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Did The Royal Mint Make a Mistake - Does The Legal Tender Status of Silver & Gold Coins Matter?
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Күн бұрын#silver #Gold #bullion
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Today I talk about legal tender status of bullion coins and commemorative collectable coins and why that status is important but not necessarily something to rely upon.
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@joshkent4888 2 жыл бұрын
I have heard of a case here in Australia where an employee asked to be paid in Perth Mint gold and silver coins and then declared their face value as income to the tax office.
@liberte.3.6.9 2 жыл бұрын
brilliant
@marcus531000 2 жыл бұрын
If it worked like that I would put it in my ira for face value and max out my 5500 cap with 50 dollar gold eagles
@TheMrothe 2 жыл бұрын
That was my thought exactly, let the tax man choke on it!
@mikepict9011 2 жыл бұрын
I'm sure 90% of owners do that with currency swaps . Not hourly slaves
@albertalbert4333 2 жыл бұрын
Here in the states, we have the ase. It has a dollar denomination of $1. I have a few clients that pay me with those. ( very happy to accept them). For these client I charge $2 per hour. I happily claim that rate on my taxes. So, until the mints and comex come to a fair monetary amount on silver... I will continue to operate in this fashion.
@Daniyoyo 2 жыл бұрын
Sneaky bartered lol
@albertalbert4333 2 жыл бұрын
@@Daniyoyo just playing by the rules. ( now, let's see them change the rules 😉).
@craigb3154 2 жыл бұрын
I’m not sure I’d be brave enough to do that. The Feds have unlimited resources to go after you and they will whether you’re in the right or not. Good luck though.
@albertalbert4333 2 жыл бұрын
@@craigb3154 it was a great run. Shame the boat sunk ....
@MrAndrewFarrow 2 жыл бұрын
In the U.K. HMRC would tax you on the full value of the item involved. Not it’s nominal value. Sovereigns are, strictly speaking £1 coins. Don’t even go there!
@TiHerr74 2 жыл бұрын
BYB, after watching you flash that stunning kilo completer around, I couldn’t get it out of my mind and ordered one today. I blame you and so does my wife! 😃
@BackyardBullion 2 жыл бұрын
Sorry my friend!
@TiHerr74 2 жыл бұрын
Actually, I’m thrilled with the purchase and the legal tender status at £500 helped with my decision to move forward. Thanks for sharing!
@BackyardBullion 2 жыл бұрын
Then, you are welcome!
@harryzero1566 2 жыл бұрын
@@BackyardBullion I don't know if you would aprove Mr BYB but underneath the plastic lid there is just enough room to afix a gold half oz proof Queen side brit, a sort of cherry on the cake if you like.
@derekpascal3749 2 жыл бұрын
Few rounds are as gorgeous as the CRM Kilo. Check out THE TREE OF LIFE (Numbered, 5 oz) One will be on eBay soon.
@johngordon880 2 жыл бұрын
When drunk, I paid for a bottle of vodka with a ounce Silver coin. The cow behind the counter called the police, who took the coin an did nothing!🤪
@garrycroft4215 2 жыл бұрын
Going back a couple of years I bought quite a lot of those £100 coins off eBay for between £40-£60 each I knew that they were legal tender so the banks must exchange them right? Wrong, they had a memo informing them to refer customers to the Royal Mint for exchange. So I mailed them back to the them. They promptly returned them to me saying they didn’t except them unless purchased within 14 days and I would also need proof that I had bought them from them. I eventually sold them back on eBay and broke even. Now they are selling for a little over £100 on there. So should have kept them. lol 😂
@patrickbateman783 2 жыл бұрын
😂🤣😂🤣😂🤣😎👍
@harryzero1566 2 жыл бұрын
When you draw fuel, and the pump is authorised and when the fuel is transferred, so is the ownership. It is at that point that a debt has been generated. THAT is when legal tender becomes relevant. If legal tender is refused to settle a debt, there is no recourse in using civil action to recover the debt. In fact the police should have declined to attend on account of the event being a civil dispute. As far as I'm aware Devon and Cornwall Police now decline to attend.
@harryzero1566 2 жыл бұрын
@@illegalsmirf your legal tender is offered to settle the debt, you are not required to declare it. Whether or not they have doubts about the genuineness of the offering, they can record the interaction along with the vehicles registration. Passing counterfeit currency is a crime and we do have a police force to investigate. My daughter runs a retail outlet, when she gets counterfeit currency, she just writes 'fake' across the note and hands it back asking if they've got another means of payment. When we had real money with silver content, retail didn't have to be concerned with counterfeiting to the point of having special equipment.
