Can anybody tell me why government backed coins such as the Perth mint and the Canadian mint seem to have a higher status than generic rounds when the actual face values are so low, am I missing something?
If coins are faked, it's counterfeiting currency, so much greater risk/penalties if you and try to do this.. So more faith in these than bullion rounds.
ahh that makes perfect sense thanks for that, are Chinese pandas government backed cause there seems to be a lot of those being faked
I wonder what would happen if I took my 5 Oz goat and tried to actually make a $5 purchase in a corner shop or Coles My bet would be that the cashier wouldn't realize its legal tender and wouldn't accept it even though its a government backed coin
good point, on a slight tangent im from Scotland and Scottish banks issue there own notes although at exactly same rate as English ones but it used to be a real hassle taking them to England as shops wouldn't accept them cause they didn't know what they were
Pandas are government coins, but that is irrelevant. The Chinese culture seems to thrive on counterfeiting. And while counterfeiting may be illegal in China, the government looks the other way.
another thing im confused with is this notion that pandas will become valuable in future on basis that there are only 8 million minted and there are a billion plus Chinese nationals. surely if there was any domestic demand we wouldn't be able to access any?
I took some decimal paper notes through the maccas drive through and they would not accept them when I told them they had too they got rather angry and told me to leave or they would call the police food for thought in more ways then one !! quite scary actually.
You are absolutely correct. The Panda mintage/Chinese population theory is an inside joke for most of us. Yennus, the Panda forum moderator, has been touting this theory for years, but no one else makes that argument. A few years ago, Yennus had some members believing and paying above market prices for regular bullion Panda coins. If the Chinese were willing to pay the Panda premiums, wouldn't the Pandas be minted in the tens or hundreds of millions?
yeah I do like them and have quite a few, but with the issue with forgeries and the higher premiums iv decided to mostly stick to Perth mint bullion isssues its a pity but I see them becoming a liability in the future. better of with lunar issues and kooks. well that's my opinion anyway
I think its psychological! we are all used to dealing with money so buying PM,s with an added face value seems better value even though the fail safe face value is so small its practically irrelevant. I dont like Maples much and only have 1 but have bought some other RCM 1oz just because I like the higher $5 face value? I have only 1 philharmonic and dont want it because its in Euro,s, I feel as if it should be sitting in the bottom of a travel bag with all the other small change from my world travels over the years.Its actually bugging me a lot so I will never buy any more. My Liberty and Buffalo rounds are the ones I play with in bare hands and I dont bother wiping them after handling them? If I had SBSS rounds i would just treat them same as the Buffalo/Liberty rounds. On the other hand I have a New World Order first strike that came in under weight but its still in an airtight even though it may be fake? I think because my 911 truther views lead me to the New World Order thing which in turn lead me here?
I found a few old $1 & $2 notes and tried to swap them for coins. The young teller glanced at them and then told me to go to the foreign currency exchange counter. After I informed her that it was Australian currency, she had to call her supervisor to authorize a swap.
I made a point about the new style pandas being easier to fake as they wont have a yuan denomination of purity stamp so they dont even have to lie anyone when counterfieting.. stating a purity or yaun denomination, for a country so famous for fakes, i would of thought extra precautions for authenticity be added rather than regression to a time before individually essayed for convenience investment bullion.
I think there are a lot of other less obvious reasons why people still prefer legal tender products.The legal tender, the country/ government of issue, the mints - all have certain intangible feelings associated with them that generic rounds or their producers might be lacking. Eg/ A positive country image, money history, history of the mint, a brand of trustworthiness, the feeling of collecting a small and special government-backed item of another country, predictable/superior manufacturing quality etc all might contribute to someone's gut feeling about a coin vs a generic round. It's not always just about objective things like dollar value guarantees or counterfeiting prevention because if you look at these things objectively, IMHO, the reasons are not all that compelling.
Because if you buy rounds/bars you are not coin collecting. I, like many, started out as a coin collector of a country, so we naturally perfer buillion by a country as well. Buying a bar to me is kind of like buying a metal spoon, or shot. Its silver, but doesnt satisfy my numismatics tendencies. I prefer to collect sets or a series of coins, not random silver objects.
The Perth have a low face value but The Royal Australian Mint have some excellent coins with high face value. Perth's legal tender coins have a government guarantee of purity and are easily sold back to Perth and their dealers without assaying. I'd rather have a well known coin than a bunch of rounds that display skulls and all types of art work that may not be acceptable for re-sale other than those folk that collect such things. As a side note. In the year, 2000 folk were selling $200 gold coins to the bank. There's many folk who purchase legal-tender coins with a high face value to hedge against falling metal prices. Sure, metal prices have to drop somewhat and I doubt we will see gold at 600 an ounce or silver at ten but......... Some of the legal tender coins with a high face value are: Silver $10 Australian State coins, $10 Bird / Endangered, Standard size and Piedfort coins $10 Olympic, Landmark $25 Royal Ladies series Gold $100 Floral Emblems $150 Floral Emblems / Birds $200 Koala / Commemorative $250 Royal Ladies All are legal tender and can be swapped for Australian notes or coins. Look-out for these type of coins, some are 99.9% pure others are Stirling silver and of course some of the gold coins are either 22K or 99.99% pure. As for Perth, collect-ability and...just being a legal tender coin ensures their purity. Not saying rounds are bad, just that...who wants hassles when selling in ten or twenty years time? Purity and a well known minted coin or bar is what I buy. Diversify by including RAM and Perth coins...some for hedging and some for collect-ability.
