Legal tender gold coins and currency ownership

S

Slam

Well-Known Member
Silver Stacker
Quick question,

I recall reading that the Australian government owns the actual currency that we hold and trade around daily. All a sovereign body really owns is the value behind that currency.

Does this mean that the gold coins we hold belong to the government as well, since its also legal tender?

Appreciate comments and opinons.

Thanks,

Slam
 
http://www.austlii.edu.au/au/legis/cth/consol_act/ca1965120/s23.html

CURRENCY ACT 1965 - SECT 23
Coins may be called in

(1) The Governor-General may, by Proclamation, call in any coins issued under this Act or the repealed Acts before a date specified in the Proclamation.

(2) A Proclamation under subsection (1) has effect from such date as is specified in the Proclamation for the purpose.
Click to expand...

Currency determinations for Perth Mint bullion coins fall under this act.

Think it's been worked out before that silver bars are the only form of gold or silver that don't have existing legislation (suspended or otherwise) that would allow the government to take possession of them without new laws being passed.
 
So is that mean Aussie guys should buy ASE coin, and people in China should buy Aussie coin then everybody safe?

How to setup a melt down department at home than? (just in case, make my own bar from all those coins) LOL
 
It's illegal to melt most if not all Australian coins in Australia.

I guess it's ok if you melt them in China :P
 
It is probably illegal to send them to China for melting.

This is the only reason I can think of for the ridiculous face value of $1 on $30 worth of metal. It is just the government calling 'dibbs' on your coins.
 
bullionfrog said:
So is that mean Aussie guys should buy ASE coin, and people in China should buy Aussie coin then everybody safe?

How to setup a melt down department at home than? (just in case, make my own bar from all those coins) LOL
Click to expand...

Blowtorch + crucible + graphite mould.

An el-cheapo torch with enough heat to turn a round silver disc into a shapeless silver blob will cost you about $40 from Bunnings. Allow another $40 for the other stuff.

Don't bother buying foreign coins because Australian coins can theoretically be recalled. It's just as easy for the government to pass a new law to confiscate foreign currency (and just as easy to pass a new law to confiscate your new blob for that matter too).
 
Jislizard said:
This is the only reason I can think of for the ridiculous face value of $1 on $30 worth of metal. It is just the government calling 'dibbs' on your coins.
Click to expand...

There is that, but also by valuing precious metals downwards they can value cupro-nickel and polymer upwards without any net change in the value of currency in circulation.
 
When ever this topic comes up I keep thinking Scarface..... SAY 'ALLO TO MY LILL' FRREIIND
 
Big A.D. said:
bullionfrog said:
So is that mean Aussie guys should buy ASE coin, and people in China should buy Aussie coin then everybody safe?

How to setup a melt down department at home than? (just in case, make my own bar from all those coins) LOL
Click to expand...

Blowtorch + crucible + graphite mould.

An el-cheapo torch with enough heat to turn a round silver disc into a shapeless silver blob will cost you about $40 from Bunnings. Allow another $40 for the other stuff.

Don't bother buying foreign coins because Australian coins can theoretically be recalled. It's just as easy for the government to pass a new law to confiscate foreign currency (and just as easy to pass a new law to confiscate your new blob for that matter too).
Click to expand...

Would you bother?

It might take a little longer but a piece of sandpaper will do the job just as well. You lose silver when you melt and pour and you lose a bit when you sand.

I would just remove the top detail and if I could be bothered I would collect the dust with a view to melting it one day. Even a couple of days in a tumbler would do the trick and you can batch them up as well.
 
goldpelican said:
http://www.austlii.edu.au/au/legis/cth/consol_act/ca1965120/s23.html

CURRENCY ACT 1965 - SECT 23
Coins may be called in

(1) The Governor-General may, by Proclamation, call in any coins issued under this Act or the repealed Acts before a date specified in the Proclamation.

(2) A Proclamation under subsection (1) has effect from such date as is specified in the Proclamation for the purpose.
Click to expand...

Currency determinations for Perth Mint bullion coins fall under this act.

Think it's been worked out before that silver bars are the only form of gold or silver that don't have existing legislation (suspended or otherwise) that would allow the government to take possession of them without new laws being passed.
Click to expand...

Can gold nuggets be confiscated?
 
Jislizard said:
Big A.D. said:
bullionfrog said:
So is that mean Aussie guys should buy ASE coin, and people in China should buy Aussie coin then everybody safe?

How to setup a melt down department at home than? (just in case, make my own bar from all those coins) LOL
Click to expand...

Blowtorch + crucible + graphite mould.

An el-cheapo torch with enough heat to turn a round silver disc into a shapeless silver blob will cost you about $40 from Bunnings. Allow another $40 for the other stuff.

Don't bother buying foreign coins because Australian coins can theoretically be recalled. It's just as easy for the government to pass a new law to confiscate foreign currency (and just as easy to pass a new law to confiscate your new blob for that matter too).
Click to expand...

Would you bother?

It might take a little longer but a piece of sandpaper will do the job just as well. You lose silver when you melt and pour and you lose a bit when you sand.

I would just remove the top detail and if I could be bothered I would collect the dust with a view to melting it one day. Even a couple of days in a tumbler would do the trick and you can batch them up as well.
Click to expand...
Thats a bit labour intensive .The grinder or a file would be easier
 
Eureka Moments said:
goldpelican said:
http://www.austlii.edu.au/au/legis/cth/consol_act/ca1965120/s23.html

CURRENCY ACT 1965 - SECT 23
Coins may be called in

(1) The Governor-General may, by Proclamation, call in any coins issued under this Act or the repealed Acts before a date specified in the Proclamation.

(2) A Proclamation under subsection (1) has effect from such date as is specified in the Proclamation for the purpose.
Click to expand...

Currency determinations for Perth Mint bullion coins fall under this act.

Think it's been worked out before that silver bars are the only form of gold or silver that don't have existing legislation (suspended or otherwise) that would allow the government to take possession of them without new laws being passed.
Click to expand...

Can gold nuggets be confiscated?
Click to expand...

I think anything can be confiscated if the government wants it badly enough - having said that I doubt confiscation of any PM's will take place anytime soon and if it does we're likely to be to busy dodging excrement from the rotational air displacers.
 
^^^ I meant can gold nuggets be confiscated under current legislation (suspended or otherwise)?

Not do the Gubmint own all of our arses and can do whatever they like?
 
renovator said:
Jislizard said:
Big A.D. said:
Blowtorch + crucible + graphite mould.

An el-cheapo torch with enough heat to turn a round silver disc into a shapeless silver blob will cost you about $40 from Bunnings. Allow another $40 for the other stuff.

Don't bother buying foreign coins because Australian coins can theoretically be recalled. It's just as easy for the government to pass a new law to confiscate foreign currency (and just as easy to pass a new law to confiscate your new blob for that matter too).
Click to expand...

Would you bother?

It might take a little longer but a piece of sandpaper will do the job just as well. You lose silver when you melt and pour and you lose a bit when you sand.

I would just remove the top detail and if I could be bothered I would collect the dust with a view to melting it one day. Even a couple of days in a tumbler would do the trick and you can batch them up as well.
Click to expand...
Thats a bit labour intensive .The grinder or a file would be easier
Click to expand...


If you're this way inclined,

Anvil & sledgehammer.. (a 4lb lump hammer would no doubt do the job)

Quicker & easier, & no dust to collect.... (YMMV) :D


:)
 
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