On Monday, the first phase of the Central Bank’s coin auction was held to control the price of coins. According to analysts and economists, the price of coins sold in the currency and gold exchange center was over 90,000 tomans ($2.14). Saeed Mashkat, an economic analyst, wrote on his Twitter page: Should we participate in the Central Bank’s coin auction?

No, don’t participate! The Central Bank sells the quarter coins for 95 tomans. It is likely that the Central Bank buys gold bars from exporters at a cheaper price in the currency exchange center, then converts these bars into quarter coins and sells them to the public for 95,000 tomans. In the first phase of this auction, out of 12,877 quarter coins, 1,118 coins were allocated to the winners at an average price of 11,548,000 tomans ($276). The Iran Foreign Exchange and Gold Exchange Center also announced that the second coin auction will be held on Thursday, March 4th, and all interested parties, including those who did not participate in the first auction, can participate. The second phase of the auction will take place tomorrow, March 4th, from 12:00 to 15:00, according to the guidelines for holding the physical auction of standard gold bars at the Iran Foreign Exchange and Gold Exchange Center. This session will be held with the presence of the asset, the Central Bank’s 1/4 ounce Bahar Azadi gold coins of the year 2007, without packaging. Each participant is allowed to place a maximum of 5 orders. The auction session will start at 12:00 and order registration will continue until 15:00. Then, from 15:00 to 16:00, monitoring and allocation will be done, and the auction results will be announced at 16:00. Individuals who want to participate in this auction can register and verify their identity until 11:30 on Thursday, March 4th, and place their orders. The recurring issue is the technical problems in the coin auction, the first phase of which was held by the exchange center. It was supposed that if individuals were not winners, their amount would be refunded and they could withdraw the balance from their wallets at any time. However, due to technical problems, this was not done yesterday, and finally this morning the possibility of refunding the amount was provided for the applicants. Are you participating in the coin auction? Do you think buying coins at auction price will be profitable or not? Share your opinion with us at the end of this page.