Indian Overseas Bank (IOB) has announced it plans to sell gold coins. The bank's Chairman and Managing Director, T.S. Narayanasami, estimates the income at Rs 10 crore in the first full year of the plan's implementation reports sify.com in an article titled IOB to sell gold coins.
sify.com reports Narayanasami said, "Gold was turning out to be a good investment opportunity and many would be willing to buy it as the purity is assured by the bank."
IOB will probably announce when you can buy gold coins from them in their new products alert section located at the bottom right hand corner of the Indian Overseas Bank website.
goldprice.org provides more information on how to buy gold coins here.
Sunday, January 01, 2006
Wednesday, November 23, 2005
Rare Gold Sovereign Coin Auction by Reserve Bank of Australia
The Reserve Bank of Australia, Australia’s central bank with direct control over Australia's monetary policy, will auction their entire rare gold coin collection on the 29th and 30th of November 2005.
The gold coins were accumulated during the period from 1929 to 1976 when Australian law required that gold held by the public be sold to the central bank in exchange for fiat (paper) currency. Right up to the early 1970s it was compulsory for all gold found in Australia to be sold to the government or its agents at the dictated price, within 10 days of discovery.
The RBA says it has no need to maintain this stockpile, and has decided to divest itself of the holding, with select pieces put aside for museums, coins with no numismatic value melted down, coins with low numismatic value sold by tender, and coins of high numismatic value being made available to the public.
Nearly 6000 gold coins and 800 silver and copper coins dating from 1817 will be auctioned in Melbourne at the Old Treasury Building.
The Gold Coin Auction includes:
- Nearly 2,500 Australian Half Gold Sovereigns, representing all years of issue between 1855 and 1916, including many rare and high-quality examples.
- 2,650 Australian Gold Sovereigns and Adelaide Pounds, covering most years of issue between 1852 and the 1920s.
- 750 international gold coins, featuring a wide selection of British Gold Sovereigns and Half Gold Sovereigns from 1817 on, as well as rare South African Ponds and Half Ponds.
The rare and desirable Sydney Mint Sovereigns and Half Sovereigns, especially the Type I 1855 Sydney Mint Half Sovereigns are a real highlight with an amazing seven being offered.
An uncirculated 1852 Adelaide Pound is expected to sell for $55,000 alone, while the entire collection is expected to fetch $3 Million AUD.
Reserve Bank of Australia : Media Release-Disposal of Gold Coin Holding
The gold coins were accumulated during the period from 1929 to 1976 when Australian law required that gold held by the public be sold to the central bank in exchange for fiat (paper) currency. Right up to the early 1970s it was compulsory for all gold found in Australia to be sold to the government or its agents at the dictated price, within 10 days of discovery.
The RBA says it has no need to maintain this stockpile, and has decided to divest itself of the holding, with select pieces put aside for museums, coins with no numismatic value melted down, coins with low numismatic value sold by tender, and coins of high numismatic value being made available to the public.
Nearly 6000 gold coins and 800 silver and copper coins dating from 1817 will be auctioned in Melbourne at the Old Treasury Building.
The Gold Coin Auction includes:
- Nearly 2,500 Australian Half Gold Sovereigns, representing all years of issue between 1855 and 1916, including many rare and high-quality examples.
- 2,650 Australian Gold Sovereigns and Adelaide Pounds, covering most years of issue between 1852 and the 1920s.
- 750 international gold coins, featuring a wide selection of British Gold Sovereigns and Half Gold Sovereigns from 1817 on, as well as rare South African Ponds and Half Ponds.
The rare and desirable Sydney Mint Sovereigns and Half Sovereigns, especially the Type I 1855 Sydney Mint Half Sovereigns are a real highlight with an amazing seven being offered.
An uncirculated 1852 Adelaide Pound is expected to sell for $55,000 alone, while the entire collection is expected to fetch $3 Million AUD.
Reserve Bank of Australia : Media Release-Disposal of Gold Coin Holding
Friday, August 26, 2005
1933 Double Eagle
The U.S. Mint seized 10 1933 Double Eagle gold coins, the 1933 Double eagle coins are some of the rarest and most valuable gold coins in the world, when Joan Langbord a Jeweller sort their authenticity from the U.S. Mint.
Joan Langbord plans a federal court lawsuit to try to recover the double eagles, her attorney, Barry Berke said. Ms. Langbord found the coins among the possessions of her father, who operated an antiques and jewellery shop for 70 years and died in 1990 at 95. Ms. Langbord now operates her father's business.
In 2002, a 1933 Double Eagle coin was auctioned for $7.59 million (U.S.), the highest price ever paid for a coin. That Double Eagle, which is believed to have been part of a collection belonging to King Farouk of Egypt, surfaced when a coin dealer tried selling it to undercover Secret Service agents.
After a legal battle, the gold coin dealer was permitted to sell the coin at auction on the condition he split the proceeds with the Mint.
Double Eagle gold coins were first minted in 1850 with a face value of $20. The 445,500 gold coins minted in 1933 were never put into circulation because the U.S. went off the gold standard. All the coins were ordered melted down, but a handful are believed to have survived, including two handed over to the Smithsonian Institution.
Read more about the 1933 Double Eagle.
Joan Langbord plans a federal court lawsuit to try to recover the double eagles, her attorney, Barry Berke said. Ms. Langbord found the coins among the possessions of her father, who operated an antiques and jewellery shop for 70 years and died in 1990 at 95. Ms. Langbord now operates her father's business.
