Streaming issues? Report here
Azania Mosaka 1500 x 1500 2020 Azania Mosaka 1500 x 1500 2020
The Azania Mosaka Show
13:00 - 15:00
volume_up
volume_mute

Up Next: The John Perlman Show
See full line-up
The Azania Mosaka Show
13:00 - 15:00
Home
arrow_forward
Business
fiber_manual_record
World

US Customs thwarts attempt to smuggle in more than 100 fake Krugerrands

28 April 2021 8:13 PM
Tags:
New York
The Money Show
Bruce Whitfield
Gold bullion
Krugerrand
south african mint
fake coins
fake Krugerrand coins
Alan Demby
South African Gold Coin Exchange
SAGCE
counterfeit Krugerrands

If the coins had been authentic they would have been worth more than R3m. 'Buyer beware!' says Alan Demby (SA Gold Coin Exchange)

Border officials have thwarted an attempt to smuggle 119 fake Krugerrands into the US.

U.S. Customs and Border Protection (CBP) said the coins were discovered at the Rochester Port of Entry in New York State.

They were supposedly minted in 1972.

Image: U.S. Customs and Border Protection on Twitter @CBP

The coins showed a low-quality metal which did not carry the weight of an authentic gold coin, says a CBP statement.

It said one authentic Krugerrand 1972 gold coin would be worth more than R25,690 ($1,800).

That means the batch of coins, if they had been real, would have been worth more than R3 million.

Krugerrands are the world's most widely-held - by a long way - and popular gold coin. They can be bought and sold anywhere in the world!

Bruce Whitfield, The Money Show host

Do fake Krugerrands present a huge problem?

Not at the moment, says Alan Demby who is Executive Chairperson of the South African Gold Coin Exchange (SAGCE)

There was a time some years ago when a few fake Krugerrands were made using tungsten, but I don't think it's endemic.

Alan Demby, Excutive Chair - South African Gold Coin Exchange

I think these [seized in New York] were incorrectly labelled, incorrectly weighed. Most coin dealers check... However, at $1,800 an ounce, it makes it a very attractive proposition!

Alan Demby, Excutive Chair - South African Gold Coin Exchange

If you buy from dealers at the market price, you're ok. It's when you think you're getting a great deal [that you're not].

Alan Demby, Excutive Chair - South African Gold Coin Exchange

You know what they say (chuckles), if it's too good to be true, it generally is.

Alan Demby, Excutive Chair - South African Gold Coin Exchange

Listen to Demby's advice about buying Krugerrands below:


This article first appeared on CapeTalk : US Customs thwarts attempt to smuggle in more than 100 fake Krugerrands




28 April 2021 8:13 PM
Tags:
New York
The Money Show
Bruce Whitfield
Gold bullion
Krugerrand
south african mint
fake coins
fake Krugerrand coins
Alan Demby
South African Gold Coin Exchange
SAGCE
counterfeit Krugerrands

More from Business

I like to save. I don’t buy new cars – Rob Rose (Financial Mail)

17 May 2021 8:01 PM

Financial Mail Editor Rob Rose opens up about his attitude to money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

Invest in precious metals such as gold – a guide for South Africans

17 May 2021 7:35 PM

Bruce Whitfield interviews Dr Zoltan Erdey, author of "Going for Gold: The South African's Guide to Investing in Precious Metals".

Share this:
Read More arrow_forward

Is 'localisation' a realistic economic policy for South Africa?

17 May 2021 7:25 PM

Can local businesses substitute 20% of their imports? Bruce Whitfield interviews Peter Attard Montalto of Intellidex.

Share this:
Read More arrow_forward

SA economy recovering faster than expected - 4% growth a possibility in 2021

17 May 2021 7:08 PM

The Money Show’s Bruce Whitfield interviews Patrice Rassou, Chief Investment Officer at Ashburton Investments.

Share this:
Read More arrow_forward

Redefine Properties reports 62.7% drop in headline earnings

17 May 2021 6:50 PM

The Money Show’s Bruce Whitfield interviews Redefine Properties CEO Andrew König.

