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THE ROYAL MINT'S SUMMER AUCTION
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SUMMER AUCTION
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U.S. Terms Applicable to Buy Back of Bullion

The Royal Mint Limited will gladly accept inquiries from you regarding the sale of gold, silver or platinum bullion to us.

The terms and conditions contained herein (the “Buy Back Terms”) together with the Terms of Use, Privacy Policy and all other applicable Additional Terms 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. Capitalized terms not defined herein have the meanings given in our Terms of Use or Additional Terms, as the case may be. 

The bullion which you sell to us does not have to be produced by The Royal Mint, as we will gladly accept inquiries regarding coins and bars from other mints and refineries around the world (referred to herein as, “Metal”).

Please note, these Buy Back Terms do not apply to the buy-back of:

  • Royal Mint Bullion Products which are held in our vault – for further information on this service, please see “Selling Products Back to Us” contained in our Purchase Terms; or
  • Historic coins and medals – for further information on this service, please see our Additional Terms.

We reserve the right to refuse to supply any valuation of any Metal for any reason whatsoever.

You will not be able to use the services under these Buy Back Terms if you are a resident of a restricted country or region listed .

In addition to other indications of acceptance as set forth in the Terms of Use, the posting of items to The Royal Mint as part of this process denotes acceptance of these Buy Back Terms.

  1. Information About Us
    1. We are a government owned company, registered in England and Wales under company number 06964873, with our registered office at Llantrisant, Pontyclun, CF72 8YT, United Kingdom (our premises). Our VAT number is GB 256 5227 96. We operate www.royalmint.com.
    2. To contact us, please see our Contact Us page or email us on: services@royalmint.com.
  1. Initial Steps
    1. In order to apply to sell Metal to The Royal Mint, you must have a registered and approved Customer Account. Please see our terms contained in Opening and Managing Your Account for details on setting up and managing a Customer Account.
    2. You must be the legal owner of the Metal which is to be valued, sold or attempted to be sold to The Royal Mint. You must be acting on your own behalf and not as the agent or representative of another person, individual, company or organization.
    3. At the request of The Royal Mint, you must provide recognized documentation that complies with The Royal Mint’s requirements – namely documentation demonstrating that the Metal you wish to sell is your own property.
  1. Valuation and Assay
    1. The process of generating a valuation for the Metal and making an offer is as follows:
      1. You must visit  and enter the required details about the Metal which you wish to sell on the valuation page. This form requires details which will be submitted to The Royal Mint Customer Service Team.
      2. The price which you are offered is an ‘indicative’ valuation (the “Indicative Valuation”) and is based on both the information which you provided to The Royal Mint as part of the quotation process and the current gold, silver or platinum price.
      3. The Royal Mint will endeavor 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). 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.
      4. If you choose to accept the Indicative Valuation which has been offered and chooses to sell the Metal, a packing slip will be sent to you. 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.
    2. Once you have 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 you (the “Contract”). This is a binding Contract and the Metal cannot be returned, or the Contract revoked, at a later date.
    3. 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 you of this.
    4. 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 endeavor 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.
    5. 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.
    6. For gold items, 96% of the valuation of the gold content of the item will be paid to you (based on the valuation method detailed above). For silver, 90% of the valuation of the silver content will be provided to you and for platinum products, and 90% of the value of the platinum content will be provided to you.
    7. 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. YOU THEREFORE AGREE TO SUCH A PROCESS BEING UNDERTAKEN.
  1. Incorrect and counterfeit items
    1. Subject to Section 5, if Metal received in this process proves to be materially incorrect in comparison to the details provided by the customer in accordance with Section 3 (for example, the weight of the Metal), The Royal Mint will contact you and discuss either an alternative valuation or the return of the Metal to you.
    2. If, during the assay process, the item is found not to be authentic (i.e., the Metal is counterfeit) The Royal Mint may contact and return the Metal to you, provided The Royal Mint is legally permitted to do so. We may also contact the relevant legal, governmental or regulatory authorities, without notice to you in such circumstances.
  1. Postage
    1. As stated above, before dispatching Metal to The Royal Mint, you must contact The Royal Mint for an Indicative Valuation.
    2. In accordance with Section 1.4, if you accept the Indicative Valuation, The Royal Mint shall provide you with the address for dispatch (the “Dispatch Address”) and dispatch details.
    3. Metal which is sent by you to the wrong address is your responsibility and not of The Royal Mint.
    4. All Metal sent to The Royal Mint must be dispatched via a recorded, trackable and adequately insured delivery service (such as Royal Mail Special Delivery Guaranteed ® service).
    5. The Metal may also be dispatched:
      1. by way of hand delivery to the Dispatch Address in accordance with The Royal Mint’s instructions; or
      2. by way of a collection service from your registered address to the Dispatch Address in accordance with The Royal Mint’s instructions.
    6. In accordance with Section 1.1, you are 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.
    7. All items posted to the Dispatch Address are at your own risk and any associated postage and insurance costs are to be incurred by you and shall not be paid by The Royal Mint. Insurance for the Metal should be provided separately by your chosen delivery company. It is your responsibility 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.
    8. Safe transit of the Metal is your responsibility 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.
  1. Title

Title to the Metal shall remain with you until your Customer Account has been deposited with the applicable funds in accordance with Section 7.

  1. Payment
    1. Following satisfactory receipt and assay of the items, payment will be made into your Customer Account. The Royal Mint will endeavor 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.
    2. Payments made to your Customer Account may be withdrawn and deposited into your elected bank account or used across The Royal Mint’s Site by you to purchase other items. Any funds held within your Customer Account must comply with the terms contained in Opening and Managing Your Account.  
  1. Limitation of Liability
    1. Whilst items are in transit to The Royal Mint, it is your responsibility 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.
    2. It is solely your responsibility to ensure you dispatch the item to the Dispatch Address and that you include all relevant and required completed documentation.
    3. If you choose to post an item to The Royal Mint without:
      1. first requesting an Indicative Valuation; or
      2. a completed customer form,
    4. The Royal Mint shall not be held responsible for any loss or damage to any items at any time before reaching the Dispatch Address.

The Royal Mint may be unable to locate the Metal and shall not be responsible for this. 

  1. Changes. Further to Section 31 of the Terms of Use, we have the right to revise and amend these Purchase Terms from time to time by posting revised Purchase Terms on the Sites. The revised Purchase Terms will apply in respect of any order for Products made twenty-four (24) hours or more after we have posted them on our Sites. If you do not agree to our revised Purchase Terms, please do not order Products from us.

Dated 19/12/2022.

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