Scottsdales 1oz Bu Ghana leopard mix up

[BackyardBullion]

I recently flipped 10 of these on eBay. Sold two row of 5's

First did £170 the second £198.50

After fee's (£1 seller fee's) make a very healthy £7 per coin. 

Cash in on the hype of these now. 

[Gav]

I recently flipped 10 of these on eBay. Sold two row of 5's
First did £170 the second £198.50
After fee's (£1 seller fee's) make a very healthy £7 per coin. 
Cash in on the hype of these now. 

Thanks Sir, you did well for yourself and I still think your video on the Leopards is the best description of the African leopards on YouTube.

There isn't another coin that has a denomination that is illegal and there aren't many coins that have a unique/unusual uneven edge. So I will be happy to rather keep a box of cats in the Bank than sell them at this stage.

[augur]

NGC just updated their census: not sure who got the 70 but @Numistacker had a golden hand lately with his submissions and bagged a lot of 70s so I hope the 70 belongs to this forum, too. 

 

 

[Gav]

I recently flipped 10 of these on eBay. Sold two row of 5's
First did £170 the second £198.50
After fee's (£1 seller fee's) make a very healthy £7 per coin. 
Cash in on the hype of these now. 

Thanks Sir, you did well for yourself and I still think your video on the Leopards is the best description of the African leopards on YouTube.

There isn't another coin that has a denomination that is illegal and there aren't many coins that have a unique/unusual uneven edge. So I will be happy to rather keep a box of cats in the Bank than sell them at this stage.

[BackyardBullion]

Just now, Gav said:

Thanks Sir, you did well for yourself and I still think your video on the Leopards is the best description of the African leopards on YouTube.

There isn't another coin that has a denomination that is illegal and there aren't many coins that have a unique/unusual uneven edge. So I will be happy to rather keep a box of cats in the Bank than sell them at this stage.

Thanks for the feedback! 

I buy some things to sell. Trying to make a go of things as a seller and hand poured person. Just trying to scratch together minimum wage :-0

[Moi]

Blend of both strategies , seeing how a few fare now. And saving for their long term prospects.

[augur]

2 minutes ago, shortstack68 said:

So theoretically what you have are forgeries if they are illegal coins. Best not advertise that fact too much

That's why we were hoping for the mint to admit an error 

Or NGC but they didn't do that on the Britannia Rules the Waves either 

[Gav]

So theoretically what you have are forgeries if they are illegal coins. Best not advertise that fact too much

Hahaha, exactly.

I actually asked the mint and Apmex that question and when I did ask them that question, they suddenly brought out the Five Cedis and capped the mintage at 5,000.

Seams like Scottsdale have simply made counterfeit currency which is an intentional crime upheld by the international criminal court. So I guess there is a real reason why the mint will rather not admit to the error.

[kimchi]

15 minutes ago, Gav said:

Hahaha, exactly.

I actually asked the mint and Apmex that question and when I did ask them that question, they suddenly brought out the Five Cedis and capped the mintage at 5,000.

Seams like Scottsdale have simply made counterfeit currency which is an intentional crime upheld by the international criminal court. So I guess there is a real reason why the mint will rather not admit to the error.

It doesn't appear that it is, or is some process (prosecution) already underway?

[Gav]

It doesn't appear that it is, or is some process (prosecution) already underway?

The government of Ghana would be the only ones that would be able to bring the claim that Scottsdale made counterfeit Ghana money .

I don't know if a case has been filed against the mint, but it would not surprise me as the mint has been very quiet about this series relative to other series that the mint has released in the past.

Though in my experience dealing with African authorities, bribery and corruption runs rife and there is a big chance that nothing happens because the right people were paid. I don't know more than that, and I have no legal understanding when it comes to international laws.

[Moi]

Interesting, if any Mr Bigs wants to have a tickle i got three up at the moment reasonable rates, be there few days then the bay. ( monopoly get out of jail free card supplied with each order)

There's something didn't realise till now still On gold be. 

[Gav]

If you are holding illegal coins, fakes in essence, then it's generally not a laughing matter. It would be like holding a fake Britannia or any other type of fake, it would be worth it PM value only.
Maybe look out for shadowstack video this evening [emoji57]

Just watched it, and he does give great advice. I think if he was in my position he would probably do the same thing that I am doing.

I have a very different market due to my location and I actual don't plan to sell any silver for at least 5 years (unless the mint states it as an error). Fortunately I don't need to sell any silver at this time, and I am looking for ideas of great pickups.

If anyone wants to share ideas of what they plan to pick I would be very interested to know?

[sixgun]

The 'coin' is a nice looking coin. It is an ounce of silver. 

