Time to drag the Royal Mint's business model in to this century?

[BarryWoods]

Profit flipping greed is apparently blinding. 

[FlorinCollector]

YOU PAID A FLIPPER THE PREMIUM SO YOU ENDORSED THAT MARKET

[FlorinCollector]

When disposing of your RM coins I hope you are listing them all here for RRP to

[BarryWoods]

Nope.....

 

 

[dicker]

Run by the government / quango, what does anyone expect.

No direct competition

Reporting to the treasury

Civil service gold plated pensions

I could go on….

[BarryWoods]

business model not evolved since the 18th century?!

[BarryWoods]

5 minutes ago, FlorinCollector said:

When disposing of your RM coins I hope you are listing them all here for RRP to

Why would i do that. I did not buy them at RRP.. 

[FlorinCollector]

🤡🤡🤡

[Paul]

{insert Michael Jackson popcorn meme}

[BarryWoods]

Because what I thought was a secondary market is actually trade.. the Royal Mint can't operate like this..  It is massively brand damaging.

 

I'm off to go to Mcdonald's, the greed here must be  catching.

[BarryWoods]

18 minutes ago, FlorinCollector said:

The Royal Mint are going to laugh you out the door. 

nope - Seriously NO!

[NewCoins]

1 minute ago, BarryWoods said:

I'm off to go to Mcdonald's, the greed here must be  catching.

It's crown Barry, not clown. 

[BarryWoods]

Hands up any replying to me here, who is also a Royal Mint VIP Mint Marque 'customer'...  go on be honest..?

 

And to be fair a high proportion probably are collectors, have a huge coin collection, traded a few, that is normal. and NOT this issue. Not you guys (I have never sold a coin- yet) 

 

If only a few greedy people hadn't started flipping at 200- 300 - 400% so blatantly in public, - good grief 5 minute past midnight ebay

And dealer websites - at 9:00 am  launch day - high prices on secondary should take a few weeks to get to dealers on secondary market. and those get sold as secondary at dealers

But dealers had an 'allocation' of 2 oz gothic crowns- or 5oz or 10 oz gold - at double the retail price on the Royal website, launched just minutes before.. and were selling as brand 'new' product to the public, that is wrong!

it could have carried on for years... but big instant profits came along.....

[FlorinCollector]

So are you annoyed they get the profit and not you?

[NewCoins]

Some dealers at least buy, from the secondary market, so clearly can't sell RRP.

I guess we don't know where dealers get ALL of the coins they sell from.

I am sure some do get an allocation direct from RM.

 

[James32]

Can someone please buy my 2 x2oz silver arms and 1 x 2oz silver potrait ffs so I can get out of this absolute lunacy of collecting.

Im off coins for life  😁

Ps, at a nice profit of course 👍 

 

[TeaTime]

Probably best just to wait for the bubble to burst and buy later at a reasonable price, no ?

The RM have a model that is currently working for them. Classic designs, free advertising by forums, the media and groups, over-priced and popular. It won't last.

(Historically the RM would sell off unsold stock at a discount and the majority of proof coins would lose value the minute they left the Mint. Hardly a success story. Once the market becomes over-saturated and sales start to return to old levels is when they should re-evaluate their business model).  

It's only going to take a few duff designs for the current frenzy to tarnish (or milkspot) and we'll be back to the same old, same old.

 

[NewCoins]

So we want rubbish unpopular designs and coins that are instantly worth less ?

[BarryWoods]

33 minutes ago, FlorinCollector said:

YOU PAID A FLIPPER THE PREMIUM SO YOU ENDORSED THAT MARKET

NO - I bought from a dealer - Absolutely a dealer - you would all KNOW them- (but the coin was secondary to them) then misrepresented as primary direct from royal Int (but only verbally)!

They told me the coin had come directly from the Royal Mint.... That was not true

They advertised them selves as a Trusted Partner of the Royal Mint..  That was also not True

They stated coins were supplied to them by the Royal Mint... That was also NOT  True

(they stated this on their website  and had done for sveral tears (I went wayback to check)

 

All those claims have gone after a conversation this morning

 

This all came about because the Royal Mint decided  to just sell Portrait Gothic Crowns only to the Original purchasers..