@MrAndrewFarrow 2 жыл бұрын
@@illegalsmirf in a shop; no, because that is An Invitation To Treat. At a restaurant or petrol station; yes, because that is settling a debt. Except in Scotland.
@PasajeroDelToro 2 жыл бұрын
@@illegalsmirf They do for high value notes and there are other security features. Cash offices have scales to measure large volumes of notes, also. All you need you to be confident that the silver is real is some way of sending a current through the coin with a way to measure conductance, a weighing scale and maybe a tub of some fluid that you can submerge the coin in to measure it's density.
@jimm2297 2 жыл бұрын
2021 1oz silver kangaroo has face value of $1 AUD but cost $40 each. Boy did I just invest a shit load in the wrong coins...
@khankrum1 2 жыл бұрын
If a silver coin is actually legal tender? Then is is illegal for them to charge VAT upon their purchase!
@freeman7296 2 жыл бұрын
As far as face value - the only thing I see of importance is if an individual is passing through customs going to another country - the face value of a monster box of ASE is $500 - so no reporting required as I understand vs. it's true value in silver...so if I choose to cross to Canada to escape some kind of crazy here - I wouldn't be required to declare anything related to that silver.
@TomokosEnterprize 2 жыл бұрын
I saw this story and am flabbergasted as I often pay for many things around my small town with new (that year) Maples. I picked up many of the 20/20 and others when they came out. Love em. Nice visit bud. As usual you are full of common sense my friend.
@crush42mash6 2 жыл бұрын
So your maples probably worth $40 Canadian, and local people are taking it? Wow I’m not giving up my maples, they’re beautiful
@TomokosEnterprize 2 жыл бұрын
@@crush42mash6 The joy's of living in a town of 3500 people. Most know and trust each other.
@TyroneBeiron 2 жыл бұрын
Great story. In Singapore 🇸🇬 (we're a Commonwealth country) a new law was recently passed in Parliament to limit the use of coin denominations to a maximum of 20 in any legal transaction. This meant one could only use a maximum of 20 pieces of any coin denomination at a time for a transaction. The rationale was both about going paperless and to stop a few people who lobbed sacks of coins as a novelty to pay for a smartphone, and yes, the police was called in as well! 🤷🏻♂️😂🤦🏻♂️
@TyroneBeiron 2 жыл бұрын
PS: Also, it was to prevent hoarding of coins (as the cost of minting these are constantly increasing!).
@closer71 2 жыл бұрын
That’s f-ing ridiculous. I’m not sure I’ve ever heard of a more idiotic idea. What a stupid law.
@MyMy-tv7fd 2 жыл бұрын
the stupidity of the police and shopkeepers is pretty irrelevant - prosecution for trying to pay with a bizarre but legal coin is like claiming that the Middle Ages laws about men being required to practice longbow archery on Sundays still apply if they have no been repealed. But the CGT aspect can be very influential every year end. But the most important aspect is that LEGAL TENDER laws mean that all legal tender is acceptable for settling debt - so the shopkeeper cannot legally refuse to accept it. So if the Bank of England fraudulently and malfeasantly informs banks that they do not have to accept them, then the legal tender laws are beginning to break down, and that is recipe for chaos.
@eclecticpursuits4346 2 жыл бұрын
When buying goods over the counter in a shop, no debt exists. The goods are not being supplied on credit with payment to be made at a later date. When you buy in a shop, it is a simultaneous exchange. Ownership of the goods does not transfer to you until you make payment. In any case, legal tender simply means that it can be used to settle debts in a court of law.
@eclecticpursuits4346 2 жыл бұрын
Also, it was not the Bank of England that informed shops that these silver coins were not circulating currency. It was the Royal Mint.
@harryzero1566 2 жыл бұрын
Shop keepers can accept payment or refuse to sell. The legal tender issue is for the settling of debts.
