Pete

Several years ago some of the best prices on bullion silver coins were from the USA seller Apmex.
They often promoted coins like American Silver Eagles for $1 over spot.
You could also purchase Royal Mint produced coins, shipped to the USA from the UK, dealer margin added CHEAPER than anywhere in the UK ignoring the VAT.
I called the Mint to ask why a USA seller could undercut ( substantially on a 10oz coin ) a UK seller and they said they didn't control the price so that's down to margin.
When there was a big demand for silver and many dealers were running low on stock, prices started to rocket and since then big suppliers like Apmex kept their high margins and it was interesting to see how much more expensive they became - e.g. American Eagles - compared to buying pre-Brexit from GS.be and other EU sources.
As long as people are happy to pay inflated prices a seller will aim to maximise profits.
The cost of a one ounce mass produced bullion coin should only be say 50 pence above the raw material price to cover production etc so the rest is middle men and dealer margins to cover staff costs, premises, overheads etc. With a near doubling of energy costs plus transport & supply chain costs rising the cost of production will have and will continue to rise however so the price of a bullion coin compared to spot might be closer to 5%. Some of this is guesswork so if anyone in the business knows it would be interesting to hear.
 

Spotted or not, basic common bullion coins are priced with quite a spread depending on where they are sold, when and the last minute ( eBay panic buyers - sometimes but not always ).
Usually a clean coin will attract a slightly higher price than a marked one but not always; maybe within the difference between 1st and 2nd class postage.
As for special edition and proofs - personally I wouldn't want to pay anything much over regular bullion, so yes the premium can be lost forever.
I had multiple collections of proof Canadian fine silver coins, all certified with fancy box etc., but ended up selling for scrap.
Originally I planned to hold for a long time believing a later generation would see the rarity and history but once the spots appeared that killed it for me.
I now avoid all proof premium silver coins for this very reason.
Trying to remove milkiness with an eraser - impossible to avoid surface damage and fine scratches that will show up but who cares if it is just common bullion ?
A dull, stained Maple or Phillie is an eyesore and is really only worth its weight at spot to a dealer so give it a buff and at least have it looking "precious", nice and shiny !
I have cleaned milk stains by re-polishing the surface using jewellers rouge and a Dremel but if the coin is not highly polished to start with - i.e. a satin finish you will change its appearance which would be very noticeable.
Anything numi or semi numi LEAVE WELL ALONE if you are contemplating selling at a later date as it could loose a lot of its premium if touched.

The most extreme milk spotting I have experienced were with Canadian coins i.e. Maples, Wildlife etc.
I wouldn't describe this as 'spotting' more like 'flooding' with well over half the surface dulled and stained with this baked on contaminant.
I haven't seen this on the newer coins but I am dismayed at the number of small spots on UK Queens Beasts along with the scuffs and dings as they must be handled like mass produced coinage using a JCB to shovel them up from their hoppers.

Spotted or not, basic common bullion coins are priced with quite a spread depending on where they are sold, when and the last minute ( eBay panic buyers - sometimes but not always ).
Usually a clean coin will attract a slightly higher price than a marked one but not always; maybe within the difference between 1st and 2nd class postage.
As for special edition and proofs - personally I wouldn't want to pay anything much over regular bullion, so yes the premium can be lost forever.
I had multiple collections of proof Canadian fine silver coins, all certified with fancy box etc., but ended up selling for scrap.
Originally I planned to hold for a long time believing a later generation would see the rarity and history but once the spots appeared that killed it for me.
I now avoid all proof premium silver coins for this very reason.
Trying to remove milkiness with an eraser - impossible to avoid surface damage and fine scratches that will show up but who cares if it is just common bullion ?
A dull, stained Maple or Phillie is an eyesore and is really only worth its weight at spot to a dealer so give it a buff and at least have it looking "precious", nice and shiny !
I have cleaned milk stains by re-polishing the surface using jewellers rouge and a Dremel but if the coin is not highly polished to start with - i.e. a satin finish you will change its appearance which would be very noticeable.
Anything numi or semi numi LEAVE WELL ALONE if you are contemplating selling at a later date as it could loose a lot of its premium if touched.

