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Replies: 12 / Views: 622 |
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Valued Member
United States
107 Posts |
I recently had an offer that I am not sure how to respond to.
Someone has offered me 10,000 pound sterling coins for 10,000USD. Current rates are 1 pound = 1.35 USD.
I honestly don't know what to do about this. In theory, there is some profit to be made but I just don't if it is worth the trouble.
Getting the coins into USD is highly problematic if I don't want to use a currency exchange service (which takes a 8-13% cut). Not including the insanity of shipping ~80kg of coins.
I briefly entertained the idea of flying to England but it seems free coin counters are rare over there. Also, checking bags would be hilarious.
If anyone has a magic solve I would love to hear it.
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Bedrock of the Community
 United States
25086 Posts |
If it sounds too good to be true... Something about this is fishy. Even if they are old pound coins, they can be deposited to a bank account or exchanged at the post office. I would walk away and not give it a second thought. There are all sorts of risks associated with this venture, and much hassle, for a max payout of $3500.
Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
 Canada
9862 Posts |
"Dipping" is not considered cleaning... -from PCGS website
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Moderator
 Australia
16816 Posts |
I don't know of any "currency exchange service" that handles or accepts coins. They're usually "notes only" - for the exact same reason as you are finding: no-one can be bothered repatriating dozens of kilograms of coins back to where they belong.
To the best of my knowledge, the only way of converting a bag of £10,000 worth of coins into British banknotes (or anybody else's banknotes) is to take them to Britain, and bank them there. This would, presumably, require you to open a British bank account since no bank in Britain is going to give a non-customer this service for free and as you point out, non-bank-connected coin changers like "Coinstars" are hard to find.
Then there's another consideration: £10,000 is above the limit for both exporting from the US, and importing into Britain, an amount of currency without reporting it to the various authorities. Since only drug dealers have a reason to go around transporting large wads of cash across international borders, expect raised eyebrows and reams of forms and paperwork at both ends, and forget about simply "not declaring" since there's no way nobody will notice all those coins in your (overweight) luggage.
Finally, there's the issue of obsolete no-longer-valid coins. "Large size" 5p, 10p and 50p coins, as well as "old-style" £1 coins, are no longer legal tender and the local coin counters in Britain are probably programmed to reject them (just like the ones in the US reject silver, Ikes, and steel cents). You can't spend these obsolete coins either since the shops will likely refuse them. Only way to get rid of those is over-the-counter into a British bank account.
Your only hope of getting "quick cash" for your coins is if you have inside help: find a British local who will more-or-less happily take your coins off your hands for you.
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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Pillar of the Community
Australia
3831 Posts |
It might be a legit offer as many money exchange places would not exchange coins. There are times when I bought legal tender coins for less than face value. However there may be another sinister reason - the old pound coins are no longer legal tender as they were prone to counterfeits.
Unless you are planning for a holiday or know someone that is going there - I wouldn't bother.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month.
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Valued Member
 United States
107 Posts |
After sleeping on it and reading the very reasonable comments here I've decided to back-burner this opportunity.
I may travel to England for other reasons and I purchase a smaller amount in order to defray the cost of that trip.
Another get-rick-quick scheme thwarted by reality!
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Moderator
 United States
188052 Posts |
Quote: Another get-rick-quick scheme thwarted by reality! As all should be. 
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Pillar of the Community
United States
3343 Posts |
Metals have been quick enough for me. But past results do not guarantee future returns. This scheme guarantees an immediate -100% return.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
United States
3323 Posts |
If you can convert this currency into USD and realize a profit, why can't they? I'd tread carefully...
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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Pillar of the Community
United Kingdom
1314 Posts |
If they are old pound coins (pre-2016) it's very hard to pay them in anywhere - only the post office, not banks, will accept them.
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Pillar of the Community
United Kingdom
2133 Posts |
Quote: If they are old pound coins (pre-2016) it's very hard to pay them in anywhere - only the post office, not banks, will accept them. My branch of the Bank of Scotland accepts old pound coins, but that may be because it's a charity account. The last time I was in Germany, I was offered £1,000 in old pound coins for 400 euros. That offer seemed too good, and although the coins looked OK, I suspected that if any were dodgy, I'd be put in jail and they would throw away the key. So, I turned down the deal.
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Valued Member
 United States
107 Posts |
I sent all my old pound rounds (400) to leftover currency (the website). They paid 1USD per coin and I bought them to 0.50. Shipping was 50 bucks to it was sort of worth it.
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Moderator
 United States
188052 Posts |
Quote: That offer seemed too good, and although the coins looked OK, I suspected that if any were dodgy, I'd be put in jail and they would throw away the key. That may be their grift. A bag full of "lead garbage" topped with enough legit pieces to make the sale. 
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Replies: 12 / Views: 622 |
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