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 Replies: 22 / Views: 3,665 |
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Pillar of the Community
Sweden
1078 Posts |
So, today while shopping around in city I decided to quickly check in to an exchange office here in Stockholm. Since they deal with UK coins, I asked them if they had got in some of the new bimetallic £1 coins. To my luck, indeed they had, four shiny new coins met my eyes. When looking at the coins over the till, I couldn't help myself but to look at the cashdesk. Put aside, I saw they had two soon-to-be-demonetized old Swedish 2 kr coins. I have never seen these in circulation, since they ended production in 1971. I kindly asked if I could exchange them, sure enough, they just notified me they were to be demonetized soon. When the lady at the cashdesk picked them up I could hear the distinct sound of silver. I walked out with six coins and a smile on my face. Definitely a great way to make one's Friday.  All new £1 coins were dated 2016. Side note: Are 2017's out yet? The 2 kr coins were minted in 40% silver until 1968, when silver was dropped in favour of cupronickel. Despite them seizing production in 1971, the have remained legal tender until this year, since we're getting new, smaller sized coins. Again, I have never seen these anywhere in commerce, ever. I reckon since posters have appeared here and there announcing their withdrawal, hoarders of these have started turning them in. Sometimes I find it amazing how some people don't think there's something special about a large, dated coin. The only issue with these is that following their disappearance from circulation in the late 60's to 70's did lead to large scale hoarding and as such, plenty have survived and silver coins are not worth anything above their melt value. Cupronickel pieces are worth a tad more than their face values though. I think it's such a shame seeing these go. |
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Pillar of the Community
United States
1695 Posts |
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Moderator
 United States
187702 Posts |
Very nice!  |
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Pillar of the Community
United States
4211 Posts |
Very Nice! Happy Friday indeed.  |
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Bedrock of the Community
United Kingdom
17901 Posts |
Great pickup, X2an!
No, I haven't seen any 2017 British pound coins in circulation either!
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Bedrock of the Community
United States
10034 Posts |
Good find. A nice, large, silver coin is always a good thing!
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Bedrock of the Community
 United States
12815 Posts |
OOooh, great story! |
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Moderator
United States
34397 Posts |
Shiny!  "If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Bedrock of the Community
Canada
24885 Posts |
@ X2an
Your lucky day ,congratulation for your purchase .
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Bedrock of the Community
United States
17884 Posts |
It will probably be a little bit before you see 2017 pounds, they just released the 2016's a month ago.
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Bedrock of the Community
United States
94367 Posts |
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Pillar of the Community
Norway
1358 Posts |
So you got some 2 kronor at face value? Nice! Keep checking exchange offices and other places where cash still is used. As said before, people won't know they're holding silver. You'll see a lot more silver in circulation now when paying with cash. It happened in Holland too, just before the Euro arrived. |
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New Member
United States
49 Posts |
That's really fortunate you found those, good job! I'm fascinated by the process of demonetization its something I know little about.
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Moderator
United States
54280 Posts |
Quote:
I'm fascinated by the process of demonetization its something I know little about. The government announces (usually with a LOT of warning) that a certain coin, or dollar bill is no longer legal tender as of a certain date. This has never happened in the United States (not counting the Confederate States). Oh, but in Mexico, Argentina, Brazil and many other countries, this is almost a "common" occurrence. Edited by nss-52
05/21/2017 7:50 pm
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Pillar of the Community
United States
3184 Posts |
what is the melt value on those small silver coins?
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Pillar of the Community
 Sweden
1078 Posts |
Quote:
No, I haven't seen any 2017 British pound coins in circulation either! OK, cheers for that. Maybe they'll be around when I visit the UK next time. Quote:
You'll see a lot more silver in circulation now when paying with cash. It happened in Holland too, just before the Euro arrived. I shouldn't have doubted the possibility  Quote:
The government announces (usually with a LOT of warning) that a certain coin, or dollar bill is no longer legal tender as of a certain date. This has never happened in the United States (not counting the Confederate States). Oh, but in Mexico, Argentina, Brazil and many other countries, this is almost a "common" occurrence. I'm actually amazed that this is not a thing in Canada, the US and other places like Denmark, Singapore, Chile and Egypt (from the top of my head) I suppose the respective central banks' view on coins and notes as well vary a lot. Usually old coins are simply withdrawn through circulation channels such as banks, but sometimes central banks want more control of circulating coins and completely demonetize them. Good thing is that coins still in circulation have the desired specifications and not a multitue of sizes, shapes, designs and materials. The bad thing is literal tons of now worthless coins remain in and outside of people's homes. I've got bags full of old demonetized Swedish and other European coins, and the vast amount is only worth its scrap value. Most of these coins were valid for 10 to 20 years ago. Quote:
what is the melt value on those small silver coins? Well, they aren't small at all but they aren't very valuable either. I like to compare them to US 40% silver half dollars, since the diameter is identical (31mm) and the coins are very rare in circulation. These coins are slightly heavier at 14 grams of 40 % silver, in SEK that is about 27 kr, in USD it's about $3. 13.5x face value on these! |
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Replies: 22 / Views: 3,665 |
Posted 05/12/2017 3:53 pm
