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Legality of destroying precious metal coins/bullion
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Phil Mcbride
Nov 16, 2012, 9:20:12 AM11/16/12
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Is it illegal in the UK to destroy coins/bullion?
These aren't the bog standard coins in circulation, they are high
purity silver, gold or platinum pieces bought from precious metal
dealers.
Out of interest what is the legal position on destroying actual
currency in circulation?
These aren't the bog standard coins in circulation, they are high
purity silver, gold or platinum pieces bought from precious metal
dealers.
Out of interest what is the legal position on destroying actual
currency in circulation?
Jethro_uk
Nov 16, 2012, 10:50:02 AM11/16/12
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imagine it is regarded *very* seriously.
Norman Wells
Nov 16, 2012, 10:45:02 AM11/16/12
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Coinage Act 1971, Section 10.
Andy Leighton
Nov 16, 2012, 12:00:04 PM11/16/12
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to melt down coins (barring the obvious - they are stolen), aren't
they usually worth more as collectable items as compared to the
scrap value?
--
Andy Leighton => an...@azaal.plus.com
"The Lord is my shepherd, but we still lost the sheep dog trials"
- Robert Rankin, _They Came And Ate Us_
robert
Nov 16, 2012, 3:10:02 PM11/16/12
to
On 16/11/2012 17:00, Andy Leighton wrote:
> On Fri, 16 Nov 2012 15:45:02 +0000, Norman Wells <h...@unseen.ac.am> wrote:
>> Phil Mcbride wrote:
>>> Is it illegal in the UK to destroy coins/bullion?
>>>
>>> These aren't the bog standard coins in circulation, they are high
>>> purity silver, gold or platinum pieces bought from precious metal
>>> dealers.
>>>
>>> Out of interest what is the legal position on destroying actual
>>> currency in circulation?
>>
>> Generally, you can't do it. The position on both is governed by the
>> Coinage Act 1971, Section 10.
>
> Surely that is only British coins. I'm not sure why one would want
> to melt down coins (barring the obvious - they are stolen), aren't
> they usually worth more as collectable items as compared to the
> scrap value?
>
"silver" coins 1920 - 1946 are 50% silver , pre 1920 92.5% silver
> On Fri, 16 Nov 2012 15:45:02 +0000, Norman Wells <h...@unseen.ac.am> wrote:
>> Phil Mcbride wrote:
>>> Is it illegal in the UK to destroy coins/bullion?
>>>
>>> These aren't the bog standard coins in circulation, they are high
>>> purity silver, gold or platinum pieces bought from precious metal
>>> dealers.
>>>
>>> Out of interest what is the legal position on destroying actual
>>> currency in circulation?
>>
>> Generally, you can't do it. The position on both is governed by the
>> Coinage Act 1971, Section 10.
>
> Surely that is only British coins. I'm not sure why one would want
> to melt down coins (barring the obvious - they are stolen), aren't
> they usually worth more as collectable items as compared to the
> scrap value?
>
This means the coins scrap value is approx 20x or 35x the face value.
Nightjar
Nov 16, 2012, 2:05:09 PM11/16/12
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On 16/11/2012 17:00, Andy Leighton wrote:
> On Fri, 16 Nov 2012 15:45:02 +0000, Norman Wells <h...@unseen.ac.am> wrote:
>> Phil Mcbride wrote:
>>> Is it illegal in the UK to destroy coins/bullion?
>>>
>>> These aren't the bog standard coins in circulation, they are high
>>> purity silver, gold or platinum pieces bought from precious metal
>>> dealers.
>>>
>>> Out of interest what is the legal position on destroying actual
>>> currency in circulation?
>>
>> Generally, you can't do it. The position on both is governed by the
>> Coinage Act 1971, Section 10.
>
> Surely that is only British coins. I'm not sure why one would want
> to melt down coins (barring the obvious - they are stolen), aren't
> they usually worth more as collectable items as compared to the
> scrap value?
>
There was a period, many years ago, when old florins (pre 1922 IIRC)
>> Phil Mcbride wrote:
>>> Is it illegal in the UK to destroy coins/bullion?
>>>
>>> These aren't the bog standard coins in circulation, they are high
>>> purity silver, gold or platinum pieces bought from precious metal
>>> dealers.
>>>
>>> Out of interest what is the legal position on destroying actual
>>> currency in circulation?
>>
>> Generally, you can't do it. The position on both is governed by the
>> Coinage Act 1971, Section 10.
>
> Surely that is only British coins. I'm not sure why one would want
> to melt down coins (barring the obvious - they are stolen), aren't
> they usually worth more as collectable items as compared to the
> scrap value?
>
were being melted down to realise the value of the silver they contained.
Colin Bignell
Andy Leighton
Nov 16, 2012, 3:25:02 PM11/16/12
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A Edward VII sixpence probably goes for anywhere between a fiver and
a tenner more if in very fine, or lots more in extra fine condition,
and a hell of a lot more if in uncirculated condition. A sixpence
weighs 2.828 grams. Silver is scrapping at about 47p per gram
(for 925 silver) so the scrap value of a 925 sixpence is about
1 pound 33 pence.
