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Valued Member
New Zealand
227 Posts |
Since July 31st, when our coins changed from the original copper nickel coins that were the same size as the Australian coins to the new cn clad steel centre coins and the 5 cent coin was dropped, coin collecting has undergone a major transformation in NZ. It all began a couple of weeks into June when someone noticed that of the 15,000,000 2004 5 cent coins minted only 32,000 had made it to circulation. This started an immediate treasure hunt of epic proportions with people searching through piggy banks, in furniture and under car seats for the elusive coins. It also started an escalation in devious activities on our local Internet auction site. People started listing 2004 5 cent coins for $75 buy now and they were snapped up. Little did the buyer know that it was an Australian 5 cent. The reason for all the interest is because by this stage the 5 cent was selling for $150 upwards!! It was at this point that the whole story became national news and was broadcast, at prime time, on both of the major network news programs. Since then the madness has reached all of the coin categories on the auction site. For example there is an Australian 5 cent with a starting bid of $500, three 2003 NZ 5 cent and a orange traffic cone going for $85 and worst of all an 1870s Seated half dollar in VG 8 at the best with a start of $2500 and a buy now of $2800  . The only good thing to come out of this all is that more people are now interested in our great hobby and we might actually be able to start a local coin club. Well that's my little rant and if you want to know any more please ask questions  John Edited by grouse12
09/19/2006 05:10 am
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Pillar of the Community
Australia
1360 Posts |
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Valued Member
 New Zealand
227 Posts |
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Moderator
 United States
23522 Posts |
John thanks for the great information and the heads up.
This kind of information helps all involved with our hobby.
rggoodie
aka Richard
"catch em doing something right"
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Valued Member
New Zealand
227 Posts |
Here's a little more info. The selling frenzy is not just confined to the 5 cent coin. According to all of the newbie sellers every decimal coin from 1967 to 2005 is very rare and valuable. Unfortunately they are catching out a lot of people who are very new to the coin game and very naive. These people seem to think that they are providing them selves with a retirement fund by buying these "rare" coins and will be sorely disappointed when the time comes to sell.  John |
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Pillar Of The Community
Turkey
1205 Posts |
There's a motto on the top of the page; says "Education is the key to collector succes"
A very true word.
There are very "smart" guys out there trying to get unfair earnings from newbies. The thing I don't understand is how do these new collectors give plenty of money to something they don't actually know.
Today internet provides more than enough information about just anything.
It's not that difficult to search for a few minutes before buying stuff.
These "smart" guys are everywhere. We here have a guy who lists yesterday-released commemorative coins to double price of the mint's. And the sad thing is that he mostly has some customers.
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Valued Member
New Zealand
227 Posts |
quote:
[i]Originally posted by RenaL
These "smart" guys are everywhere. We here have a guy who lists yesterday-released commemorative coins to double price of the mint's. And the sad thing is that he mostly has some customers.
That happens here too. Just recently I bought an ANZAC commem set of two coins for the release price of $165 I then walked into my favorite coin shop not 100 meters from where I bought the set and they had the same coins in the same condition for $250!!! |
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Replies: 6 / Views: 1,147 |
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Posted 09/19/2006 07:31 am
