Taking Out Gold Coins

[Coertzen's CRcc]

We are leaving in a week to Brisbane. I have quite an extensive gold coin collection. Do I need to declare anything before leaving South africa to get it through customs. Do I need to declare anything on arrival in Australia.

Advice will be appreciated.

[Wantbetter]

Anyone who can help? I am in the same position.

[Maplotters]

We're also in the same boat with the coin collection so will also appreciate the advice !

Naomi

[Brissy Bessies]

Mmmmm....I wouldn't go as far as to say we have a "collection", but we packed the bit that we do have in the container??!!

[2un@]

If carrying currency over $10,000 Australian dollars or equivilent your supposed to declare that on the Australian side.

Guess the grey area is if gold fits into that box or not.If its coins i'd guess it would.

Official info here

http://www.customs.gov.au/site/page.cfm?u=4443#items

Edited June 8, 2008 by 2un@

[Maplotters]

Ja'g wel....

My husband started this as a hobby (you know, something small enough to hand over to the kids as inheritance or whatever) and to just sell that now I think would be real dumb. So IF we could take it over without any hazzles that'll be great. Something from the good o'le ZA.

Bi !

N

[Enrica]

I actually called customs about goild coins, and they advised me in writing that you

1) Must declare your gold coins on arrival in Australia

2) You will pay 10% duty on the gold coins

3) If you ahve the receipts of /proof of purchase that will help

4) Export permit from South Africa!!! ...In in effect they are saying that you must declare the coins when leaving SA

The best thing to do would be to email them and get a ruling for your situation.

Regards

Enrica

[Springbok]

Remember gold is money - always has been, always will be. Carrying gold coins around is risky (they can be stolen or get lost) plus you will pay duties to take them overseas.

So if your gold coins are Krugerrands, you can sell them through any stockbroker as a once-off transaction, the dealing cost should be around 1%.

They're currently going for around R7,000 per coin.

Then you take the money as part of your R500,000 travel allowance (without paying any duty on it).

Once in Australia, you buy the Gold Bullion Securities through the ASX, currently trading around A$90 per share. Your dealing cost should once again be around 1%. And you still have the exact same exposure to the gold price. No need to hold actual coins.

[Pippa]

Hope you don't mind, but I moved your post to a more suitable subforum!

Bye, Pippa! X

[Maplotters]

Hi Pippa

Where exactly is the new 'sub-forum' for this post now?

Thanks

N

[Coertzen's CRcc]

OK Here is what I decided to do,

My Krugerrands I am selling, converting to cash and taking the money as part of my travel allowance. If I want to re-invest in gold on the other side I will look at an ETF (exchange traded fund) or Aussie gold coins.

The rest of my coin collection I put in a safe in the bank. I rented a safe and will put the coins in there. Will decide on my return in 2/3 years for holiday what to do with those coins, sell or take out of the country or just keep them in safe custody.

[Maplotters]

What if the coins are old ZAR coins, some of them 'slabbed' (meaning they've been graded) ?

Anyone with advice PLEASE !!!!!!!!!!!!!!!!

Naomi

[Springbok]

What if the coins are old ZAR coins, some of them 'slabbed' (meaning they've been graded) ?

you can only sell Krugerrands (full, half or 1/10th) through a stockbroker.

For other coins, try a coin dealer like City Coins or SA Coin

[Neville_Wilke]

Need to turn your gold coins to cash I can assist you will pay 3% below spot price that would be R 6988.60 per ounce of fine gold at the time of this post 21 June 2008 12:13pm, I can also assist in investment diamonds.

Neville Cell: 084 641 7702

Edited June 21, 2008 by Neville_Wilke

[Gawie]

Remember gold is money - always has been, always will be. Carrying gold coins around is risky (they can be stolen or get lost) plus you will pay duties to take them overseas.

So if your gold coins are Krugerrands, you can sell them through any stockbroker as a once-off transaction, the dealing cost should be around 1%.

They're currently going for around R7,000 per coin.

Then you take the money as part of your R500,000 travel allowance (without paying any duty on it).

