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Tulley

This shouldn't be allowed

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Tulley

I am sorry, but this shouldn't be allowed.

 

2008 Birthday R5 - THE VERY RARE RED LABEL SEALED BAG - Mandela 90th Birthday R5 coins -Potential for High Grades for sale in Pretoria / Tshwane (ID:59562069)

 

 

VERY RARE RED LABEL SEALED MANDELA BAG!!

 

What a load of tripe!!

Selling R2000 worth of R5 coins for R28000.00!!

 

Is selling sealed bags of coins like that intended for general circulation actually legal?

And at 14 times the actual value?

 

What a joke!!

This is actually starting to border on the ridiculous.

Edited by Tulley

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JohnBenn

People collect them.

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jwither
People collect them.

 

I would hardly call someone who buys anything by the bag a "collector". In the US where I live there are collectors who own coins by the roll or bag but as in this instance, it is pure speculation. No one needs 20, 50 or in this instance, 400 of the same coin for their "collection".

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MsPlod
This is actually starting to border on the ridiculous.

The whole thing got ridiculous a looooong time ago!

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kyle2

Wasn't there a rule that you could not sell these coins in these bags? I remember the SAmint saying that it was illegal to have procured these coins in these bags? BoB also made a statement concerning this somewhere.

Please correct me if I'm wrong.:oh:

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dstorm

Cuan did ban the bags from BoB...

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ATOMICSQUIRREL

Does it really matter? What if he opened the bag and sold them separately or placed them in another bag?

What about all the other birthday coins sold here on bob, weren't they all minted and intended for circulation?

 

If somebody wants to pay R28000.00 then let them pay it...

 

I have seen far worse Twilight Zone prices on BOB !!

Edited by ATOMICSQUIRREL

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alloway65

I have just done a search and there are plenty of bags of coins still for sale on BoB!!!!

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qball

The bags are not illegal to sell. The reason they were removed previously is due to the Mint sticker on the front.

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JohnBenn
I would hardly call someone who buys anything by the bag a "collector". In the US where I live there are collectors who own coins by the roll or bag but as in this instance, it is pure speculation. No one needs 20, 50 or in this instance, 400 of the same coin for their "collection".

 

Yes but I image someone will come around buy the bag and sell them one by one.

I myself haven't even seen one of those coins in person,so people must have gone haywire when they first appeared on the market.

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qball

Prices have dropped considerably - they do have some "collectability" value and often the bags are bought so the coins can be sold individually or sent for grading as the coins are uncirculated.

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ATOMICSQUIRREL

I don't think that they are worth more then R5. With a mintage of 5mil and only 140k graded so far even a MS70 wont be anything to write home about once the grading gets to 500-900k coins.

Now the coins are exchanging hands at insane prices and will jump from person to person...i feel sorry for the last person who ends up with these coins when the market crashes.

 

Just my 2c:oh:

Edited by ATOMICSQUIRREL

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qball

The age old saying of willing buyer willing seller applies. For some people the coins have some "collectable" value and are willing to pay R70 for it, even though it's worth R5.

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ATOMICSQUIRREL
The age old saying of willing buyer willing seller applies. For some people the coins have some "collectable" value and are willing to pay R70 for it, even though it's worth R5.

 

 

Haha, that is true Q, but there will be a new saying soon on those birthday coins:"Willing sellers, but no Buyers"

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qball

You should see the companies on the internet selling these graded coins for thousands... far more than what they are being sold for on bidorbuy... :sick:

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ATOMICSQUIRREL

As long as there is a demand, there is money to be made...I for one will not stand next to the road and clap hands when i can run the marathon.:nuts:

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JohnBenn

Well I laughed at the Mandela "smiley" collectors, back then.Since then I've learned not to laugh too fast.And that's all I have to say about that....me thinks there are still some gold in em hills.:blink1:

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Jongleur

I think they are great. I collect and buy them all the time.

 

I got an A for my daughters school project using Mandela R5`s.

And deservedly so.

 

It made up for the B I got for her Afrikaans mondeling.

I was mortified.

Edited by Jongleur
spelling - in english nogal

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lilythepink

Oh dear, bon len! ROFL (I keep telling the kids that we (parents and grandparents) couldn't pass Grade 12 today, regardless of the fact that some of us might have university degrees! Your post just proves this.)

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jwither
Yes but I image someone will come around buy the bag and sell them one by one.

I myself haven't even seen one of those coins in person,so people must have gone haywire when they first appeared on the market.

 

You are correct. I would agree that one buyer would be interested in a bag to resell the coins individually but the reason for their purchase is speculation.

 

And I am also aware that any potential buyer may send them in for grading, maybe to the new SA grading service but if not, probably to NGC since the census pop at this service is over 133,000. Someone who does this is basically doing two things. They are trading their time for any potential incremental price they may realize by selling the coins individually. This needs to be considered because while I presume that a "stock" photo can be used to list these coins along with a generic description, the other administrative tasks either are or can be time consuming. I have never sold 400 of the same item (on eBay) but I can tell you that I do not find this worthwhile for items of such low value. It just depends upon the value a would-be speculator places on their time which is something I expect many people do not consider in calculating their profit.

 

The other gamble a potential buyer is taking is the "conditional" rarity lottery. That maybe by some miracle they might find an MS-68 or MS-69 to make a windfall. I do not consider this very likely because the grading services (NGC mainly in this instance) are going to be aware of the census pops along with the impact on prices and might take this into account. For those who are not aware of this, I have heard that it does happen with US coins though I cannot point to any specific instance. According to some critics, PCGS in particular is known to do this with modern US coinage to create an artificial scarcity. That is why these coins sell for so much more than one in an NGC holder given the same "conditional" rarity grade.

 

The most realistic possibility is that some or many of these coins could grade as an MS-67. Maybe that would be very profitable if enough of them were to receive it. I do not know since I pay no atteniton to these prices. All I know is that I consider them exorbitant based upon the actual scarcity of this coin and that they have "crashed" from prior levels. Based upon the census pops only, the chances are presumably about one in six for an MS-67.

Edited by jwither

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MsPlod

The graded ones make great gifts for coin collectors - managed to score several for a very reasonable price and have some very happy coin-collecting friends and relatives LOL!

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