Last updated on September 23rd, 2023 at 08:00 am
Johannesburg has a thriving collectible coin market, with many reputable dealers buying and selling old coins.
For those looking to sell unwanted collections, Joburg offers numerous options to explore.
This article provides a comprehensive overview of the top dealers and exchanges to consider when selling old coins in Johannesburg.
Table of Contents
Reputable Johannesburg Coin Dealers
When selecting a dealer to sell your coins to, it’s crucial to choose an establishment with a proven reputation for fair pricing and ethical practices.
Below are detailed profiles of some of the most well-regarded coin dealers in Joburg:
Randburg Coin is located in the neighborhood of Randburg in Johannesburg and specializes in buying and selling collectible coins and paper banknotes.
They have built a strong reputation over many years for providing efficient and friendly customer service.
Many customers have reported feeling confident and assured during interactions with Randburg Coin’s staff.
They take time to educate sellers on the value of their coins and make fair offers.
Randburg Coin also provides free evaluations for substantial collections and will make house calls to assess large accumulations of coins.
One key note is that Randburg Coin does not purchase the R5 circulation coins featuring Nelson Mandela’s image, as they do not consider these to hold significant collectible value.
For those looking to sell affordable silver bullion coins, Silver-Sphere Trading is worth considering.
They have received positive feedback from customers for offering competitively priced silver coins across a variety of options.
Their prices on common silver coins often beat competitors in the Johannesburg area. Silver-Sphere Trading is also known for lightning-fast shipping, sending orders out quickly after payment is received.
They package coins securely to ensure they arrive in pristine condition. Customers have reported confidence in both Silver-Sphere Trading’s fair prices and their handling of orders from start to finish.
The South African Gold Coin Exchange (SAGCE)
The South African Gold Coin Exchange, also known as SAGCE, operates a coin shop located on Rivonia Road in the Sandton suburb of Johannesburg.
They buy and sell a wide variety of old South African circulation coins and collectible commemorative issues.
SAGCE has been specifically mentioned in regards to purchasing the R5 coin featuring Nelson Mandela’s image, which were minted as circulating currency from 2004-2006.
These coins have nominal face value but hold appeal for some collectors given their connection to Mandela.
Those holding quantities of R5 Mandela coins may find SAGCE an avenue for sale.
P&G Coins & Collectables
P&G Coins & Collectables is situated in the Fourways area of Johannesburg, specifically Fernbrook Estates along Inchanga Road in Craigavon.
They have built a stellar reputation for great customer service, reasonable prices, and friendly staff.
Customers routinely praise P&G for going above and beyond to provide a positive experience.
Their staff takes time to assess coins and make fair offers based on accurate valuations.
Many customers comment on receiving excellent value for money when selling their coins to P&G, sometimes exceeding expectations.
Overall, P&G Coins & Collectables is regarded as a top choice for coin collectors and sellers in the Joburg area.
Investgold is a well-established coin dealer located within the upscale Sandton area of Johannesburg.
They are situated on the second floor of the West Towers office complex on 5th Street.
Investgold has earned the loyalty of many satisfied customers over its history serving Johannesburg.
These customers routinely share glowing reviews of Investgold’s customer service, quality, and attention to detail.
Their staff is renowned for being both friendly and highly knowledgable about rare coins and collectibles.
Sellers tend to feel they received fair prices from Investgold in a professional, transparent manner.
For those with especially valuable coins, Investgold is regarded as a premier option.
Coin Dealers to Approach with Caution
While Johannesburg has many excellent coin dealers, a few establishments have developed concerning reputations that should cause sellers to exercise caution:
S A Coin
S A Coin is a coin dealer located in Johannesburg that some sellers have reported frustration with.
Specifically, they note being unable to sell their R5 coins featuring Nelson Mandela’s image to S A Coin.
The dealers at S A Coin considered these coins completely worthless and would not make any offers.
This highlights the importance of researching coin dealers thoroughly before selecting one to engage in selling coins to.
Dealers have varying perspectives, so it’s best to get multiple opinions.
The Scoin Shop (Sandhurst)
The Scoin Shop has a physical retail location situated in the Sandhurst area of Johannesburg.
Unfortunately, some customers have reported very negative experiences with this establishment.
