Investigation into Historic Coin Pricing by The Royal Mint

[dicker]

This is, for me is a breach of trust between the RM and the bidders.

You enter into a silent auction on the basis that it is silent, and no one knows the outcome until the end.  Another term is “sealed bid” auction.

However in this case it is though the RM is essentially opening the sealed bids and manipulating the process to their own advantage.

Given the lack of transparency as you would get in an open auction, how do you even know that when you get a mail to say “you are not the highest bidder” is true?  I am not alleging that this has happened, but I would very much not want to be part of any process that is run like this.  

 

[Paul]

8 minutes ago, dicker said:

This is, for me is a breach of trust between the RM and the bidders.

You enter into a silent auction on the basis that it is silent, and no one knows the outcome until the end.  Another term is “sealed bid” auction.

However in this case it is though the RM is essentially opening the sealed bids and manipulating the process to their own advantage.

Given the lack of transparency as you would get in an open auction, how do you even know that when you get a mail to say “you are not the highest bidder” is true?  I am not alleging that this has happened, but I would very much not want to be part of any process that is run like this.  

 

It stinks 💩 on all levels

Even basic little me here, I've popped stuff on eBay for auction and it didn't make what I had expected. What did I do ? Took it on the chin, honoured my part of the deal as seller, sent the goods and got on with life. 

Honesty and integrity, honour and value

You can sheer a sheep many times, you can only fleece it once RM

[Silverman2U]

4 minutes ago, Paul said:

It stinks 💩 on all levels

Even basic little me here, I've popped stuff on eBay for auction and it didn't make what I had expected. What did I do ? Took it on the chin, honoured my part of the deal as seller, sent the goods and got on with life. 

Honesty and integrity, honour and value

You can sheer a sheep many times, you can only fleece it once RM

Great words! If there were only more people that acted with this integrity the world would all be in a better place.  …good luck @BackyardBullion I think you will be hard pressed to find any integrity in an MPs office. It may possibly exist in some but the fact most MPs don’t even live in their own constituencies is telling!  

[tpcob303]

To those who don't know, there is one bidder who has apparently won 2 of these sets. One for £12k the other for £15k. I think he did the bid again, and both bids accepted as winning bids. 

He claims the winning bids are confirmed and that his basket/orders are now showing this up to date. 

[Paul]

8 minutes ago, tpcob303 said:

To those who don't know, there is one bidder who has apparently won 2 of these sets. One for £12k the other for £15k. I think he did the bid again, and both bids accepted as winning bids. 

He claims the winning bids are confirmed and that his basket/orders are now showing this up to date. 

I saw the same on a bookerty face as well 

[westminstrel]

3 hours ago, BackyardBullion said:

Statement from The Royal Mint in regards the Silent Auction Situation

Starts

“We have received feedback on an email sent to bidders of The Royal Mint’s silent auction on Sunday 17th March, 2024. 

The intention of the communication was to keep bidders informed relating to their bids, however, we understand that some recipients of the email felt that it was not in the spirit of a silent auction - and we apologise for this. 

We are currently reviewing the outcome of the auction and will be updating bidders on next steps as soon as we can.”

Ends

… and will be updating bidders on next steps as soon as we can…

Here’s BND23 for £23 off your next order. 😛

[BackyardBullion]

The Royal Mint Apologises!!

Starts

“The Royal Mint sincerely apologises to our customers for issues regarding our recent silent auction, closing Sunday 17th March 2024.

“We accept that a silent auction is just that - and we should not have issued communications to bidders whilst the auction was still live. We have taken steps internally to ensure that this does not happen again.

“We have reviewed the impact of this communication on the outcome of the auction, and we have been liaising directly with affected bidders. Each has been offered a solution that works for them, based on their individual cases.

“The trust of our customers is fundamental to our business, and we are sorry that we fell short of expectations.”

Ends

[harrygill111]

All is right again 

[BackyardBullion]

 

[AOB]

4 minutes ago, BackyardBullion said:

The Royal Mint Apologises!!

Starts

“The Royal Mint sincerely apologises to our customers for issues regarding our recent silent auction, closing Sunday 17th March 2024.

“We accept that a silent auction is just that - and we should not have issued communications to bidders whilst the auction was still live. We have taken steps internally to ensure that this does not happen again.

“We have reviewed the impact of this communication on the outcome of the auction, and we have been liaising directly with affected bidders. Each has been offered a solution that works for them, based on their individual cases.

“The trust of our customers is fundamental to our business, and we are sorry that we fell short of expectations.”

Ends

Great work @BackyardBullion, first proper message indicating they were at fault and understanding their customer base is vital to the operations.

