Is Royal Mints legal tender promise worthless?

[MickB]

Now bagged up ready to be returned.

A shame it came to this but the Royal Mint have shot themselves in the foot with any future sales of this type of coin.

[MCJ]

If the word spreads and a lot of folk return their coins to the RM, who then melt them down to recycle them, won't they then become rare and more valuable in years to come?

[daz]

you would hope so , but as the rm will never admit how many got sent back no-one will ever know how many are out there and they will still stand by their mintage figures.

plus also i cant see many people collecting the series in future , so i see only a downward curve for these ,especially the £50 and £100

[MCJ]

29 minutes ago, daz said:

you would hope so , but as the rm will never admit how many got sent back no-one will ever know how many are out there and they will still stand by their mintage figures.

Very true, but since they can count £11+M profit, you would think they could count coins as the were returned. ?

[DRooster]

Total result!

e-mails received from them offering refund without me having to badger them again.

It's like reverse-quantative-easing!!

[StackemHigh]

I'll still buy the £20 for £20 but only if I like the design!

[Danny-boy]

I'll still buy the £20 for £20 but only if I like the design!

I'll still buy it too, I have each one thus far for my little girl.

[DRooster]

I got the £20 5-queen monarch thing especially for the in-laws,

but the other stuff is going back.

So I lose seven quid on the deal for RMSD I guess.

I can spend it all again on turtles and kangaroos and stuff!

[Oldun]

I bouhg one five queen coin just for fun - just a piece of fun and it had all her boatraces on one coin ....nice coin. The rest....hmmmmm

[MickB]

I've just been on the phone to the Royal Mint to see what's happening to my returned orders that was signed for at their end on Saturday. They said that they are dealing with all the returns that arrived on the 4th. Feb and have been inundated with returns. Should be a couple of days time before mine gets processed.

[sovereignsteve]

5 hours ago, MickB said:

 have been inundated with returns.

LOL very loudly!

[DRooster]

5 hours ago, MickB said:

...d have been inundated with returns..

Just desserts.

[MickB]

Still waiting for my credit note from them so I can get something else. Whilst I'm waiting the price is rising

[DRooster]

I'm not waiting for a credit note ... credit note?

REFUND is required.

[Murph]

No big refunds needed here as I didn't bite in most cases.  I did get one 5 head just to see it in the flesh and a few of the first £20 for gifts but no £50 or £100.

[MickB]

I was hoping it would be in by now so I could get something from their bullion range but then noticed I had to open a separate account from their collectible range.

Does anyone know if the bullion and collectible Royal Mint accounts are linked?

I have a feeling that I might have a little trouble getting my funds to purchase bullion and will only be able to buy collectible coins.

[Stu]

1 hour ago, MickB said:

I was hoping it would be in by now so I could get something from their bullion range but then noticed I had to open a separate account from their collectible range.

Does anyone know if the bullion and collectible Royal Mint accounts are linked?

I have a feeling that I might have a little trouble getting my funds to purchase bullion and will only be able to buy collectible coins.

It is two separate accounts I believe. 

[MickB]

6 minutes ago, Stu said:

It is two separate accounts I believe. 

Great news, even more hassle i guess.

[JB3]

I don't recall looking at the RM website in recent times...

 

If I go to the page for 'Bullion' accounts (I guess that's a pooled account), it says, "...[Royal Mint is] the only mint in the world to enable customers to arrange the purchase, selling and secure storage of Bullion, 24 hours a day, 365 days a year from anywhere in the world."

 

That cannot be true. The *only* mint that offers this?

[sovereignsteve]

I only know the Perth mint bullion site is closed out of hours.

[MickB]

Must be one hell of a backlog as I'm still waiting...

[MickB]

Just had a call from the Royal Mint as they said they can't transfer credit from the collectible account to the bullion account as they are separate companies within the mint!

The bullion account is used by a lot of people in America and is set up better for them.

My money now going back into my bank account so I can then transfer funds into my bullion account with them. Now to wait three working days for funds to clear

[SoulUK]

Buy from a better bullion dealer, looks like a win for you

[BaldyBob]

14 minutes ago, MickB said:

so I can then transfer funds into my bullion account with them.

Serious question Mick.

Do you still think that they really deserve your business after this episode?

I could possibly understand if the prices were competitive.

[MickB]

I was looking at the Indian made sovereign to buy, BaldyBob.

There's also the way I could put funds into the account which I like as it would be one way of saving towards a 1 oz gold coin. If I left the money in my savings or main bank account I'd more than likely not buy a 1 oz gold coin. Putting a little away every month into it, which I wouldn't miss until there's enough for one would be the only realistic way of me getting one. 

I'd still be buying my usual monthly purchases but my missus would hit the roof if I spent so much on a 1 oz gold Britannia in one hit as she would be thinking that the money could be spent on the house or a holiday.

If another bullion dealer who was cheaper offered that option, I'd consider saving with them.