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  • Category: Miscellaneous

    Earn over a lakh by auctioning old coins at IndiaMart - what is the truth?

    I came across an online report (India.com News Desk at msn.com) that you can win Rs.1.5 lakh if you have a special 25 paise coin. I looked it up separately and came across an earlier similar report last year, that an auction of a 100-year-old Re 1 coin on IndiaMart could fetch people Rs 25 lakh, and which the company refuted and stated they hold no such auctions, that it was a fake report.

    What is the truth? Why do such reports come out if IndiaMart does not hold such auctions? Are they even authorized to conduct such auctions? There are also guidelines about the sale of currency and coins through e-commerce platforms.
  • #729100
    There are some old coins of victorian times as well as old Indian coins belonging to the dynasties like Maurya and likewise which are sold or bought in IndiaMart site by the collectors of coins or other people who want to sell them later for a higher price. As it is auction based and one has to bid a buy value for them or give the photograph of one's coin and post there for selling. There seems to be a demand for silver punch coins where some amount of silver is also there in the coin composition. These transactions are done under the heading Great Coin Auction in that site. I am not aware about the tax considerations and legalities of these transactions.
    Thoughts exchanged is knowledge gained.

  • #729118
    Some old coins are of vintage value and are a very attractive items for the coin collectors as well as some people who make money by trading it. IndiaMart is one of the places where such transactions are done. There are many sites where this is done in the internet across the world and sometimes people make good money when the coin goes out from the country to a place where one is ready to pay huge money for it. Coins belonging to different historical periods have different value and their premium is demanded based on those factors. In old times some coins contained metals like gold and silver and that makes them more valuable. As per the rules of regulations of Archaeological department and Govt of India there are certain guidelines on the trading of these coins and every coin cannot be exported as some rules are there like the year since the owner possessed it or if it is of archaeological interest and was supposed to be deposited with archaeological department then also it would not be permitted like that for open sale. There are tax issues also asper the Govt guidelines.
    Knowledge is power.

  • #729131
    On indiamart website numismatists are invited to sell old coins (https://m.indiamart.com/impcat/old-coins.html) . Antique items are given importance in the international market and are sold on higher prices. The author has shown interest in this auction ,probably she might have old coins. If the author wants to sell her coins she may contact on given numbers (india mart website). I have a few coins and one or two notes. I had many old coins but now I have lost them.

  • #729143
    There are many sites where we can sell our old coins if we want. Even on Amazon also we have a way to sell our coins. Some people who wanted to collect various coins may go for purchasing the same and it all depends on how old is the coin and how much interest the buyer has?
    There are some shops in Hyderabad that sell the coins. I have purchased once as my son wanted for his collection. They fix a rate based on the availability of the coins. Very old coins will cost us more. But earning 25 lakhs and crores of rupees in this business is very difficult. The tax rules are same like for any other business.

    drrao
    always confident

  • #729150
    The coins collectors across the country are looking for rare and vintage collections and probably the advertisement was to facilitate this arrangement.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #729719
    Thanks to everyone who provided useful information in this thread.
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell


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