Realistically, would the hoarding of 5,10,20c pieces because their metal content will one day be worth more than the face value, be viable if the metal content isn't silver? i.e. in 10-20 years time, would we see these CuNi coins as 'valuable' because of their metal content? You can't legally refine them. Silver I get, because it has historically been 'money'.
Kilos of 1 & 2 cent pieces continually change hands on 'the bay'. They're now a commoditiy, whose price isn't truely representative of metal prices... but seem to act as a guide, their historical role as money is as close to an assay stamp as seems to be needed!
Correct, but as soon as you sell those $100 coins for cash, you'll get hit with CGT on the difference between their $100 face value and their $1500 metal value. Back when the GFC was in full swing there were Germans driving back and forth from Austria with 6650 silver Philharmonikers packed in suitcases to avoid the 10,000 customs declaration. Anyay, the long and the short of it is that Customs will probably ask you to fill in a CBM-BNI form instead of the CBM-PC form. The whole purpose of AUSTRC is to record people who are moving money related stuff about.
I know most of us read silverbearcafe, but for those that missed it, the most recent article under the precious metals section gives an account of the history of change of composition of Canadian coins. It states that since 2000, the coins are 92% steel "unspecified alloy" Good time to load up before decirculaiton.
Interesting. But I can see all sorts of red flags being set off if I sell my house for only $21,500. Also, my head hurts thinking about the flow-on effects. So if these $100 Nuggets just keep changing hands, being used for commercial transactions, BUT ARE NEVER SOLD THEMSELVES, then any transaction they are used for has a lot lower reporting value? Again, interesting. Maybe its up to the customer officer? The CBM-BNI form is supposedly only for people carrying: "... bearer negotiable instruments (BNIs) which include: promissory notes, travellers cheques, cheques, money orders and postal orders." http://www.austrac.gov.au/files/bni_brochure.pdf
Just curious, I note that the 1 and 2 cent coppers are now worth almost 2.5 and 5 cents respectively. Is there a market for these atm? Are people buying and selling them for metal content rather than face value?
Its your house, you can sell it for whatever you like. Yes, but the first person to stop treating them like cash and start treating them like precious metal get slugged with CGT. And you're right, the whole thing gets increadibly complicated. Notice how it doesn't say what "bearer negotiable instruments" don't include? Short of reading the whole Anti-Money Laundering and Counter-Terrorism Financing Act plus the ammendments, you can always just call up AUSTRAC and ask "Can I take 5 kilos of gold out of the country without telling anyone?"
Anyone noticed that the new 20c coins are lighter? or somehow feel different? Or is it my imagination =D, Slam
Still the same weight. Some years have different surface treatments or fonts that make them look a bit different. I'm stacking 5c coins now and basically separating them into pre 1984 with the young queen and all the rest in one lot. I think the change of currency is imminent with Mint officials having visited NZ for their experience. I'm concentrating on 5c now because even though therell be a design, metal, size change the 5c may be withdrawn altogether. You also get a heap more coins of 5c.
my local bank was edgy when i asked for $20 worth of 5 cent pieces and only gave me a few dollars worth - they also wanted to know what i wanted them for
Serious? I routinely take $100 at a time. Go to the large branches with coin machines like the CBA has.
Do I need to add a cupro-nickel page like the world gold coins page so you can look up what 20c is worth each day?
Likewise intelligencer, though I haven't gone to the same extent to separate them into pre and post 1984 I just figure they'll decommission them one day and then we can sell them for their metal value. Can't do that with coins in circulation. And most people consider 5c pieces to be a pain, I'l gladly take them in change any day. Might swap my stash of $5 notes for 5c coins at the CBA
