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 Replies: 11 / Views: 2,806 |
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Valued Member
United States
68 Posts |
I ordered some 2022 Britannia silver because that year two different monarchs were on coins. I also wanted one of each of the silver £2 coins commemorating the coronation of King Charles III. The same order included a roll of 2023 Britannias to stack. One of commemorative coins has since developed milking on both sides after only have been in my possession for less than a month. It was put in an Air-Tite as soon as I received it. I reached out to the vendor (a major player in the bullion market) and was told: Quote:
"BU" does not mean brand new, it means it meets the grading criteria for Brilliantly Uncirculated. Therefore, some toning or slight marking will be there.Toning/tarnishing/spotting is normal and can happen soon after minting. Please note, this will not affect the resale value of the coins. They offered an exchange (for same coin type) or a $30 coupon. I took the coupon. Unfortunately these coins do come with a premium, and you hope that when you resell you will get more than spot for the coin. I fear that all my stacked Britannias may in future only be worth spot. I will likely no longer purchase Britannias unless they are selling at or near spot because of how easily they develop milking. Is there anyone else with similar experience with Britannias? Do you think this milking problem is hurting the sales and reputation of The Royal Mint? Edited by Aurelius
09/21/2023 11:37 pm
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Pillar of the Community
United States
2213 Posts |
Milk spots have sometimes occurred on Silver Eagles, Canada Maple Leafs, Mexico Libertad, other coins and generic rounds but it seems Britannia have been the worst the last few years. Canada has pretty much solved it's milk spot problem with it's shield technology. I also bought some Britannia of last Queen image and new King image. Of about 30, only one had a milk spot, a big one, which the dealer replaced. I love the Britannia security features and hope they fix the milk spot issue. The Royal Mint is aware of it. I also have about fourteen 2 oz and 10 oz silver Queen beasts, no milk spots on them. Some stackers don't mind milk spots. I don't like milk spots especially when you pay a higher premium. There is a YouTube channel Backyard Bullion. He lives in Britain and has several videos about milk spots and quality control of British coins. I posted a pic on CCF a while back of the milk spotted Britannia I sent back. Here it is again.  Edited by livingwater
09/22/2023 6:50 pm
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Valued Member
 United States
68 Posts |
I think milk spots are ugly, especially on higher premium coins. I was amazed at how quickly the milk spot appeared after I took delivery of the coin. I took the $30 coupon which essentially made the coin free. I'm holding off on Britannias until the Royal Mail has fixed the milk spot problem. It's a shame. They are really nice coins.
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Pillar of the Community
United States
7273 Posts |
You all do know that these are bullion coins? Purchased for the bullion value?
I personally won't buy them because they are ugly with Charles on the obverse, but I know they are bullion.
Edited by hfjacinto
09/22/2023 7:03 pm
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Valued Member
United States
68 Posts |
Quote:
You all do know that these are bullion coins? Purchased for the bullion value? Yes, but some bullion coins are sold with a significant premium over spot, such as the ASE. When you go to resell them, you are usually able to sell them for spot plus a bit of a premium. You usually get a better re sale price with a better looking bullion coin. Edited by Aurelius
09/22/2023 7:21 pm
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Pillar of the Community
United States
7273 Posts |
Quote:[Yes, but some bullion coins are sold with a significant premium over spot, such as the ASE. ASE for some years have a premium (1986, 1994-1996 and the 2021's) but the vast majority of years are currently spot plus $8. Libertards have a much larger premium of +$12. Quote:
When you go to resell them, you are usually able to sell them for spot plus a bit of a premium. You usually get a better re sale price with a better looking bullion coin. Alll Britannia's and Australia and Krugerands are currently spot plus $6 with Philharmonics at spot plus $5.50. There is no added premium if the coin has milk spots are not. If there is then you aren't a stacker your a collector like me that picks up foreign silver. Stackers want the lowest cost per ounce. This is my "stash" but it's more a collection than an actual stash.  Edited by hfjacinto
09/22/2023 8:03 pm
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Valued Member
United States
68 Posts |
You make some good points, hfjacinto. That's a pretty sweet collection you have there. I guess I'm part collector part stacker!
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Pillar of the Community
United States
2213 Posts |
Yeah, nice collection hfjacinto. Sometimes I buy to stack, sometimes I buy a collectible coin with numismatic value. I don't want to be all one or the other. I enjoy the variety.
Edited by livingwater
09/22/2023 10:47 pm
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Pillar of the Community
United States
7273 Posts |
I understand the desire to have both. When my dealer gets in common modern commemoratives he sells them for spot plus a few dollars. Even with the low cost premium I rarely buy them as I picked up the sets I like. I also try to avoid milk spots but a few coins I picked up over the years got them and since I didn't pay much (well much less than today), I kind of don't mind. They were purchased as bullion. But I've also picked up a few slabbed coins (including foreign proofs) as the prices are good (not spot plus x )but cheaper than modern Morgan/Peace, and I like them.
I don't expect much if any numismatic premium from these so in effect the bullion is both a collection and a stash (but with a larger premium on some coins).
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Pillar of the Community
United States
1272 Posts |
Amazing they gave you $30. I would've expected like $2
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Bedrock of the Community
United States
36417 Posts |
In the end, milk spots or no milk spots won't matter when the price of silver explodes or consumer demand out strips the supply of physical silver.
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Pillar of the Community
United States
2213 Posts |
True if spot prices rise enough. But if someone wants/needs to sell now those milk spots may cause a dealer to offer less, like my local coin store.
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Replies: 11 / Views: 2,806 |
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Posted 09/22/2023 6:51 pm
