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Thread: Weirdest Australian Coin I have seen

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    Default Weirdest Australian Coin I have seen



    And its even Australian Legal Tender.




    99.9% Pure Silver, Only 6,000 and $104 AUD

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    As a metallurgist I understand that it is 99% silver, therefore as it does not have a designated value, it fluctuates with the price of silver as does gold.

    I like the look of it, however it is just silver bullion.
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    Quote Originally Posted by Tiny View Post
    As a metallurgist I understand that it is 99% silver, therefore as it does not have a designated value, it fluctuates with the price of silver as does gold.

    I like the look of it, however it is just silver bullion.
    It has a designated value of One Australian Dollar and is Australian Legal tender. Obviously you didnt see the link


    Australian Legal Tender

    Issued as Australian legal tender, the coinís obverse depicts the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II, the 2014 year-date, and the monetary denomination.

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    Quote Originally Posted by admin View Post
    It has a designated value of One Australian Dollar and is Australian Legal tender. Obviously you didnt see the link
    Cool; I'll have a 100 at that price thanks,


    I saw the link, its a generic value & it is not stamped on the coin as it would be for any other legal tender coin?
    Cheers, Tiny
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    Quote Originally Posted by Tiny View Post
    I saw the link, its a generic value & it is not stamped on the coin as it would be for any other legal tender coin?
    It is stamped on the coin. See the second pic with one dollar under the Queen's image.

    Once the coin is sold @AUD$105 it can be used as Australian Legal Tender at its denominated face value. If someone presented it at a shop at its face value of a dollar, it cannot be refused as payment. Yes, I know its unlikely, but that has nothing to do with its full legal status as a coin.

    From Wikipedia :

    In Australia, the creation of legal tender, in the form of notes and base metal coins, is the exclusive right of the Commonwealth Government. According to section 115 of the Australian Constitution, "A State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts."[4]Under this provision the Perth Mint, owned by the Western Australian Government, still produces gold and silver coins with legal tender status, the Australian Gold Nugget and Australian Silver Kookaburra. These, however, although having the status of legal tender, are almost never circulated or used in payment of debts, and are mostly considered bullion coins.
    The Perth Mint has full rights to produce Australian legal tender coins, as does the Royal Australian Mint.

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    I viewed the second pic before my first post & it is still a generic value.

    It's still not a coin that is face valued at any time in the present as $1, if it is I'll gladly buy up all supplies.
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    Why would anyone put just a generic value on a coin that is Australian legal tender (big emphasis on legal - The Royal Australian Mint and the Perth Mint are the only 2 mints in Australia that are allowed to produce legal tender coins)


    It's still not a coin that is face valued at any time in the present as $1, if it is I'll gladly buy up all supplies
    I think you are confusing what generic really means. Obviously the coin is worth silver value - about $20. But that doesnt stop you being able to use a dollar coin because thats what its legal tender value is as stamped on the back, under the queens image, just like every other coin we have. Or you are not understanding that you cant simply buy one for one dollar. Once purchased from the Perth Mint, if you wanted to (unlikely but regardless) you have every legal right to spend it as a one dollar coin if you wanted to. That is its legal tender value as stamped on the back of the coin.

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    $104 for a $1 coin, only 6000 made, wonder after how many years would your $104 investment pay off

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    Lots of coins are basically made for Collectors ...... & are not put into general circulation ......

    But they still have an Australian Legal tender value .....

    e.g there are/were $10 Silver coins & $200 Gold coins struck years ago etc ....( I'm not up with what is current any more)

    & they only make a certain number of the coins ....basically to sell to collectors .... who think they may be able to make money trading it ...

    Question is if you went into a shop with the $1(face value) above Australian Coin or a $10 (face value) Australian Coin or a $200 (face value) Australian gold coin would the Shop attendant take it .... would they know it is legal tender ?

    & If anyone did use these coins at Face value in shops they are probably loosing a lot of money on what they paid for it ...

    (As I said have not been a coin collector for 25 years ..... so things may have changed ..... )
    Last edited by OSIRUS; 19-10-14 at 07:56 PM.
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    Here is an example that shows a difference between Gold Value and its stated face value.

    If you tried to spend it, as legal tender it is worth 1 Million dollars as thats what it is, a 1 million dollar coin.



    Osiris is correct and to answer his question, regardless of whether the employee knows it or not, they are obliged to accept it by law at its face value.

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    Here's a good example of face value (of about 1 cent) compared to it's market value as a collectable/investment item.... around $1.65 million.

    Earlier this year, Belinda Downie of Coinworks sold a 1930 penny for an amount she will only say was above the $1.5 million mark. Whatever it was, it was a record. The current market valuation is $1.65 million.

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    The reason they stopped making the round 50c piece was the the metal value actually exceeded the face value and people were known to have (illegally) melted them down for their silver. IIRC their value now still reflects the silver content and not the face value, although they can still be used as a 50c coin.

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    Quote Originally Posted by mtv View Post
    Here's a good example of face value (of about 1 cent) compared to it's market value as a collectable/investment item.... around $1.65 million.



    I bought a 1930 penny in the late 1980's ( good/fine condition) & then sold it for about $6500 ..... (wonder what it would be worth now had I kept it ?)

    These "key date" coins are rare & hard to get & usually guaranteed to go up in value ..... The condition of the coin then also dictates its value
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    Quote Originally Posted by admin View Post
    Here is an example that shows a difference between Gold Value and its stated face value.

    If you tried to spend it, as legal tender it is worth 1 Million dollars as thats what it is, a 1 million dollar coin.



