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• #51
hippy
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Whats DTM?
Delirious transexual men :@
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Sorry to jump in your lollercoaster
But I've been thinking about this and it doesn't really make sense. You don't just accidentally create thousands of 'wrong coins' there are so many quality controls in coin production that you would have to go out of your way in order to do so.
I am not one for conspiracies but my feeling is that by creating these 'rare coins' they are inflating the value of something so minute gigantically in a way that 'increases circulation'. By giving a small sample of the population something that is suddenly 'rare' and telling coin collectors that each is worth over £50, surely theres something in it? Is it not a free and 'harmless' way of generating capitol?
Simply printing more money created hyper inflation but this in a way bypasses it.
Could it be an experiment for the future?
Am I completely out of my depth?
Is there a God?
Ignore the last questions. But if anyone actually has the faintest understanding about economics please shout out, I would be very interested to hear your opinion on this.
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I'm not an economic expert but here goes..
If they indeed are giving people £50 for each wrongly minted 20p coin then you have to ask where that extra money is coming from.
I don't know but if it's not coming from the government then the bank of england could just be creating that extra money which is basically 'quantitative easing' whether on purpose or not.
There's a section in this awesome animation called 'Money As Debt' that explains how 'money' is created:
http://video.google.com/videoplay?docid=-2550156453790090544Monetary reform FTW
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I am not one for conspiracies but my feeling is that by creating these 'rare coins' they are inflating the value of something so minute gigantically in a way that 'increases circulation'. By giving a small sample of the population something that is suddenly 'rare' and telling coin collectors that each is worth over £50, surely theres something in it? Is it not a free and 'harmless' way of generating capitol?
There is reckoned to be between 50,000 and 200,000 of the wrongly minted coins.
Let's call it 125,000 coins as an average.
125,000 x 20p would normally give us £25,000
Now let's suppose every single one of the wrongly minted coins is found removed from circulation and bought by dealers at £50 a coin.
That would generate £6,250,000 (120,000 x £50).
There are numerous houses for sale in London that cost at least that, the sale of a house (even one costing a few million) is unlikely to have any effect on the economy.
Simply printing more money created hyper inflation but this in a way bypasses it.
Could it be an experiment for the future?
No.
Am I completely out of my depth?
How tall are you.
Is there a God?
The word 'god' is an ill defined nebulous term people use in place of the phrase "I have no clue". It does not mean anything.
Ignore the last questions.
No fucking way.
But if anyone actually has the faintest understanding about economics please shout out, I would be very interested to hear your opinion on this.
It's a silly idea from what I can see - and for lots of reasons.
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If they indeed are giving people £50 for each wrongly minted 20p coin then you have to ask where that extra money is coming from.
The purchaser pays the £50 of course.
I am perplexed that that even needs pointing out ! Unless your fiendish satire has gone way over my head !!??
I don't know but if it's not coming from the government . . .
STOP ! stop right there.
No, the government are not rewarding people with £50 for finding wrongly minted 20p coins, nor is the Bank of England rewarding people with £50 for finding wrongly minted 20p coins.
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I guess I got a bit ahead of myself. Just got a bit excited with my wandering thoughts and had to clear it up.
Doesn't the fact that £6,250,000 can be generated 'by accident' cause any concern?
It seems strange that something of a defined value not due to any specific characteristic but a sum the Bank of England decides can change value so dramatically as the direct purchasing power will not change yet it is 'worth' more.
The London Mint exchange are offering 50 dorrah per 20p given in.
Oh and I had to put a GOD question in there to get tynan's attention, and I had to put "Ignore the last questions" to prevent trolling action.
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I guess I got a bit ahead of myself. Just got a bit excited with my wandering thoughts and had to clear it up.
Doesn't the fact that £6,250,000 can be generated 'by accident' cause any concern?
Strictly speaking it's £6,225,000 (the value of each coin being sold at £50 - minus their face value / £25,000).
Why should it be concerning ? Lots of things of value are spontaneously produced - becoming worth much much more than the resources used to produce them, hit records, paintings/works of art, brand names, inventions, most of the profit from the financial sector . . . and so on.
It seems strange that something of a defined value not due to any specific characteristic but a sum the Bank of England decides can change value so dramatically as the direct purchasing power will not change yet it is 'worth' more.
People have always collected coins, this wrongly minted coin is something they are interested in and are willing to pay to get one of these into their collection. I can't see anything strange here, all the parts of the system are easily understood.
It is no more strange than the 'value' generated in the financial sector - from essentially nothing.
The London Mint exchange are offering 50 dorrah per 20p given in.
'Given in' sounds a little like a return of the coin, which itself implies (albeit lightly) an official connection.
The London Mint Office (not exchange) is a private company ( http://www.undated20p.com/about.html ) with nothing to do with the Royal Mint - who are offering £50 to buy the coins up, I expect they will then be sold on to collectors for much more - maybe £250 or so (?)
Oh and I had to put a GOD question in there to get tynan's attention, and I had to put "Ignore the last questions" to prevent trolling action.
It worked.
Praise him.
Aroogah
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tynan
Aleksi
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Check your 20 pence pieces guys
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@won't-do-hills
