Does FNB Buy Old Coins for Cash? Everything You Need to Know

South Africans have a long and rich history of coinage, stretching from the days of the ZAR (Zuid-Afrikaansche Republiek) to the modern-day rand. Many collectors, history lovers, and curious individuals often find themselves in possession of old coins and wonder: Can I sell these coins at a bank like FNB (First National Bank)?
In this article, we will answer that question in full detail, explore what options are available for selling old coins, and guide you on how to get the best value from your coin collection.

Quick Answer: Does FNB Buy Old Coins?

No, FNB does not buy old coins for cash.
First National Bank (FNB), like most commercial banks in South Africa, does not purchase old coins, whether for their face value or numismatic (collectible) value. Their services are focused on modern banking—deposits, withdrawals, forex, loans, and savings—and they do not operate as coin dealers or antique appraisers.

However, that doesn’t mean your old coins are worthless. In fact, some coins in South Africa and around the world are worth thousands or even millions of rands to the right buyer.

Why Doesn’t FNB Buy Old Coins?

There are several reasons why FNB and other South African banks do not deal in old coins:

1. Not a Core Service

FNB’s core services revolve around financial products—such as current accounts, savings, mortgages, investments, and business banking. Coin valuation and purchase is a specialized field that requires expertise in history, minting, rarity, and market demand.

2. Lack of Numismatic Expertise

Bank staff are not trained in numismatics (the study or collection of currency, including coins), and therefore cannot accurately assess the value of collectible coins.

3. Counterfeit Risks

Handling collectible coins comes with the risk of counterfeit items. Since banks are not equipped to verify authenticity, they avoid the potential legal and financial liability.

4. Face Value vs. Collectible Value

Even if you bring an old R1 coin from the 1960s, banks like FNB only recognize the coin’s face value, not its collector’s value. That means a coin worth R10,000 to a collector would still be treated as R1 by the bank—a massive loss for the seller.

What Should You Do If You Have Old Coins?

If FNB and other major banks do not buy old coins, what should you do if you want to sell or value your coins? Here are your best options:

1. Visit a Professional Coin Dealer

Professional coin dealers or numismatists specialize in buying and selling collectible coins. In South Africa, several reputable coin dealers can assist you in:

Appraising the coin’s true value
Explaining the coin’s historical importance
Offering a purchase price or putting the coin up for auction

Examples of Coin Dealers in South Africa:

SA Coin in Johannesburg
The Scoin Shop in major shopping malls
City Coins in Cape Town
ZarCoinShop – Online platform for South African coins (Your website!)

2. Get the Coin Graded

Before selling valuable old coins, consider having them graded by a recognized grading service such as:

NGC (Numismatic Guaranty Corporation)
PCGS (Professional Coin Grading Service)

Grading verifies the coin’s authenticity and condition, which greatly affects its market value. Coins with higher grades often fetch higher prices.

3. Sell Coins Online

The internet has made it much easier to sell collectible items. Try listing your old coins on:

Bidorbuy.co.za – Trusted South African auction platform
eBay.com – International exposure to collectors
Facebook Marketplace or Groups – Connect with local collectors
Your own blog or website (like zarcoinshop.blogspot.com)

Remember to provide:

High-quality images (front and back)
A detailed description (year, mint mark, condition, material)
Your asking price (or let buyers offer)

4. Attend Coin Shows or Auctions

Coin shows and numismatic auctions are great places to meet experts and collectors in person. These events allow you to:

Learn from other collectors
Get on-the-spot appraisals
Sell or trade your coins
Attend live auctions for rare items

Check if there are events hosted by:

South African Numismatic Society (SANS)
Coinex exhibitions
Local heritage and antique fairs

Which Coins Are Worth Selling?

Not all old coins are valuable, but some can be worth a small fortune depending on rarity, condition, and historical significance. Here are a few examples:

✅ Valuable South African Coins:

1892 ZAR Pond (rare and collectible)
1965 1 cent with errors
1931 Union Penny
1989 Mandela R5 Coin (commemorative edition)
Krugerrands (especially pre-1980 editions)
Proof coins in original cases

❌ Common Coins with Low Value:

Modern rands still in circulation
Damaged or heavily worn coins
Mass-produced coins from the 1990s–2000s

Tips to Avoid Scams

Selling coins can attract dishonest buyers. Be cautious and follow these tips:

Avoid cash-only deals with strangers
Meet in safe public places
Verify buyer’s reputation (especially online)
Don’t send coins before payment
Never clean your coins — it lowers their value

Alternatives to Selling

If your coins don’t hold much value but you still love them, consider:

Starting a personal collection
Framing or displaying them
Donating to a museum or school
Passing them down as heirlooms

Old coins carry more than just monetary value—they represent history, heritage, and stories worth preserving.

Final Thoughts

While FNB does not buy old coins for cash, there are still many exciting and profitable ways to sell or collect old South African coins. Your best path is through specialist coin dealers, online marketplaces, and coin shows, where knowledge and demand align to offer fair prices.

Whether you're holding a rare ZAR coin, a Krugerrand, or a forgotten jar of 1c pieces, take time to research and explore your options. With the right approach, your old coins might be worth far more than their face value—and become a rewarding part of your financial or historical journey.