closed Experiment to settle £1020 bank debt costing only £850 - Sealed £20 and £100 silver legal tender coins bundle, plus bonus

[Scuzzle]

51 minutes ago, stefffana said:

So, from this story, the bank accepted at beginning these coins to settle the debts. They refused him only after they realised that it was a fraud scheme to repeatedly get cash back from them.😊

 

I think this is what happened. Some people realised that if they bought loads of £100 coins and then paid them with their credit card and then paid the £100 coins straight back into their bank and  then paid back their credit card before any interest was applied they were not actually out of pocket but could take advantage of any rewards scheme the credit card companies were offering, air miles etc. you could rack up these rewards at a rapid rate while it  never cost you a penny only a little time and effort.  this is why the banks stopped accepting them.

[365DaysofSilver]

1 hour ago, James32 said:

@AddictedtoPreciousMetals @365DaysofSilver @BackyardBullion @GoldDiggerDave @COBRASTACKER

I haven’t got the time to take this on at the min but definitely a great video idea & experiment! I’ll be very interested to see the outcome if someone does decide to give it a try!

[sellerstacker]

43 minutes ago, stefffana said:

the bank accepted at beginning these coins

It was not fraud but the term 'legal tender' is subjective. In other words you can't force someone to take 'legal tender' coins/money as a means to settle debts. It is upon the merchant to decide if he sees what is offered as money or not. Ironically silver coins are not money but fiat is 🤣

https://www.royalmint.com/faqs/uk-currency/how-can-i-dispose-of-commemorative-2-coins/#:~:text=They are legal tender but,most banks and retailers refuse.

As far as I know, it was not the banks that brought in the rule it was Royalmint, who asked the banks not to accept these coins after they found out that people were buying these coins with Avios linked credit cards and taking the coins the banks when they received the booty. Some guys flew in first class to NY this way it seems.

https://www.thisismoney.co.uk/money/news/article-3390519/I-buy-Royal-Mint-commemorative-coins-bulk-credit-card-gain-airmiles-cash-bank-s-refusing-accept-them.html

 

 

rm.pdf

[spookyandroid]

2 minutes ago, sellerstacker said:

It was not fraud but the term 'legal tender' is subjective. In other words you can't force someone to take 'legal tender' coins/money as a means to settle debts. It is upon the merchant to decide if he sees what is offered as money or not. Ironically silver coins are not money but fiat is 🤣

https://www.royalmint.com/faqs/uk-currency/how-can-i-dispose-of-commemorative-2-coins/#:~:text=They are legal tender but,most banks and retailers refuse.

As far as I know, it was not the banks that brought in the rule it was Royalmint, who asked the banks not to accept these coins after they found out that people were buying these coins with Avios linked credit cards and taking the coins the banks when they received the booty. Some guys flew in first class to NY this way it seems.

https://www.thisismoney.co.uk/money/news/article-3390519/I-buy-Royal-Mint-commemorative-coins-bulk-credit-card-gain-airmiles-cash-bank-s-refusing-accept-them.html

 

 

rm.pdf 74.55 kB · 0 downloads

This is true, the thing is though, value is subjective so quite literally anything can be tendered as payment. 

There is far more interesting things with relation to debts, i.e understanding that when you create an agreement for a "loan" this is a promissory note, this in itself is treated by the lenders as money, and you should be entitled to it back upon settlement of the debt, this is reaffirmed within the Consumer Credit Act. I don't know of anyone who's managed to get their original agreement back because the chances are the lenders likely no longer have it. Can't share too much here but there other resources I can point to (if I'm allowed to share links) where folks can learn about this sort of this.

[ArgentSmith]

18 minutes ago, 365DaysofSilver said:

I haven’t got the time to take this on at the min but definitely a great video idea & experiment! I’ll be very interested to see the outcome if someone does decide to give it a try!

think of the views, likes, shares and subscribes 🤑

Think of the FAME!

The ladies and fast cars!!

[Spyder]

10 minutes ago, spookyandroid said:

 Can't share too much here but there other resources I can point to (if I'm allowed to share links) where folks can learn about this sort of this.

if I say Maxxxxxxx/m, is this what you are saying?

[spookyandroid]

1 minute ago, Spyder said:

if I say Maxxxxxxx/m, is this what you are saying?

I don't know what this means lol.

[Fenlander1]

Back on topic 

Bump

[Spyder]

2 minutes ago, spookyandroid said:

I don't know what this means lol.

It Ok, it means we are not talking about the same site.

