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New Silver Coin From Royal Mint


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He is right; I reckon that, as long as you play the game and don't place another order until the previous has dropped off the pending pile, they won't care. After all, they are in business to sell the coins, not keep them as rare as possible; not with that mintage "limit", anyway. I'd rather have them than the twenty-pound notes sitting in my wallet.

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  • 2 weeks later...

Sadly, I think he is correct. Trying to spend these coins would be like trying to pay for a round of drinks with a Scottish £20 note in South East England. The vendor has no obligation to accept the payment.

I should have realised this offer was too good to be true. Back to my usual policy of avoiding the Royal mint then ...

A Scottish banknote is not legal tender, even in Scotland.

What do we mean by legal tender? In the England and Wales it means this coin cannot be refused when settling a debt - for example paying your tax bill. Shops can refuse or accept whatever they wish as payment as a product for sale is simply an invitation to make an offer and is not binding (invitatio ad offerendum) this contract is only consumed if the vendor then agrees to accept your offer.

If we return to your scenario then the barman could refuse your 20 pound coin or scottish banknote when you pay for the drinks. However if you had a slate he could not refuse your 20 pound coin to settle the debt, he's already entered into a contract with you. However he could refuse your Scottish note as it is not legal tender.

Edited by davidg
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Yup, they're now so desperate for orders (or so up to date with the shipping), it only takes two days from order to delivery of the next 10 coins. Now have traded all my "emergency housekeeping money" for £20 coins; better looking, waterproof, legal tender, can't be swapped for another "more difficult-to-counterfeit" design and makes a noise if dropped by mistake.

The best bit is that if the GBP Sterling ever goes to zero through (hyper)inflation, you have a half-ounce pure silver coin that will be worth something (and probably a lot more than £20).

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I have some 1 ounce silver American eagles. I bought them from Sarnia Silver and at the time, they were cheaper than Sarnias usual rate. The reason was they have a slight dusty appearance, and I remember reading up at the time on why this happens , with some silver coins when they are minted.

Does anyone know the reason, as I cannot remember and I`m curious as to know why.

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Yup, they're now so desperate for orders (or so up to date with the shipping), it only takes two days from order to delivery of the next 10 coins. Now have traded all my "emergency housekeeping money" for £20 coins; better looking, waterproof, legal tender, can't be swapped for another "more difficult-to-counterfeit" design and makes a noise if dropped by mistake.

The best bit is that if the GBP Sterling ever goes to zero through (hyper)inflation, you have a half-ounce pure silver coin that will be worth something (and probably a lot more than £20).

As I've already said, the only downside I can see is that (until--if and when--the price of silver renders these coins more valuable than £20) their real terms value deteriorates in a way that a notional £20 note when invested in some way need not.

I've bought a few of these coins, but the loss of real terms value is one of the factors holding me back from buying more than a few.

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As I've already said, the only downside I can see is that (until--if and when--the price of silver renders these coins more valuable than £20) their real terms value deteriorates in a way that a notional £20 note when invested in some way need not.

I've bought a few of these coins, but the loss of real terms value is one of the factors holding me back from buying more than a few.

Yes, completely agreed. This is money that I was not going to spend or invest anyway; it's there in case the ATM system goes down, or if some similar disaster takes place that means I can't use a debit/credit card to buy necessities. I've now come to the end of my purchasing of these coins; the upside and investment value of normal bullion means that's where my future buying will be directed.

The value can't go to zero (a significant advantage over the paper note), but they only have a residual value of that of a Silver 1/2 oz .999 fine coin. Nice presents, but even for that purpose, one might perhaps buy a 1 toz coin per year per nephew, as the beneficiary would be less likely to spend it until they had reached an appreciation of it's value.

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Some people really are stupid. Noticed near the top of the 'reviews' comments....

"....I think these coins could take over from the prohibitively priced silver Britannias."

What's prohibitively priced about the Brittania coin? OK, so the total price (after VAT) makes the unit cost more and there are more cost effective silver coins out thereBUT, provided you buy from a bullion dealer rather than direct from the Royal Mint, you get 1 FULL ounce of silver - versus just half an ounce with this novelty coin. So what if the face value of the Brittania is only 2 quid.

I'm pretty sure the cost per ounce works out better value still for the Brittania?

Edited by anonguest
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Well, I've tried to spend one in my local co-op, tesco's, and half a dozen or so pubs without success. I even take it along in its packaging that says exactly what it is. All the bar staff thought it was interesting, but I still couldn't buy a round with one!

Edited by Will!
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Well, I've tried to spend one in my local co-op, tesco's, and half a dozen or so pubs without success. I even take it along in its packaging that says exactly what it is. All the bar staff thought it was interesting, but I still couldn't buy a round with one!

I wonder what the legal situation is (idealism rather than pragmatism--I appreciate it's easier all round just to hand over the paper instead).

Isn't currency's status provided by the law (e.g., if a court has to rule on the matter) that a debt must be considered settled if a suitable amount of currency has been offered. You amassed a 'debt' by ordering beer (or whatever) and you made a legally valid attempt to settle that debt, no?

I wonder how far you'd get if you decided to make a point of principle about it.

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I wonder what the legal situation is (idealism rather than pragmatism--I appreciate it's easier all round just to hand over the paper instead).

Isn't currency's status provided by the law (e.g., if a court has to rule on the matter) that a debt must be considered settled if a suitable amount of currency has been offered. You amassed a 'debt' by ordering beer (or whatever) and you made a legally valid attempt to settle that debt, no?

I wonder how far you'd get if you decided to make a point of principle about it.

I appreciate what you're saying, but you'd win. There is currently no limit on the amount of £5, £10 or £20 coins or notes acceptable as legal tender in settlement of a debt. You might need to have someone in the party with a smartphone to prove it, but you would win.

FWIW, I was privileged to be present in a shop when a customer tried, and succeeded in buying a computer with a bag of old £5 Crowns. One of the staff had to be sent to a bank to change them, but it was valid. As my neck wasn't on the line in the decision, I was pleased the customer got his way. It was rather elegant, somehow, like a time traveller presenting a bag of Groats in payment: and if that had actually been a bag of Groats, the coins would rapidly have found their way into my covetous grasp.

If the time ever came, however, I suspect the staff would stand around dithering, until one of the more astute members of staff realised what it was, and with a pretence of grudgingly acceding in your request, took the coin and changed it themselves. I think we've all seen the clip on YouTube where various sundry clods are offered a one-ounce Gold coin for USD 25. Somehow, that sort of thing never happens to me. I'd bite his fingers off to get it, and i suspect that will be the case if ever our currency notes fade to the value of wallpaper. People would rapidly change their views.

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