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Coin and Paper Money Collecting/British Virgin Island Treasure Coin
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Question
Regarding your answer to a 11/2009 question. The BVI treasure coins have a $20 face value but sell for about melt value. Does this mean I could buy a 25 coin set for about $250 and spend them in BVI for $500 worth of goods and services?
Hi Darrin,
Technically yes, but the system they have there makes it extremely difficult to do anything with these commemorative unless you know an insider. You would be better off just using US dollars, since exchanging or using these will not happen even close to their full face value. This is the reason that these sets are usually purchased for around melt value and not based on their face value.
The governments of several nations, most notably Liberia, have this loophole. They want the commemorative coins to be official legal tender, but have no intention of redeeming them for the high face values they assign.
Thanks for the question! =)
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Answers by Expert:
Dmitry Livshits
Expertise
My specialty is world coins from the 18th to 20th centuries, primarily non-US foreign coins and related areas such as errors and exonumia (tokens, medals, etc.). I can answer questions relating to identification, grading, selling, preservation and evaluation of such items. In addition to catalog value, I can give you the practical market value and trends for specific types of coins. I will also take questions regarding counterfeits (both modern and antique) and on how to identify them. I am NOT knowledgeable in paper money/banknotes, ancient or "shipwreck" coins. Thank you.
Experience
Collector of world coins since early childhood. Access to a variety of auction records and reference material. You can also find me on Facebook.
Education/Credentials
A.S. in Psychology (2006), B.A. in Forensic Psychology (2008), M.A. in Forensic Psychology (2011).
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