In 2002, a 1933 Double Eagle coin was auctioned for $7.59 million (U.S.), the highest price ever paid for a coin. That Double Eagle, which is believed to have been part of a collection belonging to King Farouk of Egypt, surfaced when a coin dealer tried selling it to undercover Secret Service agents.
After a legal battle, the gold coin dealer was permitted to sell the coin at auction on the condition he split the proceeds with the Mint.
Double Eagle gold coins were first minted in 1850 with a face value of $20. The 445,500 gold coins minted in 1933 were never put into circulation because the U.S. went off the gold standard. All the coins were ordered melted down, but a handful are believed to have survived, including two handed over to the Smithsonian Institution.
Read more about the 1933 Double Eagle.
Tuesday, April 19, 2005
Rare Japanese Gold Coin Auction
Japan plans to sell 32,681 rare gold coins worth "several billion yen" weighing 225 kg. and dating back to 1871, mostly through auctions, the Japanese Ministry of Finance said on Friday.
Under a plan announced last September, a panel of experts has appraised the quality of the gold coins and the ministry now plans to hold auctions, both conventional floor auctions and Internet auctions, in the coming three years, a ministry official said.
The gold coins to be auctioned include many that are very rare. Including, 20 yen gold coins from 1932 which are so rare that their prices are not listed in catalogues for collectors, and the ministry is selling 60 of them in "unused" condition and eight of in "extremely good" condition.
"By sealing them into the cases, we want to differentiate them from coins that are already traded in the market," the official said.
The first floor auction for the rare gold coins will be held this autumn. Details will be announced on the Japanese Finance Ministry's website (www.mof.go.jp) about a month in advance, and bids by mail will be accepted.
The more valuable rare gold coins, about one third of the total, will be sold through the floor auctions. The lesser-quality gold coins will be sold through Internet auctions, the first one will be held before March 2006.
Under a plan announced last September, a panel of experts has appraised the quality of the gold coins and the ministry now plans to hold auctions, both conventional floor auctions and Internet auctions, in the coming three years, a ministry official said.
The gold coins to be auctioned include many that are very rare. Including, 20 yen gold coins from 1932 which are so rare that their prices are not listed in catalogues for collectors, and the ministry is selling 60 of them in "unused" condition and eight of in "extremely good" condition.
"By sealing them into the cases, we want to differentiate them from coins that are already traded in the market," the official said.
The first floor auction for the rare gold coins will be held this autumn. Details will be announced on the Japanese Finance Ministry's website (www.mof.go.jp) about a month in advance, and bids by mail will be accepted.
The more valuable rare gold coins, about one third of the total, will be sold through the floor auctions. The lesser-quality gold coins will be sold through Internet auctions, the first one will be held before March 2006.
24 karat American Eagle Coins
The U.S. Mint plans to start minting the first 24-karat gold bullion coin in U.S. history.
The Mint announced on Tuesday that plans to start selling a new gold coin by early 2006. The hope to make it the best selling gold coin in the world.
It would sell at prices far above face value, keyed to the world price of gold.
International Investors prefer pure gold coins such as those made in China, Singapore, Australia, Austria, Canada and Mexico. Pure gold coins make up 60% of global gold coin sales.
I have heard recently that Chinese are actually taking holidays to Perth Australia to visit the Perth Mint and buy 99.99% pure Australian Gold Coins. The Australian Lunar Gold Coin Series is particularly popular with Chinese. The year of the Dragon gold coin being the most popular and apparently stocks of the Lunar year of the Dragon gold coin are the lowest of all the Australian Lunar Gold Coins available.
The U.S. Mint estimates the potential global market for 24-karat gold coins at $2.4 billion U.S. Dollars per year.
"We are the No. 1 seller in the world for 22-karat gold, silver and platinum coins and we hope to become the No. 1 seller in the world for 24-karat gold coins," Mint Director Henrietta Holsman Fore said.
Holsman Fore said no theme has yet been selected for the new 24-karat American Eagle coins but possibilities include liberty, freedom, independence or an early American historical image, such as the Liberty Bell.
The Mint announced on Tuesday that plans to start selling a new gold coin by early 2006. The hope to make it the best selling gold coin in the world.
It would sell at prices far above face value, keyed to the world price of gold.
International Investors prefer pure gold coins such as those made in China, Singapore, Australia, Austria, Canada and Mexico. Pure gold coins make up 60% of global gold coin sales.
I have heard recently that Chinese are actually taking holidays to Perth Australia to visit the Perth Mint and buy 99.99% pure Australian Gold Coins. The Australian Lunar Gold Coin Series is particularly popular with Chinese. The year of the Dragon gold coin being the most popular and apparently stocks of the Lunar year of the Dragon gold coin are the lowest of all the Australian Lunar Gold Coins available.
The U.S. Mint estimates the potential global market for 24-karat gold coins at $2.4 billion U.S. Dollars per year.
"We are the No. 1 seller in the world for 22-karat gold, silver and platinum coins and we hope to become the No. 1 seller in the world for 24-karat gold coins," Mint Director Henrietta Holsman Fore said.
Holsman Fore said no theme has yet been selected for the new 24-karat American Eagle coins but possibilities include liberty, freedom, independence or an early American historical image, such as the Liberty Bell.
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