This follows the recent sale of a rare R5 coin that fetched R6 700 at auction
You might be sitting on a small fortune in your wallet, following the recent sale of a rare R5 coin that fetched R6 700 at auction.
Millions of R5 coins are minted in South Africa every single day, and the South African Reserve Bank holds their value at exactly – you guessed it – R5.
However, occasionally, the South African Mint creates limited edition coins, and any one of these may be worth a small fortune in your wallet.
For example, a coin that commemorated Nelson Mandela’s Centenary in 2018 sold for R6 700 at Bassani’s Auction House, according to TikToker @landonhistory.
Any Nelson Mandela coin in good condition is reportedly worth upwards of R100-R200. However, the coin that was auctioned off for R6 700 wore the letters CW, or Coin World. This means the coin hailed from the Oom Paul minting press, which is one of the oldest working minting presses in the world, having started pressing coins back in 1892.
So, this begs the question: are you in fact sitting on a small fortune in your wallet, considering that coins circulate randomly for decades?
Furthermore, what makes a coin valuable, and how can you confirm its value?
According to Dillon Bassani from Bassani’s Auction House, it all comes down to numismatics, which is the study of coins, paper currency and medals. Extra value is attached in the case of rare pieces.
Here’s what to look out for:
As a rule, the better the condition of the coin, the higher the value. This applies especially to non-precious metal coins.
When it comes to cash money, uncirculated notes that are in pristine condition will be worth more than worn or damaged notes.
Coins made of gold or silver are in high demand, as their metal content guarantees a high minimum value. For example, gold prices are near record highs, boosting the appeal of Krugerrands and the like.
Also, there are rare items that collectors will pay lavishly for due to their limited availability. These include:
Afrikaans R2 coins
Three-pence coins struck in gold instead of silver
1965 Afrikaans R1 coin
Have you ever found a rare coin by chance? Let us know by clicking on the comment tab below or by emailing info@thesouthafrican.com. You can also send a WhatsApp to 060 011 0211. Don’t forget to follow @TheSAnews on X and The South African on Facebook for the latest social media updates.
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