Investigation into Historic Coin Pricing by The Royal Mint

[BackyardBullion]

Britannia through the ages set has been taken off the royal mint website 

 

[BackyardBullion]

Oh no

Someone bought one of the greatest queens set for £750

There are now 45 available from the 46 last month

Someone just got ripped off

 

[Silfrfish]

Oh that’s really sad 😞. I’ve bought my younger siblings silver 1oz coins this last couple of years for their birthday, and I always tell them that if they get interested in picking up more, or ever want to return the favour 😉, they should 100% avoid buying directly from the Royal Mint, especially when they know I like old silver coins. Even sent one of them a link to your vids on this @BackyardBullion which was really helpful thank you.

I don’t bother explaining that there are some products the RM do that might not be a total rip off, I tar everything on their website with the same brush just to be safe. That might not be completely fair, but it keeps my family members completely safe from being exploited. 
 

Last note, but when are the RM going to start a chart showing the spot prices of fancy boxes? The mining costs must be prohibitive! I’ll stick to making my own 👌

[Olivard]

1 hour ago, BackyardBullion said:

Someone just got ripped off

 

I'm sure that the RM Executive that bought it can afford the premium. 😊

[Agaupl]

Didn’t know if I should post this here or in the binlord thread? 
 

This is laughable 

[daca]

20 minutes ago, Agaupl said:

Didn’t know if I should post this here or in the binlord thread? 
 

This is laughable 

nowadays, fancy boxes worth their weight in gold apparently

[Petra]

7 hours ago, Agaupl said:

Didn’t know if I should post this here or in the binlord thread? 
 

This is laughable 

Got the email 😮 nine out of ten for effort🤔😮

[Agaupl]

It’s a very interesting story for sure and one for the collection … but they aren’t exactly rare and £625 extracts the urine a bit too much 

[Bratnia]

On 02/04/2024 at 14:20, BackyardBullion said:

Interesting price comparison for dealers

Royal Mint really not coming off well at all!

The Royal Mint's remit is to ... mint. It promotes dealership competition rather than enforcing a monopoly by setting its spreads to be relatively wide. Flipped the other way would you rather no other dealership being able to compete because RM's spreads were the tightest/smallest/best! It's spreads are in effect a maximum cap that other dealerships wont be inclined to extend beyond. Competition is good, as is having maximum caps on spreads.

It's teams are focused upon distribution of its minted products around the world and has many partnerships for that purpose, such as a partnership with Chards - who then retail to the general public - and where obviously in being able to sell at smaller/tighter spread are supplied by the RM at a lower spread than what the RM opts to directly retail the same product for to the general public. 

Edited May 2 by Bratnia

[BackyardBullion]

Royal mint business model

 

[Petra]

It would appear the mint has the same ideas as those companies that advertise wholesale to both trade and to the public … best of both worlds 🤔unfortunately, as long as people buy such priced bits off them, the mint are going to carry on with this🤔

[cjbcomm]

Pricing is very strong for sure... no one who has even a little knowledge of con pricing would buy that.

Not their worst priced coin though by some margin.... some of the sets are probably X5 or more of the proper price

[BackyardBullion]

The biggest problem with all of this is that the Royal Mint is trading off their trusted brand status. People don't question when they don't know because they trust the royal mint.

Unfortunately the Royal Mint knows it.

[Darr3nG]

1 hour ago, BackyardBullion said:

Unfortunately the Royal Mint knows it.

Unfortunately for the Royal Mint, BYB also knows it... 

[Agaupl]

6 hours ago, Bratnia said:

The Royal Mint's remit is to ... mint. It promotes dealership competition rather than enforcing a monopoly by setting its spreads to be relatively wide. Flipped the other way would you rather no other dealership being able to compete because RM's spreads were the tightest/smallest/best! It's spreads are in effect a maximum cap that other dealerships wont be inclined to extend beyond. Competition is good, as is having maximum caps on spreads.

It's teams are focused upon distribution of its minted products around the world and has many partnerships for that purpose, such as a partnership with Chards - who then retail to the general public - and where obviously in being able to sell at smaller/tighter spread are supplied by the RM at a lower spread than what the RM opts to directly retail the same product for to the general public. 