 

I had bought a plain edge one form a dealer  and had been guaranteed the second (on launch day)

I had just missed out on a 2 oz milled edge coin  on RM website at 9:00 am.

I  went to the dealer I TRUSTED -I  had bought 25k + bullion in the last 2 months from them, Saw they had the milled edge coin for sale, then my Account Manager at the dealer said, I could get you a plain edge, VIP customers only, not sold to public guaranteed Portarit as well. I assumed the price quoted was RRP (why would I not!) and thought the Mint has just passed any spare coins of this limited mintage not taken up by VIPs-  to Trusted Partners - to offer to customers.

 

I much later had found out here, that I had in fact paid multiple times RRP. (Not Ebay multiples, I might add)

How so from a RM Trusted partner at launch - Cartier would not allow that, nor Rolex?   A primary sale to a customer would be RRP - (special customer might get chosen, but it would be at RRP)

 

When I approached the RM when the Portrait was due to ask about all this, and I wanted it RRP as I was the original, non trade owner and said I bought this from a Trusted RM partner, how do I get my Portrait..

RM told me we do NOT allocate them to dealers, we will sell our coins to the original purchaser.. And that this delaer had never been supplied by them with proof OR bulion, and were certainly NOT a Trusted partner.

That conversation was a week ago.. There have been other since......

 

SO.......

 

 That is how it began - Maybe the owner of the business is a VIP customer, maybe a friend is , a family member is, or it was  passed around trade, until it landed  somewhere.

Then a member of the public that misses out on RM website, and thinks RM have authorized dealers, and has no reason to suspect price quoted is anything but RRP, allocated directly from RM and buys a coin.

 

And we will see what happens next.....

 

 

And -  according to the RM, there is no such thing as DEALER ALLOCATION of coins like these Gothic Crowns!

I was floored by that, so how on earth do they end up in dealers then? do you have no control who sells your product

The Royal Mint said to last week, when answering that, that it is 'complicated' how dealers got their stock of Gothic Crowns  stock in the UK - and no direct allocations

 

This is insane. (these are Luxury good - no control of who sells the to the public - at all) 

 

So anyone here, anywhere, thinking any dealer UK is an authorized dealer of the Royal Mint, then you are wrong -NONE are. (ie like Cartier authorized delaers) 

 

Hence the subject of the post.   And a positive  suggestion to the Royal Mint on a better business model.

 

Good to get that off my chest.

I will not be lied to and have good misrepresented to me, nor have the company misrepresent themselves to, when I spending thousand (or any amount)

 

So here we are.. What happens next... Tomorrow should be interesting - 

 

[FlorinCollector]

I understand now. You are angry at the dealer for lying to you. This has nothing to do with the royal mint.

[James32]

3 minutes ago, BarryWoods said:

NO - I bought from a dealer - Absolutely a dealer - you would all KNOW them- (but the coin was secondary to them) then misrepresented as primary direct from royal Int (but only verbally)!

They told me the coin had come directly from the Royal Mint.... That was not true

They advertised them selves as a Trusted Partner of the Royal Mint..  That was also not True

They stated coins were supplied to them by the Royal Mint... That was also NOT  True

(they stated this on their website  and had done for sveral tears (I went wayback to check)

 

All those claims have gone after a conversation this morning

 

This all came about because the Royal Mint decided  to just sell Portrait Gothic Crowns only to the Original purchasers..

 

I had bought a plain edge one form a dealer  and had been guaranteed the second (on launch day)

I had just missed out on a 2 oz milled edge coin  on RM website at 9:00 am.

I  went to the dealer I TRUSTED -I  had bought 25k + bullion in the last 2 months from them, Saw they had the milled edge coin for sale, then my Account Manager at the dealer said, I could get you a plain edge, VIP customers only, not sold to public guaranteed Portarit as well. I assumed the price quoted was RRP (why would I not!) and thought the Mint has just passed any spare coins of this limited mintage not taken up by VIPs-  to Trusted Partners - to offer to customers.