@HifiCentret 2 жыл бұрын
It probably depends on your contry whether or not ordinary shops are obligated to accept bullion and precious metal commenmorative coins for face value. But the national bank can't deny anyone who wants to have them exchanged for ordinary circulating currency - otherwise it's not legal tender. I believe that most private banks are also obligated to accept them too altough that may very from country to country as well. In Denmark we've had a few cases of people wanting to pay with precious metal commenmorative coins as most of them has far higher face value than metal content and they're not really rare enough to have collectors value either. The stores lost - they had to accept them as long as the minimum number of each value they must accept is not exceeded (I believe it's 20 of each face value for coins)
@lr1036 2 жыл бұрын
Great topic! This was an interesting video, and something I was hoping you’d cover.
@charliehelyes 2 жыл бұрын
Ive seen those £100 silver coins listed for £95 on ebay they have hardly any collector value so I'm not surprised he tried to pay for something using their face value. When a debt is created like at a petrol station they legally have to accept them for payment.
@BackyardBullion 2 жыл бұрын
Yep, they are not great for collectors.
@XuseFans 2 жыл бұрын
My thought on this $500 Pounds Coin is that you are in an always win situation. If 1KG Silver worth more than $500, you go to bullion shop and sell it with 1KG silver spot price e.g. $600 pounds If 1KG Sliver worth below $500, then you just cash it as a $500 Coin, if Bank accepts it. Or put it online plus any value as collectable.
@PasajeroDelToro 2 жыл бұрын
Only problem is the 20% VAT, so an investor has to make this gain to break even!
@Chancer 11 ай бұрын
Try getting your hands on one for anywhere close to that price though.
@crush42mash6 2 жыл бұрын
Nice collection you need some Royal Canadian maples in there I think, thanks for the video
@1977JohnBoy 2 жыл бұрын
end of the day it don't really matter when most are paying about 1k for a 500 pound coin anyway, dont really know why the royal mint never has in stock either when other sites do, but if they gonna put 500 pounds on a silver coin they just as well do similar on the gold coins
@jamesholden9540 2 жыл бұрын
Pay with 100 pound coin. Get arrested. Sue for 5,000 pounds. Stonks.
@MrThe1234guy 2 жыл бұрын
I am confused other than being unfamiliar with a certain type of coin why they would be frowned upon being used in exchange. They are legal tender and also are made of precious metals. I personally would rather have a 100 euro precious metal coin than a 100 euro paper dollar.
@eclecticpursuits4346 2 жыл бұрын
Alas! Legal tender is not the same thing as circulating currency.
@nidhogg6344 2 жыл бұрын
This is not a mistake. This is a sign of inflation. If a pound was 100 times less worth, you wouldn't have a 100 pound gold coin, but a 10000 pound gold coin ... If they made a 500 pound coin, means silver will never ever fall so low again, that you d get more fiat out of it that there is silver value. Maybe silver philharmonics will have 15 euro silver, canada 50CAD silver and 10USD silver eagles ...
@Alrik. 2 жыл бұрын
I'm often confused by the disparity between the different sizes of coins and their different face values. It seems illogical to me, because it should be easy to just make the values match, at least rounded off a bit for the differences between ounces and kgs
@chrisb.h4605 2 жыл бұрын
Very interesting Mr BYB , actually you mention the 50p's , and I have experience with 1p's from the past , where my employer (scrooge ) sent me to a shop to buy bin bags with just over a hundred pennies , they said it's only legal tender up to a point , however I had been doing some 50p coin hunting over the lockdown period , and instead of taking them back to the bank , I paid for electric (pre pay meter) with them... shop said they were always short of 50p's and would take any amount I had.. so they gladly took over £300's worth over the space of a couple of months...
@RedShiftedDollar 2 жыл бұрын
This 500 pound coin is an amazing dual play in foreign currencies (for some), and silver at the same time. Plus it is interesting and will possibly become collectible someday.
@ViolentVegan 2 жыл бұрын
When I was a student I once bought an emergency pack of rizlas with a bunc Trafalgar £5 coin my nan had got me for Xmas. The girl on checkout did check with the manager and they ummed and ahhhed but fair play they did accept it.
@TheLiamis 2 жыл бұрын
Would you want to use a silver coin for its face value? The metal always seems to be magnitudes greater.
@BackyardBullion 2 жыл бұрын
Yes and no, for this coin if the spot price drops below £15.50 per oz then the face value is worth more than the metal.
@everettwhite9874 2 жыл бұрын
Having limits on the numbers/types coins that can used for purchases of goods and services is not what stackers and some collectors have in mind as hedges against weak fiat currency.
