Statement
In 1975 I bought two sets of I.O.M. platinum coinage for £ 1175. When I was forced to
sell them in 1990, all I received was 1300 pounds.
This is a statement of my grievance against the Isle of Mann government.
Letter from me
Dear Mr. Craig,
Having heard your "appearance" on Radio 2 this week, I wonder whether you are in a position to answer a query I have about the IOM's coinage policy.
In 1975, when I was 21 years old and inflation was running at 25%, I invested 1200 pounds
in IOM platinum coinage. This was directly as a result of a Granada TV program in which it was said that the investment would "grow and grow".
In 1989, I had to sell the coinage because of a desperate financial situation but was greatly
aggrieved to receive an amount in the region of 1300 pounds, when I was naively expecting around 5000 pounds on the assumption that would at least approximately have kept up with inflation
The dealers that I dealt with effectively told me that this coinage was recognized as a total waste of time right from the beginning. Would you be in a position to comment on this belief ? I feel that I have been taken advantage of when I was young and "impressionable" and lost a considerable amount of money into the bargain.
I cannot possibly believe, given the virtually non-existant return on this "investment", that the Isle of Mann Government were unaware of the situation right from the very beginning.
Letter from Stuart Craig, Isle of Man Treasury
Letter from me
The interest rate on this investment is around 1% per annum - is this what you call even the most solid investment ?
Letter from Stuart Craig, Isle of Man Treasury
Pertinent Statement from Private Eye, which could have some relevance here also
