Cold calling in Sydney to sell post 1946 Australian coins on-line

IndoHound

IndoHound

New Member
Dear fellow stackers

Recently bought a small accumulation of coins in an auction. Many were Australian, most post-1946 silver and concentrated in 6d & 2/- denominations.

Decided to find out what I could get for them if selling to dealers that pop up when making a search "Buying Australian Silver"on Google. Started phoning today 5/8/2019 at 1:45pm. Some of the companies asked the quantities I had for sale. I mentioned "99 florins, 156 6-pences & a small quantity of other denominations." Here are the results. I will not comment but I welcome any and all comments including further suggestions who best to sell to in the Sydney region. Some numbers are 1300 numbers so I could not immediately establish the street address on the respective websites.

Silver Bullion price at the time of call was approximately AUD 779 -as established by Kitco- per kilo fine silver. Prices offered and mentioned below have converted the .500 purity into fine silver ie $300 offer for post silver has been converted to $600 per kilo fine silver.

Gold Exchange 9269 0061 - nobody available able to provide a quote
Gold Stackers 1300 618 363 - no interest in Australian circulation coins
Jaggards 9230 0886 - less 25% of spot. Converts to AUD 585 per kilo
ABC Bullion 1300 361 261 - no interest in Australian circulation coins
Gold Bullion Australia 1300 754 602 - located in Gold Coast Qld. AUD 420 per kilo
Eureka Coins 0412-945 513 - "pays 80-85% or AUD 600 per kilo"
Bullion Money 1300 722 337 - no interest in Australian circulation coins
Town Hall Coins 9299 4131 - "10 times face" or AUD 360 per kilo
 
Very interesting and valuable market research, thank you, appreciated.

So in general, not much interest by commercial businesses in Australian circulation coins.

Perhaps the money of the people needs to be sold direct to the people?

Thank goodness for SS.
 
GoldenEye said:
Anyone know if it's the same for the sterling pre 1946?
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Thank you for your question, GoldenEye. I assume the price offered would be proportionate to that offered on post 1946 coinage. The prices offered by some businesses were on a 'per kilo' basis and thus on .500 fine. I assume they would pay 85% more on .925 fine silver coins.

A couple of caveats though: pre-1946 bulk coinage tends to be in far worse condition ie worn and thus a discount should be applied to reflect this. And, in my biased viewpoint, the apparent general shambolic nature of the 'trade' here in Sydney, it could be anyone's guess what any of price the businesses think that they could get away with... in other words any answer is possible from no premium to 100%. Again my opinion.
 
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Thanks to the long-timers for their friendly comments. They are much appreciated!

I am a long-time lurker on this website but I think it is important in a field as important as investing in PM that there are actually ''coal-face" reports on the reality of dealing with people in the business.

There is a lot of hype out there on investment in PM and whereas it may be an easy and profitable investment option to invest in junk (coin) silver in the US, the demonstrated reality in Australia is far different. I don't think that there are necessarily more businesses operating non-ethically on this side of the world. It just appears that there are not enough people interested in this type of product - Australian silver coins bought/sold on a bulk basis - to make a serious market with reasonable buy/sell spreads. This allows the few operators - with physical addresses - to make outsize gains. One of the businesses said that there was not much demand for this type of product and another said that they no longer made an active market in Australian silver coins ie they did in the past.
 
Goodwork IndoHound. Do you know if GST is applicable on the retail sale on these coins?
 
I noticed that Bullion Now (Melbourne dealer) recently put up a large pile of mixed predecimal silver at spot and it sold out in less than an hour, leaving unsatisfied buyers.
 
Pendragon said:
Goodwork IndoHound. Do you know if GST is applicable on the retail sale on these coins?
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Purchases of Pre-decimal coinage from Bullion Now in Melbourne at their spot offer included a GST amount on the invoice if this is of any help.
 
As pre-decimal coinage is not bullion grade and no longer legal tender I would suggest it would be GST liable.
 
I believe it may still be legal tender, but you’ll only get face value at a bank.
 
GoldenEye said:
I believe it may still be legal tender, but you’ll only get face value at a bank.
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Correct but trying to get Macca's to accept a few bob in payment would be hard....Not sure if a bank would accept either as there's no commercial or Govt entity who with swap pre dec for decimal coins (Note RBA only does notes which the banks accept if presented).

https://www.ramint.gov.au/frequently-asked-questions

https://banknotes.rba.gov.au/australias-banknotes/redeeming-old-banknotes/
 
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