By: Henry M. Smith
Some, albeit not all, foreign mints will sell directly to customers around the world. Government owned mints are relatively safe sources for purchasing coins, but there are differences in making the purchases than one would expect to encounter when buying from a dealer.
Whether or not one chooses to buy coins directly from a foreign mint, it is very advisable to go through the effort of signing up with the mint, or becoming a member. This action is needed to be placed on the mint’s mailing list, which means receiving e-mail notification when a new release is made. So, even if a collector decides to purchase from a dealer, knowing what is available enables the collector to make inquiries with the dealer regarding new releases.
Foreign mints may quote two prices on an online store. One is in the currency used in the country where the mint is located; the other is in the currency used in the collector’s country. It may be necessary to select the currency one desires to have quoted, since the mint may not automatically determine the country from which it is being contacted. Be aware the exchange rate between the two currencies changes frequently. One must always remember that the mint probably is selling in its currency, and expects that amount to be paid.
Payment is usually easy. Mints usually accept credit cards and debit cards. After completing the purchase checkout, using a card makes the rest easy. For a fee, the monetary conversion occurs as part of the transaction. The buyer is responsible for the conversion fee. It is usually nominal, but remember to expect it.
A transaction may take a few days to complete. Remember, this is a foreign transaction, so it may have a delay. The mint may not be open when the purchase is attempted, and may need to accept the order. During that time, the exchange rate between the two currencies fluctuates. This may be to the buyer’s advantage, or work against the buyer. The mint may expect payment according to the amount set as a price in the currency of the mint as the time the transaction completes.
Shipping fees may be high if only one coin is being purchased. However, after making several purchases from the Perth Mint of Australia, this author has found the shipping cost per coin is acceptable if a number of coins are purchased at one time. Of course, it a collector wants coins from several foreign mints, a single shipping fee by a dealer may prove beneficial.
The Perth Mint, the Royal Australian Mint, the Royal Canadian Mint, and the New Zealand Mint produce high quality coins, and are easy to work with. They also have the advantage that English is spoken at these mints, making communication possible in the event of a problem.
Black Spaniel Gallery provides links to the major mints mentioned in this article. These links can be found at http://blackspanielgallery.com by selecting the button to the mint links page. This service to the coin collecting community is happily provided.
Whether one buys directly from a mint or not, utilize them as a source of information on the coins they produce, and allow them to send notifications when new releases occur. The Perth Mint, for example, releases coins about every six to eight week at irregular imtervals, and those notifications are important.
This article is being made available from Black Spaniel Gallery at http://blackspanielgallery.comby the author. Links to major English speaking mints are available at Black Spaniel Gallery.
Even bullion holdings can have a hedge by buying into the rare coin market.