@silverlover5817 2 жыл бұрын
Thanks for the video. I like that GBP500 coin.
@BackyardBullion 2 жыл бұрын
Me too, its stunning!
@AR-ilire 2 жыл бұрын
The only point I think that hasn't been explored is that in a reset, they may have to devalue the currency to make it interesting for next 100+ years again, where they may remove a lot of 0's from the standard fiat currencies however that will most certainly exclude these minted precious metal coins. If the government decides to devalue the currency by 100 it may mean that a £1 million pounds becomes £10,000 (so 20 of these £500 coins would get you to £1 million equivalent) however everything that was in fiat paper would get revalued down but not the precious metal coins. These £500 silver coins may turn out to be a great method of wealth transfer......I have always explored this idea but never managed to find many opinions/answers whether it may be a possibility....any thoughts on this??
@rondoottosen4275 2 жыл бұрын
Don't spend it, the mistake may be worth more in intrinsic value!
@BackyardBullion 2 жыл бұрын
Yes indeed, it's one to hold onto for a long time
@harryzero1566 2 жыл бұрын
@@BackyardBullion I agree, the pleasure in having it, is the reason to keep it. I shan't sell mine.
@markbarnard5923 2 жыл бұрын
I looked at the Bank of England site and they say they exchange old bank notes but not any coins. (tried including link in this post but was rejected 1st time). At the bottom of the banknote page they direct people to the Royal Mint that says some banks exchange demonetised coins from their customers but are under no legal obligation to do so. Is there actually anywhere in the UK that is required to exchange coins? (I don't know). The Royal Mint cannot keep the profits from selling cheap to make silver coins for £100 if people trade them back. They also likely don't want the extra hassle of checking they are genuine as they had little to no security features for something with such a high face value.
@rmbflk Жыл бұрын
I think I read before that the Canadians ran into a similar issue with NCLT C$5 silver coins (minted to raise money for the Montreal Olympics) that became worth less than their face value (for a time) and started turning up in shops Falkland Islands commemorative coins are issued with a face value in Crowns (or fractions of them), rather than Falkland Islands Pounds - the value of each coin in Crowns and FKP is defined in the order authorising it - confusingly, the value of a Crown is not consistent - I have no idea if anyone has ever tried to spend a commemorative coin here
@donaldinnewmexico 2 жыл бұрын
Hi, BYB. If your government doesn't want to honor the face value of its coins, it needs to demonetize the coin. *TYU*
@mariusm5660 2 жыл бұрын
exactly! They mint £20 coin and after that they run around telling everyone not to accept it. Insanity!
@daviniarobbins9298 5 ай бұрын
A coin issued from the Royal Mint may have legal tender but a shop is not required by law to accept it. In fact a shop can refuse to accept any coin especially if you try to pay for your shopping with several pounds worth of copper(1 and 2 pence coins). I believe they can refuse if you try to pay with more than 21p of copper coins. All perfectly legal. That's been the law since 1971 at the start of the new pound I think.
@yorakillisunt2390 2 жыл бұрын
1 Oz Maple Leaf is $5 canadian face value. That is several times greater than most 1 oz coins. Wonder why?
@Alrik. 2 жыл бұрын
Well 5CAD is £2.96 today, not that much more than the £2 on British 1oz coins I'd say
@MetalHeadMoney 2 жыл бұрын
Fantastic chunk of a coin there BYB! Much love! Metal Head
@BelfastBanters 2 жыл бұрын
I bought a £20 silver coin but it was only legal tender for a specific time frame. Ever come across this? Thanks.
@BackyardBullion 2 жыл бұрын
If it was a legal tender coin at one point it still is, its just the practicality of it that is different.
@BelfastBanters 2 жыл бұрын
@@BackyardBullion I miss the £5 for £5 coin (crown sized coin) deals. You don't see them about that much.
@richardladow4734 2 жыл бұрын
Why can’t you trade 5, 1 ounce gold Brittania’s for it at the Bank of England?😉
@r4ven916 2 жыл бұрын
hold up there is a 500 pound coin-
@Professionalcynicalist 2 жыл бұрын
Wasn't it announced that the RM have plans to make lots of new denominations for coins? Could be they plan to get a slice of the pie straight off the top from the next engravers issue?