[HerefordBullyun]

My advice is @stefffana is  list them on ebay for coin collectors at the face value and maybe offer discount of say 5% if bulk order is made of say 20 coins. Taking into consideration of ebay fees and what Ive said I still think youd turn a profit. I think its really the only way to go tbh. Albeit being a bit of heartache selling on ebay. 

[spookyandroid]

1 minute ago, Spyder said:

It Ok, it means we are not talking about the same site.

One I was referring to is YAYC, home of the Spaniard.

Edited September 25, 2023 by spookyandroid

[GoldDiggerDave]

On 22/09/2023 at 14:14, Blacksmith876 said:

Sorry if this is a stupid question but can't you cash these in at the Bank for either cash or to add to your balance?

It’s far from a stupid question, when the RM started banging out £20 and £50 coins for face value they opened up a rats nest of problems with the definition of legal tender, the BOE had to re define what it meant.  
 

 

[ArgentSmith]

33 minutes ago, sellerstacker said:

It was not fraud but the term 'legal tender' is subjective. In other words you can't force someone to take 'legal tender' coins/money as a means to settle debts. It is upon the merchant to decide if he sees what is offered as money or not. Ironically silver coins are not money but fiat is 🤣

https://www.royalmint.com/faqs/uk-currency/how-can-i-dispose-of-commemorative-2-coins/#:~:text=They are legal tender but,most banks and retailers refuse.

As far as I know, it was not the banks that brought in the rule it was Royalmint, who asked the banks not to accept these coins after they found out that people were buying these coins with Avios linked credit cards and taking the coins the banks when they received the booty. Some guys flew in first class to NY this way it seems.

https://www.thisismoney.co.uk/money/news/article-3390519/I-buy-Royal-Mint-commemorative-coins-bulk-credit-card-gain-airmiles-cash-bank-s-refusing-accept-them.html

 

 

rm.pdf 74.55 kB · 0 downloads

This is a bit crazy, it's not the Royal Mints job to make up Laws as they see fit. Presumably a credit card debt or any other debt can be settled in legal tender after going to court where the plaintiff would have to pick up costs and accept Stefans coins.

[ArgentSmith]

1 minute ago, GoldDiggerDave said:

the BOE had to re define what it meant

Where is this power granted to the BOE, I know im being slightly autistic but I mean WTF

[silverJEF]

2 hours ago, ArgentSmith said:

Someone with big balls and a YT channel?  would make good viewing. 🍿

@365DaysofSilver ?

[ArgentSmith]

bump

[365DaysofSilver]

5 minutes ago, silverJEF said:

@365DaysofSilver ?

Thanks for the tag mate, but I haven’t got time to take this on at the min

[GoldDiggerDave]

58 minutes ago, ArgentSmith said:

Where is this power granted to the BOE, I know im being slightly autistic but I mean WTF

Nothing compared to the power of the WEF, another un democratic un elected body with the power to control sovereign nations. 

[johniom]

@Scuzzle @sellerstacker yes that guy who was left with £29k of coins was the one I was thinking of. 

The youtube channel where the chap goes round trying to spend these coins in tesco, coop, petrol stations, etc is called "Julian Chamberlain" Sometimes it works and other times it doesn't. Sometimes the police are called out so it would be fun trying to spend these to say the least.

 

 

 

[HerefordBullyun]

57 minutes ago, johniom said:

 

The youtube channel where the chap goes round trying to spend these coins in tesco, coop, petrol stations, etc is called "Julian Chamberlain" 

 

 

 

Hes also been on here on the forum. He had an interesting debate with @LawrenceChard if you use the search button you can find it

[365DaysofSilver]

1 hour ago, johniom said:

@Scuzzle @sellerstacker yes that guy who was left with £29k of coins was the one I was thinking of. 

The youtube channel where the chap goes round trying to spend these coins in tesco, coop, petrol stations, etc is called "Julian Chamberlain" Sometimes it works and other times it doesn't. Sometimes the police are called out so it would be fun trying to spend these to say the least.

 

 

 

 

[James32]

6 minutes ago, 365DaysofSilver said:

 

@stefffana time for a road trip 

[Leonmarsh]

Don't know what's more crazy this or @stefffana hoovering up rare numista 100 coins from the isle of lesbos

[stefffana]

2 minutes ago, Leonmarsh said:

Don't know what's more crazy this or @stefffana hoovering up rare numista 100 coins from the isle of lesbos

Should I answer, or it's a rhetorical question?

[pricha]

It would be tremendously time consuming.  What is your time worth ?