Did Venezuela stop minting coins?

Discussion in 'World Coins' started by xCoin-Hoarder'92x, Jun 6, 2016.

  1. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

    They are experiencing high inflation, and recently I read up that they scrapped a few note denominations due to devaluation (not 100% sure if that's true). I check on en.numista to see if they are currently issuing coins. 2012 is the last year I see. Now I know the Bolivar is worth almost nothing, but I do love those bi-metal 1 Bolivar coins. I currently have a bag of around 600+ of them. Cool pieces.

    And here's another question, when will Venezuela finally do note denominations higher than 100? It seems odd that this is the highest value note right now.
  2. Avatar

    Guest User Guest

    to hide this ad.
  3. joecoincollect

    joecoincollect Well-Known Member

    I like Venezuela's coins as well, like their silver crowns and even the later base metal coins from the 60s up. I've never seen those bi-metallic ones though! I just looked at some pics and they look great. I'd like to own some BU specimens. I even saw a pattern for one graded. I know you have a lot of coins, such as nickel coins etc. Why do you hoard these bi-metal ones? Or other ones like the French 10 francs? Just curious. I can understand the pure nickel coins being hoarded. Do you hoard Mexican base metal coins from the 60s or 70s on up? I sell them by the pound after accumulating them for a while and taking nicer examples. My local dealer gives me 3 dollars a pound for world coins, but only 1 dollar a pound for Mexican coinage and Canadian cents. I always take out the Nuevo peso coins though
    xCoin-Hoarder'92x likes this.
  4. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

    I have a few silver 5 Bolivares from the early 1900's, pretty cool.

    The bi-metal coins are just cool to have. And to have every denomination of a country it completes the collection. Bi-metals in bulk lots can bid at decent prices. Sometimes I see lots of 200 x France 10 Francs bidding for $50-60 (plus international shipping if it's a US bidder). Lately the Italian 500 Lira coins have gone up in value. The 1000 Lira coins will often bid nearly $1 per coin.

    I also have lots of Mexican Pesos, but only the modern currency types from Nuevo-current day. Nothing obsolete, they take space/weight. I have nearly 30,000 Pesos in exchangeable coins, from 10 Centavos to 20 Pesos (although these 20 Peso coins are difficult to find). Before last year I didn't have any MXN currency, but when I discovered they hit record low exchange rates (twice in fact), I saw an opportunity there. I also found myself occasionally winning MXN lots for under exchange value (20-24 Pesos per dollar).
    joecoincollect likes this.
  5. muhfff

    muhfff Well-Known Member

    This article in zerohedge explains it a bit (the article refers to WSJ article, which is behind paywall):
    Quote from article:
    Venezuela is spending a lot more than it needs because the government hasn’t printed a higher-denomination bank note—revealing a misplaced fear, analysts say, that doing so would implicitly acknowledge high inflation the government publicly denies.
    xCoin-Hoarder'92x likes this.
  6. joecoincollect

    joecoincollect Well-Known Member

    Interesting. So the 500 lire bi-metallic coins (with a lady's head on one side) have gone up. I usually toss them aside unless there's a commemorative design I don't have or it's unc. I don't think I've seen a 1000 lira. When you say these coins have gone up and the latter are worth a dollar, is that collector value, bullion, or exchange value? Probably not bullion I guess because it most likely would be under 25 cents or so. I also pose my question for the French 10 francs. I guess I don't understand accumulating many of the same coin, especially base metal ones that are not pure. I mean, I do understand collecting a mass of mercury dimes because of silver or a series set, but hoarding French 10 francs I'm curious about. Is it just another collecting niche for you? Or do you gamble with exchange rates with some coins, barter others, etc? My questions may seem dumb, considering your name lol. Sorry. I'm just always considering new ways to collect.
    xCoin-Hoarder'92x likes this.
  7. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    At the risk of offending......who cares? devil.gif And what ever happened to that Chavez fellow? Oh, that's right. He died......shortly after calling President Bush a devil.
  8. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

    They are uncommon. They were only issued in 1997/1998 as far as I can tell. Given that they are only a 2 year coin, and depending on condition (AU/UNC) collectors will pay more for them. I currently only own 90 of the L.1000 Lira coins. Most of them are near-uncirculated to UNC. A few could be argued XF but I paid 25-30 cents per coin average when I bought some Italian Lira. I can make some profit here if I were to list them.

