Discussion in 'Dumaguete City' started by Sedona, Apr 13, 2021.
Is anybody aware of any place in Dumaguete that Buys/Sells gold and silver coins?
Before the pandemic, I have observed at the Dumaguete Public Market stalls across the "painitan" (where vendors sell "tsokolate ug puto") and stalls along Bishop Epifanio Surban Street displaying old silver coins for sale. If these old coin vendors have piloncitos or oncheta gold coins from Spanish times, they do not display such valuables openly.
I thought there are laws about individuals holding gold (I assume as currency, bars etc, and not as jewellery)? Also, precious metals are a dodgy area for forgery. Coins can be made and aged (even though gold does not 'age' that much) and bars of the metal are sometimes hollowed out and the middle replaced with lead.
Gold and silver coins used to abound in Philippines due to Spanish colonization that used Spanish gold coins as currency and due to American colonization that used silver coins as currency. I used to play with these when I was a kid. Then they became hoarded by old families.
Yes, you can buy/own gold and silver. I am not interested in numismatic coins for collecting. I am interested in .999 minted coins and rounds. It doesn't appear that there is anyplace in Dgt to buy/sell these, which is disappointing. There is a reputable online source in Manila for buying and their prices are fair. They will also buy back, but what they pay when buying is terrible. In the US there are tons of dealers that will buy/sell with very reasonable margins and so this is both a good investment and reliable hedge against loss of value in currency. It is looking like this is unfortunately not an option here.
I found the same at home about small margins on buy/sell. I sold all my gold sovereigns before moving here - I considered it a risk bring them through customs. What we need is a supplier of small gold (or silver) units - e.g. low value coins. Let us know if you find one.