Coins are typically considered to have less value than paper money which has become the more common legal tender as time has gone by. However, some coins like the rare old South African coins go against the norm by increasing in value over time. If you have any, you can exchange them for cash to make good money. Learn where you can do so by reading through this article.
What Are Old South African Coins?
Old or rare South African coins are gemstones with reasonable price tags that are more than their initial value. This means that the coins were made from valuable materials like gold, silver, or both. As the years go by, the value of the coins increases. This value is influenced either by the type of material it is made of or by the scarcity of the coin.
Something common to rare coins is that they often have an outstanding history behind them or unique attributes which make them hold great value. Hence, they are typically used to store wealth. Some collectors search for them so that they can make money from them.
What Determines the Value of Old South African Coins?
The value of old South African coins is majorly determined by the marketplace. The most precious and scarce coins are usually most wanted by collectors, therefore making them hold more value than others. According to Briefly, the most valuable of all South African coins are the ones produced by the Numismatic Division of the South African Mint. The most common of these coins are the Protea, Natura, and Krugerrand series.
The price for which you can exchange old South African coins for cash depends largely on the value of the coin at the time. A coin’s worth can be as high as R15 million or as low as R995 depending on the determining factors discussed above.
Where To Sell Old South African Coins
You can exchange old South African coins for cash on different sites. If you are looking to sell a Mandela coin, you should check out the sites below
- OLX: This is a leading platform found in up to 50 countries
- Junk Mail
- SA Coin
Can I Exchange Old South African Coins for Cash in Banks?
The South African Reserve Bank does not buy back circulation coins. However, you can change your coin for cash at other banks like Standard Bank, Absa, and Wells Fargo. Although clients and non-clients can change coins at Standard Bank and Absa, these banks charge 6.75% of the total value of the coins exchanged.
Banks like Wells Fargo, however, do not charge any fee. They only require that the coins are stamped or handled with the wrapper. Other banks that take coins are:
- Citibank (requires coin rolls and some fees may vary)
- Community Savings Banks (requirements vary)
- US Bank (no rolls but current customers only)
- Bank of America (requires coin rolls)
- First County Bank
- Western Credit Union
- Peoples United
Here’s How To Get the Best Value of Your SA Old Coins
The value of SA old coins continues to fluctuate over the years with the marketplace playing a significant role. People who want to exchange old South African coins for cash may need to monitor the market and sell at a time most favorable to them. Collectors and investors who know the value of these coins are continuously hunting for more SA coins by the day.
List of the Most Valuable South African Coins
Single 9 Pond (1898)
This coin is the rarest and most valuable of the old South African coin. It is currently valued at R15 million. The coin had a single number “9” written on a small part of it. Because the area was too small, the “9” extended onto the lower burst of President Kruger. This was seen as being too intrusive on the image of the president. It is the only one of its kind in history.
Kruger Double Nine Ponds (1899)
There are reportedly about 130 Kruger double nine ponds, resulting in their scarcity and a subsequent increase in value. This coin is priced at R1.5 million. The double nine ponds were produced after stakeholders agreed to add another “9” on the Single 9 Pound. Only one hundred and thirty coins received the “99” stamping.
Burgers Pond Coarse Beard (1874)
The printing of the Burgers coarse coin was stopped after only 142 pieces were produced. This makes it scarce and worth R1 million. The halt in the printing was due to protests against the coin, especially by the people’s council.
Sammy Marks Tickey (1898)
This coin was never used as an official currency, but it holds high value. 215 pieces were produced and shared among high-profile officers. Its scarcity and historical significance earned it a value of over R750, 000
Burgers Pond Fine Beard (1874)
If you wish to exchange old South African coins for cash, this is another valuable piece. This coin was printed following the president’s decision to print a coin for his people. After printing 695 pieces, they ran out of gold. Over time, this coin’s value has increased.
In 2014, it fetched $94,000 from a US-based auction market. It is currently worth between R300,000 to R700,000 depending on the quality.
Another name for this coin is Pilgrim’s Rest. Only 986 pieces were printed in a bid to help Boers in their trade and oppose the British who were almost defeating them. Because the coins were hand-pressed, every one of them is different from the other. These coins are worth about R350,000, but the value varies depending on the quality and condition of the piece.
Mandela 90th Birthday Coin (2008)
There are different South African R5 coins. However, the pieces that were launched on Nelson Mandela’s 90th birthday are most valuable. While the ungraded ones which are not in circulation are worth R1,000, the commemorative R5 coins are worth R150,000.
Mandela’s 100th Birthday R5 Coin (2018)
This is the second in the series of coins used in celebrating Nelson Mandela’s outstanding life. Like the former, it is more valuable than other R5 coins
Mandela Inauguration Coin (1994)
This coin places South Africa’s history into the economic context. It was produced in limited numbers and investors and collectors grabbed them as soon as they were released. Hence, they are not available in general circulation.
Kruger Half Ponds (1893-1894)
Only 10150 of these coins were produced which has caused them to continuously increase in value. Its lowest value was between R10,000 TO R15,000. The 1893 Kruger coins are of greater value than the 1984 coins.