@gamingbigfats3934 2 жыл бұрын
I will pay you 500 for that kilo any day of the week. 👍🏻
@bill4572 2 жыл бұрын
How do they get 2 pounds for an ounce coin with our silver eagles you can get a dollars if you spend it that's something and the crazy mint comes out with a 5oz quarter on the ATB series maybe they did that for a reason
@rohancowley8669 2 жыл бұрын
My kilo coins all say $30 Australian
@cardaveux 2 жыл бұрын
You can exchange (SNB = Swiss National Bank) a 2 francs swiss silver coin for an ordinary 2 francs coin even is silver zero worth. I live in Switzerland that's why i know it.
@TheBig50pCollection 2 жыл бұрын
As I understand..legal tender for circulation is 1p to £2. £5 coins and over are legal tender and can only be used for paying court debts. It's optional as to whether shop keepers accept it
@harryzero1566 2 жыл бұрын
The legal definition of legal tender is the payment for settling any debt, the paying into court is a bit of red herring, Probably originating from being released from a debtors prison. Shop keepers can accept or decline any kind of payment, they can even refuse to sell you any thing.
@TheBig50pCollection 2 жыл бұрын
@@harryzero1566 it's an interesting topic. 🤔 any sort of money is really only a token backed by the banks gold reserves. Provided the gold wasn't stolen by aliens.
@harryzero1566 2 жыл бұрын
@@TheBig50pCollection Venezuela is interesting, they have 3 geographical areas, all accept the bolivar and the US dollar, but one area where they mine gold and pay the miners in gold have their retail outlets dual priced including grams of gold. At the point of sale they have digital scales to measure payment.
@MrDukeeeey 2 жыл бұрын
Having the denominated value on the face of the coin be worth more than the metal is normal for currency. The question would be if the price of silver falls will they sell the coin for less than 500 pounds? My guess is they won't. Also had to watch this in bed next to the gf with the sound muted. Googles auto generated subtitles come out with "backyard bullying" instead of bullion 🤣
@ChicaLocaGB 2 жыл бұрын
The RM sent the memo around because of the guy who was buying loads of the £100 coins to get air miles then taking them to a bank to swap for cash. It was not in the spirit of the coins being issued.
@BackyardBullion 2 жыл бұрын
No, but perfectly legal to do.
@mikeb3811 2 жыл бұрын
There is no spirit. Legal tender is legal tender
@swjackson917 2 жыл бұрын
The denomination on a silver coin is proof that fiat currency is a scam. What's the point of putting a $1 denomination on a coin when it's metal value is worth 30 times that?
@MrAndrewFarrow 2 жыл бұрын
The metal value is way SHORT of its Face Value.
@eclecticpursuits4346 2 жыл бұрын
Sadly legal tender doesn't mean what most people think it means. The "Legal tender" status of those coins is a bit of a rip off because legal tender is not the same thing as circulating currency. People buy these coins thinking that they are an investment that will always be worth at least their face value. Just because a coin is legal tender, that does not mean that shops and high street banks are obliged to accept it and if these coins can't be spent then their monetary value is basically fiction. Legal tender simply means that, if you owe someone money and they take you to court, you can use it to pay the debt and your creditor is obliged to accept it. Unless you are being taken to court for your debts, these silver coins cannot be spent so their value is whatever someone will pay for them on eBay. Failing that, they are only worth whatever the metal is worth as scrap.
@harryzero1566 2 жыл бұрын
A bit long winded, but the whole purpose of the fuel payments using legal tender coin exercise, was to demonstrate that legal tender money can be used to settle any debt, in court or out of court. If the company in question had accepted this guys circulating legal tender instead of calling the police, he would never have gone down the path of using these high value denominated commemorative coins. Some people are sheep and believe everything they read on corporate blogs or told, this guy researched his cause, found he was right and shouldn't have been threatened with arrest in the first instance.
@stackstacksaveuk5350 2 жыл бұрын
its already made a landmark ,,royal mints proclamation is in direct response to this court case i believe.....
@BackyardBullion 2 жыл бұрын
Yeah, totally.
@williamcooke5627 2 жыл бұрын
OK, *technically* it's a coin. But in terms of *convenience* it rivals the ancient Roman aes grave.
@Ronnie1001 2 жыл бұрын
I don’t see the link you mentioned in the description?
@BackyardBullion 2 жыл бұрын
Just added it, thanks for reminding me!