    Osiris is correct and to answer his question, regardless of whether the employee knows it or not, they are obliged to accept it by law at its face value.
    That's exactly what I was saying about the Silver coin in post #1, it was never minted to be used as an everyday 1 dollar coin.
    Neither were the 1 million dollar gold coin or the many other Gold & Silver coins such as the 1 dollar silver coins in a series of 5 made on a Age Of Dinosaur theme.
    EG:



    These coins are minted with intention for selling to collectors & are traded at collectors price related to the gold or silver value as in Gold or Silver bullion.

    The value as stamped on the coin is therefore a non-specific value.

    generic

    adjective: generic

    1.
    characteristic of or relating to a class or group of things; not specific.


    synonyms: , , , ,
    They are very interesting as a collectors item & aesthetically pleasing in design.

    Now I have to ponder how/why the Perth Mint has $53M dollars in gold to lavish on a coin, as I can't see too many lining up to purchase one.
    Mr Harbuz said the coin was a showpiece of the Australian kangaroo gold bullion coin program, and would coincide with the release of a number of smaller gold coins this week.
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    Wait wait the Yank has a question! Shouldn't Crocodile Dundee be in his canoe up in the tree in the background?
    Last edited by cmangle; 20-10-14 at 10:10 AM.

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    Quote Originally Posted by OSIRUS View Post
    I bought a 1930 penny in the late 1980's ( good/fine condition) & then sold it for about $6500 ..... (wonder what it would be worth now had I kept it ?)
    According to the article in my link... around $1.65 million.

    Bummer!

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    Quote Originally Posted by Tiny View Post
    That's exactly what I was saying about the Silver coin in post #1, it was never minted to be used as an everyday 1 dollar coin.
    Neither were the 1 million dollar gold coin or the many other Gold & Silver coins such as the 1 dollar silver coins in a series of 5 made on a Age Of Dinosaur theme.
    EG:



    These coins are minted with intention for selling to collectors & are traded at collectors price related to the gold or silver value as in Gold or Silver bullion.

    The value as stamped on the coin is therefore a non-specific value.
    I am not questioning its metal value. I am more than aware of metals values and that they are collector coins, I have been a coin collector for a large part of my life and own hundreds of similar coins to these.

    Apart from being collector coins, they are also Australian legal tender coins with the same legal monetary value as coins produced for circulation by the Royal Australian Mint in Canberra that have one dollar on the reverse. Only coins from the Perth Mint and the Royal Australian Mint is Canberra can produce coins that are Australian legal tender. Many other "mints" (loose term) such as Bradford and Franklin mint sell coins which are not Australian legal tender and are legal tender for mainly islands such as the Cook Islands and Tuvalu who they make agreements with.


    Bullion is exactly that, and does not have the queens effigy or a designated value stamped, minted or impressed on it because it is not a coin.

    The stamped or minted face value on the rear of a coin is exactly that if it is Australian Legal Tender. If presented for payment (not likely but I am talking about its legal status and value not metal values) it is accepted at its stated value on the rear of the coin.

    When presented for payment :

    Perth Mint Silver One Dollar Coin
    Royal Australia Mint Collector Silver One Dollar Coin
    Royal Australia Mint made for circulation copper alloy one dollar coin

    All have exactly the same value. One dollar. That is its stamped legal value as tender.

    What anyone does with it after acceptance is entirely up to them I have a few friends in retail who keep an eye out for coins for me and if they come across any, simply remove it and replace it with a coin of the same value. While I havent had any major finds (apart from Australian round silver 1966 50 cent pieces), a friend has come across a silver collector dollar.




    They are very interesting as a collectors item & aesthetically pleasing in design.

    Now I have to ponder how/why the Perth Mint has $53M dollars in gold to lavish on a coin, as I can't see too many lining up to purchase one.
    From memory it was a bit of a "mine is bigger than yours" incident to out do the biggest gold coin in the world at the time, I think it might have been the Canadians that did hold the record.

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    Quote Originally Posted by lsemmens View Post
    The reason they stopped making the round 50c piece was the the metal value actually exceeded the face value and people were known to have (illegally) melted them down for their silver. IIRC their value now still reflects the silver content and not the face value, although they can still be used as a 50c coin.
    While silver value does determine their price as well, their price is also of collectability these days.

    Approx 3 of them equate to an ounce of Silver. Silver is worth about $20 an ounce , they are still pulling about $9 - $12 each.

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    Default Round Aust 50c coins

    Quote Originally Posted by admin View Post
    While silver value does determine their price as well, their price is also of collectability these days.

    Approx 3 of them equate to an ounce of Silver. Silver is worth about $20 an ounce , they are still pulling about $9 - $12 each.
    Around 18 months to 2 years ago they were selling for $15/$16 odd dollars each on eBay when silver was around the $28 an ounce mark. I was getting them for $11 each at the time in lots of 10 from a coin shop. Haven't bought any for quite a while, so I don't know what they cost through the coin shop these days. So it shows the price of these coins seems dependant on the price of silver.
    You can learn alot using Google, and the search button.....

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    Collectors value is only good in prosperous times.
    It diminishes in tough times to bullion value or not even that.

    I find the the markup from the Mints on new issue Silver "collectors" coins ridiculous.
    Just because only 6000 are made does not justify 6X silver price, although this one is very unusual and one might be tempted, however I have seen simple round silver coins that are still way over priced.

    You can get very nice Gold coins for the same bullion price as an ignot. I don't see production cost heavily reflected in this either.
    This era of thoughtless consumption must end so we can encourage a world of creative geniuses rather than consumer idiots.


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