Hot answers tagged

31

What do the coins go for on eBay compared to what the coin shop is offering? I wouldn't expect to be able to resell a non-graded, recent coin like this at the retail price the mint offers. The mint focuses on sales to collectors who get some enjoyment out of their coin collection, not investors looking to resell their collections at a profit. If the ...


17

Just because the coins are legal tender does not mean that they are "in circulation" and people are spending them at stores. Yes, the Canadian Gold Maple Leaf is legal tender, as is the American Gold Eagle. All this means is that if you owe a debt of $50 to someone, you can give them one of these coins, and they are required to accept it as payment in full....


12

I think the term you are looking for is fractional monetary unit. Monetary unit refers to the standard base unit of currency, such as the dollar. The fractional monetary unit is a unit of currency that is a subdivision of the basic monetary unit.


11

Is this even legal? How can a bank refuse to deposit legal tender in the United States? Legal for all debts, public or private, doesn't mean quite what I used to think, either. Per The Fed: This statute means that all United States money as identified above is a valid and legal offer of payment for debts when tendered to a creditor. There is, ...


11

How could it be that this gold coin was created as legal tender when its gold content is much higher than its face value? There are many coins that have market value far above their face value, typically collectibles of limited production. They are often issued to create revenue for the treasury. You can't buy one of these for 50 dollars. Is it ...


11

The best opportunity to sell small amounts of collectible coins is to go to coin shows. Now the gold and silver coins from the U.S. Mint catalog-website are not bullion but are mint-marked coins.


9

Nine years later, we know that pursuing this strategy is a losing proposition. Using the Base Metal Coin Melt Value Calculation at coinflation.com as you suggested, we see that $10.00 of nickels is now worth $8.00.


7

Legality They cannot refuse to accept coins and demand some other payment after providing a good or service. Legal tender is legal tender for all debts. But until they provide the good or service, they don't have to accept it. In this case, you want the service of depositing money. But by its nature, they have to accept the payment first. In that ...


7

This is a Bahraini coin. It is worth 50 fils, and there are 1000 fils in each Bahraini dinar, so this coin is worth 0.050 BHD. The current value of this coin is 8.99 INR, or $0.13 USD.


7

Their "worth" is whatever someone is willing to pay to have them. The mint presumably thinks that some people (collectors) are willing to pay at least 55$ CAD for them. Their value as currency is only 3$ CAD. Their value as precious metal/crystal is irrelevant, as its illegal to melt (without explicit permission) coins that are legal tended in Canada.


7

Check with your local bank - you're likely to be able to either deposit it to your account or exchange into more useful form of currency. Otherwise, you can also check eBay. I'm not familiar with the Australian law, and it may be illegal to do that, but I know that coins from other countries that went out of circulation become quite popular with collectors ...


7

You only buy an investment if you think it's going up in value You only sell an investment if you think it's going down in value (or want to cash out and don't want to risk it going down more) So buy at 30 and sell at 40 is perfectly reasonable. But you'd only buy at 46 if you think it's going up from there. And obviously it would have been better if you had ...


6

The stated tax advantage is only going to have value for you if your investments lead to gains that exceed the annual UK capital gains tax allowance. This is currently GBP 11,100 per year. So unless you are in a position to make a large investment in gold coins, then I wouldn't consider the tax-free status of coins to be of any real value. The ...


6

I think you're talking about two types of machines, at least in the United States. The term change machine usually refers to a machine that accepts large denominations of currency and returns an equal amount of currency in smaller bills or coins. Typically these machines are used to provide coins in exchange for paper currency, in which case they are ...


6

I came across this €1000 coin, which can actually be bought for €1000. It contains 17 grams of gold, worth about €600 today. Is there any downside to this over keeping €1000 in regular banknotes? These are bullions / medallions / collectibles / Non Circulating Tenders or whatever name one wants to call it. A coin has a value because the Central Banks says ...