@sennabus3356 2 жыл бұрын
Is there a reason why you buy so many of these collectible coins? With the premiums so high on them, I just wondered what the point is if you’re staking. As surely staking is about getting the best value for your Silver. Love the channel 👍
@BackyardBullion 2 жыл бұрын
I also invest in premium coins and the collectors market, it's more risky but can yield some great returns
@jamesm1 2 жыл бұрын
In the cases of that queens beasts completer kilo, it's already often fetching hundreds more than it cost at release at already well above spot. There's something to diversifying into major coin series.
@jayc8136 2 жыл бұрын
You think they put the legal tender value so low just incase silver standard returns?
@Pincott1534 2 жыл бұрын
I would say good on him it’s not his fault other people are so uneducated
@jamesm1 2 жыл бұрын
It annoys me that the RM makes the BU cuppero-nickel versions of coins like the Queens beasts face valued at 5 pound when the 1oz silver with the same dimensions is just 2. Makes no logical sense when the 2oz silver is 10 pounds face, it should be properly ascending with the cuppero nickel at the bottom with 2 pounds face!
@robertmcclay3998 11 ай бұрын
You would be very foolish to try and spend them in a shop even if the retailer would accept them, as far as I know they are accepted by a court to pay fines & debts
@PasajeroDelToro 2 жыл бұрын
If he got £5000 compensation, how much did the arrest cost him? Did he make a net gain or was it just for legal fees?
@DimebagDarrenLowe 2 жыл бұрын
I think this is very important to understand, thanks for covering this.
@BackyardBullion 2 жыл бұрын
Glad you think so!
@richardmetcalf2346 2 жыл бұрын
Very interesting report 👍
@BackyardBullion 2 жыл бұрын
Thanks my friend
@wcgcapone 2 жыл бұрын
Was his settlement in silver?
@BackyardBullion 2 жыл бұрын
That would have been very comical - the Police having to pay him in legal tender silver coins to face value of £5000
@pinacmediauk7453 2 жыл бұрын
I would love to see silver come back lovely coins I've never seen silver coins in circulation in my whole life
@daviniarobbins9298 5 ай бұрын
Shouldn't a 1 kilo silver coin have a face value of £64.30 if 1 ounce is £2? Are the face values of coins just made up? A 1oz platinum coin should have a face value of £200 seeing as how platinum is twice as rare as gold and 1oz of gold is £100 in face value. A 10oz silver coin should be £20 if following the same face value logic. It is all over the place.
@grandsoleil56 2 жыл бұрын
I have a gold Brittannia, gonna see if I can put 50 quid of fuel in my car 😀
@BackyardBullion 2 жыл бұрын
Ha, now that would be interesting!
@harryzero1566 2 жыл бұрын
@@BackyardBullion I would be worried they might accept it.
@harryzero1566 2 жыл бұрын
@@BackyardBullion lol, wink wink.
@mikep1 2 жыл бұрын
Non circulating legal tender is not legal tender and that is not currency. Banks aren't stupid.
@harryzero1566 2 жыл бұрын
Bank were only following instructions from further up the chain. The Royal Mint had no intention of honouring the arbitrary face value of their products. It was a marketing scam plain and simple, they used their privileged position of Royal patronage to produce products with Royal proclamation, declaring them legal tender under the Coinage Act of some year in 1970.
@harryzero1566 2 жыл бұрын
BTW, interesting that you used the word currency rather than money, I'm guessing you know the difference.
@QoraxAudio 3 ай бұрын
1kg silver coin for 500 pounds? Yes, please!
@jamesspurling5570 2 жыл бұрын
I will accept any of those at face value epically the queen's beast 1kg or the britannia
@cameron9695rhysd 2 жыл бұрын
Why would you want to? The silver content is worth way more than the fiat value? Surely that’s just throwing money away
@BackyardBullion 2 жыл бұрын
Not if silver prices drop below £15.50 per oz
@Jesus_Said_I_AM_Almighty_God 2 жыл бұрын
What if you take it the bank and exchange it for smaller denominations? Do you think that the bank will take it since it is legal tender?
@AUTUMN-DARK 2 жыл бұрын
i hope he spent that £5,000 on silver 😂😂
@shauncorless8965 Жыл бұрын
Anyone got change for a dustbin lid 🤪
@davidmartin2957 2 жыл бұрын
Ball ache. You are priceless Backyard.
