£40 a Troy ounce

[GoldenPhil]

Recently been looking at my PM seeing what I had (and didn't) and came across the first coins I bought. My first silver coins were the £20 for £20 series from the royal mint. They are half an ounce. So the price paid in reality was £40 an ounce. Looking at them today I feel a bit of a sucker. What are your thoughts? 

[HelpingHands]

The problem with these materialised when the banks stopped letting you deposit them.

The idea was ok at the start when people thought their £20 face value would be honoured.

There will be some old threads on here if you have a search.

[GoldenPhil]

Yeah I remember reading about that. Also they stopped in 2019 I think then have said they will start again this year. I have the rare ones which can be slightly more sought after but unless the series starts again and takes off I dont think people will ever pay much more than the spot price. 

[KevinG]

People who buyed the 20  for 20 or higher got really screwed over. 

[5huggy]

3 hours ago, HelpingHands said:

The problem with these materialised when the banks stopped letting you deposit them.

The idea was ok at the start when people thought their £20 face value would be honoured.

There will be some old threads on here if you have a search.

Could well become again - before too long 😉

[jonrms]

Eek. I have 5 tubes of 2020 ASE'S ( 100oz ) and whilst I paid a bit I couldn't charge £40 per oz!!! Yikes

[5huggy]

2 hours ago, KevinG said:

People who buyed the 20  for 20 or higher got really screwed over. 

ONLY till it doubles UP! - its coming,  if we are patient  - then ADD a BIG premium for those THAT are desperate to buy of you and HAVE NONE!

Right NOW the market in PM's has seized - just imagine when 63 BILLION people start trying to buy silver 😉

ALL IMHO

[Melon]

Hadn't heard of this before. Isn't it legal tender? How can they decide retrospectively to not count it as money anymore? 😬

[GoldenPhil]

47 minutes ago, Melon said:

Hadn't heard of this before. Isn't it legal tender? How can they decide retrospectively to not count it as money anymore? 😬

First things first. Gold and silver are money  £ and $ are currency.  So the question is why will they not accept it as currency? Apparently it is a special type of currency that can only be used to settle any debts you have with government and the like during court proceedings or something crazy like that lol 

[Melon]

14 minutes ago, GoldenPhil said:

First things first. Gold and silver are money  £ and $ are currency.  So the question is why will they not accept it as currency? Apparently it is a special type of currency that can only be used to settle any debts you have with government and the like during court proceedings or something crazy like that lol 

Ah excellent, noted. If I ever get into trouble with the bayliffs, I'll be paying in these coins 🤣

[GoldenPhil]

Do you have a lot?

[Bxlsteve]

In France, la monnaie de Paris is still editing coins of 10-20-200-2000 euro facial value and you would pay 13-2005 euro for them. You would add course get less PM then the price paid. 
 

you can bring them back to any bank and they would pay you the facial amount. 
 

now if I understood it correctly in UK people would buy these coins with there credit card, getting points or cash back on them, this is not possible in France where cash back is only on certain objects. 
 

 

[Goldfinga]

When i first started buying about 3 years ago, i bought a couple of the 2015, BU 50 pound face value silver Britannia coins...for, wait for it..50 pound each 😔..they aren't even 1 oz in weight i don't think! The only thing going for them is that they are the same design as the sought after 2014 1 oz Brits. Iv'e not checked for a while how much they go for on ebay, but i reckon it'll take a few more years before i get my moneys worth from them.

[Melon]

23 minutes ago, GoldenPhil said:

Do you have a lot?

None at all. But I'll find them all! 

[GoldenPhil]

1 minute ago, Goldfinga said:

When i first started buying about 3 years ago, i bought a couple of the 2015, BU 50 pound face value silver Britannia coins...for, wait for it..50 pound each 😔..they aren't even 1 oz in weight i don't think! The only thing going for them is that they are the same design as the sought after 2014 1 oz Brits. Iv'e not checked for a while how much they go for on ebay, but i reckon it'll take a few more years before i get my moneys worth from them.

I have a Shakespeare one I think 😞

[Goldfinga]

7 minutes ago, GoldenPhil said:

I have a Shakespeare one I think 😞

I just had a quick look on ebay and yours is doing well...seems to be selling for a few pennies more than mine 🤣

[GoldenPhil]

6 minutes ago, Goldfinga said:

I just had a quick look on ebay and yours is doing well...seems to be selling for a few pennies more than mine 🤣

Turns out only 15,000 were ever made. Chard has it up for £75 :-) 

[Goldfinga]

5 minutes ago, GoldenPhil said:

Turns out only 15,000 were ever made. Chard has it up for £75 🙂

That isn't too bad then @GoldenPhil ..mine is 50 pound face value whereas yours is 20 pound face. Ebay have some of your ones that have sold for around 35-45 pounds average so i suppose that is not too bad, and if Chards have them for 75 then that is promising. 

[GoldenPhil]

1 minute ago, Goldfinga said:

That isn't too bad then @GoldenPhil ..mine is 50 pound face value whereas yours is 20 pound face. Ebay have some of your ones that have sold for around 35-45 pounds average so i suppose that is not too bad, and if Chards have them for 75 then that is promising. 

Guess I will just keep it stashed away for the next 20 years and see where we are lol  

[GoldenPhil]

26 minutes ago, cinereus said:

So legal tender not exchangeable?

Were they ever exchangeable?

Hard to say. People were certainly using them. There was one guy that would buy thousands on his credit card to get the points then he would pay them in at the bank. After a while the bank refused them and the royal mint backed them up. That was it all done. Lol 

[GoldenPhil]

8 hours ago, cinereus said:

That's where my interest lies. I know people were buying low 6 figs for manufactured spend before it all came crumbling down.

Perhaps the mint should have limited it to 5 per customer?

[Notafront4adragon]

8 hours ago, cinereus said:

So legal tender not exchangeable?

Were they ever exchangeable?

https://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines/

[Notafront4adragon]

8 hours ago, GoldenPhil said:

Hard to say. People were certainly using them. There was one guy that would buy thousands on his credit card to get the points then he would pay them in at the bank. After a while the bank refused them and the royal mint backed them up. That was it all done. Lol 

They were never used as legal tender, they are commemorative coins. I don't think any banks were accepting them as deposits, seems like an urban legend to me. 

[Notafront4adragon]

17 hours ago, GoldenPhil said:

Recently been looking at my PM seeing what I had (and didn't) and came across the first coins I bought. My first silver coins were the £20 for £20 series from the royal mint. They are half an ounce. So the price paid in reality was £40 an ounce. Looking at them today I feel a bit of a sucker. What are your thoughts? 

Sucker. 

A £20 was one of the first silver coins I bought with a mind to make a profit. I bought it for £14.70 off eBay. I was so happy with myself,  thinking it's easy to make money with silver, instead of thinking how was it that I managed to buy it for so little. Again I thought well if it doesn't resell I could just deposit it, easy fiver for no work. Nope! Fortunately I sold it on ebay on a £1 listing fee and managed to get my money back. 

 

[GoldenPhil]

2 hours ago, Notafront4adragon said:

Sucker. 

A £20 was one of the first silver coins I bought with a mind to make a profit. I bought it for £14.70 off eBay. I was so happy with myself,  thinking it's easy to make money with silver, instead of thinking how was it that I managed to buy it for so little. Again I thought well if it doesn't resell I could just deposit it, easy fiver for no work. Nope! Fortunately I sold it on ebay on a £1 listing fee and managed to get my money back. 

 

I look at it as a small fee to recieve an education