Financial Crisis in Euro Zone

IMPORTANT NOTICE: PLEASE READ THIS ENTIRE NOTICE BEFORE SHIPPING YOUR COINS TO US. Prices change daily. Check our Rates page for current pricing.

If you’ve been reading the news lately, you are probably aware that the European Central Bank has been dealing with a financial crisis similar to the one which we in the USA experienced last year. Current headlines have been focused upon Greece, with additional attention directed toward Portugal, Italy and Ireland. Spain, with its approximately 20% unemployment rate has been identified by some “experts” as in danger of defaulting on its debts. The value of the Euro has fallen dramatically, and on May 10, 2010 European leaders announced a ONE TRILLION DOLLAR emergency rescue package for the Euro. The effectiveness of that rescue package remains uncertain.

We have watched the situation carefully and have struggled with our decision regarding the currency upon which we built our company. Euro Coin Exchange was established with the premise that we would offer to exchange your Euro coins for Dollars on an even exchange basis, or better. Our study of world economics suggested that the Euro would remain stronger than the Dollar for the foreseeable future. It appears that the future has arrived.

A combination of a rapid decline in the value of the Euro, dramatically higher transportation costs to Europe (can you say “rising fuel prices” or “Icelandic volcano”?), volatile financial markets and an increasingly burdensome regulatory environment in the USA, has forced us to make a number of dramatic changes in the way we operate our business. For the first time in our company’s history we can no longer continue our one Dollar per Euro minimum price.

Effective tomorrow morning (May 11, 2010), we will buy Euro coins at a price of $0.80 per Euro. As always, that price is subject to change on a daily basis. If the situation improves, we hope to return to our $1 per Euro (or better) price point. If the value of the Euro continues to decline, we may have to lower our price further.

In addition, effective immediately we will no longer accept smaller denomination Euro or British coins. Until further notice, the only Euro coins which we will purchase are €2 and €1 coins. The only British Pound Sterling coins we will purchase are £2 and £1 coins. We will continue to buy all denominations of Canadian coins.

Finally, due to continued declines in volume, effective immediately we are discontinuing our purchases of Israeli Shekels, Japanese Yen, and Swiss Francs. We will continue to maintain a small inventory of Israeli, Japanese and Swiss coins for sale. Please contact us for details.

We are disappointed to make these changes, and have resisted the need to institute them for as long as we could. We apologize for the inconvenience and thank you for your continued support of our business.

UPDATE (5/15/11): We recently resumed paying one dollar per euro, the price upon which we built our company. We are continuing to restrict our purchases to €2 and €1 coins.

Prices change daily. Check our Rates page for current pricing.