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Another scam from the top - Royal Mint coins NOT legal tender.

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Another scam from the top - Royal Mint coins NOT legal tender.

Yup,
If you've just bought the £50 or £100 coin, you've been duped by the royal mint! Your coins ARE NOT legal tender and the royal mint has instructed banks not to accept them.
In other words, they're taking your money and sending you a round bit of metal with a pretty picture that you cannot use - despite claiming it's legal tender on their website (which I witnessed having looked just before xmas and thinking of buying one).
More on it here, including a photo of the letter from the Royally Minted:
http://www.dailymail.co.uk/money/saving/article-3395473/The-face-value-legal-tender-coins-t-cash-Roy...
Thats dishonesty at its best and shows the perfect example of just how this country functions - like a bunch of crooks.
I need a new signature... i'm bored of the old one!
35 REPLIES
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

I've had enough trouble with £50 notes being refused in shops and other businesses. (I had 4 a couple of years ago).
I ended up paying them into my bank account.
No way would I buy one of these coins with the intention of spending them.
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

This link is clearly displayed on the page where you purchese these coins. It can't be labelled as a scam because of the warnings contained in the link.
http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

that is because they have now added it as mentioned in the linked article
Krazeh
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

Even without those warnings I fail to see how this could be described as a scam. The coins can be used at their face value if the other party agrees and as legal tender can presumably be used to settle court debts. Just because people who've previously purchased coins don't understand what 'legal tender' actually means doesn't make the sale of commemorative coins a scam.
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

No scam, just DM junk!
Razorback
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

Surely the point of these coins is that they are going to be kept and displayed. If you just want to spend £100 you can get 5 tatty 20's out of the ATM.
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

The real point of the DM article was that some bloke was buying these on a credit card to earn free air miles then taking them to the bank and paying them in so he would have the money in the bank to pay the credit card bill, so he thought it a cunning way to get air miles for free.
If they were 'legal tender' in the way most of us think of legal tender (cash!) then he should have been charged a cash advance fee by his credit card company.
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

@7up,
You were thinking of buying one ?
Are you sure it was only £25 you won on the lottery ?
Wink
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

glen, yeah i was looking back in december before our big win!
Quote from: Krazeh
Even without those warnings I fail to see how this could be described as a scam. The coins can be used at their face value if the other party agrees and as legal tender can presumably be used to settle court debts. Just because people who've previously purchased coins don't understand what 'legal tender' actually means doesn't make the sale of commemorative coins a scam.

The point is that if the banks have been instructed not to accept these then they are effectively worthless because so few people will agree to accept them as payment - and why would they if they cannot pay them into their bank accounts too.
Pretty bits of metal yes but as they are COINS issued by the royal mint with the words 'legal tender' they should not then be telling the banks never to accept them back and payout on them.
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

Why would anyone want to purchase a £50 or £100 commemorative coin to spend it or pay it into the bank. In the latter case it's not as if you could withdraw it at a later time and get the same coin back Roll eyes

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Krazeh
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

Quote from: 7up
The point is that if the banks have been instructed not to accept these then they are effectively worthless because so few people will agree to accept them as payment - and why would they if they cannot pay them into their bank accounts too.

I can't imagine they were widely accepted outside of banks anyway.
Quote from: 7up
Pretty bits of metal yes but as they are COINS issued by the royal mint with the words 'legal tender' they should not then be telling the banks never to accept them back and payout on them.

Why? The point of the coins are that they are commemorative items, they're not being sold to be used as cash. And just because something is legal tender doesn't mean a bank has to accept it.
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

It's all pretty clear if you understand what legal tender is (largely irrelevant for everyday transactions) and read the wording (my bold):
Quote
The UK £100 coin is approved as legal tender, it has been designed to be a limited edition collectable or gift and will not be entering general circulation. As such, UK shops and banks are not obliged to accept it in return for goods and services

It's generally up to any business to decide what forms of payment it accepts.
The last commemorative coins I remember acquiring in any numbers where the Churchill Crowns issued IIRC in 1965. Cost 5/- worth 5/-.
I acquired loads of them and used to amuse myself paying for bus fares and other small purchases with them. Never actually refused as they were quite well known.
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

Quote from: Mav
Why would anyone want to purchase a £50 or £100 commemorative coin to spend it or pay it into the bank. In the latter case it's not as if you could withdraw it at a later time and get the same coin back Roll eyes

Quote from: Krazeh
Quote from: 7up
Pretty bits of metal yes but as they are COINS issued by the royal mint with the words 'legal tender' they should not then be telling the banks never to accept them back and payout on them.

Why? The point of the coins are that they are commemorative items, they're not being sold to be used as cash. And just because something is legal tender doesn't mean a bank has to accept it.

1) You are told that it is a £50 coin. This implies that it has a legal value of £50 which can be used as currency.
2) Emergency funds. You're not going to spend it unless you really have to... but if you hit a rainy day you have that coin (or coins) that you can cash in at the bank (except now you can't).
Commemorative or not, if the RM say it's got a £X value then it should be honoured.
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Re: Another scam from the top - Royal Mint coins NOT legal tender.

I'm sure the BofE will cash them for you Wink