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Friday, September 20, 2013

Hua Xia Bank introduces five gold and silver coin ATMs in Beijing

It would seem ATMs would be just the thing for American convenience. We say this as with lawlessness with theft, security, insurance and liability costs for coin dealers must be considered. Additionally, with ATMs being located in high traffic areas they would also be available to complement online purchases should that convenience not be available or curtailed. Extended hours could also be considered, including weekends. Unfortunately, we see three shortcomings - 1) non-certified numismatic coins would not fare well 2) Government reporting & tax collection you just know would be tracked.  3) there is no provision for exchanging or selling back to the vendors. Like any other consumer item, however, the "market" would quickly develop 'workarounds'.

Staff Reporter
08:34 (GMT+8)
One of the new ATMs in Beijing. (Photo/CFP)

People in Beijing can now buy gold or silver coins at ATMs after the Beijing-based Hua Xia Bank introduced five of the machines earlier this month, according to Hong Kong's We Wei Po.

The bank installed the five machines at its branches across the city in Xidan, Fangzhuang, Zhongguancun, Dongdan and on Qingnian Road.

The ATMs look like ordinary teller machines but have an additional compartment to dispense the gold and silver coins. The machines currently offer panda souvenir gold or silver coins and Year of the Snake silver coin and plate sets.

A single 1-oz panda silver coin priced at 268 yuan (US$40) is the cheapest item available, while the panda gold coin set is the most expensive at 23,800 yuan (US$3,800).

Buyers can purchase the coins using their bank cards. After they place their orders using the machine's touchscreen, their payments are verified through bank card organization China UnionPay and they can pick up their purchased items through the opening on the lower part of the machine.

If they want to purchase more than 20,000 yuan (US$3,200) worth of items, they will first need to place their ID cards on the machine's sensor to verify their identity before the order can be placed, Wen Wei Po said.

SOURCE wantchinatimes