I have some Sterling coins and Guernsey pounds which the banks won’t accept.
Since I’m not travelling to England any time soon, I was wondering if selling them on eBay or on an auction site is legal. Keep in mind that these aren’t old coins but currency that is currently in circulation.
Totally legal. I’ve done it many times.
The only thing you have to watch for is money laundering rules - but I assume it’s pretty difficult to come even close to the $10,000 limit with coins and one-pound notes.
Whenever I cross the border, they ask if I have $10,000 or more in money or monetary instruments. Plus banks and some other businesses must report cash transactions over $10,000; and suspicious cash transactions. “Structuring” is breaking up a series of transactions to stay under $10,000 - is very illegal.
Plus each one pound coin weighs 9.5 grams, x 7716 [ £7716 = $10,000 ] = 73.302 kilos weight.
So don’t offer Free Postage.
Plenty of coin/currency for sale on eBay right now … new, old, in-between …
If Belgium prints a twenty Euro note, they’re on the hook for twenty Euros … unless that note goes into somebody’s collection forever … then Belgium’s not on the hook … so Belgium doesn’t mind folks selling their twenty Euro notes on-line …
“The banks won’t accept” them? Does your bank not offer bureau de change services?
Belgium is not “on the hook” for anything after printing a twenty Euro note. The EU is not on the gold standard; cash does not have a redemption value. The reason Belgium doesn’t care about people taking notes out of circulation is that paper money only lasts about three years anyway.
Many banks will happily exchange foreign paper money but refuse to take foreign coins, AFAIK.
Ah, that makes sense.
Ah … I wasn’t aware Belgium sells their banknotes to collectors for printing costs … ignorance fought !!!
You are allowed sell them, but you might not find a customer, and you certainly won’t get much money for them.
There are a number of charities that will accept donations of foreign coins. They can make much better use of them than you.
Here’s an example. There are others.
Belgium, like the US I’m sure, loves to sell coins and banknotes to collectors in order to get real (electronic) money in return. That’s what all those collection-friendly presidential coins and the like are about.
Surely you’ll have a friend or acquaintance traveling there eventually.
If you have a number of pound coins, you need to get rid of them fairly soon, unless they are the new 12 sided ones, because after October 15 2017 the old coins can no longer be used in shops. You can still take them to banks or the Post Office to get them changed for new versions, but shops won’t accept them.
If you have any old paper five pound notes, you are already too late.
Unless you have a friend or relative who can use them, Ebay is your best bet.
Funny joke.
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But seriously:
in 2008 the US Mint started a program where you could buy 1-dollar coins at face value, no quantity limit. The kicker is that shipping was free…and you could pay with a credit card. In fairly short order people were buying tens, even hundreds of thousands of dollars’ worth of coins using credit cards that rewarded them with airline frequent flyer miles or other premiums. Once the coins were delivered, people would quickly go and deposit them at the bank so they could use the funds to pay off their credit card bill (thereby negating the entire purpose of the Mint’s program, i.e. to get dollar coins into circulation). People racked up thousands of dollars in benefits before the US Mint shut down the program.
So yeah, make the buyer pay for shipping.
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Around here (Chicago), a lot of banks won’t do any exchanges unless you already have an account with them.
Fortunately, having a Chase credit card counts as an account, and they have tons of branches, so that’s what we use.
Brilliant! Absolutely brilliant. It wasn’t that you could pay with a CC, it’s likely the only method they’ll accept.
Back in the early sixties silver price exceeded $1.29 and lots of people were redeeming silver certificates for silver dollars for a little arbitrage. The real bonus was, Treasury was hauling out $1000 canvas bags that had never been opened, and some lucky stiffs were getting mint condition Carson City dollars of certain dates that were rare and desirable to collectors.