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Mandela coins not selling in slow market

Economy

Johannesburg -

People who bought Nelson Mandela R5 coins as an investment are struggling to re-sell them, according to media reports on Tuesday.

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070708. David Mokgape holding a coin at the launch of the Nelson Mandela 90th birthday commemorative coin held at Nelson Mandela Foundation in Houghton. 373 Picture: Dumisani Sibeko

Several clients who purchased R5 Mandela coins from SA Coin have been experiencing difficulties re-selling them, Moneyweb reported this week.

The Citizen's business section named several sellers who could not find buyers, including Dave Ridley, who bought several coins for between R28 000 and R65 000 between 2008 and 2010.

He placed the coins on mandate to sell last March, but has yet to sell them.

SA Coin accounts manager Corien Badenhorst was quoted as saying: “We do apologise for the wait, but we are behind on all the mandates as we had no one dealing with them last year.

“We are still trying to sell mandates that have been on mandate for more than two years now. It's been a slow year and the markets are very slow.” - Sapa

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