Investment coin
An investment coin (also bullion coin ) is a coin made of precious metal , which is minted in large quantities and which is used to speculate on the precious metal value or as an investment object.
General
Investment coins are made from the precious metals gold , silver , platinum or palladium with a high fineness . An essential feature, apart from a largely constant appearance, is that the premium on the metal value with which they are sold is only small. It only results from the cost of minting the coins , which is more expensive than casting bars , and their distribution . Bullion coins made of gold ( gold coins ) apply to EU Directive 98/80 / EC as investment gold . In addition to the course coins for everyday use and commemorative coins as collector's items, they represent a third form of coinage.
In contrast, collector coins focus on the rarity value , which can be significantly higher than the pure material value . Thus bullion coins combine the advantages of bars and coins, which is why they also bullion coins or shortly bullions ( English "bars" are called). However, the valuable bullion coins should not be confused with the lower-value billon coins .
description
Most investment coins bear, in addition to the motifs, a denomination of a currency , often also an indication of weight and fineness . The nominal value of the currency at the time of issue is always significantly lower than the precious metal value of the coin based on the current market price . The imprinted denomination indicates the coin as "issued by an official authority", since only state-authorized minting agencies are authorized to stamp a currency on the coin, which is also a differentiation from the medals . This means that they are usually also legal tender . In general payment transactions , however, they are not used at the imprinted face value, as the precious metal value is usually significantly higher.
A variant of the investment coin is the coin bar , which is purely optically a bar , but for tax purposes it is a coin.
A distinction can be made between two types of investment coins: on the one hand, there are the modern re-mintings of former Kurant coins with their old currency denominations, which were mostly re-minted with the old dates , and on the other hand, modern new coin creations .
- Examples
- Historical re-coinage: 100 Austrian gold crowns 1915 = 30.4875 g fine weight
- Modern new creation: " Vienna Philharmonic " = 100 € = 31.1035 g fine weight (1 ounce )
Both types of investment coins are sold at counter prices (which are based on the price of the respective precious metal), updated daily, in banks and in precious metal traders. Common modern denominations are 1 ⁄ 10 , ¼, ½ and 1 ounce, and the larger versions are 2, 5, 10 ounces and 1 kg.
As far as the motifs are concerned, the market is divided into two camps: collectors of coins are interested in different variants, this group is served by many mints , which offer annually changing motifs in order to meet an increased demand. From the point of view of the pure precious metal investment, this is rather a hindrance, as the level of awareness and recognition value drops drastically. Investors who want to secure their assets in the event of a currency crisis should therefore prefer gold and silver coins whose motifs have remained the same since the first year of minting. For gold coins these are, for example, Krugerrand , Maple Leaf , Vienna Philharmonic and American Gold Eagle . B. Maple Leaf and American Silver Eagle and, since 2008, the Vienna Philharmonic . A compromise are special editions of tried and tested standard coins with different privy marks , small markings, colored applications, holograms, etc. which do not impair the recognition value, but increase the rarity value.
Important investment coins in gold
Important investment coins in silver
Important investment coins in platinum
Since February 2016, the Austrian Mint has also been offering a platinum coin, the Philharmonic, with a purity of 999.5 pt and one ounce of fine weight. The face value is 100 euros. This coin is also available with a denomination of 1/25 ounce (equivalent to 1.24 g) and a face value of four euros.
Investment coins in palladium
The market for investment coins made of palladium is very small and also volatile due to its strong dependence on industrial requirements . Since 1989 it has been served irregularly with coins from a few countries such as Russia ( ballerina ), China ( panda ) and Australia ( emu ). With the exception of the ballerinas, all coins were minted in editions well below 10,000. The coins are therefore usually not traded close to the metal price (plus VAT), but sometimes very much above it.
Only the palladium versions of the Maple Leafs (since 2005) and the Cook Islands Bounty (since 2009) are clearly not addressed to the collector's market due to their high editions and their simple, annual motif.
value added tax
Investment coins are generally subject to sales tax in accordance with Council Directive 77/388 / EEC of May 17, 1977.
Amended by Council Directive 98/80 / EC of October 12, 1998 (publication of the list of investment coins exempt from sales tax in accordance with Art. 26b letter A point ii) in the Official Journal of the European Union under ABL. EU 2005 No. C 300, p. 10), however, they can be exempt from sales tax.
However, this exemption only applies to gold coins and only under certain conditions: The coin must
- be coined after 1800 and
- have a fineness of at least 900/1000 and
- be or have been legal tender in the country of origin and
- the usual selling price may not exceed the open market value of their gold content by more than 80%.
A list of the coins that meet the criteria is published annually in the Official Journal of the European Union. In Germany, according to § 25c UStG, all gold coins that meet the above four criteria are exempt from sales tax.
The purchase of palladium and platinum coins is fully subject to VAT in Germany . Most silver coins were subject to the reduced tax rate of 7% until December 31, 2013. Since then, with the adjustment to European law, 19% VAT has become due. This does not apply to silver coins from non-EU countries, provided that they are subject to differential taxation in individual cases .
Web links
Individual evidence
- ↑ Council Directive 98/80 / EC to supplement the common VAT system and to amend Directive 77/388 / EEC - special regime for gold
- ↑ 1/25 Philharmonic Platinum
- ^ Official Journal of the European Union: Information from the member states; Value-added tax (VAT) exempt investment gold; List of gold coins that meet the criteria of Article 344 Paragraph 1 Number 2 of Council Directive 2006/112 / EC (special regulation for investment gold) (PDF) . Retrieved January 24, 2016
- ↑ Goldseiten.de of November 26, 2013, change in the VAT rate for silver coins