S
Nov 16, 2012, 4:45:02 PM11/16/12
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Martin
Nov 16, 2012, 5:45:02 PM11/16/12
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they burnt a million quid, so it can't be taken that seriously, it was
well publicised at the time
Nick Leverton
Nov 16, 2012, 6:10:02 PM11/16/12
to
In article <50a6c19c$0$7323$5b6a...@news.zen.co.uk>,
That was paper money though, promissory notes I suppose ? which may be
legally different from coinage.
Nick
--
"The Internet, a sort of ersatz counterfeit of real life"
-- Janet Street-Porter, BBC2, 19th March 1996
legally different from coinage.
Nick
--
"The Internet, a sort of ersatz counterfeit of real life"
-- Janet Street-Porter, BBC2, 19th March 1996
Phil Mcbride
Nov 16, 2012, 6:10:01 PM11/16/12
to
quartered people for as minor an infraction as trying to blow up
Parliament.
Phil Mcbride
Nov 16, 2012, 6:10:01 PM11/16/12
to
UK coins.
"No person shall, except under the authority of a licence granted by
the Treasury, melt down or break up any metal coin which is for the
time being current in the United Kingdom or which, having been current
there, has at any time after 16th May 1969 ceased to be so."
Phil Mcbride
Nov 16, 2012, 6:15:03 PM11/16/12
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The silver is then dissolved in hot concentrated nitric acid, giving
silver nitrate.
This is the cheapest method of getting pure silver nitrate. Laboratory
suppliers (and they will not supply to individuals or residential
addresses) sell silver nitrate at a higher cost per gram than the
above route.
Janitor of Lunacy
Nov 16, 2012, 6:35:09 PM11/16/12
to
"Martin" <use...@etiqa.co.uk> wrote in message
news:50a6c19c$0$7323$5b6a...@news.zen.co.uk...
banknotes (e.g. by writing or printing on them), but is silent on
destruction. However, there may well be an issue of jurisdiction in the K
Foundation case, since they burnt it in Scotland, and I doubt whether it's
an offence in Scotland to destroy English banknotes.
Nick Leverton
Nov 16, 2012, 7:30:04 PM11/16/12
to
In article <98ea944d-8587-4a38...@l18g2000vbv.googlegroups.com>,
An odd date to choose, apart from synchronicity with the Decimal
Currency act. If Wikipaedia serves me well it would allow the farthing
to be melted down but exclude the metallurgically similar halfpenny,
and by 1971 of course the 1d itself.
Currency act. If Wikipaedia serves me well it would allow the farthing
to be melted down but exclude the metallurgically similar halfpenny,
and by 1971 of course the 1d itself.
Janitor of Lunacy
Nov 16, 2012, 8:30:06 PM11/16/12
to
"Phil Mcbride" <philmc...@gmail.com> wrote in message
news:afde60e1-dba2-4e2f...@f17g2000vbz.googlegroups.com...
Message has been deleted
Norman Wells
Nov 17, 2012, 4:15:02 AM11/17/12
to
Nick Leverton wrote:
> In article
> <98ea944d-8587-4a38...@l18g2000vbv.googlegroups.com>,
> Phil Mcbride <philmc...@gmail.com> wrote:
>>
>>
>> Norman Wells wrote:
>>> Phil Mcbride wrote:
>>>>
>>>> Out of interest what is the legal position on destroying actual
>>>> currency in circulation?
>>>
>>> Generally, you can't do it. The position on both is governed by the
>>> Coinage Act 1971, Section 10.
>>
>> Thanks for the cite. I checked it out and it appears to only apply to
>> UK coins.
>>
>> "No person shall, except under the authority of a licence granted by
>> the Treasury, melt down or break up any metal coin which is for the
>> time being current in the United Kingdom or which, having been
>> current there, has at any time after 16th May 1969 ceased to be so."
>
> An odd date to choose, apart from synchronicity with the Decimal
> Currency act. If Wikipaedia serves me well it would allow the
> farthing
> to be melted down but exclude the metallurgically similar halfpenny,
> and by 1971 of course the 1d itself.
Not according to the words of the Act you've quoted.
> In article
> <98ea944d-8587-4a38...@l18g2000vbv.googlegroups.com>,
> Phil Mcbride <philmc...@gmail.com> wrote:
>>
>>
>> Norman Wells wrote:
>>> Phil Mcbride wrote:
>>>>
>>>> Out of interest what is the legal position on destroying actual
>>>> currency in circulation?
>>>
>>> Generally, you can't do it. The position on both is governed by the
>>> Coinage Act 1971, Section 10.
>>
>> Thanks for the cite. I checked it out and it appears to only apply to
>> UK coins.
