Why silver price is going down when we have such inflation?

[LawrenceChard]

1 minute ago, sixgun said:

It's illegal to destroy UK coins which are or have been legal tender in the UK since decimalisation.

Coinage Act 1971

S10. Restrictions on melting or breaking of metal coins.

(1) No person shall, except under the authority of a licence granted by the Treasury, melt down or break up any metal coin which is for the time being current in the United Kingdom or which, having been current there, has at any time after 16th May 1969 ceased to be so.

This would apply in the UK - you could take said coins to another jurisdiction and melt them down. There is the same sort of law in the US and i suspect most jurisdictions.

i sent BYB some Somali Elephants to melt down to make some hearts - he did this on video - it is on youtube. No-one has been knocking on my door and i doubt the Somali authorities are chasing BYB.

I think you will find that exporting silver coins is also restricted

https://opentoexport.com/questions/export-silver/

"Please note if the silver is in the form of coins or currency this should also be declared to Customs Officers of the UK Border Force (UKBF)."

This is also interesting:

https://hansard.parliament.uk/commons/1968-07-23/debates/7da1457b-2535-4ac3-9ac8-188a2239dbed/SilverAlloyCoins

Silver Alloy Coins
Volume 769: debated on Tuesday 23 July 1968

I think it is only legal, since about 1980, to export silver coins if their value exceeds their intrinsic value, although I may be a few percent out, as I can't find the exact ruling quickly.

😎

[LawrenceChard]

11 minutes ago, GoldDiggerDave said:

Without a doubt it’s far more economical and energy efficient to produce gold per intrinsic pound/dollar than it would cost the equivalent in silver…….with higher worldwide energy prices is likely we could see higher gold/silver ratios.

 

another reason  to buy gold it’s more environmentally friendly compared to silver

it would be interesting to see if there’s any information on how much it cost to mine and refine silver vs gold per intrinsic pound/dollar……it will be almost certain than it will cost more in energy and base metal  to make a 1 pence coin than it’s worth in 2022. 

I am sure most of that info is available, but might need updating every few days.

Pennies? Don't know, but...

"Pence" is plural, so it is an oxymoron to say "a 1 pence coin".

1) Go to the Naughty Boy Step 

2) Submit an apology 

3) Write out 100 times "1 penny, 2 pence"

4) Don't do it again!

😎

 

Edited September 6, 2022 by LawrenceChard

[SidS]

23 minutes ago, sixgun said:

It's illegal to destroy UK coins which are or have been legal tender in the UK since decimalisation.

Coinage Act 1971

S10. Restrictions on melting or breaking of metal coins.

(1) No person shall, except under the authority of a licence granted by the Treasury, melt down or break up any metal coin which is for the time being current in the United Kingdom or which, having been current there, has at any time after 16th May 1969 ceased to be so.

Farthings are good to go though, having ceased to be legal tender on 31 Dec 1960. Fill your boots therefore... 😁

[BackyardBullion]

18 minutes ago, Darr3nG said:

What say you @BackyardBullion? Have you had anyone calling round from the Embassy?

Send help, I have been abducted 

[flyingveepixie]

19 minutes ago, GoldDiggerDave said:

Mate I’ve used 2 pence piece as washers as it was cheaper to use them as washers than pay 10 pence each for them…….plus it saved  the drive to the diy shop. 

When I was a kid we used to put 1p and 2p coins on the railway track to get squashed flat by the trains..   Although we also did it with nailgun cartridges and caused a couple of trains to stop...😈   Mis-spent youth

Edited September 6, 2022 by flyingveepixie

[sixgun]

8 minutes ago, LawrenceChard said:

I think you will find that exporting silver coins is also restricted

😎

This takes us to the schizophrenic way in which HMRC deals with precious metal coins. 
The Britannia is a £2 coin but the spot price of the silver is currently £15.86.