Once in Australia, you buy the Gold Bullion Securities through the ASX, currently trading around A$90 per share. Your dealing cost should once again be around 1%. And you still have the exact same exposure to the gold price. No need to hold actual coins.

Hi everyone,

As far as I know you can take any collectible coin that has a certificate of mintage out of the country without any hassles. These coins/medallions are the Natura, Protea, etc coins that were made by the mint. Krugerrands are a legal tender and is such liable for taxes.

I know that the Gold coin dealers will buy back your Krugerrands and in exchange sell you what is available as collectibles. Because the collectible coins appreciate over time due to supply and demand price you can invest in those coins as the Krugerrands are linked to the gold price on the JSE/$.

I bought a 1 Oz Natura Hippo in 2005 for about R4500 and the same coin is now worth R15000.... I've completed the Africa Giants series (Hippo, Giraffe, Eland & Elephant) and is now busy buying Nelson Mandela coins and Medallions in anticipation as to what those coins will be worth in 10 years time. Being one of the most famous and well known people in the world these coins will hopefully be a little nest egg in the future as the demand for these coins grow.

Take a look at the link and decide for yourself: http://www.sacoin.co.za/coin_topic10.html , www.sagoldcoin.com

[Antoinette]

I inherited 3 Krugerrands and am taking them with out of sentimental value for my children. A bit of good ol South African gold. I find the info on this thread contradictory and have e-mailed customs re. I do not understand why there should be a fuss. The gold and diamond around your neck and finger is ok to take into the country but not the gold in the Krugerrand? Who in Australia will buy it if you do decide to sell it. Is there a market for it there? I was told by my fin. adv. that krugerrands form part of you travel allowance and that they are worth less in Australia.

[Almost there]

Hi Antoinette

Keep us posted on your reply from customs - I also have 2 coins (1/4 oz but still) that I have for my children also as keep sake so am interested in your result.

Thanks

[Antoinette]

Here is the reply from customs. (At R7000/coin that is almost 900AUD/coin). I do not know what they mean with "in circulation" and how they will know what the value is? Will ask and post the reply.

"Thank you for your email. If the coins are still in circulation then they are treated as cash. Therefore if you bring in more than A$10000 you will need to declare this to customs on the Incoming Passenger Card. If the coins are no longer in circulation then they become part of your A$900 concession. If you exceed this concession then you will be required to pay 10% GST.

Thank you for your email, the following are the concessions you are entitled to as a passenger arriving through the airport

The new passenger concessions, as of 1 February 2005, are:

A$900 worth of goods (A$450 for people under 18) including gifts, souvenirs, cameras, electronic equipment, leather goods, perfume concentrates, jewellery, watches and sporting equipment. Alcohol and tobacco products cannot be included in this allowance.

These goods can be: obtained overseas, purchased in Australia duty or tax free before departure, goods for which a tax refund has been approved through the Tourist Refund Scheme, or purchased from an inwards duty free shop on arrival.

2.25 Litres of Alcoholic beverages (includes beer, wine and spirits) for each passenger aged 18 years or over.

250 Cigarettes, or 250 grams of cigars or tobacco products for each passenger aged 18 years or over.

You can pool your duty free concessions if you are a family travelling together.

Most personal items such as new clothing, footwear, and articles for personal hygiene and grooming (but not fur or perfume concentrates) may also be brought into Australia in accompanied baggage free from duty and/or tax.

NOTE HOWEVER: If you exceed any of the concession limits set out above, Customs will charge you duty and tax on the entire importation or purchase within that group of items.

Regards,

Helen Pisani

Senior Information Officer

Customs Information & Support Centre

Ph. 1300 363 263

Fax. (02) 8339 6714

For more information on Customs refer to: www.customs.gov.au

Please respond to email address information@customs.gov.au to ensure your communication with us is answered.

The information above is provided as a guide only and should be clarified by either lodging a formal advice request with the appropriate section of Customs or employing the services of a licensed customs broker, if appropriate.@

[Springbok]

While Krugerrands are gold coins, they are also legal tender, meaning you can use them as money to pay for stuff. e.g. if you want to buy a bicycle worth R7000, you can actually pay for it with a Krugerrand. That applies to most countries around the world, including Australia. The gold and diamonds used in jewellery are NOT legal tender however and that's the difference.

