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Gold Sovereign watch

  • View Poll Results: Do you buy worthless/useless stuff and why?
    No, I ain't no foo', foo'!
    3
    25.00%
    Yes, as an investment for the future.
    5
    41.67%
    Yes, if my husband/wife wants it for a gift.
    1
    8.33%
    Yes, I buy stuff that looks nice without really caring about the present or future cost.
    3
    25.00%
    Yes, I buy stuff to show others I'm rich.
    0
    0%

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    Today, I asked my mum for some ideas for a birthday present for my dad. She wasn't much help, but did say my dad, being some sort of wannabe coin collector, had asked her to get him this coin, and showed it to me.

    After initially confusing it for a 1p coin (same size, and new 1p coins are very shiny), she told me it had cost her over £200. With it being mother's day and all, I didn't tell her how stupid I thought it was to throw money at some worthless junk that can only come good if you can find an even greater fool in future to take it off your hands.

    Now, my family aren't badly off, so a one off gamble of £269 (+P&P) isn't painful if it falls through, but I still think it's a silly way to spend money. I feel a similar way about antiques and works of art - they are completely useless, often ugly and fragile, and you rely on some nitwit in future to buy it off you. By buying it in the first place, you are proving you are a bigger idiot than the person you're buying it from, unless that person happens to be the Royal Mint in which case they are genius scammers.

    Another thing is the 29 50p coins for the Olympic next year. Common sense would say that is worth £14.50, plus P&P and the case, and maybe a little extra for saving you the effort of collecting them yourself. Believe it or not, they're charging £85!

    And look:

    "Please note that the Collector Album also contains an extra slot for a "completer medallion" which will be available from the summer of 2011 available to buy at £2.99"

    So if you do buy the case, there's a slot taunting you that your collection is incomplete which you have to spend another £2.99 to fill!

    What do you wonderful people of TSR think of this?
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    £269 for a one pound coin?

    You must be both rich and silly.
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    (Original post by Yawn11)
    £269 for a one pound coin?

    You must be both rich and silly.
    I have a coin that was bought for around 200 pounds and is now worth close to 1k
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    (Original post by GwrxVurfer)
    What did you buy your last cup of coffee with?

    If you think about it, you do the same, because you hope that I will accept the pieces of paper and metal you carry around as payment for the items you are buying.
    That coin is not for circulation. The Olympic 50p coins are, but you buy them for almost £3 each.

    (Original post by Yawn11)
    £269 for a one pound coin?

    You must be both rich and silly.
    Exactly! I just hope it isn't hereditary.

    (Original post by Aj12)
    I have a coin that was bought for around 200 pounds and is now worth close to 1k
    Only if some rich nutter buys it off you.
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    Worthless junk? That's what Gordon Brown thought in 1999.
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    (Original post by Aj12)
    I have a coin that was bought for around 200 pounds and is now worth close to 1k
    Oohhh so it's a profit thing? :eyeball:

    In that case go for it. :moon:

    Will be priceless years after the queen dies.
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    (Original post by Yawn11)
    £269 for a one pound coin?

    You must be both rich and silly.
    It's solid 22 carat gold...
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    Its a very good investment if anything. I have a few gold coins I received as a birthday gift when I was little, selling them will probably be able to pay my rent for a year
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    (Original post by GwrxVurfer)
    I don't understand.


    If I sell something, I can accept literally anything in payment, gold coins, paper money, matches, etc. Legally, I am not obliged to accept circulation coins and paper money any more than I am obliged to accept these gold coins.
    But people do accept normal money in exchange for stuff. To cash in the fancy coin, you need to find someone who's willing to pay you more for it than you did initially.
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    (Original post by GwrxVurfer)
    Yes, it's more likely that people will accept circulation money in exchange for an item, rather than accepting a non-circulation coin.

    You do realize that if you buy something from me, I am well within my rights to not accept your paper money, the same way I can reject a gold coin being offered in trade?
    You might be fussy, but most people aren't.
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    (Original post by GwrxVurfer)
    I don't understand.


