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 Replies: 15 / Views: 2,818 |
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Formerly nancyc
Australia
5385 Posts |
This is copied directly from the RAM's site: Quote:
Circulating Coin Sachets
16 May 2018
Due to a change in policy, the Royal Australian Mint can no longer offer Circulating Coin Sachets for purchase through our online store or contact centre, effective from July 1, 2018. This change of policy has been made to ensure the Mint's continued compliance with Australia's Taxation regulations.
From July 1, sachets of circulating coins will only be available as a Coin Swap at our Roadshow, Pop-Up and Coin Swap Events. We apologise for any inconvenience this may cause and encourage our collectors to take advantage of this limited window of availability.
I wonder how long it will be before School Tuck-Shops can no longer sell food? I've never heard of a Mint that can't sell circulating coins to the public.  life is a mystery to be lived not a problem to be solved
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Pillar of the Community
Australia
1333 Posts |
I think it cause of accounting reason I mean how the do you class income from money? But still it think they will change to circulation coins in display cases, not completely ban it I dont think.
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Valued Member
Australia
222 Posts |
Might be a GST thing, as they're "selling" product without charging GST. Perhaps they thought calling it a "coin swap" might get them around it but the tax office thought otherwise.
Eric Eigner
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Pillar of the Community
Australia
2180 Posts |
I just assumed it was GST-related too. Too bad anyway (though I'd gladly pay the difference to ensure I get some nice examples without having to hunt through change).
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Formerly nancyc
 Australia
5385 Posts |
Even if it is GST related, I can't see why the RAM's statement Quote:
Royal Australian Mint can no longer offer Circulating Coin Sachets for purchase through our online store or contact centre is valid. I think most collectors would be quite prepared to pay GST if that's the only reason for RAM to impose this idiotic restriction. life is a mystery to be lived not a problem to be solved
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Pillar of the Community
Australia
1039 Posts |
Quote:
I think most collectors would be quite prepared to pay GST if that's the only reason for RAM to impose this idiotic restriction. I read a few years back where it was illegal for the RAM to sell circulating mintage direct to the Public under some provision of the Act they are governed by.Perhaps they have obtained advice that this is correct. I couldn't find anything relevant on Google but someone on here may know more. |
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Pillar of the Community
Australia
1333 Posts |
Nevol has much as I respect you as a fellow coin collector, and it does seem idiotic to restrict something as harmless as selling currency. I do believe it is taxing on the items and what you do with the profits or the sale of the currency, that is stopping them from selling coin bags.
Edited by ryurazu
08/25/2018 12:43 am
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Formerly nancyc
Australia
5385 Posts |
Quote:
what you do with the profits Pretty sure the pollies would come up with somewhere to hide stash it I've just about wiped my hands of the RAM any way and haven't added any recent Aussie coins to my collection. All correspondences from them go straight into my recycle bin unopened. This notion of gallivanting all over the country to get what I want is totally off-putting. Edit: They could always account for the profits in the same way they do with the postage cost profits they make. life is a mystery to be lived not a problem to be solved
Edited by Nevol
08/25/2018 6:50 pm
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Pillar of the Community
Australia
9350 Posts |
I don't see what the difference is between swapping them online and swapping them at a pop-up shop. Really that's all they're doing. The RAM charges you $10+GST for delivery, so GST is being collected on that part of the deal. As Nancy said, running all over the country to get these coins is very off-putting.
Steve :(
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Pillar of the Community
Australia
1333 Posts |
Like I said agree with that fact that it might be off putting/annoying to collector for them not to mail it to you, I'm no legal expert, but as someone already pointed out the mint were probably advised that it was illegal to do so/ runs into some legal issues that would be too costly to resolve if it did arise over the coins.
This just my own thought it probably has something to do with the fact that the government can't taxes saving, currency is a form of savings. For example if now the government say all 100 bill will be sold at 101 face value everyone will be like O.o, and think there can be no loopholes. NTLC are okay even if they have currency values on them, coin bag however are not. This is only my opinion, you should probably ask the RAM why they are stopping such a thing for the exact reason. Unless its a legal matter then they might not disclose such a thing.
Edited by ryurazu
08/26/2018 11:52 pm
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Pillar of the Community
Australia
852 Posts |
The Mint only has to contact the ATO to get a ruling exempting their sales from whatever restricts the online sales. Sounds more like the Mint just wants an excuse for their actions. Cui Bono? Perhaps those running the Roadshows?
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Pillar of the Community
Australia
2180 Posts |
I would have thought the roadshows were a costly exercise and given the option I'd buy online over lining up and possibly being late for work.
When NPA had to stop selling face-value notes that was for anti-money laundering reasons but low value bags of coins with purchase limits shouldn't trigger that.
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Pillar of the Community
Australia
1039 Posts |
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I don't see what the difference is between swapping them online and swapping them at a pop-up shop. Really that's all they're doing. That was the general consensus with the 1930 Penny back in the late 1950's/1960's,the Mint swapped them over for circulated Pennies,this later morphed into 'VIP visitors'. If true(or partly true) even back then they were restrictions on gifting or selling currency. Quote:
Like I said agree with that fact that it might be off putting/annoying to collector for them not to mail it to you, I'm no legal expert, but as someone already pointed out the mint were probably advised that it was illegal to do so/ runs into some legal issues that would be too costly to resolve if it did arise over the coins. This was story a few years ago,5?,it was in an article I read,possibly a Dealer News letter or an article on the Internet,nothing shows on Google but someone on here must have seen it. The sale of the Mint may be back on the Agenda with Turnbull gone,Abbott was looking very closely at it circa 2014/15. https://www.smh.com.au/politics/fed...-h04emd.htmlEdited by Basil
08/31/2018 10:04 pm
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Pillar of the Community
Australia
1039 Posts |
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Formerly nancyc
Australia
5385 Posts |
I wonder how many other World Mints have such ridiculous restrictions on how they dispose of or circulate their circulation coinage. life is a mystery to be lived not a problem to be solved
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Pillar of the Community
Australia
1039 Posts |
Quote:
I wonder how many other World Mints have such ridiculous restrictions on how they dispose of or circulate their circulation coinage. Yeah,the article I read where the RAM was contravening aspects of the Act/Charter its works under by selling Currency direct to the Public was around the time Abbot's plan to privatise the RAM was floated so the current decision may be tied into that. |
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Replies: 15 / Views: 2,818 |
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Posted 08/21/2018 7:25 pm
