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If you buy a special edition 'poppy' £5 coin the company producing
them donate 17p to the Royal British Legion.
The coin is legal tender and costs £5.
The RBL must have some money in the bank, let's say £5 million to
keep things simple.
They could buy 1 million of these coins, which
they would pay straight
back into their bank account. Now all they have to do is wait for their
£170,000 donation.
Repeat ad infinitum.
Poppy Coin
http://www.westmins...O7rQCFW7HtAod-HQAYg
[MikeOliver, Jan 17 2013]
The Royal Mint
http://www.royalmint.com/
Licensed to stamp out money … [8th of 7, Jan 17 2013]
[link]
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Sounds somewhat like a "scrip" fundraiser, but without any benefit for the copany producing the coins. |
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ah.... somewhere in there you could have inserted "so the idea is..." |
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This is Quantitative Easing through alternate channels - if you accept QE as acceptable, it may be further acceptablised by making charitable organisations the primary benefactees, instead of the banking industry. |
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You did catch the "legal tender only in Jersey" note,
right? And yes, I know the Jersey Pound is nominally
exchangeable 1:1 with Sterling, I suspect you might
have a problem with this one, since there is no 5
Pound Sterling coin. |
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// the company producing them // |
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That would be the Royal Mint. |
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Actually, there is a £5 sterling coin. They come in a wide range of
designs and are aimed at the collector's market. |
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If it's like the 'charity strikings' occasionally produced by
the US Mint, the donation comes out of the 'face value'
(i.e. retail cost) of the coin, meaning that a charity buying
its own coins is just moving money around and probably
paying bank fees. |
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Is it the royal mint for Jersey, or do they have
their own. And I guess I should have said no
general circulation 5 Pound coin. |
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Which does mean the idea seems valid assuming
you could find a place that actually would
exchange these for other currency (which it
appears to be that you should, but probably can't).
I also suspect there is a relatively limited supply. |
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[Alter] The point is that the coin is legal tender
for it's selling price, despite the donation (at least
if you live in Jersey). So there is no face value
gain. |
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// //The company producing them// |
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That would be the Royal Mint // |
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Trading as 'The Westminster Collection'. |
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