Complaints include allegations of unusually high prices for buying and selling coins compared to the broader market.
There are also reports of extremely slow customer service and significant delays for basic transactions.
Based on these concerning reports, those looking to sell coins may be better served exploring other reputable dealers in Johannesburg that offer better pricing, service quality, and overall value.
The Scoin Shop (Cresta)
A second location of The Scoin Shop operates in Cresta, Randburg. Specific complaints have been raised about this location’s handling of the R5 Nelson Mandela circulation coins.
Customers recount salespeople making deceptive claims that the coins could be sold back to The Scoin Shop at a significant profit in the future after appreciating.
However, the shop allegedly refuses to repurchase the coins as promised.
This raises red flags related to the transparency and ethical sales practices of this establishment.
Sellers should be cautious of any assurances of future repurchases or buyback programs.
Pawn Shops and Jewelers
In addition to specialized coin dealers, some Johannesburg pawn shops and businesses buying gold jewelry will also purchase coins:
Mr. Gold – Gold, Coin & Watch Exchange
Mr. Gold operates a jewelry and coin shop located at 56 Hendrik Potgieter Road in the Florida North area of Johannesburg.
They market themselves as buyers of pre-owned gold jewelry, watches, diamonds, and coins.
Customers routinely praise Mr. Gold for making fair offers and providing excellent customer service during the buying process.
Their staff is regarded as professional, trustworthy, and knowledgeable about precious metals and rare coins.
Sellers have reported consistently receiving top dollar offers when bringing in their scrap gold jewelry and coin collections to Mr. Gold.
RenMat Gold is a precious metals buyer situated in Brooklyn, Pretoria.
They purchase a variety of gold, silver, and other precious metal items from the public, including coin collections.
RenMat Gold has gained a stellar reputation for quick, efficient service and helpful staff.
Customers mention their appreciation of RenMat’s streamlined processes to evaluate coins and complete purchases in a single day.
Many share plans to continue dealing with RenMat Gold due to positive experiences selling gold and silver coins.
Things to Research Before Selling Your Coins
When preparing to sell a coin collection in the Johannesburg market, be sure to thoroughly research these key factors:
Fair Market Value – Check accurate coin price guides to determine the current fair market value for your specific coins in similar condition. This will help set realistic expectations.
Numismatic vs Melt Value – Numismatic collector coins are worth more than just the intrinsic melt value of the metals they contain. Make sure you understand the difference.
Authentication – Have valuable coins authenticated by experts like NGC or PCGS to maximize legitimacy and value.
Grading – The grade assigned by 3rd party grading services greatly impacts value. Learn to evaluate condition.
Past Auction Sales – Research the sale prices your specific coins have realized at past coin auctions. This informs fair value.
How to Get Your Coins Appraised in Johannesburg
Before agreeing to sell your coins, it’s wise to get a professional appraisal of their current value. Here are some options for coin appraisals in the Joburg area:
- Contact Reputable Dealers – Most will provide free verbal appraisals. Get multiple opinions.
- Submit to NGC or PCGS – Pay to have your coins graded and valued by these leading services.
- Attend a Coin Show – Have inventory appraised by various dealers at a coin show.
- Hire an Independent Appraiser – For large high-value collections, consider a paid independent appraisal.
Best Practices When Selling Your Coin Collection
Follow these tips to maximize your sale price when selling coins in Johannesburg:
- Organize your collection logically and document details about each coin.
- Handle coins carefully to preserve condition – this impacts value.
- Compare offers from multiple dealers to identify the best overall deal.
- Negotiate pricing respectfully but firmly to advocate for fair value.
- Request payment in cash or bank transfer rather than accepting store credit.
Questions to Ask Prospective Coin Buyers
When meeting with potential buyers, ask these key questions:
- How many years have you been in business as a coin dealer? Look for longevity and experience.
- Are you accredited with any national dealer associations? Confirm legitimacy and ethical standing.
- What types of coins do you specialize in? Determine if they align with your coins.
- What percentage of melt or spot value do you typically pay sellers? Compare against market rates.
- How long does it take to receive payment after a sale? Prefer fast payment.
Selling your coin collection can unlock its monetary value. Follow these tips when engaging reputable Johannesburg dealers to maximize your sale price.
Do diligent research to find the ideal buyer for your specific coins.