New pound coin

It is a feature of UK and some European countries that a change in coinage results in the old system being withdrawn over a period. This is not so in the USA where old coinage continues to be used. Technically a 20dollar gold piece can be exchanged for goods worth 20 dollars, but in reality the bullion value vastly exceeds the face value. There are, I believe, strict regulations regarding exports of coinage from the USA.

I was reading a week or so ago in the financial section of the press that an unemployed guy twigged on to the fact that some of the half dollars had a silver content of greater than face value so he started drawing his "benefits" in half dollars and sorting them out. This is not as difficult as it seems as when viewed in an edge on the silver coins have a different hue. This operation got so large that he was required to open a business account at the multitude of banks that he was using. The amount being credited bought him to the notice of the Revenue authorities who could not find any evidence of malpractice. The banks involved got fed up with counting half dollars which were not of great interest to the general public, so they started to order in bags from the federal reserve, these provided an even greater source of silver half dollars. He is now some form of millionaire and now is looking at nickels whose nickel value is greater than face value

I well remember ration books and Mars bars. I remember when the first oranges and bananas appeared here,after the war. We kids did not know what the hell they were,plenty of apples OK but not much else.When I see the way good food is wasted and thrown out these days,it makes me sick. How much food did your Mother throw out because it was "One day past it,s sell by date?" Not too much,I,d say. The amount of food I see kids wasting,is something else,there are times when I have to bite my tongue.Hope they never see the other side. We,ve been there,done that,bought the tee shirt. When I remarked to one of the staff in Lidl,s recently about the amount of stuff they were slinging out,I was told "We must get rid of it,we cannot sell it,it is gone past it,s date" I thought to myself "Big deal,so am I,but I,d still eat it " I said to him "What would Mein Furter have to say about that?" He is still looking at me,I dont think he knew what the hell I was talking about.

If the Sates have some kind of Law making it illegal to destroy coinage, does that not mean that any theoretical metal value is unavailable to him as he cannot convert the coins to metal without breaking the law. I guess he could perhaps wait until the Feds made the coins no longer legal tender but then he is sitting on money he cannot spend without forfeiting future wealth. It the mean time what the hell is he living on? Sounds a tall tale to me.

regards Martin

I am not sure if they do, or not, I haven't checked, but I would think this law would be broken every time someone presses a 'penny' (1c piece) into a new shape in one of those machines in most amusement parks.

Sure it is still a coin of some sort, but it is no longer legal tender as both sides have been pressed with a new image and its shape has distorted into a long oval.

Martin kite........I reported only what I read. Having recently purchased a Phili. minted Wild West dollar dated 1900 US 900 grade silver for £90 it was of interest to me as a coin collector.

Hi John

I'm sure you reported what you read. No reflection on you, I just don't really see how he makes it work that's all. Not everything that is written is accurate. This maybe is, but as it stands it does have some questionable points.

regards Martin

I looked into this a while ago and found that almost all administrations own their coins outright; coins are only loaned to you as a token of exchange. You own the value represented by the coin (or note) not the coin itself. As you don't own it, you don't have permission to damage it.

Presumably back in days when the token had an intrinsic value, the law stopped people causing a currency crisis by melting down gold, silver, or copper whenever the metal happened to be more valuable than the denomination of the coin. There have been occasions when gold coinage was recalled and replaced by something cheaper like paper. Hoarding gold has been a crime with stiff punishments in many countries at one time or another. There was a big problem with US Silver Dollars in the 19th century when the value of silver crashed.

These days coinage has such low intrinsic value no-one cares much what you do with it. Apart from the value issue, I couldn't confirm that it's high treason in the UK to deface the image of the monarch. Another illusion shattered!

Dave

> How much food did your Mother throw out because it was "One day past it,s sell by date?" Not too much,I,d say.

I have little truck with sell by dates. As far as I can tell the date on Stilton means 'wait another month before eating'.

Today I intercepted a bag of nuts on the way to the bin, sell by date 6th June 2017. Apparently the gold covered chocolate coins (worth more than face value then!) were mouldy.

