Royal Mint £50 coin for face value - manufactured spend opportunity
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Royal Mint £50 coin for face value - manufactured spend opportunity

13
Found 22nd Dec 2015
This is a great deal. The Royal Mint expects to make money off people who buy these coins and lose them or don't cash them, which is why they sell them with free shipping and no fees for paying by credit card, but they have legal tender value and here is how you can beat them at their own game!

Step 1: Use a rewards credit card of your choice to order as many £50 coins (for £50!) as possible.

You should be able to order thousands of pounds worth

Step 2: Pay the coins into your bank. Many banks will accept deposits of these coins, though they are not required to it is customary that they do

Step 3: Use the paid in coins to pay off your credit card, and repeat step 1.

Enjoy!

13 Comments

Wat?

why cold?

magrawal

why cold?



wat?

I guess you could rack up several thousand pounds of debt and hope that your bank will cash them...

Or, you could just leave this limited run for the intended audience instead of trying to get something for nothing at the expense of actual collectors.

I'm not a coin collector, btw, I just hate this attitude of screwing over others for a potential profit.

But then there might be less of them in collectors hands making them worth more depending on what the bank would do with them hmmm

Bullfrog

I guess you could rack up several thousand pounds of debt and hope that … I guess you could rack up several thousand pounds of debt and hope that your bank will cash them... Or, you could just leave this limited run for the intended audience instead of trying to get something for nothing at the expense of actual collectors.I'm not a coin collector, btw, I just hate this attitude of screwing over others for a potential profit.



What the hell are you? a communist

hang on, I buy a £50 coin with my credit card, pay it into the bank, then with the £50 in the bank pay off my credit card??
why don't I just do nothing I'm in the same boat oO

As Forest Gump once said: "Retarded is as retarded does".

I think the clue was in "use a rewards credit card" but it seems a lot of work just to rack up the potential reward (may be just 0.5% with some cards) especially when compared to the fact this may be seen as a "cash" transaction and not attract any reward!

Think this one would've been better entered onto the 'Viz Top Tips' page.

The flaw in your plan: "This coin has been designed to be a limited edition collectable or gift and will not be entering general circulation. As such, UK shops and banks will not accept it."

COOLING ADDED AND THIS IS WHY... If you think if the Royal Mint is selling a £50 face-value coin for £50 with free postage is too good to be true, that's because it is! No retailer or bank (including Bank of England) in the UK will accept the silver commemorative £20, £50 or £100 coins. They are only worth about 20% of their face value due to the silver content. The word is now spreading about the "misleading" information given out by the Royal Mint and eBay proces are now dropping fast. I suggest that you sell as soon as possible to cut your losses or hope (a very big hope!) that the price of silver rises enough to reach the face value of the coins. If you are desperate enough to recoup the face value of these coins, the only way is by being forced to settle a debt via the courts which will play havoc with your credit rating. Even restaurants now refuse to take these as part of settling a "debt" for the meal you've just had. In reality, THESE COINS ARE FOR COLLECTORS ONLY, NOT AN INVESTMENT AND ACTUALLY WORTH ONLY 20% OF THEIR FACE VALUE !!!

COOLING ADDED AND THIS IS WHY... If you think if the Royal Mint is selling a £50 face-value coin for £50 with free postage is too good to be true, that's because it is! No retailer or bank (including Bank of England) in the UK will accept the silver commemorative £20, £50 or £100 coins. They are only worth about 20% of their face value due to the silver content. The word is now spreading about the "misleading" information given out by the Royal Mint and eBay proces are now dropping fast. I suggest that you sell as soon as possible to cut your losses or hope (a very big hope!) that the price of silver rises enough to reach the face value of the coins. If you are desperate enough to recoup the face value of these coins, the only way is by being forced to settle a debt via the courts which will play havoc with your credit rating. Even restaurants now refuse to take these as part of settling a "debt" for the meal you've just had. In reality, THESE COINS ARE FOR COLLECTORS ONLY, NOT AN INVESTMENT AND ACTUALLY WORTH ONLY 20% OF THEIR FACE VALUE !!!

a_david

The flaw in your plan: "This coin has been designed to be a limited … The flaw in your plan: "This coin has been designed to be a limited edition collectable or gift and will not be entering general circulation. As such, UK shops and banks will not accept it."



Very true, they are only worth their value in silver content (about £10) or face value if you're drawn through the courts to settle a debt which mean kissing goodbye to any credit rating. DON'T BY THEM unless you're a collector not needing to make a profit.
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