The South African Reserve Bank (SARB) only purchases gold coins that are deemed to be legal tender. These coins include:
Natura range coins
Protea range coins
Customers wanting to sell commemorative gold coins or gold coins that are not deemed to be legal tender should approach a coin dealer.
Coins, including proof coins, are purchased for their gold content at the prevailing gold price. Customers are paid out in rand. Payments to customers are processed electronically and customers receive funds directly into their bank accounts. A receipt is handed to the customer at the time of concluding the transaction.
The SARB purchases gold coins from the public from Monday to Friday between 08:30 and 12:00 at the SARB Head Office in Pretoria. These hours are subject to change during the festive season.
Documents required for gold coin transactions
In the case where the person is, for a reason acceptable to the SARB, unable to produce any of these, the SARB may accept the following:
- a valid South African passport;
- a valid driver’s licence;
- a valid temporary identity document issued by the Department of Home Affairs; or
- a birth certificate for a minor not yet in possession of an identity document.
Proof of address less than three months old (e.g. telephone account, rates and taxes account, levy account and retail accounts) must be provided by the seller. In a case where the seller is unable to provide the bank with proof of residential address, an affidavit would be considered as proof of the seller’s address. An affidavit should be in the form of a sworn statement from a commissioner of oaths such as the South African Police Service (SAPS) attesting to the correctness of the information given under oath.
In cases where a client is acting on behalf of another person, the identity of the other person will be verified and the client’s authority to conclude the transaction on behalf of the other person will be established.
In the event of the lawful owner being a company or a close corporation (CC), the registered name as well as the trading name should be provided if the two differ. The physical address from which the company/close corporation operates should also be provided (if multiple addresses, the street address of the office wishing to sell the coin and the Head Office address must be obtained and verified). In order to verify the identity of the above, the following documents will be sufficient:
- a bank statement on official bank documentation, utility bill (municipal water and electricity account or Property Managing Agent);
- recent lease or rental agreement;
- municipal rates and taxes invoice;
- telephone or cellular telephone account; or
- Official South African Revenue Service (SARS) document (not e-filing documentation).
For the deceased
Certified copy of death certificate
Certified copy of identity document
Confirmation letter of the estate account from the bank
For the executor(s)
A valid green barcoded identity book/smart identity card or a valid South African passport, a valid driver’s licence or a valid temporary identity document
Letter of executorship
Proof of address not older than three months