    Collector value. Since metals are still sitting at really low prices, it is merely the bid online that went up compared to years ago. Normally 1 coin is nothing but if you got hundreds of the L.500 coins like I do, that's an investment. At least at the time when I bought them back in 2012/2013 (about 10-12 cents each) I could list them on ebay for a profit right now if I wanted. But I will hold onto them.

    Just a great personal interest in bi-metal coins. I like them so much I wish the US did them. Perhaps it would use up more $$$ and resources though if we minted them. But why not make higher denomination coins with an inflating Dollar? ;)
    Sometime soon we gotta do some bi-metal $5 or $10 Dollar coins. I could just be dreaming of course.
    joecoincollect likes this.
  9. chrisild

    chrisild Coin Collector

  10. scottishmoney

    scottishmoney Buh bye

    A founding member of OPEC with still the highest proven reserves of oil. And a financial disaster. One of the instrumental figures in the foundation of OPEC was Juan Pablo Perez Alfonzo, he famously said in 1976:

    "Ten years from now, twenty years from now, you will see: oil will bring us ruin… Oil is the Devil's excrement"

    Based all their budgets on high per barrel prices, increased domestic spending, created inflation several times over and quite frankly drove a lot of people out of the country.
    xCoin-Hoarder'92x and Endeavor like this.
  11. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

  12. chrisild

    chrisild Coin Collector

    paddyman98 and xCoin-Hoarder'92x like this.
  13. Clawcoins

    Clawcoins Damaging Coins Daily

    we do have the US 2000 Library of Congress Bi-Metal platinum/gold $10 coin.
    xCoin-Hoarder'92x likes this.
  14. scottishmoney

    scottishmoney Buh bye

    The lady on the 5000 used to be on the 20, that must mean that 5000 buys what 20 used to.
  15. chrisild

    chrisild Coin Collector

    May actually be so. "One dollar fetched 1,567 bolivars on November 1. On November 28, a dollar was worth 3,480 bolivars on the widely-used unofficial exchange rate monitored by Dolartoday.com." (CNN)

  16. scottishmoney

    scottishmoney Buh bye

    I know several people from Venezuela, they got out while the going was good.
  17. chrisild

    chrisild Coin Collector

    President Maduro just posted images of the new coins. While ACN wrote about a possible 1,000 VEF coin in October (see #8 above), the denominations are 10, 50 and 100 bolívares.

    Seattlite86 likes this.
  18. Seattlite86

    Seattlite86 Outspoken Member

    I think they're going to need to add some zeros to those values...
    Magnus Maximus likes this.
  19. chrisild

    chrisild Coin Collector

    Yes, the coins are pretty much worthless. Problem is (and I guess this can be stated without really getting into politics) that from the government's POV the new coins and particularly the paper money need to reflect the official VEF-USD exchange rate rather than the "street rate". So higher value notes yes, but not all that high ...

  20. gxseries

    gxseries Coin Collector

    I am curious - considering this economic climate for Venezuela, where are their coins struck and banknotes printed? I hardly believe they are made in Venezuela.
  21. chrisild

    chrisild Coin Collector

    Infidel. ;) Venezuela has a mint, in Maracay. (They make coins, paper money and security documents.) The country even issued two commemorative coins in 1999 to celebrate its opening. Collector coins in silver and gold, however, come from various sources such as Valcambi.

    Oxford Punter likes this.
Draft saved Draft deleted

Share This Page