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Rare coin seller Regency Coins has been wound up following a High Court judgment.

The demise of the Essex-based coin company, which sold rare coins to investors, followed an investigation by The Insolvency Service.

Regency began selling coins as an investment from January 2008. Many of the victims were elderly and lost their savings. It ceased trading in 2010 after police searched its premises and seized the coins.

The Insolvency Service found that the company sold low-quality coins at inflated prices so that the investor was unlikely to make any profit. Regency also sold the same coin to more than one person as well as selling coins that it didnt own.

Regency is insolvent, and without any assets to compensate victims.

David Hill, case supervisor for The Insolvency Service, comments: Regency portrayed itself as a safe investment choice for people who had saved a bit of money and wanted to invest some of it for theirs, and their familys future.

He adds: These scams are particularly shocking because they target the most vulnerable members of society. The worst thing is, after the money has been taken, most elderly investors will never be able to make good their loss again.

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Rare coin seller wound up