If we are calling it a legal tender coin then logically the value as a legal tender coin is £2.
Cash, including coins must be declared if you are moving more than £10 000 across the border. So that would be 5000 Britannia coins or 10 monster boxes. 
Now we know silver and gold coins metamorphoses between legal tender coins and metal in the blink of an eye and at the whim of HMRC but by some people's interpretation of the rules you could move 10 monster boxes (minus one coin to be sure) across the border without declaring.

Taking cash in and out of Great Britain

You must declare cash of £10,000 or more to UK customs if you’re carrying it between Great Britain (England, Scotland and Wales) and a country outside the UK.

[LawrenceChard]

4 minutes ago, SidS said:

Farthings are good to go though, having ceased to be legal tender on 31 Dec 1960. Fill your boots therefore... 😁

I'm happy to pay a decent premium above intrinsic value!

😎

[LawrenceChard]

1 minute ago, sixgun said:

This takes us to the schizophrenic way in which HMRC deals with precious metal coins. 
The Britannia is a £2 coin but the spot price of the silver is currently £15.86.

If we are calling it a legal tender coin then logically the value as a legal tender coin is £2.
Cash, including coins must be declared if you are moving more than £10 000 across the border. So that would be 5000 Britannia coins or 10 monster boxes. 
Now we know silver and gold coins metamorphoses between legal tender coins and metal in the blink of an eye and at the whim of HMRC but by some people's interpretation of the rules you could move 10 monster boxes (minus one coin to be sure) across the border without declaring.

Taking cash in and out of Great Britain

You must declare cash of £10,000 or more to UK customs if you’re carrying it between Great Britain (England, Scotland and Wales) and a country outside the UK.

We need a volunteer to test that out...

... Is this the right room for an argument?

😎

[LawrenceChard]

4 minutes ago, flyingveepixie said:

When I was a kid we used to put 1p and 2p coins on the railway track to get squashed flat by the trains..   Although we also did it with nailgun cartridges and caused a couple of trains to stop...😈   Mis-spent youth

Do you realise you could have got the train driver arrested?

I used to do it on tram lines, but not with decimal coins, those were real pennies!

 

[GoldDiggerDave]

9 minutes ago, LawrenceChard said:

I am sure most of that info is available, but might need updating every few days.

Pennies? Don't know, but...

"Pence" is plural, so it is an oxymoron to say "a 1 pence coin".

1) Go to the Naughty Boy Step 

2) Submit an apology 

3) Write out 100 times "1 penny, 2 pence"

4) Don't do it again!

😎

 

Gees using Voice recognition and it kept spelling Fanny must be AI learning from my internet search history ……it that Fanny or Fannies. 

[flyingveepixie]

10 minutes ago, LawrenceChard said:

Do you realise you could have got the train driver arrested?

 

Hmmm,  well I was only 10 or 11 years old at the time, so I guess not..🤔  and all these little nailgun cartridges lined up in a row went off like a machine gun when the train went over them so I suppose even if he did get arrested he would probably be let off....

or were you talking about the pennies..🤔🤣

Edited September 6, 2022 by flyingveepixie

[LawrenceChard]

14 minutes ago, GoldDiggerDave said:

Gees using Voice recognition and it kept spelling Fanny must be AI learning from my internet search history ……it that Fanny or Fannies. 

Voice Recognition still has a long way to go... as do SatNavs (Pun alert).

My wife tried to use Voice to activate the windscreen wipers in our Tesla...

"Turn wipers on" mutated into "Turn wife on"!

You couldn't make it up!

😎

[BackyardBullion]

@sixgun

Melting down Britannia's is a no no here in the UK but what about changing their appearance? There are plenty of after market products like gold gilding, antiquing or even putting them in coin presses and changing the design significantly. 

Is there something in the legislation about this?

 

[James32]

1 minute ago, LawrenceChard said:

"Turn wipers on" mutated into "Turn wife on"!

So many responses, such little time!

