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<p>[QUOTE=&quot;Siggi Palma, post: 1253794, member: 18255&quot;]Got a little bored this morning so I wrote this down.</p><p><br /></p><p>As some of you know I´m from Iceland and I collect Icelandic rarities, Kingdom BU coins, varieties, errors and tokens. </p><p>I´m also a coin dealer and buy and sell coins. I know everything there is to know “documented “about the business of </p><p>Icelandic coins and their history. 60% of all clients that come to me have vast amounts of coinage from the Republic era. </p><p>I have had people come to me with suitcases full of these coins expecting to hit the jackpot. I even had a man calling </p><p>me up who had 300 Kilos “600 pounds “of coins. And he had documented every single coin and given it approx. grade </p><p>and price and put it in the largest excel file I have ever seen in my life. And every time I have to tell them the same </p><p>story and facts. It´s worthless I’m afraid. According to the central bank of Iceland 590 tons were not returned when </p><p>the changed our coinage in 1980. Which is about 1.180.000 pounds of coins. Vast majority of those being the later </p><p>dates in full BU grades. Yes some early coins like the 1946 pieces are scarce in BU condition but because of coin catalogs </p><p>being undervalued when it comes to Icelandic coin prices it´s not worth trying to find them in those lots. There are other</p><p>factors which make Icelandic republic coins so unpopular and that´s the lack of ANY varieties. The coins did not change </p><p>for 40 sum years and no one has ventured into finding out differences like the us collectors have done for years. When </p><p>you have a coin like the 2 Kronur 1946-1966 that was minted for a nation of 300 thousand in 3 million plus pieces the </p><p>interest will always be minimal both at home and abroad. There are collectors who ventured into making mint sets with </p><p>every one of them making less money than time spent making the sets. Even the melting facilities have refused to take </p><p>the coins. That leaves people with kilos of coins to give to the next generation of people who will get the same answer. </p><p><br /></p><p>Now I get all kinds of responses, All the way from angry to general interest in how much I know about coins and even</p><p>laughter when they realize the space they could have saved all those years holding on to them. </p><p><br /></p><p>So what does one do ?</p><p><br /></p><p>Well as I say people have made mint sets, all kinds of jewelry, and even tried to sell them to the Russians in bulk.</p><p>&nbsp;But with every new bright idea how to turn these large amounts of coins into a profit a star explodes in the universe.</p><p>&nbsp;I often wish that I had the longing to find varieties but I don’t. Maybe the future will hold someone that would give</p><p>&nbsp;them the time and effort. But I’m not holding my breath. </p><p><br /></p><p>Siggi :thumb:[/QUOTE]</p><p><br /></p>

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