NOT GOOD - Understanding Your Consumer Rights When Buying Bullion Coins | Avoiding Disappointment
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- Опубликовано: 5 сен 2024
- #gold #silver #bank
Are you thinking about investing in bullion coins? It's crucial to know your consumer rights before making a purchase. Many buyers mistakenly believe they have the right to get their bullion coins replaced if they aren't of good quality. Unfortunately, this isn't always the case. In this video, we'll break down your rights as a consumer, why you might not be able to get a refund or replacement for poor-quality bullion coins, and how you can protect yourself from disappointment.
Key Points Covered:
Explanation of basic consumer rights.
Specific rights concerning bullion coin purchases.
Common Misconceptions:
Why the belief that you can always get a replacement is false.
Circumstances under which you might not be entitled to a refund or replacement.
Quality Control Issues:
Factors that affect the quality of bullion coins.
What to look out for in terms of coin quality.
Protecting Yourself as a Consumer:
Research: Importance of choosing reputable dealers.
Verification: How to verify the authenticity and quality of bullion coins before purchasing.
Documentation: Keeping all purchase records and certificates of authenticity.
Reviews: Checking reviews and ratings of sellers and products.
Consultation: Seeking advice from experienced bullion investors or financial advisors.
Steps to Take if You're Unhappy with Your Purchase:
Contacting the seller: Tips on how to effectively communicate your concerns.
Legal options: Understanding your legal rights and options if the seller refuses to cooperate.
Links and Resources:
Consumer Rights Information
Guide to Buying Bullion Coins
Top Reputable Bullion Dealers
How to Verify Coin Authenticity
Consumer Protection Agencies
Join the Conversation:
Have you had an experience with purchasing bullion coins? Share your story in the comments below. Don't forget to like, share, and subscribe for more informative content on investing and consumer rights!
Disclaimer: This video is for informational purposes only and does not constitute legal or financial advice. Always do your own research and consult with a professional before making investment decisions.
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Topics covered in this video:
banking, finance, gold, silver, precious metals, cash, wealth preservation, economic uncertainty, financial independence, store of value, means of exchange, alternative finance, bank withdrawal, financial strategies, personal finance, financial system, economic trends, global economy, investment, asset allocation, monetary policy, inflation, deflation, wealth management, fiat currency, currency devaluation, financial education, financial literacy, monetary history, financial freedom, financial planning, asset protection.
It's not just milkspots, RM bullion is loaded with scratches and dings, mostly on the obverse. Edit: And that includes gold bullion. This is why I generally stick to aftermarket RM proof silver and gold coins. Same price as bullion and superb quality.
Shocking to hear the substandard minting facility at RM… but I’m not surprised. Thanks for the video BYB 😊✌🏻
Royal Mint just don't seem to care about bullion. I've tried explaining to them customers buying a coin in a capsule don't want a damaged coin. 2 out of 3, 1oz gold coins so far, makes me not want to bother collecting the set. They're a collectable, not bullion. I've got another one from a dealer that's developed red copper rust.
I'd be interested in a video on the Royal Mint production process and your take on it
With milk spots you don’t have to worry about counterfeit coins.
Cheers from California.
I’m not convinced it’s the RM but the planchet manufacturers causing milk spots. I suggest they are using a flux of some sort needed in the production process in variable quantities instead of the precise amount required (which is why not all coins have the issue) which impregnates into the metal during the planchet hot forming stage. The RM cold stamp so don’t affect the metallurgy of the silver. Die polish won’t do it. That’s my two pence worth…….. 🙂
BYB ,it is the royal mints fault for not cleaning the solvent off the planchets or the die during annealing....PURE LAZINESS ON THE MINTS PART !!!!!!!!!!!
Royal Mint quality is degrading.. so many milk spot, scratch... what happened?
When it comes to bullion, milking doesn't worry me. It only becomes a problem when I'm buying proof and collectable coins
I NEVER buy RM bullion coins over the mail. If I can cherry pick from a local dealer, then OK. But it is a challenge to find decent collectible RM coins.
That it is bad! Milk Spots! I just don't understand the quality control or the lack of it! Greetings from Hollywood, California.
It's because the royal mint don't care. According to them there is not enough data to say there is a problem. I.e. not enough people complained about it. Basically they have their heads in the sand.
I bought a one ounce Gold Lion of England Coin from Atkinsons a few years ago. It had a faint scratch on the Lions Leg, my OCD got the better of me and I called them to see if they would exchange it. They were brilliant and agreed to change it straight away. I was very pleased, obviously.
Also, cheers for the 1 Kilo Silver Bars. I can’t stop going back to them just to get hold of them. Missus thinks I’m going mad 😂
I think the lack of concern and arse covering through outright lies, about the milk spotting, speaks to a problem which plagues every large organisation nowadays. The decision makers are mid level intelligence egoists who studied business management or got an arts degree. If you were dealing with engineers, they'd tell it to you straight and they'd either fix the problem (because that's what engineers like to do) or they'd explain why it's cost prohibitive to do so. They most certainly wouldn't hide behind bluster or fairy stories, which quite frankly, is how children behave, not adults running a billion pound turnover Royal Mint.
Fair comment, the rot started in the 70's with the likes of British Leyland and in the west it seems a systemic problem, see how Boing is run at the moment!!!
