New pound coin

[ChrisHParticipant @chrish]

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

[Michael GilliganParticipant @michaelgilligan61133]

Posted by SillyOldDuffer on 28/03/2017 17:26:58:

These days coinage has such low intrinsic value

.

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.

[SillyOldDufferModerator @sillyoldduffer]

Posted by Michael Gilligan on 28/03/2017 20:38:12:

Posted by SillyOldDuffer on 28/03/2017 17:26:58:

These days coinage has such low intrinsic value

.

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

[John GardenerParticipant @johngardener91897]

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.

[Danny M2ZParticipant @dannym2z]

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 *

[Michael GilliganParticipant @michaelgilligan61133]

Posted by Danny M2Z on 29/03/2017 01:09:13:

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

[John FlackParticipant @johnflack59079]

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😜😜😜

[V8EngParticipant @v8eng]

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

[John FlackParticipant @johnflack59079]

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.

[Neil WyattModerator @neilwyatt]

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

[Martin KyteParticipant @martinkyte99762]

Posted by John Flack on 29/03/2017 09:33:04:

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😜😜😜

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

regards Martin

[Michael GilliganParticipant @michaelgilligan61133]

Posted by John Flack on 29/03/2017 10:17:59:

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.

.

They're selling them at face value, but they only weigh 62.86 g

**LINK**

http://www.royalmint.com/shop/Trafalgar_Square_2016_UK_100_pound_Fine_Silver_Coin

Scrap value of fine Silver is around 40p per gram

62.86 x 0.4 = 25.144

MichaelG.

[Martin 100Participant @martin100]

Posted by John Flack on 29/03/2017 10:17:59:

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.

Legal tender guidelines

"Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded."

[John FlackParticipant @johnflack59079]

Martin 100………..

The tax man will not accept payment in cash. Read your tax demand, it's nonsense determined by government who have always got you by the 'nads

[Martin ConnellyParticipant @martinconnelly55370]

Due to the cost of changing the coin mechanisms for machines when a new coin is introduced I see new vending machines are being fitted with card readers and can accept payment by Android Pay and the Apple equivalent (not sure of the official title). We are heading towards the cashless society that the government would surely love as it will kill some of the cash transactions that avoid the taxman's eyes.

Martin C.

[ZebethyalParticipant @zebethyal]

On the subject of legal tender, it is possible settle your annoying debt of say 10p that some previous energy supplier keeps hounding you for, by simply sending them a 10p stamp.

[Martin KyteParticipant @martinkyte99762]

yes

[Michael GilliganParticipant @michaelgilligan61133]

TPosted by jason udall on 27/03/2017 18:42:36:
I note the new coin is twelve sided ( or 14 if we include "faces".

Now I note the twenty and fifty pence coins are what are known as constant radius…ie the one vertex is the center of the other side which in itself is a segment of a circle not a flat…
All this so you can have coins with flats that can roll…down coin acceptors thought's.

So how will a EVEN number of sides work?
( An aside..I suggested to the chap at my bank …well I guess they a have thought that one out…"I wouldn't assume that" je said

.

Don't worry, Jason

The new Pound coin is NOT 'twelve sided' in the sense that we would interpret it.

I've just had a look at one under the stereo microscope:

• The six un-milled 'sides' are very clearly arcs, and appear to present both a constant radius and a constant diameter. [i.e. the thing is essentially circular]
• The six milled 'sides' are more slightly curved, but still far from flat.

MichaelG.

.

P.S. … Inevitably; seen at 40x magnification, the actual coin looks very rough compared with this:

https://m.youtube.com/watch?v=5sLhzorMQMc

Edited By Michael Gilligan on 01/04/2017 22:33:51

[duncan webster 1Participant @duncanwebster1]

So the vile calumnmy being put about that it is 12 sided so you can use a spanner to get them out of a Yorkshireman's hand must be wrong then.

I suppose the milled sections would give increased grip on a miniature strap wrench

Edited By duncan webster on 02/04/2017 01:10:52

Edited By duncan webster on 02/04/2017 01:11:07

[Michael GilliganParticipant @michaelgilligan61133]

[Clive HartlandParticipant @clivehartland94829]

Just a thought, the milled edges of the £1.00 coin will no doubt soon wear the pocket fabric and a cascade of coins fall to the floor! Will we now go and buy a coin wallet or perhaps one of those pouches made from a bulls scrotum?

I was in Nairobi and my wife and I visited a souvenir shop and the young Asian girl was showing a tourist a draw loop pouch. When asked by the tourist what it was made from the girl replied a Bull Buffalo scrotum. the tourist shrieked and dropped the pouch while my wife and I doubled up laughing.

Clive

[CirclipParticipant @circlip]

Posted by duncan webster on 02/04/2017 01:10:31:

So the vile calumnmy being put about that it is 12 sided so you can use a spanner to get them out of a Yorkshireman's hand must be wrong then.

 

Don't forget, you've to get it out of his pocket first.

 

 Errr, so THAT's what the edge millings for.

 

Regards Ian. From the heart of god's county.

Edited By Circlip on 02/04/2017 10:44:47

[John FlackParticipant @johnflack59079]

May be a bit late with this………..

Reading up some posts I read that the French from 790-1780 used LA LIVRE (eng POUND) as currency. Not to be confused with LE LIVRE which is a book. How odd.

[Martin KyteParticipant @martinkyte99762]

Maybe not so odd? Is not a pound called a pound because it was a pound weight of silver?

Take a look at

**LINK**

I'm no expert in all this, I just remember stuff.

regards Martin

[MWParticipant @mw27036]

Posted by Martin Kyte on 03/04/2017 16:17:41:

Maybe not so odd? Is not a pound called a pound because it was a pound weight of silver?

I think you've got it right, the original pound was; eventually the coin makers started to introduce lead and tin into the silver and it devalued the currency to such an extent in the medieval ages, that they were summoned to Winchester and some 60-90 men were severely punished.

[Author]

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