Dear readers Numismatica Ranieri, in this article of our blog numismatist will try to find out the details of the so-called law of gold issued by the former President of the Republic Carlo Azeglio Ciampi in January 2000. But needing an in-depth analysis and a mass-to-point, without a doubt, the six articles called to regulate the gold market and are appreciated because they contribute in a decisive manner to ensure clarity. Will benefit both merchants and buyers. To learn more, there is continue reading and find out more information.
A law of gold the coin market
By 17 January, the day on which Carlo Azeglio Ciampi has promulgated the law number 7 on the "New" discipline of the gold market" (also in the implementation of the directive 98/80/EC of 12 October 1998), Italy became a little more european. It was from 1996 – namely, from the presentation, on the 29th of November, of the proposal of the law on the part of the honourable Grace Labate operators to collectors and ordinary citizens were waiting for that the Parliament has decided to give the green light to the provision. The following year, at the end, you arrived at the end of last year: 2 December, the Chamber, and on 18 December by the Senate.
You are, in all, the articles of the law in force since 4 February, in virtue of which it is liberalisation of trade in gold, with the exemption of the heavy tax of Vat in the case of: gold, in the form of a bar or a wafer of weights accepted by the bullion markets, but still greater than 1 gram, equal to or greater than 995 thousandths, whether or not represented by securities or gold coins of equal to or greater than 900 thousandths and minted after 1800, that are or have been legal tender in the Country of origin, normally sold at a price that does not exceed 80% of the open market value of the gold contained in them, are included in the list prepared by the Commis-'aione of the european Communities and the annually published in the Official Journal of the european Communities, C series, on the basis of communications given by the ministry of Treasury, budget and economic planning. as well as the coins having the same characteristics, even if not included in the above list.
A clarification, the latter, which allows you to heal, he more or less glaring, like the Italian from the community list left out of our most well-known and popular coin investment, i.e. the marenghino. The coin 20 lire, such as the size, weight and content aligns to the coins of the family of marenghi. The diameter is 21 mm, the weight of 6.451 grams, with a new title in the gold of 900 thousandths.
The emissions that are considered for investment in gold coins are the ones sent minted between 1861 and 1878 by king Vittorio Emanuele II, followed by those of Umberto I, vintage, in the order you 1879, 1886, 1888, 1891, 1893 and 1897.
Without of course forgetting the previous ones, listed in the item the Kingdom of Sardinia and conducted by Carlo Felice (from 1821 to 1831). Carlo Alberto (from 1831 to 1849) and the Vittorio Emanuele II (from 1850 to 1861). "As is often the case, puts, however, prudently hands on Alessio Anfossi of Intercoins — when presented with laws considered in any way that is innovative, as it is certainly this on the market for gold, it appears to have immediately understood everything, while reading them, and ones well, we find ourselves in unexpected obstacles. Not only. The promulgation of the law is not always followed by explanations and clarifications regulatory able to facilitate operators, which are a need to in a certain way, improvise for lack of stakeholders who can give timely responses. The law on the gold market, for example, speaks in no uncertain terms of the penalties for those who do not rule, for which there is the risk, not at all hypothetical, that an operator who, for the past thirty years work in the field of gold coins legal tender you're suddenly having problems arising from the fact that the law imposes limits and conditions."
Type? The law clearly says that "the period prefessional trade of gold, for its own account or for the account of third parties, it can be played by banks, and, upon notice to the Italian exchange Office, by persons in possession of the following requirements:
- legal form of a joint stock company, or limited liability company, having in each case, fully paid-up capital not less than the minimum for joint stock companies;
- social object that involves the trade in gold;
- possession, on the part of the participants to the capital, directors and employees performing the function of management of technical and commercial, of the integrity requirements provided for in articles 108, 109, 161, paragraph 2, of the consolidated law on banking and credit, issued by the legislative decree of September 10, 1993, number 385".
"I am sure, saith Anfossi — that, on the specific topic there will be an intervention so as to be able to operate the small shop. I understand that the Italian foreign exchange Office is preparing a text on how accurate the paragraph number 6 of article 1 of the law – the content and the mode of execution of the declaration provided for by paragraph 2, the text will then be published in the Official Journal.
