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Coining it

The Royal Mint has been coining it.

Unfortunately, buyers of their commemorative silver £100 coins have lost out as they’re no longer considered ‘legal tender’.

On January 5, and without letting the thousands of regular buyers of commemorative coins know, The Royal Mint urged banks not to accept them.

Those stuck with large numbers of the coins they can’t sell on will have to try their luck with collectors.

However, as a spokeswoman from the London Coin Company suggests, that carries its own risks.

“The first issue, which was the first time they had released a £100 silver coin got collectors interested but it seems the Royal Mint, like others, is launching as many products as possible.”

“Products sold from the mintages of most of its products over the last two to three years are way down.”

The Royal Mint has since played down the issue.

“Under our standard terms and conditions, customers are entitled to a full refund within 14 days, if they are not entirely happy with their purchase,” said a Royal Mint spokesman.

“They are intended as collectable items, and are not promoted as investment items or intended for use in daily commercial transactions,” they continued.

But people have been cashing the coins in for years, and buying them as gifts to pass on as part of an inheritance, as the Royal Mint is well aware.

If ‘£100’ coins clearly displaying that value are potentially worth far less, why include an actual value at all?

As one supporter recently suggested to us, “The Royal Mint should concern itself with everyday coins and notes for public exchange. That’s what it’s there for. It shouldn’t be messing about with commemorative coins at all.”

That’s certainly the case if it’s quickly selling them on while stopping their resale.

And it’s worth remembering that, if collectors won’t buy your £100 coin, you can always melt it down for its £19 worth of silver.

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