Buy back of bullion
- The Royal Mint Limited (we, us, our and The Royal Mint) will gladly accept enquires from you (the customer) regarding the sale of gold, silver or platinum bullion to us.
- The terms and conditions which are outlined below apply to the process of selling gold, silver or platinum bullion (in the form of gold, silver or platinum coins or gold, silver or platinum bars) by you to us as part of our ‘buy back’ service. The bullion which you sell to us does not have to be produced by The Royal Mint as we will gladly accept enquiries regarding coins and bars from other mints and refineries around the world (Metal).
- Please note, these terms and conditions do not apply to the Sell Back of Royal Mint Bullion Products which are held in our vault, for further information on this service please see clause 10 of the terms contained in Purchases.
- Postage of items to The Royal Mint as part of this process denotes acceptance of these terms and conditions .
- In order to apply to sell Metal to The Royal Mint, the customer must have a registered and approved account, please see our terms contained in ‘Opening and Managing your Account’ for details on setting up and managing a Customer Account.
- The customer must be the legal owner of the Metal which is to be valued, sold or attempted to be sold to The Royal Mint. The customer must be acting on his or her own behalf and not as the agent or representative of another person, individual, company or organisation.
- At the request of The Royal Mint, the customer must provide recognised documentation that complies with The Royal Mint’s requirements, namely, that the Metal the customer wishes to sell is their own property.
- The process of generating a valuation for the Metal and making an offer is as follows:
- The customer must visit the royalmint.com website and enter required details about the Metal which they wish to sell on the valuation page. This form requires details which will be submitted to The Royal Mint customer service representatives.
- The price which the customer is offered is an ‘indicative’ valuation (Indicative Valuation) and is based on both the information which the customer has provided to The Royal Mint as part of the quotation process and the current gold, silver or platinum price.
- The Royal Mint will endeavour to ensure that the Indicative Valuation is as close as possible to the sum the customer shall receive once the Metal is received and assayed (subject to these terms and conditions). Although, on occasion (for example, the item being of a lesser quality than expected or changes in the precious metal price) this may not always be the case.
- If the customer chooses to accept the Indicative Valuation which has been offered and chooses to sell the Metal, a packing slip will be sent to the customer. This packing slip contains identifiable information by form of a unique reference number. This packing slip will show the dispatch address. This may not be the address which is listed on the website. It is the responsibility of the customer to ensure that Metal is sent to the correct dispatch address. Failure to do so may result in loss of the Metal and The Royal Mint shall not be held responsible for this.
- Once the customer has posted the Metal to the dispatch address, the Metal should be considered sold and the contract for sale shall be formed between The Royal Mint and the customer (Contract). This is a binding Contract and the Metal cannot be returned by request of the customer, or the Contract revoked, at a later date.
- If The Royal Mint receives an item and the contents of the package are not the same as those which have been declared on the packing slip, it will inform the customer of this.
- Once the Metal has been received and accepted it will be assayed for purity and authenticity by trained precious metal experts to determine its value. The Royal Mint will endeavour to perform this assay process within three (3) working days of receiving the items and although this is usually sooner, in the event of circumstances beyond the control of The Royal Mint, this may on occasion take longer.
- Once the Metal has been assayed and valued, it will be sold at the precious metal price provided by the London Bullion Market Association (LBMA) which is detailed on the LBMA website. For gold and platinum, the price is set twice a day and both gold and platinum will be sold on the ‘AM’ or ‘PM’ price on the next working day following the assay process. For silver, the price is set once daily and as such, silver will be sold on the daily price on the next working day following the assay process.
- For gold items, 96% of the valuation of the gold content of the item will be paid to the customer (based on the valuation method detailed above). For silver, 90% of the valuation of the silver content will be provided to the customer and for platinum products, 90% of the value of the platinum content will be provided to the customer.
- Part of the assay process may involve damaging the Metal by way of applying force; scratches; acids and other substances which may damage the appearance and condition of the item. This process is required in order to test the purity of the metal and The Royal Mint cannot be held responsible for any damage which occurs as part of the normal assay process.
- Subject to clause 17, If Metal received in this process proves to be materially incorrect in comparison to the details provided by the customer in accordance with clause 8.1 (for example the weight of the Metal), The Royal Mint will contact the customer and discuss either an alternative valuation or return of the Metal to the customer.
- If during the assay process the item is found to be not authentic (i.e. the Metal is counterfeit) The Royal Mint shall contact the customer, provided The Royal Mint is legally permitted to do so and may also contact the relevant legal, governmental or regulatory authorities.