Another aspect that requires insights is the one concerning the coins as an investment, free then from the payment of Vat, included in the list published in the Official Journal of the european Communities. "Very true," says Alessio Anfossi, he continues: "The voice Italy there are only two coins: L. 40 L. 80, without any other specification. A little bit short, considering that from the list and is excluded coin for excellence in investment, and that is the marengo Italian 20 lire.
In compensation for the item in Canada, for example. it is generally mentioned in the coin 100 dollars a few years ago he had a gold content of 900 thousandths, but it now has a purity of 587 milliseconds. Below the roof a minimum of 800 thousandths fixed by law. Still. The list includes also the gold standard in canadian $ 200 born as a coin collection, and sold by the Mint in Ottawa at a price well in excess of 80 percent of the value of the gold content. At least in the first draft of the list is by no means accurate and even less rational. With settings, moreover, clearly different. There is, for example, Spain and lists with one scruple incredible all his coins that comply with the law, while there are Countries that are less important, the type of Cuba, which very generally indicate 1 weight, 4 pesos...thus leaving the door open to doubt of any kind. Almost every coin from 4 pesos from Cuba can and must consequently be considered a currency, investment, whereas, in fact, is not. Why is this? But why, of course, this is not a supposition, even if it is very likely, the European Community is limited to a request to individual Countries, what are the coins from the investment. And each responded as best as he believed."
Beyond that, however, these inaccuracies and contradictions, that time will help to eliminate. the law constitutes a real revolution.
Small as long as you want, but always the revolution, as the investor in the gold decides to put in the portfolio pounds, marenghi, or the eagle in the united states and the maple leaf of canada, is no longer required to pay 20 per cent Vat. A heavy tax. this, which ended with the undo any hope of profit. "For return of the price paid was at least necessary that the gold coin has increased in the meantime to at least 20 percent. A probability rather random.
With this law, however, the Italy — merit essentially of a United Europe — aligns and finally, with what is the case in almost all the developed Countries. in which the gold is also considered to be a tool, a means of investment." Completely out of place foresee scenarios from the gold rush. As when, in our Country, the banks exchanged between 4,000 and 7,000 gold coins per day. As you know, the great escape, resulting in the vertical drop of gold coins, and began in a very specific date: 15 June 1982, when the purchase and sale of gold coins by investment fell to the tomahawk of the Vat.
The operators in the sector, and Alessio Anfossi is one of these, do not expect that the liberalisation of the market of the coins of investment leads to a revolution of the purchases. because currently, the investment tools that everyone has at its disposal are many. Moreover, the market of the gold coins is what it is and the availability is well known. But it is clear that the law now provides the market with gold coins, which is appreciated by everyone. Will benefit both merchants and buyers. Taken out of the way, or otherwise outcast, the black market for almost twenty years he has done grease the tax evaders who sold the gold coins without the regular invoice, but without any guarantee of authenticity and therefore no possibility of a tomorrow to make up for the damage suffered, now, buyers of coins of the investment may obtain an official document that certifies the regular purchase. It is a guarantee which is undoubtedly important. Not only. The legislation well before the Italy, usually tail, many european Countries have made their own already is affecting the new minting commemorative. This is the case, for example, in Austria-Brand, as noted by Alessio Anfossi, "for the next month of April, has announced the release of a Currency call to celebrate the two thousandth anniversary of christianity.
Well, the gold coin is going to be beaten in uncirculated, that industrially costs less than the bottom of the mirror, and to be put on sale at a price that does not exceed 80% of the value of the blond metal content".
Even so, respecting that is the law. however, it is not said that on the foreign markets, the currency of Vienna can be considered to be investment, and therefore exempt from Vat. And this is because the costs of distribution and transport, that normally affect in the order of 10-15 per cent, would, in all probability with to overcome the threshold of 80 percent. This also, of course, is one of the many aspects related to the implementation of the law, which requires an in-depth analysis and tuning.
One thing, however, is certain, namely, that many laws are oppressive or punitive this call to regulate the gold market, it is appreciated because it contributes in a decisive manner to ensure clarity. Which, at the present time, it is not little.
Conclusions
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