5

Years back I worked at the numismatics dept of a bank here in Switzerland. They traded coins. From my experience in wealth management I would make the following distinctions between gold coins and "other" gold investments. Every coin is unique. That is, unless you melt it - which is clearly hardly ever the objective when buying coins. I recall, that we ...


5

How do the mint set the value? Surely it cannot be a value plucked from the sky. Actually, that's exactly how it is set - plucked from the sky. Not by the mint, though, by Congress (in the case of the US, similarly in other countries). The US mint merely executes orders given by the US Congress and signed into law by the US President. For example, the ...


5

I'm planning on buying Vienna Philharmonic bullion coins. What confuses me the most is the face value of the coins. For instance, copper coins have face value of 5 euros. You have confused bullion coins, which are valuable for the amount of precious metal they contain, with collector coins, which are valuable because collectors want to purchase them. They ...


5

In addition to the manufacturing problems, unless you do something like an internally-braced honeycomb structure (which REALLY increases your manufacturing costs :-)), your hollow coins will be weak and easily crushed, like a tin can. Another problem is psychological: many people still think coins have intrinsic worth, because of the metal. Lighten the ...


5

Is it possible? Yes. Banks don't always pull old coins or notes from circulation. (Notes are pulled based on condition, so most notes that are old enough to have any collectible value have already been pulled and destroyed. Coins last much longer, but if a coin isn't in obviously poor condition, it'll just go back into circulation unless a bank employee ...


5

I am sure that it is true that the cost of a 1oz gold coin (or whatever the size is) is different in different countries. However the difference is going to be tiny (apart from differences in duty) - less than the cost of transportation. If you are being invited to invest money in a scheme which involves buying coins from the US and selling them in ...


5

You might want to do some math on how many quarters you need for, say, a year of laundry. A roll of quarters is forty quarters or ten dollars, so divide by ten and round to a convenient number. Then go to your local credit union branch and ask if they can get you that many rolls of quarters. Even 500 dollars is probably small enough that the teller isn't ...


4

I don't like paying the percentage on the supermarket coin counters, and don't feel like buying a coin counter so I have my own solution. I keep higher value coins for vending machines, parking meters etc, and lower value coins I put in charity boxes.


4

Metro Bank has coin counting machines in all of their branches. You don't even need to be a customer, just hand over the slip you get at the counter, and you'll get cash. Plus, if you guess the amount of coins to the nearest pound, you get a free prize (a branded yoyo/water bottle/etc.)! NatWest has a few in their branches too (mainly larger ones), but you ...


4

Ask around your area. Some stores will exchange because it saves them having to go to the bank to stock up on change. Some stores have machines that will convert the coins for a small percentage fee. Some banks may do this exchange for folks who aren't customers, though that's uncommon. My solution was to open a small account locally specifically as a ...


4

Coin collections [or collectables] in general are very difficult to evaluate. There is very little information that is freely available. The prices are very volatile. Given this, it is best you surf the internet and do some preliminary fact finding. For Coin Collection, most countries have coin societies / hobby clubs. You could contact them. Auction house ...


3

Here's the explanation from WikiPedia: Britannia gold coins contain one troy ounce of gold and have a face value of £100. Gold Britannias also are issued in fractional sizes of one-half, one-quarter, and one-tenth of a troy ounce and with face values of £50, £25, and £10 respectively. The sovereign is a gold coin of the United Kingdom, with a nominal ...


3

The bank certainly doesn't have to take it for a deposit; that's not a debt. There have been several cases where disgruntled debtors have attempted deliberately annoying ways to pay their debts; the apocryphal example being pennies. Courts are not likely to support such efforts since it's obvious that a) the action is malicious and (relevant to you) b) it'...


3

Why was it not widely adopted? I think there are a couple of key differences. The first is that the "susan B" dollar coin was regarded as unattractive and easy to confuse with a quarter. When canada released the loonie a few years later they learned from this mistake and made the coin in a style that was more fitting for a high denomination coin while ...


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