FAQ

FAQ

What is Numismatics? and What is a Numismatist?

Numismatics is the study of currency and its history in all its varied forms. Numismatists are the people that collect currency for its beauty and history.

 

What are Mint Marks?

A mintmark is a small mark imprinted into a coin used to identify which mint produced the coin. Globally different symbols, as well as letters are used as this identifying mark on coins.

 

What is the best way to store valuable coins?
Your choice of coin collection storage is important if you want to safeguard the value of your collection. Coins are a very portable and profitable target for thieves. We offer a risk free safe custody option called SafeGold that allows us to keep and unlimited amount of your coins in safe custody. SafeGold is also insured offering our clients peace of mind that their coins and bullion are safer than safe.

 

What does grading mean?

We use Numismatic Guaranty Corporation (NGC) is the world’s largest and most trusted third-party grading service for coins, tokens and medals. Coin grading is the process of determining the condition of a coin by coin and assigning a grade. The grade of a coin plays a huge factor in determining the value of a coin. The higher the grade of the coin, the higher its value.

What is the best way of getting started in coin collecting?

If you are just starting a coin collection the best place to start is with coins from circulation.

When you start a coin collection with coins from your pocket or purse, you don’t have any risk. For instance, after a while, if you find that coin collecting is not for you, you can just spend the coins.

As your collection is growing, continue to learn all you can about coins and coin collecting so that when you are ready to increase your collection to include more rare and valuable coins you will have the knowledge and confidence to know that you are also making a good investment.

 

How can I get my child started in coin collecting?

Coin collecting for kids and adults alike can be both fun and educational. A child can learn about history, geography, math and maybe even politics for an older child.

  • Coin collecting is for kids who want to:-
    Improve their reading ability
  • Improve comprehension
  • Improve their organizational skills
  • Boost self-confidence
  • Have something to be proud of
  • Become interested in history and culture
  • Improve their ability to set and reach goals
  • Improve self-esteem
  • Learn to establish priorities
  • Gain specialized knowledge
  • Obtain a greater understanding of the value of money
  • And, coin collecting is also for Kids who want to learn patience and appreciation for art and history.

 

What are my coins worth?

A coin’s worth is determined by whatever someone is willing to pay for it. The price is set by supply and demand. While it is important to know what your coin is worth, you should buy coins because you like them and intend to keep them.

They may eventually go up in value, and they probably will, but not immediately.

If your only reason for buying them is a quick profit, then you are not really a coin collector, you are considered to be an investor.

 

What are proof coins?
Proof coins (proofs) are coins that are specially struck for collectors. The finished proof coin is a very shiny, mirror like coin, most having frosted portions. These coins have extra sharp details and are not intended for circulation although they are legal tender.

Proofs are available as single coins, or in Proof Mint Sets. Mishandling a proof coin can lower its value and grade.

 

What are coin slabs?

Coin slabs are hard plastic, tamper-proof cases, that are sonically sealed and hold a coin which has been graded and certified by a third-party grading service.

What is a bullion coin?

Coins made from precious metals that are generally used for investment purposes.

Bullion coins are usually made from gold ,silver, and may be available in platinum and palladium.

Many countries have their own official bullion coins (legal tender) , such as :

Krugerrand, American Eagle, Canadian Maple Leaf.

They are typically minted in weights that are fractions of one troy ounce to fit a variety of budgets.

Their value is based on the metal content.

The value of a bullion coin depends primarily on the value of the metal used to make it. If the price of gold increases, the price of bullion coins and gold content in collectable coin/medallions also does. However, collectable coins have the added rarity factor. The lower the mintage, the higher the price.

 

Do Krugerrands hold VAT ?

Krugerrands are not subject to VAT due its legal tender status.

The price for Krugerrands is based on the gold content of the coin, plus a small premium to cover manufacturing and distribution costs.

 

Why buy Gold?

  • Perfect way to diversify your portfolio and reduce your risk.
  • Protects you from currency devaluations.
  • Perfect wealth protector against economic uncertainty.
  • Protects your purchasing power against inflation.
  • Satisfaction of actually owning a real piece of gold.

Why Collect Coins?

  • Collectable
  • Limited in number
  • Legacy builder
  • Price linked to rarity

Example: Burgersponde

 

The company’s philosophy has always been to sell on historical trends. Over 6000 years gold has held its value. Collectable coins grow in value over time as well and often outstrip the metal value of the coin by multiples.

Scoin’s philosophy has never been to promise a growth rate nor a buy back. It has however suggested that coins be held for a long term period to derive value . Nowhere within Scoin’s terms and conditions, Statements and marketing material does it guarantee a growth rate, a exchange at a certain level.

 

The Scoin Shop and The South African Gold Coin Exchange have a strict no cash refund policy as the advertised prices of all products fluctuate from day to day due to their intrinsic gold/silver value which is directly linked to the gold/silver price. They are therefore excluded from the application of the ECTA and CPA as far as any refunds are concerned.

Exchanges of coins and medallions are determined by the specific market conditions prevailing at the time of the proposed trade exchange. This also includes, but not limited to, supply and demand, gold price, exchange rate, and the need for the Seller to obtain a sufficient margin to cover its own costs in reselling such Goods that may be bought back.

 

Selling prices on statements are provided at the selling price of the product from Scoin for insurance replacement purposes. This figure does not represent the exchnage price, but Scoin acknowledges that these prices may have been interpreted as exchange prices by clients although none of the Statements explicitly state this.