Another, Tony from Dartford, said: 'I have just bought two £50 coins for my grandchildren celebrating the long reign of Queen Elizabeth. '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. Please take 5 minutes to complete our customer survey. The Royal Mint says: 'The "face value" description used for this coin range refers to the fact that the coins are available to buy for their denomination figure – the figure shown on the coin "face". Fake coin - these are from The Royal Mint which is legal tender. You should carefully consider the risks associated with investing in Bullion, taking into account your own individual financial needs and circumstances. 25p (Crown) - for any amount not exceeding £10. Benefits of The Exclusive Legal Tender Bar: Guaranteed for weight and purity (.9999 fine gold) by the Royal Canadian Mint; Ideal for barter in a crisis situation; May be included in a precious metals IRA; Fractional size offers a lower price point and greater flexibility than one ounce coins and bars when it comes to liquidation and distribution ', 'The Royal Mint can't have it both ways and to continue to use such a description would be a deliberate attempt to deceive the average consumer.'. Please note that whilst these coins are legal tender, they are not designed for general circulation, so banks and shops are unlikely to accept the coins. The coinage and the commercialization of commemorative coins and medals has been awarded to the Royal Dutch Mint. In England and Wales, it’s Royal Mint coins and Bank of England notes. The technicality is that a debtor can’t be sued for not paying IF they pay into court with legal tender, of which precious metal bullion and proof coins from the Royal Mint count as a legitimate contribution. We do not allow any commercial relationship to affect our editorial independence. While the coins will remain legal tender, the Royal Canadian Mint will no longer distribute pennies as of February 4, 2013. Previously, a spokeswoman from coinage experts the London Coin Company, said: 'We think the Buckingham Palace coin will just about hold its value - the buzz has gone over £100 silver coins after the previous version which also had 2oz of silver with a £100 denomination. Since then, it has been struck both as a bullion coin and beginning in 1979 for collectors. The Royal Mint adds: 'Legal tender is a concept that can be misunderstood. 'No one knows the future and one day they might need £50 in an emergency and now they have to go to do dealers. However, like many buyers, James didn't realise what the strict definition of 'legal tender' entails and was hit by the Royal Mint's crackdown, which saw a letter sent to banks telling them not to accept the coins. peculiartomrfish. … The Royal Mint of Belgium is responsible for ordering the Belgian circulation coins, the design, the quality control and the screening of counterfeit coins. Many will idly see this as a guarantee that a £100 coin is indeed worth £100. Another commenter on our story suggested that high value coins must be accepted by the Post Office by law as legal tender for purchases. Some of his pile of coins is pictured here, Its terms and conditions section on the website describes legal tender as having 'a very narrow and technical meaning in the settlement of debts.'. When the two-cent coin was discontinued, penny took over as the new one-cent coin's name. The Royal Mint cannot accept returns of such coins outside of the 14 days return policy. 25K 961 6. In Economic Action Plan 2012, the Government of Canada announced that it will modernize Canada's currency set by eliminating the penny from Canada's coinage system. 'Products must be returned to us in as-new condition in their full packaging. 'They are intended as collectable items, and are not promoted as investment items or intended for use in daily commercial transactions. ', GamblingJoe, from Salcombe, adds: 'The Royal Mint were/are clearly misleading people with the term "legal tender".'. Legal Tender Gold Bar Sunday, 27 September 2020. Coin experts said the Royal Mint has been pumping out increasing numbers of the special coins in recent years. Mist001. According to the Royal Proclamation under the Coinage Act of 1971, the £20 coin, like the £5 coin, and all other United Kingdom coins of the realm, IS legal tender (including commemorative 10p, 50p, £1 or £2 coins in cupro-nickel, silver or bronze). Since its introduction in 1988, the iconic Royal Canadian Mint Silver Maple Leaf (SML) has been a highly sought-after bullion investment coin. But it turns out this is not true either. I opened a BA Amex to earn a free flight voucher: I've now cancelled the £195 credit card - have I lost the reward too? The coin was still used in the Middle East and demand rose in the 1950s, to which the Royal Mint eventually responded by striking new sovereigns in 1957. Legal tender … This means that in common with coins in general circulation these coins have legal tender status. We do not write articles to promote products. Collector coins may be used to purchase goods and services to the value stated on the coin (or ‘face value’), or can be exchanged at a bank for regular circulating currency to the same face value. 06964873). On the Royal Mint homepage, commemorative coins are proudly described as being 'face value.'. Legal tender allows UK coins to be accepted for payment of debts in court, but only circulating legal tender coins are designed to be spent and traded at businesses and banks.” In order to comply with the very strict rules governing an actual legal tender transaction it is necessary, for example, to offer the exact amount due because no change can be demanded. All bullion coins struck by The Royal Mint are official United Kingdom legal tender, and similar to all UK coins they carry the coinage portrait of Her Majesty The Queen. The SML is minted with one troy ounce ... each coin being legal tender weighing 1 g. NEW for 2016, each Gold Maple Leaf coin features precisely machined radial lines. The Royal Mint told This is Money that it will only accept returns of the coins within 14 days and those who want to sell the coins in the future will have to 'consult with a reputable coin trading agent. This new £60,000 BMW iX3 electric SUV has a soundtrack... HSBC, which had accepted them in the past, suddenly refused them. According to latest data, one ounce of the precious metal is currently trading for $14. Your coins ARE NOT legal tender and the royal mint has instructed banks not to accept them. Here's how you could boost sales and visibility during the pandemic and beyond, My mother is being moved to end of life care which is totally funded by the NHS: Is she still entitled to claim her state pension? It says: 'The coins are issued for commemorative purposes only and are not intended to be used as cash. For more information see our Terms and Conditions. ... 'Legal tender' simply means that an item can be used to settle debts to a court. £50 - for any amount. 'They are intended for collectors and gift buyers, and demonstrate the detailed hand-finished processes and expert skills of The Royal Mint's craftspeople.'. Banks warn over negative interest rates: Big lenders urge caution as BoE weighs up whether to go below zero for the first time in history, 'UK equities could be the perfect way to play a global reopening at a fair price': Tom Becket talks opportunities for 2021 on the INVESTING SHOW. Bullion markets can be volatile and the value of Bullion may fluctuate dependent on the market value of precious metals. She added: “As set out by law, all UK coins made by The Royal Mint are classed as legal tender, whether commemorative or circulating. Some links in this article may be affiliate links. £1 - for any amount. The international ranges of gold bullion coins which are sold by The Royal Mint including The Krugerrand and Maple are also VAT free. 'Products sold from the mintages of most of its products over the last two to three years are way down.'. 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