Robert Murray Stamp Shop, Edinburgh
Coins and Banknotes

We sell all manner of coins and banknotes, with stocks varying depending on what material has been purchased, what has been prepared for sale, and what has been sold !
We buy virtually anything in coins. Quoted here is an extract from the advice aimed at charities selling coins and notes as a fundraising effort.

Our main business contact with charities is through buying stamps in bulk, but over recent years many organisations have found that collecting coins can be very lucrative. (Many of the charities from whom we buy stamps and coins find that the coins now more than match their stamp income.)
In broad terms, coins and banknotes break down into categories as follows.
COINS
Coins current in other countries, or recently current. This includes some of the "legacy currencies" in use in the Eurozone countries (Austria, Germany, Ireland, and Spain are still ok - others are now demonotised, and we only buy them as scrap). Many members of the public have little bags of leftovers from holidays and business trips, and are now quite happy to give them to charity.
Coins of collectable value. This for a charity can be difficult to sort out from other scrap/"smush" but we do the separation for sellers. Sometimes a charity might be donated an organised collection, in which case this would be worth keeping intact in case it includes any better items.
Coins of low value. After the two previous groups have been extracted, this is what is left.
BANKNOTES
Banknotes current in other countries, or recently current. The notes above for coins apply here also (but many of the notes from Eurozone countries who's coins have been invalidated are still acceptable).
Other banknotes. All banknotes have some collectable value, although the cheapest (either very common, or in poor condition) are often worth only a few pence each. It is very important that any notes you are given which are in mint condition are kept that way.
GOLD COINS
We also handle gold coins, but often do this in a different way. For smaller lots (one or two sovereigns or half sovereigns, for example) we would normally just make an offer to buy. For larger holdings (i.e. worth at least a few hundred pounds, certainly for £1,000+) we would usually offer to act as a broker. We have good and trusted customers who are usually good buyers of gold coins and bullion (also quantities of silver). If a customer has arranged to bring their coins in to us we will inspect and check them, and find a buyer. Our vendor customer then has the choice of whether or not to accept the offer. If accepted, a deal is agreed with the buyer, and we then see the sale through to its conclusion, including taking care of sending the coins to the buyer. For this brokerage service we charge a percentage normally of between 5% and 10%, depending mainly on total value. Settlement normally takes about one week.

PRICES
On the current coins and notes, and the €uro legacy currency coins and notes, we pay on average about half of the current exchange rate. Prices tend to be higher for batches which have higher quantities of larger denomination coins, or with larger numbers of notes. Lower prices are earned by lots with concentrations of very low denominations. We do not have fixed rates; we tend to build up a longer term trust with our suppliers.
We sort through the other material and make an offer depending on what is there. (Sorry - that's a bit vague !  Unfortunately there is no way of fully explaining this aspect of pricing without possibly misleading.) However, we can always break prices down, and explain how our figures are arrived at, and everybody has the option of turning down our offer. (Warning - there are some companies that advertise that they pay high prices, but they seldom explain the calculation of their prices. We will not put you under any pressure to sell, and can detail the calculation of our prices for you.)

SORTING
If you intend to bring such material to us for sale, it is sometimes useful to sort it first. Cutting down on our work often means we can pay a better price. Certainly keep the banknotes separate from the coins. With the coins, it is worth sorting into countries (don't bother with smaller batches of less than, say, 100 coins of mixed countries). It is ok to have mixed denominations in bags sorted simply by country; we only welcome sorting by face value when large quantities are concerned. Remember - we would rather be faced by a mound of loose unsorted coins than by a box of coins all neatly wrapped and labelled, which just takes lots of time to look at.

PAYMENT
We normally pay on the spot for batches brought into us (but you need to make an appointment). Large lots might need to be left with us for checking and counting, then you can either come to collect payment or have a cheque sent to you. We like to have forewarning of very large lots (i.e. of about £500+ sale value - by a rule of thumb, this is about as much as a strong and healthy person can lift in one go !).
We are often asked if we buy out-of-date United Kingdom coins. We do. Some banks will cash these, but many do not, and those that do are often not too willing. The following list is meant to give guidance for average circulated coins in bulk. A well-assembled collection will almost always do better, sometimes a great deal better.
Pre-decimal coinage
Farthings (¼d) :: seldom under 1p each
Halfpennies (½d) :: normally £2 per kilogram
Pennies (1d) :: normally £2 per kilogram
Brass Threepences (3d) :: average 1p each
Silver Threepences (3d) :: average 15p to 20p each (slightly more for dates up to 1919)
Sixpences (6d) :: 1947-onwards 2p each (*See "silver" below")
Shillings (1/-) :: 1947-onwards * 2½p each (more for large quantities)
Florins (2/-) :: 1947-onwards * 5p each (more for large quantities)
Half Crowns (2/6) :: 1947-onwards * 6½p each (more for large quantities)
Crowns (5/-) :: most from 1965 onwards are slightly below face value - up to 1960 prices vary

Decimal coins now out of circulation
Half New Pennies (½p) :: worthwhile quantities at half face value, less from small quantities
Large Five Pences (5p) :: half face value (more for large quantities)
Large Ten Pences (10p) :: half face value (more for large quantities)
Large Fifty Pences (50p) ::  half face value (more for large quantities)
Commemorative Two Pounds (£2) and Five Pounds (£5) ::  a bit below face value
(Please note that the story about current £2 coins with the necklace in the portrait is not based on fact. There is no scarcity value to these coins, which were issued in normal quantities. It's an urban myth !)

* Silver Coins
Silver coins up to and including 1946 have some silver content. We buy these at about 17 times face value for quantities under £5 face, and about 19 times face value for £5+ face.  (Varies with silver price.)
Dates up to and including 1919 are virtually pure silver. These get almost double the price of pre-1947 coins.

All prices here are intended to be for guidance only. They are subject to change due to market fluctuations, and our own buying requirements. However, at the time of writing they are a genuine indication of our buying prices.
We are quite happy to see coins and banknotes in whatever presentation they come. Don't bother sorting them - we can do the necessary in a fraction of the time !

© Robert Murray 2003-2012. Last updated Saturday 7 January 2012.
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Robert Murray Stamp Shop
5 & 6 Inverleith Gardens
Edinburgh 
Scotland EH3 5PU
Tel. 0131 552 1220 or 0131 478 7021
Homepage; www.stamp-shop.com
Email; murray@stamp-shop.com
Our Shop
is open five days each week, and customers are always, of course, welcome.
We carry very wide stocks of the whole world - much, much more than is listed on our website.
Full shop information at this link.