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Can A Coin Ever Be Worth Less Than Face Value?
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<p>[QUOTE="afantiques, post: 2111447, member: 71234"]As an afterthought Britain issued some cupro-nickel crown (dollar) sized £5 coins that are legal tender for £5 and have just about zero collector value, but finding someone who will accept a £5 coin is pretty hard, so in effect there are worth less than the face value even in their own country.</p><p><br /></p><p>I have also bought a lot of about 800 Churchill crowns,(ugly coins like your Ike dollars) nominally 25p. each legal tender value, for about half face at an auction, presumably because no one else there bothered to work out the face value. Or knew that the Post Office, not the banks, were legally obliged to take them at face value. Most were in the original Royal Mint £50 bags.</p><p><br /></p><p>I love it when you have an unwilling official over a barrel. The post office manager really, really did not want to take them, moaning about how they'd have to arrange a special van to take them away, and pay someone to count them, etc. I had to refer her about 2 or 3 steps up the managerial food chain before we found someone who'd admit I was in the legal right and she had to take them and pay be full face value, free of any charges.</p><p><br /></p><p>Not a huge profit, but such fun dealing politely and patiently with people with petty power when the rules that give them that power say you are right and they are wrong.[/QUOTE]</p><p><br /></p>
[QUOTE="afantiques, post: 2111447, member: 71234"]As an afterthought Britain issued some cupro-nickel crown (dollar) sized £5 coins that are legal tender for £5 and have just about zero collector value, but finding someone who will accept a £5 coin is pretty hard, so in effect there are worth less than the face value even in their own country. I have also bought a lot of about 800 Churchill crowns,(ugly coins like your Ike dollars) nominally 25p. each legal tender value, for about half face at an auction, presumably because no one else there bothered to work out the face value. Or knew that the Post Office, not the banks, were legally obliged to take them at face value. Most were in the original Royal Mint £50 bags. I love it when you have an unwilling official over a barrel. The post office manager really, really did not want to take them, moaning about how they'd have to arrange a special van to take them away, and pay someone to count them, etc. I had to refer her about 2 or 3 steps up the managerial food chain before we found someone who'd admit I was in the legal right and she had to take them and pay be full face value, free of any charges. Not a huge profit, but such fun dealing politely and patiently with people with petty power when the rules that give them that power say you are right and they are wrong.[/QUOTE]
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