Sceptical, I examined them closely. The chocolate inside appeared OK but ether was indeed the appearance of mould or corrosion around the joint in the foil coverings.

I broke open a walnut, the inside was dusty with spores and there were two small bright yellow lumps of 'something' inside.

Thoughts of aflatoxins and on its way direct to the bin!

Neil

Almost none. But then she always took a lot of care not to buy anything overripe, stale or rotten in the first place.

Are you saying you're happy to pay good money for food known to be past it's sell by date; that having paid for it you won't sue if it gives you the galloping trots, and that you will pay for any treatment the NHS is obliged to give you?

I do agree that food is wasted because sellers are pessimistic about how long food stays in good condition. But they have to be. They don't know how long it will be in storage before it's sold or how well it will be looked after in transit. If they get it wrong they're in big trouble - food poisoning is no joke.

Dave

One Christmas my wife reported on Christmas Eve the local Sainsburys had a pallet of bags of King Edward potatoes, all going for FREE as they hadn't sold them and the sell by date would expire Christmas Day when they would be closed so they would be no good to sell on Boxing Day - like how ridiculous can you get, how long do you/can you normally keep potatoes?

Needless to say we managed to get a couple of bags as they were all flying out the door.............

Chris

.

Dave,

Forgive me for quoting just those few words, but:

I think you might find The Royal Mint's take on that subject interesting

**LINK**

http://www.royalmint.com/corporate/circulating-coin/coin-reclamation

MichaelG.

Tut! The Duffer wrong again: surely not? Well I never. I suppose there being so many in circulation adds up to big money. I never thought of that.

Thanks,

Dave

You can pick up one and two pence coins with a magnet because making them as of old, from copper would make it well worth smelting them and selling the ingots.

The new pound coin will be used as an excuse to increase prices.

Nothing new there then.

This coin is/was worth a bit more than it's' face value' **LINK**

It must have taken a few strong people just to carry it.

* Danny M *

.

i'm inclined to think it serves 'em right

... for doing something so crass as making it in the first place.

**LINK**

http://www.mint.ca/store/mint/about-the-mint/million-dollar-coin-1600006#.WNtdyJF4WhC

[quote]

Why did the Royal Canadian Mint make the world's purest and largest gold bullion coin? Because we can.

[/quote]

MichaelG.

Edited By Michael Gilligan on 29/03/2017 08:23:13

Martin Kyte...... No need to smelt or store coins, my guess, he sold coins to those who wished to purchase them for more than face value. Dealers,collectors,those who simply wanted an old coin. His only action would be to sort by individual mint, year, condition and sell, knowing that he can return any non wanted coins to bank

Should you wish you could do the same in the UK. There have been more than 60 (And counting) design variations on the 50p coin issued in various quantities (Did you even notice?) collectors will pay a premium over face value for the best examples.

1p and 2p coin of the right type can be of interest to collectors, but don't expect us give the game away😜😜😜

Between their introduction and about 1991, 1p and 2p coins were I understand made out of bronze.

About ten years ago when commodity prices were soaring it was reported that one of those 2p coins had a metal content value of about 3p, not sure what current situation is though.

I think melting them down for the metal might get you into trouble if you were to be found out!

The new one pound coin can be spun on one of its 12 edges to achieve heads or tails instead of by the conventional methods.

Edited By V8Eng on 29/03/2017 10:09:41

How many people know that th Royal mint issues a £100 coin?? NOw before you get excited IT IS LEGAL TENDER BUT NOT TO BE FOR GENERAL USAGE. Work the logic in that.

Inspired by this thread I took a handful of change to the supermarket to get rid of it by buying omelette ingredients.

On 10p kept being rejected. it appeared to be a bit worn but I took a close look, and it turned out to be a quarter dollar. Now I've never been to the states, nor any immediate family so i assume I was given it in change as a 10p - they are only slightly smaller (and worth twice as much!)

Neil

Yes. I can see that working but I thought the original article was about silver content?

regards Martin