    If I sell something, I can accept literally anything in payment, gold coins, paper money, matches, etc. Legally, I am not obliged to accept circulation coins and paper money any more than I am obliged to accept these gold coins.
    You will not be trading it for things in the same way you use your circulation money. You will be trading it based on the value of material the coin is made of.
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    (Original post by GwrxVurfer)
    Not at all.


    For instance, let's assume I know a coin collector. I see someone selling a valuable special edition coin. I buy it, and then sell it on to the coin collector. I am not paying money based on the material the coin is made of. I am paying because I know that I can trade that coin, and it has a generally accepted value.

    This is the same way that you trade money. If I chose to accept your £10 note, I'm not buying it because of the material in the paper. I'm buying it because it has an accepted value, and I can later trade it for other items.

    The only difference is that the first one happens a lot less than the second.
    Thats the difference between circulation money and collectible gold coins. Circulation money has an accepted value thats printed on it, you can't trade it for anything more. But no one in their right minds will trade their gold coins for one pound - it will be traded at the market value of the material it is made of. And as the price of gold has been increasing exponentially, you are almost guaranteed profit.
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    (Original post by Hopple)
    Today, I asked my mum for some ideas for a birthday present for my dad. She wasn't much help, but did say my dad, being some sort of wannabe coin collector, had asked her to get him this coin, and showed it to me.

    After initially confusing it for a 1p coin (same size, and new 1p coins are very shiny), she told me it had cost her over £200. With it being mother's day and all, I didn't tell her how stupid I thought it was to throw money at some worthless junk that can only come good if you can find an even greater fool in future to take it off your hands.

    Now, my family aren't badly off, so a one off gamble of £269 (+P&P) isn't painful if it falls through, but I still think it's a silly way to spend money. I feel a similar way about antiques and works of art - they are completely useless, often ugly and fragile, and you rely on some nitwit in future to buy it off you. By buying it in the first place, you are proving you are a bigger idiot than the person you're buying it from, unless that person happens to be the Royal Mint in which case they are genius scammers.

    Another thing is the 29 50p coins for the Olympic next year. Common sense would say that is worth £14.50, plus P&P and the case, and maybe a little extra for saving you the effort of collecting them yourself. Believe it or not, they're charging £85!

    And look:

    "Please note that the Collector Album also contains an extra slot for a "completer medallion" which will be available from the summer of 2011 available to buy at £2.99"

    So if you do buy the case, there's a slot taunting you that your collection is incomplete which you have to spend another £2.99 to fill!

    What do you wonderful people of TSR think of this?
    I think they might as well buy a coin from 130 years ago for £20 less:
    http://www.thegoldbullion.co.uk/buy-...ria-young-head

    Sovereign prices are entirely dependent on the price of gold.
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    (Original post by GwrxVurfer)
    I might be fussy?

    You're the one who thinks that it's silly to spend money (coins and paper) on.........coins.


    Do you not see the irony?
    It's not a coin in the same sense, as you well know.


    (Original post by Quady)
    I think they might as well buy a coin from 130 years ago for £20 less:
    http://www.thegoldbullion.co.uk/buy-...ria-young-head

    Sovereign prices are entirely dependent on the price of gold.
    If it's worth £20 less in 130 years, they're going to be very cross. Too late now though, my mum's got it and I think she has to get it for my dad as he asked for it
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    (Original post by Hopple)
    <Snip>
    I haven't bought anything like that nor would I ever wish to as that just takes the piss on the price front. I have however bought 50 State Quarters which have the usual Quarter front but the background being on of the states, I have 5 of them cost me $2....
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    (Original post by tehFrance)
    I haven't bought anything like that nor would I ever wish to as that just takes the piss on the price front. I have however bought 50 State Quarters which have the usual Quarter front but the background being on of the states, I have 5 of them cost me $2....
    You think they should be priced less than the intrinsic cost?
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    I have one or two. They were a present for me when I was born, with the intention of me keeping it my entire life and then passing it on.
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    Value is extrinsic.
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    (Original post by Stratos)
    Value is extrinsic.
    Cost is intrinsic.
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    it's bullion quality, so it's an investment if nothing else
 
 
 
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