In South Africa, there are 3 coins that commemorate Nelson Mandela, who can be considered the most influential man in the country’s history. The first coin of the 3 Mandela coins was rolled out in 1994. This was done to honor the inauguration of the country’s first black president. In 2008 when he clocked 90, the second Mandela R5 coin was released, and upon his 100th birthday in 2018, the 100th Anniversary coin was launched. These coins are very valuable in the South African market and offer a lot of value to the owners of any of these coins.
Mandela Coins Holds High Sentimental and Monetary Value in South Africa
When the first coin was released in 1994, investors who envisioned that the coin could appreciate in value bought up most of the coins in the market. Making the first Mandela coin very scarce. However, if you happen to own one of the first coins or the more recent ones, and you are looking for where to sell the coins, there are a few places where you can sell these coins.
The exact values of these coins are not fixed, and they fluctuate very often. Regardless of this, there are some margins within which you can sell the coins. While it is generally known that Mandela coins have a significant value, no specific price tag is attached to them. The value of the coins keeps fluctuating and may depend on the supply and demand needs at the time.
It was the days following the death of Mandela, the coins sold at their ever-highest value. Collectors who have these coins and are looking to sell them need to be careful when it comes to who they decide to sell the coins to or where they choose to sell the coins. It is pertinent that you do the work of researching eligible places to sell your coins. It does not matter if you choose to do it online or at a shop. On the prices of the coins, here are the most common prices for the different Mandela coins:
- The Launch set at R 42 495
- R 35 995 for the Prestige set
- The R25 (1 oz, 24 ct gold) at R 33,995
- R 4 495 for the R5 (1/10 oz, 24 ct gold)
- The R1 (proof quality, sterling-silver) at R 545
- R 445 for the R1 (uncirculated, sterling)
- Prestige set at R 35 995
- R 42 = 495 for the Launch Set
- The R25( 1oz, 24ct Gold) at R 33,995
- R 4 495 for the R5 (1/10oz, 24ct Gold)
- The R1 (Uncirculated, Sterling-Silver) at 445
- R 545 for the R1 (Proof, Sterling-Silver)
2020 Crown and Tickey
- R2 (Crown, sterling silver) at R 995
- 2 1/2c (Tickey, Sterling Silver) at R 395
- Set (R2 Crown, 2 1/2c Sterling Silver) at R 3 695
These are the current prices for all the Mandela coins in the market. With any of these, you can sell them at the following places:
Places To Sell Your Mandela Coins
South Africa Reserve Bank
To sell them at the South Africa Reserve bank, you have to visit the SARB head office, which is located in Pretoria. Upon arrival at the bank, you will be required to show the coins to the bank teller who is in charge of gold coins. Other requirements are proof of residence, a national ID, and your bank statement.
Once all of these have been vetted, the bank uses the current market gold price and dollar exchange rate to calculate the price for the coins on the day you are selling them.
Bidorbuy is the premium online marketplace for South Africans, there is a range of products to sell and buy on this platform. It is legal and secure, even for your Mandela coins. To use their service, you need to visit the website and sign up if you are a first-time user. You would be redirected to the homepage, where you can perform the action of selling an item and upload an image of the Mandela coins you want to sell. After this, buyers can start to make inquiries about the coins.
By selling on Bidorbuy, you have to pay 1 to 5% of the price of the item that you sold. You also have the added benefit of not worrying about non-payments, as this site requires payment directly to the website before a purchase can be completed.
eBay is another great place to sell your Mandela coins, it works just like Bidorbuy. But it provides a more auction system where you get bids that either match the price you have placed or, in some cases, are more than those prices. You have the choice to sell it to the highest bidder, which has to happen within a specific time period.
The best thing about eBay is that, because it is an international platform, anybody in other parts of the world that have access to eBay can also try the service. These are the things you can do to begin selling on eBay:
- Go to the eBay website, create an account
- Provide the required information for your account.
- Set up info on your coins, including the correct category so that it is easier to find when people search for it.
- Add a description of the coin followed by a picture
- You can give people the choice to Auction or Buy it immediately
This is another digital marketplace where different things are sold and is available in more than 50 countries in the world. To sell your Mandela coins on OLX, do the following:
- Go to the website, create an account and select the section for selling items
- Add a product description for the coins you want to sell.
- Input your details as a vendor
- Add images of the coins and wait for interested buyers to get in touch.
- Another good thing about OLX is that you can post free ads on the platform
On this platform, not only do you have the chance to sell your coins, but you also have access to a consulting service, especially if you need to get rid of your coins as quickly as possible. This is ideal for people who want to quickly advertise their coins and get a quick buyer.
All you have to do is visit the website, which is pretty easy to navigate, create an ad, and one of the agents on Anazi will contact you on the next steps you can take.
For people located in Kwazulu-Natal and Durban, Gum Tree is a resident website that enables you to sell your coins without having to deal with customers that live in other cities in South Africa or other countries. Gum Tree offers free and paid services.
