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My experience, I sometimes buy gold coins to make jewelry. I do that because at least here in Belgium, there's no VAT on coins but there is VAT on the other for
by seszett 9mo ago
My experience, I sometimes buy gold coins to make jewelry. I do that because at least here in Belgium, there's no VAT on coins but there is VAT on the other forms of gold that are more commonly used for that. For professionals it's not a problem because they pass VAT but for an individual it's a 20% difference. Also I'm in Antwerp so it's really easy to just bike to a place that sells gold if I want to.
In my case I buy old French 20 francs coins as they are quite "cheap": 1% above spot price of their gold content (they are 90% gold).
Other more recent coins, like Chinese or Canadian ones, sell at a much higher premium (17%, 20%) so I always wonder a bit who they are for. It's unlikely they can be resold for that much of a premium. At least the shops I use just buy them for their price in gold.
- tianqi 9mo agoCould you talk more about the "recent Chinese coins"? China hasn't had any fiat money containing gold or silver for at least 100 years. So I'm curious what exactly these Chinese coins are.
- adastra22 9mo agohttps://www.apmex.com/category/24355/chinese-silver-panda-coins https://www.apmex.com/category/24355/chinese-silver-panda-co...
- tianqi 9mo agoThank you. None of these are circulated coin currency. They are all tourist gifts or souvenirs. This is why they command a "much higher premium".
- seszett 9mo ago> tourist gifts or souvenirs I don't know the details because I don't really care about gold as an investment, but everything I find says variations of "the 3g Gold Pandas have a face value of 50 Yuan and are legal tender in China.". It would be subject to VAT in Belgium anyway if it was not considered to have legal tender. And that's the smallest one, I seriously doubt many people buy a 4000 € (30g) coin as a tourist gift.
- tianqi 9mo agoIt is definitely not legal tender. As a Chinese, I've only ever seen such things in tourist souvenir shops for foreigners. If your argument is that a €4000 souvenir is questionable, please allow me to remind you that a €4000 currency coin makes no more sense. If your source is this webpage: https://www.kjc-gold-silver-bullion.com.au/PD/30-g-2023-chinese-panda-gold-bullion-coin/3002700 https://www.kjc-gold-silver-bullion.com.au/PD/30-g-2023-chin..., I can be almost certain it's a scam because its description is ridiculous.
- seszett 9mo ago> As a Chinese, I've only ever seen such things in tourist souvenir shops for foreigners Huh, none of these coins are in general use in any country because it would make no sense (their facial value is always largely below their metal value, which is basically constantly appreciating). As a French person I have never seen 20 francs coins in circulation either, and I wouldn't by my baguette with one, but they are still obviously not a "scam", even if their actual value doesn't match their face value. I mean, I should know since I actually buy them, manipulate them, and use them for their gold content. The page you linked is quite unlikely to be a scam (except that it sells the coin for quite a premium, compared to what I can get at home like say https://www.argentorshop.be/en/gold-coin-chinese-panda-30-grams https://www.argentorshop.be/en/gold-coin-chinese-panda-30-gr... in Belgium). I think you don't understand how these gold coins work, honestly I don't claim I really understand why central banks produce them either, but they do exist and they seem like a convenient way to invest in real gold (and here comes my initial remark: but why choose the ones that sell for a premium as compared to the ones that sell just for their weight in gold, that I don't understand). You can get more information on the Chinese Gold Panda coins on Wikipedia if you like: https://en.wikipedia.org/wiki/Chinese_Gold_Panda https://en.wikipedia.org/wiki/Chinese_Gold_Panda
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