I would ask whether the coin is an official Ghana coin. i suspect it is but i did hear for example that the Somalian African Elephant 'coins' aren't sanctioned by Somalia. 

https://goldiraguide.org/somalia-silver-elephant-coins/

Quote

The Somalia Silver Elephant Coin has a contentious history which proves to be as interesting as it is controversial. This originated in its first years under the auspices of African nation Zambia. In 2004, the Bavarian State Mint claims that Zambia authorized the transitioning of the coin series over to the Republic of Somalia. There are numerous analysts and experts who have expressed doubts over such a claim and its legal authority. Somalia's central bank and the government together have never accepted the Somalia Silver Elephant Coins as their own legal tender issues. Neither has their central bank in fact ever distributed such beautiful pieces or vouched for their supposed face value.

i would have thought the coin design would have been sent for approval by the authorities in Ghana. Was it approved and they didn't realise it was too high a denomination? My suspicions are that this is what happened, then the penny dropped and the run was stopped after the first batch of 5000.

Currently 100 cedis is worth $22.58 USD. If the cedis goes the way of most currencies and silver has a run up in price, the issue of the face value exceeding the metal value would sort itself out. The 'coin becomes a coin and auto-legalises itself. 

All this talk about counterfeit coins and international criminal courts is way over the top. The Somalian African Elephants have been minted for years. "Somalia's central bank and the government together have never accepted the Somalia Silver Elephant Coins as their own legal tender.." As they are not legal tender, they are not coins. They are being minted in various weights and in gold and silver. They are minted with legal currency face values on them. These are actual counterfeits. They are passing off medallions/rounds as Somalian coins, which they are not but no-one is making a fuss.

This Ghanaian 'coin' is not a coin b/c it is not legal tender. The 5 cedis coin is legal tender. Scottsdale and the Ghanaian authorities have made a cock up somewhere along the line. If it weren't a cock-up they would not have stopped minting the 100 cedis coin and switched to 5 cedis. It could well be the error is at the Ghanaian end. Scottsdale do not want to draw attention to the mistake and embarrass their client. Both ends of the deal are remaining shtum, waiting for it to go away. No-one is going to be taken to court. 

The round looks like a nice round, if this becomes a series this will be a must coin/round to have and it will appreciate in value. The design is a pleasing one so there will be collectors. People will just have to wait it out but the round come coin to be will pay dividends in time.

[sixgun]

22 minutes ago, shortstack68 said:

It would of course depend on who you ask, asking IRA and he will obviously tell you what you want to hear, as would anyone. 

https://www.kettner-edelmetalle.de/Silbermuenzen/Somalia-Elefant/1012014-1-unze-silber-somalia-elefant-2017.html

 Da die Elefanten-Silbermünzen seit 2004 produziert werden (im Auftrag der Republik Somalia) 

Kettner Precious Metals are selling coins, they buy coins in from the mint and sell them on their website. 

"Gold IRA Guide’s mission is to provide you all the information you need for a safe precious metal investment through an IRA, 401k, SEP or any other retirement vehicle." Gold IRA Guide need to assess the legality of gold and silver pieces for pension accounts. i expect they will routinely check out coins and i expect they cannot find any official documentation saying the 'Somalian' African Elephants are legal tender. It is their business to know this. There are consequences if they do not show due diligence and they give bad advice.

[Gav]

For anyone else. I assume you were the one that disliked it. The comments are also good to read, i think he was talking about you in there Gav

 

I liked the video, he was talking about me, and I think he has many points that he is right about.

 

I respect that he feels that he can give me advice and he even made a video for me. I really do appreciate it and in hindsight learnt that I should have approached the situation very differently.

 

I shouldn't have blamed Shadow Stack for the price drop and guys on this forum actually pointed out that the price is still going up on eBay.

 

So a big apology to Shadow Stack.

 

 

 

 

[Moi]

Have one on the bay, bout an hour dizzying heights of £ 6.50. Mercurial prices.

[airmac]

Outside of all this legal, so they made a boo boo. Now I thought it was to be a series? Unless I misunderstood, but will they continue the series even though they messed up? Because I like the coin and will need to pick up sometime.

[PolarPanda]

7 hours ago, airmac said:

Outside of all this legal, so they made a boo boo. Now I thought it was to be a series? Unless I misunderstood, but will they continue the series even though they messed up? Because I like the coin and will need to pick up sometime.

Yes it will be a yearly serie and yes they will continue it besides the issue with the 100 CEDIS coin. 

[augur]

Some big dealer must have done a bulk submission:

[augur]

Maybe we should get together and do one, too? We could even get a cool custom leopard label... 

[Tpbullion]

So happy I managed to get my hands on one of these. I have a bit of a thing for big cats. I used to be a zoo keeper so really into the animal designs. I imagine with releases like this, only time will tell if its a viable investment. A collector's market has so many variables. One person might get £50 for a coin/round whereas on the same day someone else may only get £30. It completely depends on the demand, the buyer, the rarity, and value of PM at the time of selling. People buy for different reasons and the buyer at the time will determine any premium. Just my opinion based on observation and experience.

[augur]

One lucky forum member own the first MS70 (outside the bulk submission)

[Guest]

One lucky forum member own the first MS70 (outside the bulk submission)

I looked it up and I can say it was not mine. My 4 got 69.... that must mean @auger is the lucky one

[Markh]

£35 for one of these. Good or bad buy. Your thoughts please

[Shinus73]

Bad buy, no other thoughts.