Royal mint’s remit is to make money. I think everyone wants them to be successful it’s just the trading on the history, image and name of the Royal mint to sell substandard or over priced c**p that is grating. I don’t buy the ‘promoting competition’ line. They simply overcharge to people that don’t know better. 

Juxtapose  The Perth mint .. historic in its own sense, a huge government owned institution (granted not a circulating currency maker), lbma registered , and I think quite a-bit larger than RM on the bullion side (although I might be wrong). 
It also sells retail, doesn’t price gouge on current releases (although their limited historic sets are equally inflated tbh), has plenty of domestic completion and importantly doesn’t have the QA problems like Royal mint esp on proofs. 
 

Personally I prefer royal mint releases and designs though, which makes it even more infuriating they do so poorly for their customer who they ‘listen closely too’. Esp in the QA area. 

[Bratnia]

11 hours ago, Agaupl said:

Personally I prefer royal mint releases and designs though, which makes it even more infuriating they do so poorly for their customer who they ‘listen closely too’. Esp in the QA area. 

Went to the RM's web page yesterday, not a regular site for me, browsing around ... FAQ section has some pull-down V indicators against individual questions that when clicked - do nothing instead of revealing the associated answer. Tried that using both Chrome and Seamonkey browsers and both the same. !!!

[BackyardBullion]

WOW

The biggest royally screwed set to date? Seriously!?

8x Cupronikel coins £225

WHAT?

https://www.royalmint.com/shop/coin-sets/Decades-of-Queen-Elizabeth-II-Crown-Set/

[BackyardBullion]

Still bad but nowhere near as bad, the 8 coin sovereign set. 

£5500 for 8 bullion sovereins in a box.

£687.50 per sovereign 

Thats a £1800 box at least!

https://www.royalmint.com/shop/coin-sets/Decades-of-Queen-Elizabeth-II-Gold-Sovereign-Set/

[Silfrfish]

That cupronickel set is a heinous crime against coin collecting, genuinely don’t understand how they price things now. At least the sovereigns might probably one day be worth more than they are now purely on gold value

 

[BackyardBullion]

51 minutes ago, Silfrfish said:

That cupronickel set is a heinous crime against coin collecting, genuinely don’t understand how they price things now. At least the sovereigns might probably one day be worth more than they are now purely on gold value

 

They don't want to make coin sets like the Monarchs but they will happily flog this to unknowing punters all day long.

Anne Jessop thanks you for funding her bonus and pension of £462k

[Silfrfish]

47 minutes ago, BackyardBullion said:

They don't want to make coin sets like the Monarchs but they will happily flog this to unknowing punters all day long.

Anne Jessop thanks you for funding her bonus and pension of £462k

😂 If all that makes her conscience go away then… I feel sorry for her, got a cheap conscience!  

[GoodAsGold]

3 hours ago, BackyardBullion said:

Still bad but nowhere near as bad, the 8 coin sovereign set. 

£5500 for 8 bullion sovereins in a box.

£687.50 per sovereign 

Thats a £1800 box at least!

https://www.royalmint.com/shop/coin-sets/Decades-of-Queen-Elizabeth-II-Gold-Sovereign-Set/

2 bullion and 6 proof sovs. Only the Gillicks aren’t proofs. Still bad, as you say though.

[Paul]

The QC dept are on minimum wage and being an inclusive employer the position is open to all 😎 inc those with white sticks and Labradors 

[Petra]

Ha! ha!😮🤔as soon as I saw the latest email from the RM trying to flog the latest sets I immediately thought of what would be said on here🤔😮really shocking from the mint. Not only the amazing (but not unexpected) prices, but the crown collection …. what an awful selection….🤔😮

[BackyardBullion]

17 minutes ago, Petra said:

Ha! ha!😮🤔as soon as I saw the latest email from the RM trying to flog the latest sets I immediately thought of what would be said on here🤔😮really shocking from the mint. Not only the amazing (but not unexpected) prices, but the crown collection …. what an awful selection….🤔😮

And my royally screwed video!