To sell coins in South Africa, you have a few options. For circulated coins, commercial banks may offer coin exchanges, but they usually have limits and may charge fees. Commemorative or gold coins can be sold to coin dealers or numismatic businesses, who will usually pay based on the gold content or the coin’s value to collectors.
Here’s a more detailed breakdown:
Circulated Coins:
Commercial banks often allow coin exchanges, but may have daily limits on the amount of coins they accept.
You may need to sort and package the coins according to South African Reserve Bank standards.
Banks like Standard Bank and Absa may offer coin exchanges, but it’s best to confirm with them directly.
Consider using platforms like Junk Mail or Ananzi for selling coins.
Commemorative and Gold Coins:
You can approach coin dealers or numismatic businesses to sell these coins.
Gold coins are typically purchased based on the prevailing gold price.
Consider platforms like SA Coin for selling.
FNB may guarantee buyback of coins if stored with them.
You can also consider SafeGold storage and selling through their secure system.
Other Options:
Consider joining online groups like the “Buy and sell old South African antique coins” Facebook group for connecting with collectors and other potential buyers.
Be cautious of potential scams and ensure you are dealing with licensed and reputable buyers
