‘Investors’ in R5 Mandela coins ripped off

May 12, 2014 in African Coins, Coins, Collecting, Commemorative, Education, Investing, News, Numismatic Crimes, Numismatic Societies and Clubs, Numismatica, Numismatics, World Coins

By: Angelique Arde and Margie King. May 11th, 2014 ( Personal Finance.

If you have paid thousands of rands for a R5 Mandela coin, which you bought as an investment, you are neither an investor nor a collector. You are a “victim”, Glenn Schoeman, the president of the South African Association of Numismatic Dealers, says.

A R5 circulation coin commemorating Nelson Mandela’s 90th birthday is worth R5. It contains no precious metal and it is not rare. But cunning dealers, exploiting Mandela’s iconic brand, have talked up a market around these coins, which are on sale for anything from a couple of hundred rand to R1 million.

“The biggest problem in numismatics [coin collecting] at the moment is the Mandela R5 coin. That’s where the bulk of the rip-off is occurring,” Peter Wilson, the chairman of the National Association of Numismatic Societies, says.

“We have been warning the market for some time: there is little that’s rare about the Mandela R5 coin. And, no, it is not an investment,” he says.

Full article at the source>

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