@lordalexandermalcolmguy6971 2 жыл бұрын
Can't find any of these on the royal mint website great video though
@robinalexander5772 2 жыл бұрын
Silver will always be a poor mans bullion, it will never reach $100 an ounze, why, because the goverment of the day can"t tax the profits you make if you have been at it a long time, good video like it a lot. you raised some dam good points.
@olegpetelevitch4443 Жыл бұрын
Ill take is pay any day any time ! You can have my paper !
@TomCoutfit 2 жыл бұрын
Nice coin - no milk spots on her nose either - that seems to be a recurring mark on these ones.
@wavehuntersjapan 2 жыл бұрын
How did he actually pay for the diesel in the end after everything ? In reality, he won awards for wronful arrest but that is all.
@harryzero1566 2 жыл бұрын
He may have paid with the commemorative coins eventually, but from a legal stand point, once payment had been refused (and he was arrested), the law on legal tender came into force, the debt became nullified. That's why, when the arresting police officer realised this guy was on a win win situation he must be somehow being dishonest, his interrogation was focused on trying to get some admission of fraud or conspiracy.
@vinchel118 2 жыл бұрын
I can spend my $1 silver eagle on a candy bar but why would i? The silver value is more than the face value. Its like people spending constitutional coins on things...people do i actually found in my spare change silver dimes and quarters
@bobspizza7444 2 жыл бұрын
I found 3 silver nickels yesterday going thru A box of nickels. Woohoo
@GSmetals Жыл бұрын
Thats a cool coin 😎
@brandonthailand2062 2 жыл бұрын
Anyone can accept anything as payment. Thats between the 2 partys. Its called bartering.
@GULFRAZMAJEEDseye8eyes 2 жыл бұрын
I prefer carrying a hard working Pretty Elizabeth II Penny's 1954 or one cent Abraham Lincoln Penny's 1943-D Brass copper Saving from a Rainy 🌧 day those these coins are available for sale as its a Rainy season cold 🥶 so that I can survive in a nice warm house to buy and a nice vehicle that can drive itself or a flying vehicle ease of access for a disabled person and partially sighted
@MrAndrewFarrow 2 жыл бұрын
So, can you bank a £100 coin?
@mariusm5660 2 жыл бұрын
no, they do not take them.
@MrAndrewFarrow 2 жыл бұрын
@@mariusm5660 why? I’ve been told Royal Mint “advised” the banks not to take them. A Nice Little Earner from a subsidiary of HM Treasury; use £40 of silver, call it £100 then never take it back!
@harryzero1566 2 жыл бұрын
@@mariusm5660 Apart from the original motive this guy had to challenge the payment system, these high value commemorative coin became the vehicle for his campaign for real money.
@GULFRAZMAJEEDseye8eyes 2 жыл бұрын
Can you imagine carrying this £500 silver coin
@harryzero1566 2 жыл бұрын
I can imagine my trousers falling down.
@GULFRAZMAJEEDseye8eyes 2 жыл бұрын
@@harryzero1566 well when I was a little angel and leaking in the fountain I probably could have carried that on my willy as you probably are aware they're little Angels leaking in the fountain never wear trousers lol
@seminumismaticguy8575 2 жыл бұрын
The Royal mint, the bank of England's and Martin Lewis website explains what's legal tender means, just because 99% of UK public including Backyard bullion don't. Legal Tender definition is very small, and very strict it only relates to court debts . Shops can refuse payment of any method including legal tender. The case doesn't prove anything as it was settled out of court. Typically it would have been open and shut the guy was in the wrong the police 2ae correct but for two things 1) the shop said it would accept any legal tender 2) a petrol station you pay after consuming the goods . The case proves nothing it was settled out of court and the law is already clear .
@harryzero1566 2 жыл бұрын
The guy wasn't in the wrong, the case was settled because no charges were brought, but the police still wanted to record it as a crime, also the terms of the settlement include a letter of apology. When you reiterate Royal Mint blurb about very strict, and only relates to courts is doesn't make it any more legal. Legal tender laws are very precise, its for the payment of any debt,
@harryzero1566 2 жыл бұрын
You are correct on all counts, the only compulsion to accept payment by legal tender is for the settlement of a debt. Even then, if payment is refused the debt cannot be recovered by civil action.
@sebastianbaragwanath1035 2 жыл бұрын
'Fiat' (arbritary) currency is all IOU based....only Gold and Silver is Real Money.