Share this:
Read More arrow_forward

Chicken sales are not healthy, but comfortable - Chris Schutte, Astral Foods

17 May 2021 6:26 PM

The Money Show’s Bruce Whitfield interviews Chris Schutte, CEO at Astral Foods.

Share this:
Read More arrow_forward

The rand is on a roll - should you stop, or start, sending money offshore?

13 May 2021 9:06 PM

Personal finance expert Warren Ingram has sound advice on the timing of offshore investment decisions.

Share this:
Read More arrow_forward

Vaccine rollout will support SA tourism recovery in 2nd half of 2022 - RMB

13 May 2021 8:36 PM

The Money Show's Bruce Whitfield interviews Jessica Spira, Sector Head for Healthcare and Hospitality at Rand Merchant Bank.

Share this:
Read More arrow_forward

Gqeberha-born billionaire commits R3bn to producing vaccines in SA

13 May 2021 8:04 PM

Dr Patrick Soon-Shiong is currently busy with clinical trials for the Covid-19 vaccine he's developed, says Prof. Shabir Madhi.

Share this:
Read More arrow_forward

Investigation blows open alleged 'premiums misappropriation' insurance scandal

13 May 2021 6:58 PM

Investigative journo Pauli Van Wyk says four SA insurance giants have lost R944m in total by using Insure Group as intermediary.

Share this:
Read More arrow_forward

More from World

Gqeberha-born billionaire commits R3bn to producing vaccines in SA

13 May 2021 8:04 PM

Dr Patrick Soon-Shiong is currently busy with clinical trials for the Covid-19 vaccine he's developed, says Prof. Shabir Madhi.

Share this:
Read More arrow_forward

'SA condemns actions of Israeli security forces against Palestine civilians'

13 May 2021 8:18 AM

Dirco DDG responsible for Asia & Middle East Anil Sooklal says the two nations should go back to the negotiating table.

Share this:
Read More arrow_forward

Share swop deal for JSE giant Naspers and subsidiary Prosus 'will affect us all'

12 May 2021 7:55 PM

Prosus announces voluntary exchange offer to acquire 45% of Naspers shares. Bruce Whitfield interviews Group CFO Basil Sgourdos.

Share this:
Read More arrow_forward

Microchip shortage: From phones to cars, everything's about to cost more

11 May 2021 8:28 PM

The Money Show's Bruce Whitfield interviews media analyst Arthur Goldstuck (MD, World Wide Worx).

Share this:
Read More arrow_forward

Companies are dreaming up new ways to exploit you using voice profiling

6 May 2021 8:30 PM

The latest patents are 'deeply frightening'. Tech expert Toby Shapshak on the voice-profiling revolution in marketing.

Share this:
Read More arrow_forward

The big vaccine patent waiver decision: 'It's like horse trading now'

6 May 2021 6:57 PM

Tough negotiations lie ahead for WTO members on lifting Covid-19 vaccine patent protections, says Salome Meyer (Cancer Alliance).

Share this:
Read More arrow_forward

A humanitarian tragedy is playing itself out in Mozambique - and help is needed!

6 May 2021 4:55 PM

Mozambique’s Cabo Delgado province is facing escalating violence by non-state armed groups, displacing hundreds of thousands.

Share this:
Read More arrow_forward

Bird flu shuts down second East Rand farm: 'SA need to be very careful now'

4 May 2021 9:14 PM

The latest spread of avian flu in is cause for concern says Paul Matthew (CEO, Association of Meat Importers and Exporters).

Share this:
Read More arrow_forward

Lab-made diamonds are forever - Jewellery giant Pandora ditching mined gems

4 May 2021 7:34 PM

Pandora's launched its first lab-created diamond collection. Good for your pocket; good for the planet says Mads Twomey-Madsen.

Share this:
Read More arrow_forward

Bill and Melinda are splitting up and they'll split those billions 50/50

4 May 2021 6:50 PM

Big money, amicable divorce? Bill Gates is being extremely generous, says top SA divorce attorney Billy Gundelfinger.

Share this:
Read More arrow_forward