Get Gold from the Post Office

http://www.thehindu.com/news/cities...-available-at-post-offices/article4008899.ece

 

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Sounds like they are not coins but bullion rounds.

 

I don't know. India has a lot of news about gold being available from the government and gold prices. It says coins, but who knows. Is there any real difference if they are government issue?

 

Of course. Coins have specific things they must do, say, be known as to be called coins. I simply see the general public and the press as being ignorant of what a "coin" is, and simply calling anything round and metal a coin.

 

Can A Coin Be "Bullion"?

Is "junk Silver" bullion or coin?

http://coins.about.com/od/coinsglossary/g/bulliondefined.htm

 

Webster's definition #2 defines coin as: "usually flat piece of metal issued by governmental authority as money" or "metal money." (Emphasis added).

 

Numismatically though a "coin" has more definitions than that.

Its hard since so many people are used to NCLT coins nowadays, which themselves stretch the definition of "coin" pretty far.

 

Coins don't have to be flat, but they should have a denomination to be used as money (the denomination doesn't always have to be indicated on the piece). India uses Rupees for their denomination. I don't know any country that uses a DENOMINATION of grams. The article gives the denominations as so many grams. that sounds to me more like simply and indication of the WEIGHT or a bullion round. If the article didn't call them coins I would suspect they were actually bars

 

Wikipedia's definition of coin may be more appropriate: "[a] coin is a piece of hard material that is standardized in weight, produced in large quantities in order to facilitate trade, and primarily can be used as legal tender."

 

Yes, that is much better, but there should also be stated of implied a standardized value as well, and also be issued by a political entity with power to enforce its legal tender status.

 

Agreed. Those additions/clarifications for a modern definition would be appropriate.

 

"Legal Tender" Is Definitive!

I believe you'll find that the inclusion of "and primarily can be used as legal tender" is quite definitive in the definition, precluding any expansion of definition. An example of definition enforcement is that which has been recently adjudicated in the Norfed-Liberty Dollar trial litigation/verdict.

An example of bullion to which I previously posed a query about its status as either coinage or bullion is the coinage/bullion commonly referred as "junk Silver". This coinage/bullion can commonly be found in current circulation meeting the criteria stated: "and primarily can be used as legal tender".

Just mine, and legal adjudications opinion. :thumb:

 

Yes, however, paper money can also be legal tender.

 

But to what jurisdiction does "legal tender" apply? That is why WHICH governmental agency is needed to be known as to determine its legal tender status.

Chrisopolis can strike a piece of metal and say its "legal tender". If Chrisopolis has no legal ability to enforce such an assertion, then my little piece of metal I struck in my garage is not a coin.

 

Jurisdictional "Legal Tender"

You are correct that "Legal Tender" is jurisdictional. In your garage you may dictate that your "coinage", with or without statement of origin, can be used as the coin of realm for acquiring your possessions. This is similar to government promissory notes and "script" which have varied value/acceptance throughout the world.

In some countries the governmental agency isn't required to exchange a coin of pure gold for a possession, nor a herd of cattle for a wife. They are accepted as local "legal tender" without identification of authority. However, a Ruble, even though properly connotated for legal authority is/isn't legal tender for many exchanges throughout the world (i.e. subject to local "Hard Currency" policies).

An example of varying jurisdictional value, regardless of governmental indicated authority, are our bullion coins which legally can only be redeemed at their "face value" (e.g. 1 oz. Gold AGE is $50) as "legal tender" not subject to capital gains taxes. In other jurisdictions they may be redeemed as "legal tender" at an elevated value without recourse.

Just my humble understanding of "Legal Tender". :thumb:

 

"Legal tender" is a term of art. Specifically, only the government, of whatever country, can define "legal" tender (even in a private citizen's garage).

 

The Post Office in India reminds me of a thread I started a long time ago about the US Mint and our Post Offices in the US merging. I think both entities would be alot better off and so would us coin collectors. I mean if you wanted a proof set or a gold coin you could just stop at the major Post Office in your city. Got alot of yay's and nay's with that thread. I think it's great that the Post Office in India is selling gold. Now if I could only get to India with a pocket full of cash.

 

The French mint started a "silver and gold coins at face" program a few years ago. Collector coins, and of course the face value is higher than the intrinsic value at the time of issue. But those pieces could be had at selected post offices ...

Christian

 

not in flatbush

 

I would like that idea more for US post offices for bullion coins. For proof sets, etc I believe you would simply have TONS of returned unsold product.