the royal mint, a public service or a licence to print money?

[Rob]

The mint is making profit on the back of collectors, be they casual or numismatist. Westminster is making profit on the back of almost entirely casual collectors with little numismatic knowledge. There will always be profit from the end user otherwise nobody would be in business. Everybody in the chain takes a bit of profit, but by and large they are an essential part of the distribution network, so can't be dispensed with selling only from the manufacturer. The internet will have some effect on that, hence the downward pressure on prices for many consumables.

Do I think RM products are overpriced? Yes, but no more so than the latest fashion accessory or the latest Apple product, or the top end large cars that half this country seems obsessed with driving. Those are all incredibly profitable for the people who make them and their distributors.

[headsortails]

Dose this argument go anywhere iif you have £23 stolen or have a pound for what its worth, thats a pound, its a matter of conjecture vs greed id say, its nice to be able to put over ones ponit of view.

[headsortails]

8 minutes ago, Rob said:

The mint is making profit on the back of collectors, be they casual or numismatist. Westminster is making profit on the back of almost entirely casual collectors with little numismatic knowledge. There will always be profit from the end user otherwise nobody would be in business. Everybody in the chain takes a bit of profit, but by and large they are an essential part of the distribution network, so can't be dispensed with selling only from the manufacturer. The internet will have some effect on that, hence the downward pressure on prices for many consumables.

Do I think RM products are overpriced? Yes, but no more so than the latest fashion accessory or the latest Apple product, or the top end large cars that half this country seems obsessed with driving. Those are all incredibly profitable for the people who make them and their distributors.

If the mint makes a profit the proceeds return to the treasury on whole , if the west Minsters  collection makes a profit only dose the tax pad.

 

[Rob]

Well, all I can suggest is that you harangue your MP to put pressure on the government into restricting RM activities. That would be a win/win situation for both of us. No nasty private profits from your perspective, and less modern tat from my perspective as a result of the restricted distribution.

I really don't understand why you are opposed to private enterprise. It provides jobs, government revenues, virtually everything you will ever own, and going to work provides people with a sense of purpose. It isn't only the taxable profits of the private company that the government benefits from. It also receives tax under NI and PAYE from the employees of the private company, plus VAT and other taxes from their purchases out of their taxed income. We all rely on private businesses to provide the necessities of life.

[DaveG38]

Just to add my two pennorth to this, isn't every coin dealer doing as Westminster does.? i.e. make a profit out of buying and selling coins. But weren't those coins all orginally produced by the Royal Mint (leaving aside the dim and distant past of hammered), so dealers aren't really doing anything different in principle from Westminster. I don't get what the big deal here is. If I want a RM product I can buy them from the RM. If I'm an idiot and want to pay more than the RM charge, I can go to Westminster. That's my choice. If I'm sensible, I wait a while and buy the RM products at a discount from those who bought from either the RM or Westminster, when they come to sell.

[scott]

there are people buying huge quantities of Newton 50ps.. in bags of 250 etc... direct from the bank, then selling each one for £2-3 this is joe public selling to, joe public.. last count there were 1.8 million of them minted...

[craigy]

20 hours ago, headsortails said:

Why dose joe public have to pay £26 for a 2016 royal sheild of arms £1 coin now only available from the Westminster mint when none and i repeat none were made avalible to the public via circulation?

Thats a pound coin,face value  £1 now worth £26 if you have the right connections.

Answers not conjecture please!

they were available in the annual sets, which i get, nice to see a normal coin get some rare treatment, thats what real collecting is about

 

[craigy]

16 hours ago, scott said:

there are people buying huge quantities of Newton 50ps.. in bags of 250 etc... direct from the bank, then selling each one for £2-3 this is joe public selling to, joe public.. last count there were 1.8 million of them minted...

how do you know 1.8 mil ? 

[scott]

someone on a facebook group had contacts within the mint, it was 1.8m in August.