The Great Coin-Hunt 10p

[markflorida 28]

I normally ignore new coins, US State Quarters, Royal Wedding Crowns, Peter Rabbit etc. But the new British Coin-Hunt 10p seems to have struck a chord with many of my buyers. I have never had so many requests before, some want the whole set some want initials and almost all of them want the James Bond coin. Is anyone else having the same response? Personally I prefer older coins, but if it breeds a new generation of coin collectors, I suppose thats good.

Edited September 4, 2018 by markflorida

[Paddy 1,542]

I am also getting lots of requests for them, but mostly from people frustrated because none of them are turning up in circulation! They (like me) prefer to collect circulation coins from circulation at circulation prices instead of paying the Royal Mint's extortionate figures.

It seems those sent for circulation so far were distributed to the post offices and the vast majority were taken up by PO staff for resale on the net.

I suspect (hope) the RM will suddenly flood the market with them early next year.

[markflorida 28]

On 9/4/2018 at 11:35 AM, Paddy said:

I am also getting lots of requests for them, but mostly from people frustrated because none of them are turning up in circulation! They (like me) prefer to collect circulation coins from circulation at circulation prices instead of paying the Royal Mint's extortionate figures.

It seems those sent for circulation so far were distributed to the post offices and the vast majority were taken up by PO staff for resale on the net.

I suspect (hope) the RM will suddenly flood the market with them early next year.

I agree. I go to the post office everyday shipping my coins to buyers, the lady behind the counter told me I sell nearly as many coins as Mike. "Who is Mike?" I said. "Oh he works here, and he takes all the new 10p coins and sells them on eBay. " She said. I had to bite my tongue. 😡

The idea of the Royal Mint giving them to post offices was to share among the public, but clearly post office employees swap them all out and sell them form anything from 50p -£2.00 each on eBay. That is disgraceful.

[Rob 3,000]

You can't blame them for doing it. The market will buy what's on offer, so they are just taking advantage of a short term niche in the market. If they got them over the counter after work had finished, the outcome would be the same, and no different to those who would buy if they could get to the counter before the postie. 

It's no different to buying an older coin and selling on for a profit. If you hadn't bought it there and then, in most cases someone else would have done and made the profit instead of you. Either party gets a feeling of what if when they realise.

[Stuntman 264]

Sorry Rob but I disagree, it's totally different (assuming that the coins were sent to the post office in sealed bags and intended to be given out in change).  The coins were intended to be placed in circulation and they are not being placed in circulation.  It's not really any different from if the RM employees swapped the freshly minted 10ps for circulated 10ps and then sold the freshly minted ones for a profit.

[mrbadexample 985]

7 minutes ago, Stuntman said:

Sorry Rob but I disagree, it's totally different (assuming that the coins were sent to the post office in sealed bags and intended to be given out in change).  The coins were intended to be placed in circulation and they are not being placed in circulation.  It's not really any different from if the RM employees swapped the freshly minted 10ps for circulated 10ps and then sold the freshly minted ones for a profit.

I agree, I don't think they should be doing it. But I don't blame them either. 

[Unwilling Numismatist 505]

I've applied for a part-time job in my local post office.

If you can't beat them ....

Not sure they'll accept my required hours though, 1 hour on the day newly minted coins are delivered.

[Stuntman 264]

Yep.  Absolutely no downside risk (after all, can spend the coin if you can't sell it) and potential very significant percentage reward.

I've yet to see any of these 10p coins!

[Unwilling Numismatist 505]

I bought the whole set of early strikes, I figured these might be a little bit hard to get and wanted a clean set. Unfortunately I think they will probably be minted in the billions.

I just need to add some instructions for 5th generation Kev to open in the year 2200, and they might fetch more than a tenner.

[craigy 362]

9 hours ago, Unwilling Numismatist said:

I bought the whole set of early strikes, I figured these might be a little bit hard to get and wanted a clean set. Unfortunately I think they will probably be minted in the billions.

I just need to add some instructions for 5th generation Kev to open in the year 2200, and they might fetch more than a tenner.

yes i did too,  i keep saying no more direct from the royal mint, wait a couple of years, but give in lol

[markflorida 28]

16 hours ago, Unwilling Numismatist said:

I've applied for a part-time job in my local post office.

If you can't beat them ....

Not sure they'll accept my required hours though, 1 hour on the day newly minted coins are delivered.

Haha

[Paddy 1,542]

Well these seem to have started appearing in bulk. Dealer friend at the market today had acquired a whole bag of "W"s which he was selling at 50p each. (He would have done better to disguise how many he had!) 🙂