Spotted or not, basic common bullion coins are priced with quite a spread depending on where they are sold, when and the last minute ( eBay panic buyers - sometimes but not always ).
Usually a clean coin will attract a slightly higher price than a marked one but not always; maybe within the difference between 1st and 2nd class postage.
As for special edition and proofs - personally I wouldn't want to pay anything much over regular bullion, so yes the premium can be lost forever.
I had multiple collections of proof Canadian fine silver coins, all certified with fancy box etc., but ended up selling for scrap.
Originally I planned to hold for a long time believing a later generation would see the rarity and history but once the spots appeared that killed it for me.
I now avoid all proof premium silver coins for this very reason.
Trying to remove milkiness with an eraser - impossible to avoid surface damage and fine scratches that will show up but who cares if it is just common bullion ?
A dull, stained Maple or Phillie is an eyesore and is really only worth its weight at spot to a dealer so give it a buff and at least have it looking "precious", nice and shiny !
I have cleaned milk stains by re-polishing the surface using jewellers rouge and a Dremel but if the coin is not highly polished to start with - i.e. a satin finish you will change its appearance which would be very noticeable.
Anything numi or semi numi LEAVE WELL ALONE if you are contemplating selling at a later date as it could loose a lot of its premium if touched.

Spotted or not, basic common bullion coins are priced with quite a spread depending on where they are sold, when and the last minute ( eBay panic buyers - sometimes but not always ).
Usually a clean coin will attract a slightly higher price than a marked one but not always; maybe within the difference between 1st and 2nd class postage.
As for special edition and proofs - personally I wouldn't want to pay anything much over regular bullion, so yes the premium can be lost forever.
I had multiple collections of proof Canadian fine silver coins, all certified with fancy box etc., but ended up selling for scrap.
Originally I planned to hold for a long time believing a later generation would see the rarity and history but once the spots appeared that killed it for me.
I now avoid all proof premium silver coins for this very reason.
Trying to remove milkiness with an eraser - impossible to avoid surface damage and fine scratches that will show up but who cares if it is just common bullion ?
A dull, stained Maple or Phillie is an eyesore and is really only worth its weight at spot to a dealer so give it a buff and at least have it looking "precious", nice and shiny !
I have cleaned milk stains by re-polishing the surface using jewellers rouge and a Dremel but if the coin is not highly polished to start with - i.e. a satin finish you will change its appearance which would be very noticeable.
Anything numi or semi numi LEAVE WELL ALONE if you are contemplating selling at a later date as it could loose a lot of its premium if touched.

100% agree with you comments.

The most extreme milk spotting I have experienced were with Canadian coins i.e. Maples, Wildlife etc.
I wouldn't describe this as 'spotting' more like 'flooding' with well over half the surface dulled and stained with this baked on contaminant.
I haven't seen this on the newer coins but I am dismayed at the number of small spots on UK Queens Beasts along with the scuffs and dings as they must be handled like mass produced coinage using a JCB to shovel them up from their hoppers.

https://www.gainesvillecoins.com/blog/why-you-cant-buy-silver-at-spot-price

Several years ago some of the best prices on bullion silver coins were from the USA seller Apmex.
They often promoted coins like American Silver Eagles for $1 over spot.
You could also purchase Royal Mint produced coins, shipped to the USA from the UK, dealer margin added CHEAPER than anywhere in the UK ignoring the VAT.
I called the Mint to ask why a USA seller could undercut ( substantially on a 10oz coin ) a UK seller and they said they didn't control the price so that's down to margin.
When there was a big demand for silver and many dealers were running low on stock, prices started to rocket and since then big suppliers like Apmex kept their high margins and it was interesting to see how much more expensive they became - e.g. American Eagles - compared to buying pre-Brexit from GS.be and other EU sources.
As long as people are happy to pay inflated prices a seller will aim to maximise profits.
The cost of a one ounce mass produced bullion coin should only be say 50 pence above the raw material price to cover production etc so the rest is middle men and dealer margins to cover staff costs, premises, overheads etc. With a near doubling of energy costs plus transport & supply chain costs rising the cost of production will have and will continue to rise however so the price of a bullion coin compared to spot might be closer to 5%. Some of this is guesswork so if anyone in the business knows it would be interesting to hear.
 

one word : greed 

This is scary !!!
In the gold section today @LawrenceChard provided a link to AliExpress.
I just took a cursory look and was utterly shocked to see that you could buy 30 popular silver ounce coins but fakes - AND NON MAGNETIC - for less than £2 a pop.
Surely eBay will need to deal with scheisters listing these starting at £20 with a disclaimer that they don't know if the coin is genuine or not ...
Same goes for bars and gold coins


 

This is scary !!!
In the gold section today @LawrenceChard provided a link to AliExpress.
I just took a cursory look and was utterly shocked to see that you could buy 30 popular silver ounce coins but fakes - AND NON MAGNETIC - for less than £2 a pop.
Surely eBay will need to deal with scheisters listing these starting at £20 with a disclaimer that they don't know if the coin is genuine or not ...
Same goes for bars and gold coins


 

Frustrating to say the least but as @Petesaid, take your refund and move on.
Otherwise you will be wasting days if not weeks thinking of this matter/sending emails etc to ultimately end up in the same position you're in now.
 