All you have to do is create an ad for your coins and wait for buyers to contact you. However, if you want your ads to have a wider reach, then sign up for the paid plan.
- Visit the website and create your user account for free.
- Once you are done with this, click on the button that says Post an Ad and select the most accurate category for your coins.
- This is followed by adding pictures
- You need to also add the price at which you are selling the coin or its monetary value.
- Complete the process by giving your contact information/
Junk mail is one of the biggest digital marketplaces in South Africa. As a result of this, it gives you access to a wider audience range of possible buyers. To begin, go to the Junk Mail website and create a new ad. Select locations that are close to you to find buyers.
Afterward, create a description of the coins. Proceed by uploading a picture of your Mandela coins. After performing all of these actions, you have to wait for potential buyers to respond to the ad you placed.
This is a website that solely caters to the sale of South African coins. The SA Coin is considered the largest marketplace for the Mandela coin, especially the Mandela 90th coin. The people who buy the Mandela coins are very keen on the value of the coin and its authenticity, and because of the verification process of this website, more people are willing to buy their coins from this website.
How to Sell Mandela Coins
Now that you have all the available websites and places to sell the Mandela coins that you own, you can choose any of the ones that best serve you. Set up an account and immediately create a product description to sell the coins.
As you create your accounts, remember that you need to do some research on the validity of the website, as well as the buyers. Make sure that you are also getting a good price for your coins.
Where to Sell Mandela Coins
There are a number of digital marketplaces where you can sell your Mandela coins, and here is a list of some of these places digital marketplaces:
- SA Coin
- Gum Tree
- Junk Mail
If you are uncomfortable with selling your coins online, you have the option of selling them at physical locations, and one of the best places to sell your coin is at the South African Reserve Bank (SARB). Here you walk into the bank and get attended to by professionals in the bank.
Which Bank Buys Mandela Coin in South Africa
The Mandela coin has since been demonetized, meaning that it no longer serves as legal tender. As a result of this, banks in South Africa no longer accept this coin. The only bank that accepts this coin is the South African Reserve Bank (SARB), and they only do this because they are interested in the gold value of the coin and not because it can serve as fiat.
Mandela Coins Buyers Contact
The only verifiable contact of any buyer of the Mandela coin is the contact information of the South African Reserve Bank (SARB). The bank is headquartered in Pretoria, but they have branches in other areas in South Africa. You can walk into any of these branches and make an inquiry about the purchase of a coin.
Alternatively, you can scour the websites that have been mentioned above for people who are currently selling Mandela coins. In the product description for their coins, they would include information on how they can be contacted.
Does Absa Buy Mandela Coins?
Absa, a group that offers financial services tailored to the needs of South Africans does not buy Mandela coins. They also do not sell any of these commemorative coins. This is because the coins do not offer any monetary value and cannot be used in financial transactions.
Does FNB Buy Mandela Coins?
Another bank that does not buy Mandela coins is FNB. As a customer of FNB, if you tried to deposit Mandela coins into your bank account, you would not be allowed to do so. First National Bank argues that because these coins have been demonetized and have no backing or offer no monetary value as other monies would, they would not accept it.
Does Standard Bank Buy Mandela Coins?
As already seen with the other banks, Standard bank does not buy Mandela coins. No bank in South Africa accepts these coins except the South African Reserve Bank. The reason for this ties back to the fact that the only value of the coins is in their Gold reserves.
Can I sell Mandela Coins at The Reserve Bank?
As the owner of a Mandela coin, especially if you want to sell them, you should know that the only bank where you will be able to sell the coins is the Reserve bank. However, while Mandela coins can be sold to the Reserve bank, the Reserve bank does not sell these coins to the public.
Where To Sell Mandela Coins In Johannesburg
In Johannesburg, you can sell your Mandela coins at any of the online marketplaces that we have mentioned earlier in this article. You also have the option of going through more traditional means like the SARB or to authorized coin dealers/collectors.
There are other places like social media-Facebook, Twitter, or Instagram. However, if you choose to go through social media, do your best to ensure that you are using easily verifiable channels.
Where To Sell Mandela Coins in Pretoria
As with Johannesburg, if you live in Pretoria, you can also sell your Mandela coins in any of the same places. Using digital marketplaces gives you the chance to reach more people, but it also helps you to narrow down the people that you eventually decide to sell the coins to.
Which Mandela Coins Are Valuable
The Mandela coins may not hold any intrinsic economic value since they cannot function as legal tender necessary for the exchange of goods and services, but they are valuable for what they fetch those who sell them and get some money in return.
Of all the Mandela coins, the 90th Birthday coin is believed to be the most valuable. Of all the other coins launched, this coin had the least amount of copies minted. So it had been scarce even from the first time it was introduced to the market and it is believed to fetch more.
How Much Does a 5 Rand Mandela Coin Worth?
The 5 Rand Mandela coin is set at 5 Rand, but when SARB buys it from you, they give you a price higher than R5, and this is because of the gold price of the coin. However, because the market constantly fluctuates, there is not one fixed price for the coin every single time you choose to sell it.