South African woman loses R2,400 in elaborate coin scam

A South African woman has come forward with a chilling account of how she lost R2,400 in a sophisticated scam involving supposed coin buyers — a case now under investigation by well-known private investigator Mike Bolhuis.

According to Bolhuis, this is just one example of the growing number of scams targeting individuals who are misled into believing their ordinary coins are worth millions. In this particular case, the woman was promised a payout of R40.3 million in exchange for coins she believed to be valuable, including Mandela R5s.

The scammers posed as representatives from companies claiming to buy rare and historic coins. The woman said she was asked to pay an initial registration fee of R200, which she did, thinking it was standard procedure.

Soon after, she was given a choice: have the money deposited into her account or delivered in person. She opted for the deposit but was then told she needed to send her coins by post first — something she was uncomfortable doing.

“I didn’t want to post the coins. What if they got lost? And they could just put a hold on the money until they said they received them,” she said.

When the supposed deposit failed, she was told to pay a R350 ‘release fee’ to activate the funds. She paid again. But still, no money came through.

That’s when the scammers changed their story. She was told the money would be delivered in person — but only if she paid R1,250 for the delivery. Unable to afford the full amount, the “agent” offered to accept R650 up front and collect the remaining R600 upon delivery.

She transferred the R650 and was told the agent was on the way from Cape Town to Johannesburg. The next day, he contacted her again, claiming to need another R600 for petrol to complete the trip to Nelspruit.

In an effort to secure the delivery, her daughter stepped in to send the R600.

But the requests didn’t stop there. The agent soon messaged again, saying his vehicle had a flat tyre and needed money for repairs — first R5,000, then R1,000, and finally R450.

“At that point, I refused. It’s not my responsibility to buy him a new tyre,” she said. She never received the money, the coins were never collected, and she now fears the photos of the “agent” and the vehicle may not even be real.

To date, she has paid a total of R2,400, with no payout, no collection of coins, and no proof that any of the people involved were legitimate.

Private Investigator Mike Bolhuis confirmed he is investigating the case and issued a public warning. He said scammers are using increasingly elaborate stories to manipulate and deceive vulnerable individuals.

Bolhuis explained how people get scammed: scammers tell people their ordinary coins, like the Mandela R5 or R2, are worth significant amounts of money. They may ask for a fee or for the seller to send the coins, promising large returns that never materialise.

Fraudsters also use advance payment scams, asking people to send coins first with a promise to pay later. Once the coins are sent, the scammer disappears, and no money is received.

Others pretend to be professional coin buyers or dealers, using fake names or credentials and offering high prices. Once they get the coins, they vanish without paying.

Many victims are misled by misinformation — people often believe all old coins are rare or valuable. In reality, most old coins are only worth their face value or metal content, making people easy targets.

Some scammers arrange to meet in unsafe or unofficial locations to exchange coins for cash. These situations are risky and often end in theft or fraud.

To mitigate these risks, Bolhuis advises the public to note that the South African Reserve Bank (SARB) only buys back gold coins such as Krugerrands, Protea, and Natura series based on gold content, not rarity or collector value. Circulation coins like Mandela R5 or R2 are only worth their face value and are not repurchased by SARB.

He emphasised the importance of dealing only with trusted and authorised coin dealers, such as those listed by the South African Mint or other official sources. It is crucial never to send coins before receiving payment and always to check the identity and reputation of the buyer or dealer.

Bolhuis warns people to be cautious of pressure to sell quickly or offers that sound too good to be true.

For those wanting to safely exchange old coins, he recommends using official channels, like booking appointments with SARB to sell gold coins. Collectable or rare coins should be sold through reputable dealers or collectors who can assess the coin’s actual value. People should avoid online or informal offers, especially if they lack proof of legitimacy, and consult experts or trusted sources to understand their coin’s real value.

Scammers continue to exploit misinformation and financial desperation by offering false hope of fortune from everyday currency. Bolhuis urged the public: “Stay informed, stay cautious, and do not send coins or money without absolute certainty of who you’re dealing with. These scams are growing — and no one is immune.”

tracy-lynn.ruiters@inl.co.za

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