's none of the Mint's business what we do with them. It's the Government's business, since the coins belong to the government, not the Mint. And the British government's legal tender laws have not changed, nor have any new changes been proposed. The Royal Mint's FAQ page on the subject still says that these bullion coins are "legal tender for any amount".
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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kena's Avatar
United Kingdom
1682 Posts
 Posted 01/10/2016  11:17 am  Show Profile   Bookmark this reply Add kena to your friends list Get a Link to this Reply
The US Mint had to take action regarding such as actions as well.

Not sure what the current rules are but folks were doing similar stuff with the $1 coins from the US Mint.

Stopping credit card payments only hurts the honest folks since in the UK you can more protection buying on a credit card than you do with a debit card.

Looks like The Royal Mint has taken action to stop this, since the £50 for £50 is limited to 10 per household.

I have no sympathy for the guy mentioned in the article.

It also does explain the quick sellouts of some of the ones issued.
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