I would take the refund and avoid the stress.
We can guess the supplier and from other people's past experience it will cause you more frustration.
Two ounces of silver isn't worth fighting over provided they refund you in full.

I would take the refund and avoid the stress.
We can guess the supplier and from other people's past experience it will cause you more frustration.
Two ounces of silver isn't worth fighting over provided they refund you in full.

I would take the refund and avoid the stress.
We can guess the supplier and from other people's past experience it will cause you more frustration.
Two ounces of silver isn't worth fighting over provided they refund you in full.

I would take the refund and avoid the stress.
We can guess the supplier and from other people's past experience it will cause you more frustration.
Two ounces of silver isn't worth fighting over provided they refund you in full.

Toning colour is due to varying thickness of layers ( oxidation like ) at the molecular level ( i.e. ultra-thin ) causing optical interference in the same way as you see colours in soap bubbles or oil / petrol on water. Once the layers get too thick they cannot show this interference effect so become black. With pure silver the culprit is generally sulphur and not oxygen which causes rust on ferrous metals like iron.

A non tax payer can, every tax year, put up to £2,880 in to a SIPP - drip feed or lump sums it doesn't matter - and the government tops it up to a maximum £3,600 so you automatically get 25% of your investment up to £720 as a free gift.
This is not guesswork as I have done this every year for many years for my wife.
You cannot access your SIPP until aged 50 ( maybe 55 needs checking ) so good to lock away your investment.
Making withdrawals you will get the first 25% returned tax free thereafter taxable - if you pay tax.
With a stocks & shares ISA all your withdrawals are of course tax free but you weren't given the 25% free boost to start with.
SIPPS and ISAs mostly use all the same funds if thinking about equities and trackers etc.

 

If you are paying income tax then definitely into a SIPP that you manage yourself on-line.
For every £500 you invest, your account will be credited by 25% to £625 through a tax refund ( could be even higher if a higher rate earner ).
Where can you get that instant return with cash these days ?
You can then decide on whether to remain in cash as low risk but no gain, buy trackers and follow the market or be slightly more adventurous with equity funds and there are lots of big institutions doing all the ground work so spreading the net. Mix & match and diversify as you choose - avoid the 'all eggs in one basket' !
Check the terms for being able to withdraw from a SIPP and how it may or may not affect your tax.
PS - this is not financial advice as I am not qualified, but this is what I would consider before anything else - or buy a flat to rent in a growing area or university town.

A non tax payer can, every tax year, put up to £2,880 in to a SIPP - drip feed or lump sums it doesn't matter - and the government tops it up to a maximum £3,600 so you automatically get 25% of your investment up to £720 as a free gift.
This is not guesswork as I have done this every year for many years for my wife.
You cannot access your SIPP until aged 50 ( maybe 55 needs checking ) so good to lock away your investment.
Making withdrawals you will get the first 25% returned tax free thereafter taxable - if you pay tax.
With a stocks & shares ISA all your withdrawals are of course tax free but you weren't given the 25% free boost to start with.
SIPPS and ISAs mostly use all the same funds if thinking about equities and trackers etc.

 

If you are paying income tax then definitely into a SIPP that you manage yourself on-line.
For every £500 you invest, your account will be credited by 25% to £625 through a tax refund ( could be even higher if a higher rate earner ).
Where can you get that instant return with cash these days ?
You can then decide on whether to remain in cash as low risk but no gain, buy trackers and follow the market or be slightly more adventurous with equity funds and there are lots of big institutions doing all the ground work so spreading the net. Mix & match and diversify as you choose - avoid the 'all eggs in one basket' !
Check the terms for being able to withdraw from a SIPP and how it may or may not affect your tax.
PS - this is not financial advice as I am not qualified, but this is what I would consider before anything else - or buy a flat to rent in a growing area or university town.

When I return to Switzerland, maybe next year, I can drop one of my spanking new 2022 Britannia's into this commonly found, on mountain paths, substance and see its effect.

I can assume in the Royal Mint quality control operating procedure manual that they refer to the terms B.U. and non B.U. to mean "buggered up" and "not buggered up".
I know that silver has important anti bacterial and disinfecting properties so I will keep one of my new 2022 Britannia's next to my toilet brush and use it from time to time to freshen up the brush. Should last for years !!