Yes. The common sentiment, is when they stopped promoting people from the shop floor through cadetships, and instead brought in university graduates from the business schools, very many aspects of our industrial economy became hamstrung by the uniform thinking of the business graduates. You hear horror stories of the inefficiencies these airheads bring to businesses across the spectrum. The end result, for all of us, is worse products, being sold for more money. And a less competitive West.
I buy RM bullion for the CGT free status, and just care about the weight of silver. Of course, it would be preferable to have pretty coins as well.
Love a critique of the royal mint. lol.
I bought a Maple from Hatton Garden, which arrived heavily milk spotted, and they were perfectly fine with refunding my money, or replacing it for another item (after comparing the spot price). My main argument is they were advertising it as "investment grade" which it certainly wasn't. They didn't agree outright but they were very good from a consumer point of view and refunded my money. So I guess it depends who you deal with!
Just buy Maples!!
What do I do. I stop buying any product from the offender. I’ve also stopped buying into the hype (from a U.S. perspective) that sovereign coinage is better than generic.
Hi backyard bullion.nice vlog.Is there away you can remove milk spotting without damaging the coin ? Thank you.
It is shocking. Got 4 x 2023 Britannia from Atkinson recently (2 QEII and 2 KC), and 4 out of 4 are heavily milk spotted. they are only 1 year old. I am sure it is the same if I buy directly from RM. It almost put me of collecting any more silver again. Now I will only buy second hand ones. Plus, RM is always way over priced.
I stack for weight so when I get a round with milk spots I consider it a security feature. I know its a real coin from the royal mint.
I thought the point of bullion grade coins was that condition doesn't really matter...?
Does it only happen on the smaller coins? I’d be gutted if a 10 ounce turned milky but I’ve always got a good home for a milky Brit.
❤ those little bars, very tactile
I've got a copper spot on the obverse of a 21 Czech lion. Was somewhat irritated by it, but I could always burn it off without damaging the coin if I wanted to move it on. Being my first gold coin, one doubts I'll be doing that however.
Silver dip removes them instantly.
There is a youtube video that shows how to remove the copper spots with a special pencil eraser, and it works well. My friend did it and there is no sign of the spot and no scratches on the gold coin either. It is a very soft rubberish eraser. ruclips.net/video/jj5s-UqIbJw/видео.html
Love my Britannias. Did they have this problem with the .958 coins?
I started buying Britannia's about 4 years ago here in the USA because frequently, the Britianna's were the same or sometimes even cheaper than Buffalo Rounds and many online dealers, so why not buy a sovereign coin ? Many of my Buffalo's have milk spotted over time even while locked up in their original tubes stored in a climate controlled space. I have seen some youtube videos showing how to clean them and remove most of the mild spots, but some people say that it will reduce the value of the coins. Not sure I agree with that, but I guess your mileage will vary, LOL. Anyway, I have had friends that purchased a couple of Gold Britannia's that originally looked fine, but a couple of years later they got big bright orangish red spots on some of them. RUclips had a video showing how to remove them very easily with a special type of pencil eraser, so he picked up a couple of them and tried it and yep, the red spots disappeared with a very light rub of the soft rubbery pencil eraser and left no trace or scratch on the coin. Very cool!
I have been saying it for you to just keep your storage as dry as you can. I keep mine in with a lot of dessicant and never had a single case of "Snow toning" in over 400 + troy pounds of silve3r. Here I am telling you folks, KEEP THEM DRY of any form of moisture and your troubles are no longer an issue. My riend here is not a person of no knowledge It is just my personal beliefes that have never let me down., Take care old friend. We have never disust this opic. I would like to eh, LOLOLOL
Buy Kangaroos or Maples, simple. Cheaper per oz anyway, at least in Aus
If anyone has milk-spotted silver they don't want, i'll take it off your hands....
I actually bought 2 Lizzies and 2 chucks, no milk spots.... they came from a US dealer though
Funny u mention TSF. A while ago I bought couple of silver coins from 1 user and i was v p*ssed off with what I received. Milk spots and general not good quality. Now it was a flash sale and price was below spot, also the sellers photos of the coins were blurred etc, so I blamed myself for not asking for better photos. I learned my lesson and will ask for better photos on TSF now. also I blocked this seller and won't deal with him again. Royal mint is a different level of bad quality though
What was the name of the user on the forum? Did you leave the appropriate feedback?
@@BackyardBullion I'll email you rather than put details on RUclips
Will milkspoting make a difference when you come to sell them I've got over 60 Britannia's most of mine are older coins will you at least get spot when you come to sell
Depends where you sell them. To a dealer, no. Privately on the 2nd hand market I would say maybe £1-£2 less per coin
I've never had a milky coins from them, perfect proofs every time, no shipping delays and customer service is topnotch.
You'll have to excuse me now, the nurse is here with medication and put me back in my padded cell.
Worst silver bullion
Is it positive to clean it somehow ?
Heard a soft pencil eraser is best
I found with Atkinsons, far fewer problems, I guess it's like a form of quality control as they probably had the opportunity to return any bad batches, other than that, I select my brits from buyers that show the coins and buy clean ones that I have chosen, plus none of my silver is handled without gloves and everything is in capsules and kept in a dark cool safe with silca gel sachets, so far so good