Tuesday, August 13, 2013

Where to buy silver in Malaysia

I have received many email from friends abroad who asked "Where to buy silver in Malaysia". Most of them come to Malaysia for a holiday and plan to buy either silver bullion, coins or items made of silver.

Some wanted to buy it for a keepsake and some who want to buy it as an investment or collection. I always recommend them to go to Kuala Lumpur since you have many options when you come here compare to other states in Malaysia.

You can also visit Kuala Lumpur Top 5 must visit place that has to do with the numismatic.

Most of my foreign friends want to buy silver that related to Malaysia or Malaysia bullion coins.

Malaysia has no official silver bullion coins issued by Central Bank of Malaysia (Bank Negara Malaysia), such as the Canadian Maple Leaf bullion coins or American Eagle Silver Bullion Coins issued by their respective countries Mint.

They are no Kijang Emas Silver bullion coins produced by Kilang Wang Shah Alam.

Buy silver

Malaysia Mint
There's also some friends telling me that they want to visit Malaysia mint personally to buy silver coins there because they heard that KL Mint is open for public.

For your information, the only Mint in Malaysia today producing Malaysia commemorative coins is Kilang Wang Bank Negara in Shah Alam, owned by Bank Negara Malaysia (Malaysia Central Bank). They don't open their mint for Public visit and the story about a coin shop at the Mint is an old story when the Mint is under Royal Mint Malaysia. Bank Negara Malaysia has take back the Kilang Wang in 2009.

You cannot buy silver coins directly from Malaysia Mint.

Another story about KL Mint open in 2011 is just a myth, the KL Mint project has never been completed.

Sasana Kijang Bank Negara Gift Shop
You may be able to buy Silver Commemorative coins directly through BNM by visiting Sasana Kijang at Jalan Dato Onn, Kuala Lumpur if they still have stock available for sale.

galeri seni

There is a small gift shop near Sasana Kijang Cafe, you cannot missed it since the shop is near the entry and lift to Sasana Kijang Numismatic Gallery. In the gift shop, you can buy Malaysia Numismatic books, Silver Commemorative coins, Malaysia Coincards and also T-Shirt, Necklaces, bracelets, bookmark. You also get to view gold leaf banknotes on display in the shop.

If you cannot buy any Malaysia silver commemorative coins at the gift shop, you can always visit Bank Negara Money Museum on the 2nd floor.

You can read about Sasana Kijang in my post; Sasana Kijang location.

Malaysia Silver Bullion Dealer
Most of the Malaysia Silver Bullion Dealer are operating online but you can still visit their shop. I will write a list about Malaysia Bullion dealers later.

One Dealer that I always recommend is Nubex (NUSANTARA BULLION EXCHANGE) at Metropolitan Commerce Square, Damansara Perdana in Petaling Jaya. You can go to their website nubex.com.my and check their bullion prices.

Most dealer in Malaysia sell gold bars, gold bullion coins, silver bars, silver bullion coins, silver commemorative coins, gold dinar, dirham coins and gold jewellery.

Malaysia Coin Dealer
The easiest way to buy Malaysia silver commemorative coins is by visiting any coin dealer that are close to where you stay. You can only buy direct from Bank Negara Malaysia if they release a new commemorative coins.

commemorative coins

You can find my Malaysia Coin dealer list in my post; Coin dealer in Malaysia.

Prices they offer are varied, and I recommend 4 coins dealers that I frequently visit as the top 4 in that post.

If you're looking for a particular Malaysia silver coins, I suggest you called or email them first before you make a visit to their shop.

Some shop also have a "special" trading hours, you better contact them to asked if they open on that particular day or time you're planning to go to that places.

Malaysia Antique shop
There are also shops selling antiques in Malaysia which sell silverware, silver coins and bullions.

At this moment I do not have a list of antique shops but one example is PJ Auctioneers Sdn Bhd at Amcorp Mall in Petaling Jaya.

You can find coins, banknotes, proof coins, gold coins, silver coins, Bullions, stamps, first day covers, telephone cards, vintage furniture and almost any collectibles.

Don't be shy to asked them what you're looking for because most of the precious items are not on display, you need to ask if they have it for sale.

Malaysia Flea Market
There are many flea market that operates in Malaysia. you can see some of them through this blog label "Flea Market".

Amcorp Mall

I usually recommend Amcorp Mall Flea Market if you travel to Kuala Lumpur. On Sunday, you will find almost all coin dealer in Kuala Lumpur in this flea market.

Don't expect the prices will be cheaper when you go buying silver coins in Malaysia Flea Market. Most of time, you will only find normal price offered by the coin dealers there.

Buying Bullion in Bank
Maybank and UOB Bank are also offering bullion for sales on their premises but the problem is they are always out of stock and not all premises making the sales. You can always try to go to any Bank Maybank or UOB bank branch near your hotel to ask if you can buy any bullion available. Their price are according to daily updated prices that can be found in their websites.

Gold Jewellery Shop
Gold jewellery shop also have silver bars and bullion for sale because people sell it to them or they have stock available. One thing that make it less interesting to buy silver in Malaysia jewellery shop is that their price sometimes a bit higher then other alternative and if you want to sell to them, Prices will be cut between 10% to 30% from the current price.

Gold Silver Limit
When you buy or bring gold and silver into Malaysia, always remember that you need to declare it to Bank Negara Malaysia if yours gold and silver are over USD$10,000 in value. You can read more about it in my post; How much gold silver can I bring into Malaysia.