- As stated above, before dispatching Metal to The Royal Mint, the customer must contact The Royal Mint for an Indicative Valuation.
- In accordance with clause 8.4, if the customer accepts the Indicative Valuation, The Royal Mint shall provide the customer with the address for dispatch (Dispatch Address) and dispatch details.
- Metal which is sent by the customer to the wrong address is the responsibility of the customer and not of The Royal Mint.
- All Metal sent to The Royal Mint must be dispatched via a recorded, trackable and insured delivery service (such as Royal Mail Special Delivery Guaranteed ® service).
- The Metal may also be dispatched:
- by way of hand delivery to the Dispatch Address in accordance with The Royal Mint’s instructions; or
- by way of a collection service from the customer’s registered address to the Dispatch Address in accordance with The Royal Mint’s instructions.
- In accordance with clause 8.1, the customer is required to identify, describe and list the quantities of the items being sent to The Royal Mint. The Royal Mint reserves the right to reject any forms (and the items they are sent with) which are not properly completed and signed. The Royal Mint also reserves the right to reject delivery of any package which appears to be opened, damaged, or tampered with in any way.
- All items posted to the Dispatch Address are at the customer’s own risk and any associated postage and insurance costs are to be incurred by the customer and shall not be paid by The Royal Mint. Insurance for the Metal should be provided separately by the customer’s chosen delivery company. It is the responsibility of the customer to ensure the level of insurance offered by the delivery company is sufficient to cover the possible value of the Metal enclosed within the delivery.
- Safe transit of the Metal is the responsibility of the customer until the Metal is received and signed for by The Royal Mint or its elected agent(s) who may be acting on behalf of The Royal Mint.
- Title to the Metal shall remain with the customer until the customer’s Royal Mint Account has been deposited with the applicable funds in accordance with clause 26.
- Following receipt and assay of the items, payment will be made into the customer’s Royal Mint account. The Royal Mint will endeavour to transfer this money within three (3) working days after receiving and assaying the items and although this is usually sooner, in the event of circumstances beyond the control of The Royal Mint, this may on occasion take longer.
- Payments made to the customer’s Royal Mint account may be withdrawn and deposited into the customer’s elected bank account or used across The Royal Mint’s website by the customer to purchase other items. Any funds held within the customer’s account must comply with the terms contained in Opening and Managing your account.
- Whilst items are in transit to The Royal Mint, it is the responsibility of the customer to ensure that items are adequately insured against loss, damage or theft. The Royal Mint strongly suggests that customers enquire with the relevant chosen postal service regarding an adequate level of cover as The Royal Mint is unable to offer assistance with this.
- It is solely the responsibility of the customer to ensure they dispatch the item to the Dispatch Address and that the customer includes all relevant and required completed documentation.
- If the customer chooses to post an item to The Royal Mint without:
- first requesting an Indicative Valuation, or;
- a completed customer form
The Royal Mint may be unable to locate the Metal and shall not be responsible for this.
- The Royal Mint shall not be held responsible for any loss or damage to any items at any time before reaching the Dispatch Address.
- Nothing in these terms shall exclude either party’s liability for: death or personal injury resulting from the negligence of a party or its employees while acting in the course of their employment; fraud or fraudulent misrepresentation; or any other losses which cannot be excluded or limited by applicable law.
- All phone calls and email correspondence between The Royal Mint and customers or potential customers may be stored and recorded for security and training purposes. Any such recording may be relied upon and used by The Royal Mint in the event of any dispute.
- We reserve the right to refuse to supply any valuation of any Metal.
- Our liability for any losses you may suffer as a result of us breaching the Contract or for negligence or otherwise shall in all cases be limited to the actual value of the item(s) the subject of the Contract and we shall not be responsible for indirect loss or consequential loss however arising.
- We will have no liability to you under these terms if we are prevented from, or delayed in, performing our obligations under these terms by anything outside our reasonable control including, but not limited to, strikes, lock-outs or other industrial action, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport, impossibility of the use of public or private telecommunications networks or the acts, decrees, legislation, regulations or restrictions of any government.
- We have the right to revise and amend these Terms and Conditions from time to time by posting revised Terms and Conditions on the website. The revised Terms and Conditions will apply in respect of any order for products or any other service made 24 hours or more after we have posted them on our website. If you do not agree to our revised Terms and Conditions as posted on our website, please do not order products or services from us.
- These terms and our Contract will be governed by the laws of England and Wales. Any dispute arising from, or related to, these terms or our Contract shall be subject to the exclusive jurisdiction of the courts of England and Wales.
Valuation and assay
Incorrect and counterfeit items
Limitation of Liability
Last updated on 28-4-2020