You can buy and sell Krugerrands through a stockbroker in South Africa, as they are listed instruments on the JSE. Not so in Australia, but you can sell them through a coin dealer here for the equivalent value.

The sentiment thing is personal, I know how nice it is to hold Krugerrands in your hands, but you should really regard them as an investment in GOLD. That's why I said earlier you can keep your investment in gold, by selling the Krugerrands, bringing the proceeds over to Australia as part of your travel allowance, not pay any duties on it and then re-invest the proceeds in the Gold Bullion Exchange Traded Fund in Australia. Which means you will once again have the exact exposure to the gold price, than you had before through a Krugerrand. If you want more info about this, PM me and I'll explain in more detail.

[Enrica]

Thanks Springbok. As always you give us all this incredible advice. You an extremly generous person.

Thanks

Enrica

[Antoinette]

My f.a told me that Kruger coins can no longer be used to purchase things i.e. they are no longer "in circulation". Now I do not know who to believe. These coins are now becoming a hassle. Feel like flogging them. Had another reply from customs. You do need an export certificate for them. I muchrather get rid of them than have to deal with any sa government department. I do not want to waste any of my time or emotional energy on that sort of thing any more. "E yu want to what! O, you want to export money. No yu don't need export permit. O, you want to leave the country. No you do not need export permitr to leave the country. O you've got Kruger coins. What's that. No, I don't know krugercoins. No, you must come in and fill in form. No i don't know how long it will take. Why you say im stupid....." f.a. also said they are worth about 7500 so 6900 is not a good offer.

[Die Skim]

Hallo Antionette,

Get another FA or sell your coins and save all the hassles

cheers

[Springbok]

Your FA is clueless - dump him. Tell him to check the JSE - the Krugerrands are listed instruments and trade on the JSE on a daily basis. Go to a stockbroker and tell him you want to do a once-off transaction to sell your Krugerrands. Then no hassles with export certificates, etc. PM me for more details.

[Antoinette]

Dankie Springbok. Ek weet reel een van beleggings is moenie sentimenteel wees oor jou beleggings, maar 21 000 maar min vir 'n ernstige belegging(en dit was die kinders se oupa sin en my seun het 1/10de gekry by 'n goeie vriend van ons met sy geboorte). Net vir verdere informasie, by wie kry mens 1. 'n uitvoersertifikaat vir die munte en 2. waar kry ek die bewyse vir die doane dat dit nog in sirkulasie is en 3. hoeveel dit werd is?. As hulle nog in sirkulasie is kan dit maklik deel vorm van my gesin se kontant (meer as 20 000AUD) wat ons die land kan inbring en sal ek nie die 10% customs betaal nie.

P.S. EK sal die f.a dump maar wil nie eintlik die coins dump nie.

[Springbok]

I understand the sentiment thing, but do you really want to pay duties on the coins and/or run the risk of losing the coins while in transit from South Africa to Australia? Your call... not sure where to get the export certificate, best is to contact the South African Mint (www.samint.co.za) in Centurion and ask them.

About Krugerrands - they are instantly liquid and can be converted straight into cash anywhere in the world. Almost all banks worldwide buy Krugerrands and there is never a shortage of potential buyers.

To check their value on a daily basis, go to www.psg-online.co.za and type in KR in the Quick Quote field. You'll see the current price is 719000c, which is R7190 per coin. For half Krugerrand, type in KRHT, for quarter Krugerrand type in KRQT and for 1/10th Krugerrand type in KRTT.

If you do decide the sell the coins and take the cash as part of your travel allowance (the safer option), what you can then do is to buy similar coins in Australia through the Perth Mint (www.perthmint.com.au). There are quite a few available, the gold price in Australian dollar terms is currently about A$970 per ounce, so 1 Australian gold coin (1 ounce) should cost you about A$970, plus a small premium maybe.

You may be interested in the 1 ounce Australian Gold Nugget coins. Just like Krugerrands, they are universally recognized as official legal tender gold bullion coins and are backed by a major gold producing country, Australia. Have a look at www.goldbullionaustralia.com.au