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Medal or Coin which is it ?

bidaskbidask Posts: 14,017 ✭✭✭✭✭
in World & Ancient Coins Forum

Certificate says coin ….!


I manage money. I earn money. I save money .
I give away money. I collect money.
I don’t love money . I do love the Lord God.




Comments

  • horseyridehorseyride Posts: 163 ✭✭✭

    If it has no face value, it's a medal. Heritage agrees https://coins.ha.com/itm/nepal/nepal-republic-gold-conquest-of-mt-everest-medal-2003-/a/3009-22401.s

  • lordmarcovanlordmarcovan Posts: 43,571 ✭✭✭✭✭

    No denomination listed? Medal.


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  • SapyxSapyx Posts: 2,220 ✭✭✭✭✭

    The Nepali text in the top left quadrant on the square on the other side says "5 ounces". That's the closest it comes to stating a denomination. The only other claim to "coin-ness" is that the certificate claims it was "issued" by the Central Bank of Nepal, an institution with a mandate for issuing coins and banknotes, but not medals.

    The answer to the question thus hinges on whether or not Nepal has, or had a the time, any legislation in place allowing such a coin to be redeemed for a face value equivalent to the value of its weight in gold (not unlike the way Krugerrands and Mexican onzas are still "coins" despite not having a denomination on them).

    I suspect the answer is "no". Mexico and South Africa use those bullion coinages as a means of selling their own gold. But Nepal has very little gold of its own to sell. These Nepali "coins" were made in New Zealand using New Zealand gold, marketed from New Zealand and sold from New Zealand; with a New Zealand hero depicted on the reverse, I strongly suspect most were bought by New Zealanders. I highly doubt a single one of them has ever been seen in Nepal.

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  • bidaskbidask Posts: 14,017 ✭✭✭✭✭

    @Sapyx said:
    The Nepali text in the top left quadrant on the square on the other side says "5 ounces". That's the closest it comes to stating a denomination. The only other claim to "coin-ness" is that the certificate claims it was "issued" by the Central Bank of Nepal, an institution with a mandate for issuing coins and banknotes, but not medals.

    The answer to the question thus hinges on whether or not Nepal has, or had a the time, any legislation in place allowing such a coin to be redeemed for a face value equivalent to the value of its weight in gold (not unlike the way Krugerrands and Mexican onzas are still "coins" despite not having a denomination on them).

    I suspect the answer is "no". Mexico and South Africa use those bullion coinages as a means of selling their own gold. But Nepal has very little gold of its own to sell. These Nepali "coins" were made in New Zealand using New Zealand gold, marketed from New Zealand and sold from New Zealand; with a New Zealand hero depicted on the reverse, I strongly suspect most were bought by New Zealanders. I highly doubt a single one of them has ever been seen in Nepal.

    Thank you for your thoughts I tend to agree

    However the technical specs states ,
    …..the official Conquest of Everett coin is
    Minted by the New Zealand mint….

    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • ELuisELuis Posts: 1,085 ✭✭✭✭✭

  • 1984worldcoins1984worldcoins Posts: 620 ✭✭✭✭✭

    an abomination ;)

    Coinsof1984@martinb6830 on twitter

  • ExbritExbrit Posts: 1,306 ✭✭✭✭

    @lordmarcovan said:
    No denomination listed? Medal.

    Not all coins have their denomination on th coin as it is widely known. The vast majority do, however. This one does not state that it’s legal tender and also does not list a denomination - so I agree with you - it’s a medal.

  • John ConduittJohn Conduitt Posts: 419 ✭✭✭
    edited April 9, 2023 11:16AM

    I think the problem is the technical definition of a ‘coin’ and the colloquial use of the term.

    As Sapyx says, the key is having governmental authority. If it doesn’t, it’s not a coin. That doesn’t stop private businesses calling them coins, but they’re not accepted for payment as they don’t have Central Bank backing.

    Nor is it a token, as there are no terms for its use and it doesn’t have a purpose. It isn’t designed to act as a substitute for money.

    So you’re left with medal or bullion, the difference being down to its purpose. If the value of the metal is what’s important (but there is no face value), it’s bullion. If the event its commemorating is important, it’s a medal.

    There is a grey area with ‘commemorative coins’, often issued by the mints that issue coins. But although these can be legal tender the definition of ‘legal tender’ is very narrow (varying by country) and does not make something a coin. Many commemorative coins do not circulate and so are actually tokens, medals or bullion.

    Circulating commemoratives are actually just coins, given special status so the mint can market them.

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