[SidS]

Just now, BackyardBullion said:

@sixgun

Melting down Britannia's is a no no here in the UK but what about changing their appearance? There are plenty of after market products like gold gilding, antiquing or even putting them in coin presses and changing the design significantly. 

Is there something in the legislation about this?

 

Or blow torching them...

[LawrenceChard]

3 minutes ago, BackyardBullion said:

@sixgun

Melting down Britannia's is a no no here in the UK but what about changing their appearance? There are plenty of after market products like gold gilding, antiquing or even putting them in coin presses and changing the design significantly. 

Is there something in the legislation about this?

 

I am sure there is.

Probably included under defacing or altering.

😎

[LawrenceChard]

6 minutes ago, LawrenceChard said:

Voice Recognition still has a long way to go... as do SatNavs (Pun alert).

My wife tried to use Voice to activate the windscreen wipers in our Tesla...

"Turn wipers on" mutated into "Turn wife on"!

You couldn't make it up!

😎

 

4 minutes ago, James32 said:

So many responses, such little time!

Not recommended to attempt it while driving...

Even if equipped with full self-driving / Autopilot.

😎

[sixgun]

https://twitter.com/GoldTelegraph_/status/1566913170756845569

 

[HerefordBullyun]

22 hours ago, LawrenceChard said:

I am sure most of that info is available, but might need updating every few days.

Pennies? Don't know, but...

"Pence" is plural, so it is an oxymoron to say "a 1 pence coin".

1) Go to the Naughty Boy Step 

2) Submit an apology 

3) Write out 100 times "1 penny, 2 pence"

4) Don't do it again!

😎

 

5, alternatively go to chards buy a mill worth of gold, so @LawrenceChard can retire and tend his enormous melons whilst fondling his oversized marrow in his northern garden of eden! Free stamps are available also if gold purchases are made!

[HerefordBullyun]

You know what its hard to be humble at times when you are funny as me ! Only because I have the mental health certificates to prove it! Im east ham, just west of barking!

Edited September 7, 2022 by HerefordBullyun

[James32]

Just now, HerefordBullyun said:

You know what its hard to be humble at times hen you are funny as me !

Don't call me hen

[HerefordBullyun]

Just now, James32 said:

Don't call me hen

How about me old C0ck then?

[LawrenceChard]

1 hour ago, James32 said:

Don't call me hen

He probably thought you were a Jordie!

😎

[Earthmetal]

On 06/09/2022 at 12:32, SidS said:

Farthings are good to go though, having ceased to be legal tender on 31 Dec 1960. Fill your boots therefore... 😁

If I had a pile of farthings (other bronze coins are available) has the price of bronze reached the point where a bronze ingot made from them would be more valuable than the coinage it consists of? 🤔

[Earthmetal]

On 24/08/2022 at 19:21, Bigmarc said:

Well I learnt something today. It's a good law with an understanding of the market and would be most welcome in the UK. 

I couldn't find anything on Google and the link you posted, I was a bit suspicious of as it was a bullion important company but remembered when in Antwerp I purchased a couple of bits there. This is how their website explains it. 

SILVER COINS

At Argentor you can choose from several modern bullion coins, such as the Maple Leaf, the Vienna Philharmonic and the Silver Eagle, but also from different Australian kilo coins.

Silver coins serve perfectly as a purchase of physical silver. Opposed to silver bars you needn't pay VAT because silver coins are traded under the VAT margin regulation. Bottom line that means that a trader of silver coins has to pay VAT but only on the profit he makes and not on the total revenue of the transaction. In other words, the VAT will not be charged directly to the customer but will be part of the premium you pay upon buying silver coins.

Even though all coins offered by Argentor are tested, they do not come with a certificate as opposed to silver bars.

 

https://www.argentorshop.be/en/buy-silver/

 

 

 

Excuse my ignorance, but if an order was made from Belgium to be posted to Britain (I'm not keen on "shipped" or "the UK"), would customs just add the VaT on when it arrived here?