 

I much later had found out here, that I had in fact paid multiple times RRP. (Not Ebay multiples, I might add)

How so from a RM Trusted partner at launch - Cartier would not allow that, nor Rolex?   A primary sale to a customer would be RRP - (special customer might get chosen, but it would be at RRP)

 

When I approached the RM when the Portrait was due to ask about all this, and I wanted it RRP as I was the original, non trade owner and said I bought this from a Trusted RM partner, how do I get my Portrait..

RM told me we do NOT allocate them to dealers, we will sell our coins to the original purchaser.. And that this delaer had never been supplied by them with proof OR bulion, and were certainly NOT a Trusted partner.

That conversation was a week ago.. There have been other since......

 

SO.......

 

 That is how it began - Maybe the owner of the business is a VIP customer, maybe a friend is , a family member is, or it was  passed around trade, until it landed  somewhere.

Then a member of the public that misses out on RM website, and thinks RM have authorized dealers, and has no reason to suspect price quoted is anything but RRP, allocated directly from RM and buys a coin.

 

And we will see what happens next.....

 

 

And -  according to the RM, there is no such thing as DEALER ALLOCATION of coins like these Gothic Crowns!

I was floored by that, so how on earth do they end up in dealers then? do you have no control who sells your product

The Royal Mint said to last week, when answering that, that it is 'complicated' how dealers got their stock of Gothic Crowns  stock in the UK - and no direct allocations

 

This is insane. (these are Luxury good - no control of who sells the to the public - at all) 

 

So anyone here, anywhere, thinking any dealer UK is an authorized dealer of the Royal Mint, then you are wrong -NONE are. (ie like Cartier authorized delaers) 

 

Hence the subject of the post.   And a positive  suggestion to the Royal Mint on a better business model.

 

Good to get that off my chest.

I will not be lied to and have good misrepresented to me, nor have the company misrepresent themselves to, when I spending thousand (or any amount)

 

So here we are.. What happens next... Tomorrow should be interesting - 

 

Barry the dealer done you up like a rag doll/kipper 

Surely it's them you should direct your energy towards?

Edited February 7, 2022 by James32

[NewCoins]

Who was the dealer ?

[ArgentSmith]

Don't the Royal Mint know how important you are Barry?

 

[Gordy]

1 hour ago, BarryWoods said:

This is not buyers remorse... this is shocking business practice - I've been a Product Manager, Product Marketing Manager - My wife is an authorised Cartier, Tiffany and other luxury retailer.

Trading standards and consumer rights people are going to have 'kittens' over this. 

 

Coins are the wild west and their are cowboys everywhere...

My point is this is NOT secondary market!!! - 

You should really have a glass of vino and have an early night Barry, this has got to you.

You shouldn't fret over a practice that you yourself were happy to get involved in by buying on the secondary market, if there were no buyers then flippers would have no market, its the buyers who pay over the odds that are ultimately to blame and give flippers an avenue to profit from an item legitimately bought from any site they choose to buy it from.

Its not just the royal mint that bring out new coins.

There are plenty of people who make smaller profits from releases by Perth, RAM, Pressburg, China, South Korea etc etc etc... same principle just less profit involved

Most if not all sales on here for example are made by members making a profit or hoping to make a profit.

We have a guy that guarantees you the same COA number for rounds and bars and that is a very good process and customer service and no-one complains, they appreciate the service and at least you can hold those things 😂

Hope you have a nice quiet day tomorrow mate.

Its all good on here

21 minutes ago, ArgentSmith said:

Don't the Royal Mint know how important you are Barry?

 

no reactions left today 

[Ashes]

43 minutes ago, BarryWoods said:

I much later had found out here, that I had in fact paid multiple times RRP. (Not Ebay multiples, I might add)

I think buying such a high value item from a third party without researching the respective RRP was the mistake here. Not saying what the dealer did was right, but at the end of the day it's the buyer who decides if an item is worth based on the price it's on sale for.