The South African Gold Coin Exchange (SAGCE), operator of Scoin, the only retail chain of coin stores in the world, has opened two additional outlets, raising its global total to 18 stores.

This doubles its number of outlets over the past two years with the two most recent stores opening in Johannesburg’s Clearwater and Pretoria’s Menlyn Malls.

Alan Demby, SAGCE’s executive chairman, says a second London Scoin store has been scheduled to open in the Bluewater Mall in September this year.

“During the course of an economic recession that has witnessed the closure of a great many stores in a host of industries, our business activity has blossomed, prompting us to open the doors of as many as nine new outlets.”
He ascribes SAGCE’s buoyancy to several factors, among them:

• The advancing gold price, which has generated heightened demand for Krugerrands, gold medallions and rare precious metals coins collectors’ items;
• The soaring price of silver;
• First-time demand for World Cup coins – demand that has been building up over the past few months, domestically and internationally;
• A growing awareness among the public that Krugerrands, being legal tender coins, do not attract VAT, thereby affording the purchaser an effective discount on the ruling gold price, versus other forms of gold bullion;
• The European debt crisis, which has enhanced the role of gold as a buffer against global financial uncertainty;
• The magical aura of Nelson Mandela, which has resulted in steadily growing demand for Mandela gold coins and medallions;
• Inflationary fears occasioned by the several trillions of dollars that have been created to bail out troubled banks the world over

“We are particularly gratified over the success of our London Scoin shop,” says Demby. “Scoin has been well received by the foreign market which has lead to its further expansion.“

The first Scoin outlet, was opened in 1999 in Sandton City, Johannesburg.