The Mandela R5 coins are a special type of legal tender used only in South Africa, worth the equivalent of five Rand.
These coins commemorate Nelson Mandela – South Africa’s highly revered former president who passed away in 2013 – and feature his likeness on their front side.
It is important to note, however, that unlike most collectible coins these are not valuable outside of their face value as they are simply intended as circulation money; therefore they should not be expected to receive more than their printed amount when exchanged.
The production of these coins is supervised by the South African Reserve Bank (SARB), ensuring they meet strict quality standards necessary for the circulation of currency.
Read till the end to find out the best places to sell your Mandela R5 coins.
Which Bank Buys Mandela Coin?
Unfortunately, banks in South Africa no longer accept Mandela coins as legal tender, meaning you cannot exchange them for money at a bank or store.
This is because the coins were demonetized and are not considered official currency anymore.
Therefore, the only way to receive value for your Mandela coin is to sell it to a private buyer.
Luckily, there are many online platforms and individual buyers who will purchase them from you.
The face value of the circulation Mandela R5 coin remains R5; however, gold Mandela coins from the Natura series have been bought by the South African Reserve Bank (SARB) at their current market price of gold.
Does the South African Reserve Bank buy Mandela Coins?
The South African Reserve Bank does not accept Mandela coins for exchange. The African Reserve Bank is more concerned with the value of its gold reserves than with commemorative coins.
The Reserve Bank only buys back coins, which are considered legal tender. So what is the difference between legal tender and a commemorative coin?
Legal tender refers to banknotes and coins that are accepted as payment for transactions by law. Commemorative coins are issued to celebrate an event or person.
They have a limited production period, have a higher face value than their actual worth, and are not regarded as legal tender.
Does Absa Buy Mandela Coins?
Absa does not buy or sell any Mandela coins. Absa does not buy Mandela coins from the public unless they are part of the banking group of Numismatics International which is a group that deals with rare coin collectors and sellers.
They do not buy or sell any gold coins. The buying and selling of gold coins are done by the general public either directly from each other or through legitimate coin dealers who are registered with the South African Reserve Bank.
Does Capitec Buy Mandela Coins?
Capitec bank, which recently became South Africa’s second-largest bank in terms of customers, has no plans to buy Mandela coins from its customers.
This is according to Gerrie Fourie, Capitec’s executive of marketing and communications.
“We have been getting a lot of calls from the public who want to sell us their Mandela coins and their Mandela notes,” said Fourie. “Unfortunately we do not buy them.”
Fourie urged members of the public who believe they have rare or valuable Mandela coins or notes to contact the South African Mint Company instead.
Does FNB Buy Mandela Coins?
No, FNB does not purchase Mandela coins and is currently not accepting the coins to be deposited into customer accounts.
First National Bank noted that there is no proof of the value of the Mandela coins. FNB also warned that its customers should be wary of fraudsters who may use the fake R5 Nelson Mandela coin scam to dupe people.
First National Bank also noted that they are not responsible for any losses which may occur as a result of the Mandela coin scam.
How do I go about Selling my Mandela Coins?
Before selling your Mandela coin you need to ascertain if your coin has been graded or not and if your coin is uncirculated or not.
This will determine the value you can assign to your coin. If you have a graded Mandela coin or one that is uncirculated, it is worth more than one that isn’t.
Graded Mandela coins are also worth more than their ungraded counterparts because grading companies do an official assessment of the condition of a coin and give it a grade based on how well-preserved it is.
The higher the grade, the more valuable the coin. This makes it easier for buyers to know how much they should pay for an individual Mandela coin since they don’t have to assess its condition themselves.
Uncirculated Mandela coins are worth more than circulated ones due to their condition.
So long as the coin is in good shape with no dents or scratches, an uncirculated Mandela coin is worth more than the same coin in circulated condition.
How do I know if my Mandela coin has been graded?
If your coin has been graded, it will be encased in an airtight, sealed plastic container with certification indicating the grade of the currency, the information of the grading business, and the date, among other things.
Where can I sell my Mandela Coin?
There are several sites you may sell your Mandela coin once you’ve determined its grading and whether it’s uncirculated or not.
- Bidorbuy.co.za (Highly recommended)
- Reputable Coin Dealers
- Coin Shows or Coin Fairs
- Coin Auctions
- “We Buy Mandela Coins” on Facebook