Thursday, 22nd September 2005 (2698 views)

The Reserve Bank of Australia will be selling off a collection of 5,850 gold coins at a public auction to be held in November.

It is estimated that the collection of half sovereigns and sovereigns, Adelaide pounds and some foreign coins, have a value of AU$19 million.

The coins are left over from pre-1976 when Australians were obliged to exchange any gold coins they held for Australian legal tender.

Of the gold coins collected, those with no historical interest have been melted down into bullion, whilst others have been sold to coin dealers, however, the remaining significant collection is to be auctioned off.

Downies Australian Coin Auctions will conduct the auction in Melbourne on November 29th and 30th.

Nevertheless, the bank will be keeping some of the coins to form part of its Museum of Australian Currency Notes.

 

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