HOW TO LEGALLY SELL MANDELA & GOLD COINS

A Topic which have been trending all over social media. Now the question that you have now is ”How To Sell Mandela/Any Coins That Are Worth A Fortune”.

The ”Mandela Coins” trend started booming South Africa early 2018, where speculations stated that some of Mandela Coins actually have ”REAL” Gold & Silver!

Some news portals claimed that some of the coins were sold for over 2 billion rands and some even sold for more!

Lols is this a Joke? No! It’s Not!

What i actually know about selling Mandela Coins is that every buyer on the streets, internet, or anywhere Ungovermental institution, that possible a scam!

Why?

Every Mandela Coin marks a certain part of History of South Africa, they all differ in look, dates and the history that they carry.

Not every Mandela Coin is worth any value, out of 1 billion Mandela Coins, only 20 thousand of them may be the only one containing precious metals that the goverment is actually looking for.

So you may be holding a bunch of Mandela Coins, and only to find out that only one of them or even none is a qualifying coin, which is what brings to attention the fact that people who claim to buy coins on the streets or online are scammers because such tools used to check if the coins is qualifying or not may not even be in their presence.

The South African Reserve Bank (SARB) only purchases gold coins that are deemed to be legal tender. These coins are:

  • Krugerrands
  • Natura range
  • Protea range 
  • Mandela Coins

Coins, including proof coins, are purchased for their gold content at the prevailing gold price.

Customers are paid out in Rand. Payments to customers are processed electronically and customers receive funds directly into their bank accounts.  

A receipt is handed to the customer at the time of concluding the transaction. When selling gold coins to the Bank, customers are required to produce:

  • Their original bar-coded identity document (ID book),
  • An original bank statement, not older than three months, and
  • An original proof of residence in the seller’s name, in the form of a utility account (for example, water and lights account), not older than three months.  

Bank statements obtained over the counter must be stamped by the issuing branch. Where the seller of the coin is the registered utility account owner an affidavit must be obtained from the registered owner, confirming that the seller resides in the registered owner’s residence.

In this instance, the affidavit must be accompanied by a certified copy of the registered owner’s identity document. 

Around SA

The public may sell qualifying gold coins at the Head Office in Pretoria or any of the following branches:

  • Cape Town
  • Durban
  • Port Elizabeth
  • East London
  • Bloemfontein
  • Johannesburg 

Customers wanting to sell commemorative gold coins or gold coins that are not deemed to be legal tender should approach a coin dealer.

The SARB purchases gold coins from the public from Monday to Friday between 09:30 and 13:00. These hours are subject to change during the festive season. 

This Post Was Made For Educational Purpose Only!


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