Ive covered several times in the past, about my master plan to maximise "free money", and how to spend it. Lets go back a few years and give a quick recap of what ive been doing:
Several years ago, the Royal Mint released a set of coins that you could buy for face value... I hear you saying - "Isnt it the Mints job to make coins and release them for face value?". Well youd be 99.99% correct.... Here in the UK we have a limited number of general circulation coins that get minted and released on a yearly basis -
1 pence(£0.01), 2 pence, 5 pence, 10 pence, 20 pence, 50 pence, 1 pound(£1) and 2 pound coins. These coins are accepted by all shops and banks as a medium of exchanged for good and services. This has always been the case since decimalisation in the late 1970's, and shops never bat an eye lid if you choose to pay with these coins.
So when the Mint released their £20 coins for face value, and their £50 & £100 for face value coins, there was some interest from the coin collecting community. May I add that it was short lived!! Buyers of these face value coins, WHICH ARE LEGAL TENDER, quickly found that shops, restaurants and banks were refusing to accept them as payment for goods and services.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt.[1] Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
WIKI
This is were my master plan kicks in.... Ive been buying up these "face value" coin on a well known internet auction site for the past several years. Once collectors and people who thought face value for face value was a great deal, but then couldnt spend them lost their patients, the internet was flooded with cheap coin. You can still find them now by performing a little search, but you need to be fast to beat me and a few others doing this fancy new little trick.
How this trick works is all in the wording of the law -
"satisfactory payment for any monetary DEPT".
DEPT being the most important work here. Contrary to popular belief, shops or individuals do have the right to refuse payment in coins or notes, even legal tender ones, before a transaction has taken place, and to demand payment in whatever form they choose.
However, when the debt has already been incurred, such as self-service petrol pumps OR eating at a restaurant, then they are obliged to accept settlement of that debt in legal tender! GENIUS!!!
This movement has been championed by a bloke called Julian Chamberlain, hes been doing quite well and gaining a lot of followers on his channel, with his videos. This ones a 20min clip of him spending his face value silver coins in a Tesco(UK supermarket) and being successful
I know this works as ive done it myself for a few years. The more its done, the more it will be widely accepted. Which is great news if you want to spend your coins, but bad news for me of i want to pick them up cheap.
I forgot to say earlier, the savings on these coins can be up to 20% under their FV, which is a huge saving on a £100 coin. With the price of petrol going up, up and up, why would you not use a method that can save you 20% offf the proce of filling your fuel tank.
40+yr old, trying to shift a few pounds and sharing his efforsts on the blockchain. Come find me on STRAVA or actifit, and we can keep each other motivated .
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It is pretty nice to know that this coins can be useful in terms of using it in shops and other places.
The trick only works if youve incurred the debt before transaction. Which is why "self service" petrol station are a favourite place to spend them
I knew you weren’t a complete idiot….🤣🤣🤣
Nicely done Welshie
Only when choosing who I hang around with online. For everything else im pretty switched on. 🖕🖕
Now that’s not very nice
This is awesome and thanks for sharing.
Oh damn that 2015 Britannia looks really good , thanks for sharing I really want me one of those now
These are not the 2015 Brittannias buddy. These are £50 face silver coins. The 1oz Brittannias have a FV of just £2, even though they weigh more than the £50 coins. Lol
Oh man what a bummer probably will not get it the premium must be wild
Interesting strategy of acquiring these face value coins at a cheaper price @welshstacker 😀 With the spot price down, I am sure you will find more..........Or Silvertop will!😇
Theres very little silver weight in these coins, a few grams or so(20ish), so the proce ofnsilcer wont effect these much. They have increased in proce on the secondhand market since people have figured out the "loophole" to be able to spend them.
Interesting that people have figured out this "loophole", let us see the ones you are able to scoop up😀😇
Is this Gresham's law? Those £20, £50 & £100 must be really "good money".😆 This doesn't make sense
I like the way you think. It makes absolutely no sense what so ever.... these £20,50 & 100 coins are made from 925 silver, so do technically have some intrinsic value in them. The coinage widely accepted is a cupro-nickel composition, and the metal content is worth less than the face value of the coin 🤯🤯
Are you saying I could get away with this at Llantrisant Tesco?? 😀
Hang on..... how fucking close to me do you live?? 🤣🤣
Close ish! I'm in the 'Diff but frequent the likes of Llantrisant, Pontyclun etc regularly. I've seen you post about RCT before too!
Ok youre scaring me now! That is exactly my neck of the woods.
Don't worry, with 3 children and everything else that goes on in life stalking doesn't even make it on to one of the many to-do lists!
With two of my own, weve probably crossed paths on at least one occasion in the local parks and play centres around here. Hahaha