>>
>> "No person shall, except under the authority of a licence granted by
>> the Treasury, melt down or break up any metal coin which is for the
>> time being current in the United Kingdom or which, having been
>> current there, has at any time after 16th May 1969 ceased to be so."
>
> An odd date to choose, apart from synchronicity with the Decimal
> Currency act. If Wikipaedia serves me well it would allow the
> farthing
> to be melted down but exclude the metallurgically similar halfpenny,
> and by 1971 of course the 1d itself.
Message has been deleted
Roland Perry
Nov 17, 2012, 9:10:02 AM11/17/12
to
In message <8v3fa85fslu41b5iq...@4ax.com>, at 13:30:02 on
Sat, 17 Nov 2012, Anthony R. Gold <not-fo...@ahjg.co.uk> remarked:
>>>It used to be in this country we hung, drew and quartered people for
>>>as minor an infraction as trying to blow up Parliament.
>>>
>> "Hanged". Meat and paintings are "hung".
>
>An offender can be too, but as an adjective and not a verb.
Indeed, just by the law of averages, some [male] offenders will
undoubtedly be well hung.
--
Roland Perry
Sat, 17 Nov 2012, Anthony R. Gold <not-fo...@ahjg.co.uk> remarked:
>>>It used to be in this country we hung, drew and quartered people for
>>>as minor an infraction as trying to blow up Parliament.
>>>
>> "Hanged". Meat and paintings are "hung".
>
Indeed, just by the law of averages, some [male] offenders will
undoubtedly be well hung.
--
Roland Perry
S
Nov 17, 2012, 1:10:03 PM11/17/12
to
On 16 Nov, 23:10, Nick Leverton <n...@leverton.org> wrote:
> In article <50a6c19c$0$7323$5b6aa...@news.zen.co.uk>,
money to the BoE.
> In article <50a6c19c$0$7323$5b6aa...@news.zen.co.uk>,
>
>
>
>
>
> Martin <use...@etiqa.co.uk> wrote:
>
> >On 16/11/2012 15:50, Jethro_uk wrote:
> >> On Fri, 16 Nov 2012 14:20:12 +0000, Phil Mcbride wrote:
>
> >>> Is it illegal in the UK to destroy coins/bullion?
>
> >>> These aren't the bog standard coins in circulation, they are high purity
> >>> silver, gold or platinum pieces bought from precious metal dealers.
>
> >>> Out of interest what is the legal position on destroying actual currency
> >>> in circulation?
>
> >> Given it used to be an offence which attracted the death penalty, I would
> >> imagine it is regarded *very* seriously.
>
> >Not that I approve ... I don't think K Foundation were prosecuted and
> >they burnt a million quid, so it can't be taken that seriously, it was
> >well publicised at the time
>
> That was paper money though, promissory notes I suppose ? which may be
> legally different from coinage.
>
People should be encouraged to burn banknotes. It is like donating
>
>
>
>
> Martin <use...@etiqa.co.uk> wrote:
>
> >On 16/11/2012 15:50, Jethro_uk wrote:
> >> On Fri, 16 Nov 2012 14:20:12 +0000, Phil Mcbride wrote:
>
> >>> Is it illegal in the UK to destroy coins/bullion?
>
> >>> These aren't the bog standard coins in circulation, they are high purity
> >>> silver, gold or platinum pieces bought from precious metal dealers.
>
> >>> Out of interest what is the legal position on destroying actual currency
> >>> in circulation?
>
> >> Given it used to be an offence which attracted the death penalty, I would
> >> imagine it is regarded *very* seriously.
>
> >Not that I approve ... I don't think K Foundation were prosecuted and
> >they burnt a million quid, so it can't be taken that seriously, it was
> >well publicised at the time
>
> That was paper money though, promissory notes I suppose ? which may be
> legally different from coinage.
>
money to the BoE.
Percy Picacity
Nov 17, 2012, 1:50:01 PM11/17/12
to
--
Percy Picacity
meow...@care2.com
Nov 17, 2012, 2:15:02 PM11/17/12
to
> > Out of interest what is the legal position on destroying actual
> > currency in circulation?
> Generally, you can't do it. The position on both is governed by the
> Coinage Act 1971, Section 10.
Thanks for the cite. I checked it out and it appears to only apply to
UK coins.
"No person shall, except under the authority of a licence granted by
the Treasury, melt down or break up any metal coin which is for the
time being current in the United Kingdom or which, having been current
there, has at any time after 16th May 1969 ceased to be so."
===
> > currency in circulation?
> Generally, you can't do it. The position on both is governed by the
> Coinage Act 1971, Section 10.
Thanks for the cite. I checked it out and it appears to only apply to
UK coins.
"No person shall, except under the authority of a licence granted by
the Treasury, melt down or break up any metal coin which is for the
time being current in the United Kingdom or which, having been current
there, has at any time after 16th May 1969 ceased to be so."
That appears to leave it legal to destroy canadian currency
NT
Ophelia
Nov 17, 2012, 10:15:01 AM11/17/12
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