Royal Mint to launch coin on 31 October but one trader expects it to change hands for less than its face value – and like many recent commemorative coins will fail to rise in value
The Royal Mint has launched the first £20 coin, but its claims that the coin will have "lasting value" were immediately described as "rubbish" by one the country's largest coin dealers.
Richard Lobel of Coincraft, said the coin displaying the traditional St George and dragon design contained little more than £8 of silver and would likely trade for less than £10 after its launch on 31 October.
"Not since the 1980s has a Royal Mint coin gained in value. I doubt any dealer will give more than £8 or £9 for it," he said.
The £20 coin, the first since the Royal Mint began designing decimal coins, is considered legal tender by the Royal Mint, but in practice will not be accepted by banks or shops. Last month the coin was presented to the Duke and Duchess of Cambridge's baby George Cambridge following his birth earlier this summer.
The Mint said the issue of 250,000, 2.7cm-wide coins would appeal to collectors in the UK and abroad following the launch.
On its website, the Mint said: "The Royal Mint has never struck one before, but in 2013, for the very first time, an official, legal tender UK £20 coin will be available.
"Exclusively available in the UK and only available online. This is the £20 coin of the people, at an affordable price that makes it an ideal gift for everyone – made of fine silver, carrying one of our most famous designs and, most importantly, priced at just £20." It has "inherent, lasting value – you can purchase with confidence it is worth what you paid for it".
It said the design featured Pistrucci's St George and the dragon design "that has become famous around the world, a design seen on Britain's gold sovereigns".
The coin contains 0.999 silver, which is less valuable than traditional sterling silver, but avoids taxes on precious metal imports in key markets across the far east.
Lobel said the Mint was repeating mistakes made last year when it issued highly priced coins to celebrate the Olympics that now trade at less than face value. He has refused to deal in the latest commemorative coins.
A spokeswoman for the Mint said the lasting value to buyers was their value as a collectible item. She said the refusal of banks to accept the coin for deposit had also led the Mint to adopt the unusual practice of offering a refund during the first six months after purchase.
Article Source : http://www.guardian.co.uk
Azure Global’s vision is to be widely recognized as a reputed firm of financial business advisors, achieving real growth for ambitious companies and to become the first choice for F&A outsourcing for accountancy practices and businesses alike and if u want to Setup ur business in United Kingdom then its not difficult in this modern age for more info visit our site Azure Global and join us also On Facebook
No comments:
Post a Comment