Rare coins ready to be collected
Investors caught up in the collapse of The Rare Coin Company will start collecting their valuables from an Albany vault next week.
Vintage coins and banknotes valued at more than $200 million bought by retirees and other collectors have been held at the former headquarters of the dealership since it went into voluntary liquidation in July.
Receivers and managers PPB Advisory told investors whose ownership of the collectables has been confirmed by the Supreme Court they could make appointments to pick them up between January 14 and 31.
PPB Advisory said investors would need to pay outstanding storage and insurance fees before receiving their goods.
There are about 1700 people affected by the liquidation, many of whom sank hundreds of thousands of dollars of superannuation funds into coins and banknotes.
A small minority of investors whose ownership of the collect-ables stored is in doubt or dispute face a longer wait to have their property returned.
When business owners Robert and Barbara Jackman approached liquidators, they valued customers' items stored at the Albany premises at $237 million. Another $10 million worth of collectables was owned by the business. Rare Coin collapsed owing creditors about $11 million, including $7 million for items sold on behalf of investors who did not receive the proceeds before liquidation.