@EnlightenedPatriot1 2 жыл бұрын
Absolutely. Have you been reading and following Mike Maloney? I noticed BYB stuck to the term 'cash' to avoid that thorny issue.
@judahbenwoke9371 2 жыл бұрын
is the queen beast set rare
@karlosm2730 2 жыл бұрын
I wonder If it was intended to be a 50 Pound coin.
@fathertime6331 2 жыл бұрын
I've looked for the 1 kilo completer coin, since you did a video on it some time back. I have not found yet seen it for sale.
@equityjustice2695 2 жыл бұрын
I want that big hockey pock ... Please give me one🐈🥺
@RussellBury 2 жыл бұрын
Another place that would accept the face value coins is the bookies, could take a £100 coin and have a flutter on the old 3 legged lame blind pedigree that i am very good at picking out of the line up. My sister used to give me the £5 coins that once belonged to the skilled gamblers that were handed in to the bookies, once prized birthday presents no doubt a casualty of old Porcupine Malteser in the 3:45 at Goodwood.
@srebrnybulion 2 жыл бұрын
Nice coin👍
@maxhallam6407 2 жыл бұрын
I believe that no legislation exists that allows the royal mint to charge VAT on legal currency.
@harryzero1566 2 жыл бұрын
Sadly now we have currency anything that is a product with no special exemption is liable for tax. Gold is only retail tax free by international agreement.
@harryzero1566 2 жыл бұрын
The Royal Mint's bullion and commemorative products are not currency even though they are minted with denominated units used in currency.
@maxhallam6407 2 жыл бұрын
@@harryzero1566 silver bullion from the royal mint, when denominated in pounds sterling, is exempt from capital gains tax because it IS legal tender. It may not be intended for use as such, but nevertheless it is legal tender under UK law.
@mikeb3811 2 жыл бұрын
I wish legal tender was legal tender and people wouldn't be kidnapped for using legal tender. Oh well
@user-xb8kg5lv3s 2 жыл бұрын
beautiful。
@offshoreman71 2 жыл бұрын
I'll buy that large coin from you for 500 pounds. Lol
@ApolloDL4 2 жыл бұрын
Most places now put signs up now stating they don't take anything over a £20 note, with the amount of forgeries for £50 notes etc. I suppose this takes into account the coins as well
@MrAndrewFarrow 2 жыл бұрын
If the transactions is over they can’t refuse a £50 note for SETTLEMENT OF A DEBT. A shop can before the transaction is complete.
@harryzero1566 2 жыл бұрын
That is the perogative of the shop, they can decline or accept any payment. HOWEVER, if they provided a home delivery service, once the goods cross your threshold they become your property and you have incurred a debt. That is when legal tender becomes an issue, you might not get further home deliveries though.
@MrAndrewFarrow 2 жыл бұрын
@@harryzero1566 for shopping, yes, because that is An Invitation To Treat. For petrol stations and restaurants; no, because that is settling a debt. Except in Scotland.
@harryzero1566 2 жыл бұрын
@@MrAndrewFarrow my point about home delivered shopping paid on delivery, is somewhat irrelevant because home deliveries are generally prepaid.
@GULFRAZMAJEEDseye8eyes 2 жыл бұрын
John Wilkes Booth and his fiance and finance French Connection my advice would be John wick 4 to buy one lucky penny or one Cent from Gul . F . Majeed eye have three coins Brass 1943-D Abraham Lincoln wheat one cent made of copper eye would be willing to exchange one of mine 1943-D Brass Abraham Lincoln wheat one cent Denver Mint for a decent house without any depth or mortgage and all bills paid for one year anywhere around the world and for a graded steel 1944-D or 1944 steel Abraham Lincoln wheat one cent and a Tesla vehicle
@robertkeating1899 2 жыл бұрын
👍
@browpetj 2 жыл бұрын
😎Nice😎
@GULFRAZMAJEEDseye8eyes 2 жыл бұрын
Hard-working 1943-D Brass Abraham Lincoln wheat one cent is also legal tender and 1954 legal allegion elegant Pretty Six Penny's Queen Elizabeth II copper brass Pretty much more valuable then the Six Silver Pence Penance pensions many in the first world war and the second world war never got to collect civil pensions and military pensions vulnerable volunteers pensions in the first world war and the Second World War unknown soldier anonymous soldiers never got their pensions remembering those that have given their life's for others to live love
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