Would be very interested on how they resolve the affected customers..?

[BackyardBullion]

Just now, AOB said:

Great work @BackyardBullion, first proper message indicating they were at fault and understanding their customer base is vital to the operations.

Would be very interested on how they resolve the affected customers..?

That's going to have to come from those that were affected. 

They told me there were some that were directly affected by the emails and had impacts on the bidding. 

Good to know they have been trying to resolve this on a case by case basis though.

Should never have happened in the first place, but its good to get some accountability from them.

[AndrewSL76]

1 minute ago, AOB said:

Great work @BackyardBullion, first proper message indicating they were at fault and understanding their customer base is vital to the operations.

Would be very interested on how they resolve the affected customers..?

Yes, it would be interesting. I placed a bid and have not heard anything at all from them. Not a peep……

[Silver200sx]

2 minutes ago, BackyardBullion said:

“The trust of our customers is fundamental to our business, and we are sorry that we fell short of expectations.”

RM may state this, but everything in the recent past shows, they don't really get that.

 "Therefore by their fruits you will know them."

[BackyardBullion]

Just now, AndrewSL76 said:

Yes, it would be interesting. I placed a bid and have not heard anything at all from them. Not a peep……

Did you have a winning bidder email? 

I think they have basically assessed all the bids before and after the emails and have then got in touch with the 23 people that were winning when the emails went out. 

[ZRPMs]

Reputation. Takes years to build. Seconds to destroy. With the general direction The Royal Mint seem to be heading. Does anyone actually think they are genuinely sorry about anything. Apart from feeling sorry they've been caught out at dodgy practices.  

[AOB]

5 minutes ago, BackyardBullion said:

That's going to have to come from those that were affected. 

They told me there were some that were directly affected by the emails and had impacts on the bidding. 

Good to know they have been trying to resolve this on a case by case basis though.

Should never have happened in the first place, but its good to get some accountability from them.

Yes I totally understand that.

Just hope this isn’t a hollow apology, then operate as usual. Suppose time will only tell.

6 minutes ago, AndrewSL76 said:

Yes, it would be interesting. I placed a bid and have not heard anything at all from them. Not a peep……

Hopefully they get in touch shortly if that’s the case… it was a shambles of an auction to be quite fair. 
I hope you get an email with a solution shortly

 

[AndrewSL76]

16 minutes ago, BackyardBullion said:

Did you have a winning bidder email? 

I think they have basically assessed all the bids before and after the emails and have then got in touch with the 23 people that were winning when the emails went out. 

I didn’t even get the ‘up your bid, mate’ email. Not a peep….!!!

[BackyardBullion]

2 minutes ago, AndrewSL76 said:

I didn’t even get the ‘up your bid, mate’ email. Not a peep….!!!

You're just not special enough buddy!

[AndrewSL76]

9 minutes ago, BackyardBullion said:

You're just not special enough buddy!

Sad times 😢

[Foster88]

39 minutes ago, AndrewSL76 said:

I didn’t even get the ‘up your bid, mate’ email. Not a peep….!!!

It sounds like the RM took the meaning of a silent auction to literally mean that.

Not good.

[AndrewSL76]

7 minutes ago, Foster88 said:

It sounds like the RM took the meaning of a silent auction to literally mean that.

Not good.

They applied their usual consistent messaging. Treated me per their terms and conditions and everyone else had open conversations. Ha!

All good here. It was a crazy move to put the offer in anyway. I only wanted the quarter sovereign! Was going to grade and sell the rest. 

I know, I know. Sacrilege. 

How are you? All good? You offered some good prices on the graded coins. Hope that all sold. 

[tpcob303]

This apology is really only for the silent auction, it hasn't explained the other issue regarding the pricing of products that are not worth the money they are asking. 

Half way there don't back down now regarding this. Did you manage to speak with your local MP? 

[BackyardBullion]

2 minutes ago, tpcob303 said:

This apology is really only for the silent auction, it hasn't explained the other issue regarding the pricing of products that are not worth the money they are asking. 

Half way there don't back down now regarding this. Did you manage to speak with your local MP? 

They are taking this more seriously now. I hope for more information to share around historics soon enough.

I have a meeting with my MP scheduled for late April!

[BackyardBullion]

WOW

The Royal Mint don't learn.

They are really taking the biscuit with this set

https://www.royalmint.com/shop/coin-sets/Britannia-Through-the-Ages-Nine-Coin-Set/

£750!!!

I have *very gernerously* totted up the consituant parts and have come to a total of £120

Shocking. 

[BackyardBullion]