SHALINI SAKSENA tells you that it is time for you and your family to revisit your collection of old coins, stamps and notes to help you make some money on the side and keep the entire family engaged
Did you know that a Rs 1 silver coin of King George VI of 1939 can fetch you a minimum of Rs 2 lakh, depending upon its condition? Or that a Rs 1/2 silver coin issued by Queen Victoria dated 1880 can fetch you a minimum of a lakh, depending on its condition? Or Rs 2 8 anna bank note of King George V can fetch you up to Rs 3.5 lakh to Rs 4.5 lakh depending on its condition?
Well, it is time to break it and sort it out because you never know that you could be sitting on a pile of money that is gathering dust in the corner of your home or tugged away in a book that you were reading while travelling abroad.
Almost all of us love to keep change or those extra small currency amount notes when we go abroad. Besides the stamp of approval on the passport, the currency is a kind of proof that we have been to a particular country. I other cases, we pass on the change to our kids who love play with it given the fact that it is not fake money. Most of this money ultimately ends up in a piggy bank.
While there are a few places where one can go to sell this currency, this is for the very first time that there is an online museum for vintage and current coins, stamps and currency notes. The website: mintageworld.com offers a lot more than just a way for people to make money. Just like in a museum, the entire history of the coin is explained.
Sushil Kumar Agrawal, CEO Mintageworld tells you that people love to know the story behind things that they buy especially when it comes to currency. “Each item on sale on our website comes with a little note that explains the importance of it, the year it was printed and its significance. We don’t believe in just selling coins. We want people to know the history behind the currency that they have bought. If they have bought a Shivaji coin. The note will tell you about the metal used, why it was used, the history behind it and why the coin was minted,” Agrawal says. They also sell coins in combinations. In most cases it could be aluminum coins of Paise 1, 2, 5, 10 and 20. The younger generation has not seen these coins. “We package these and sell,” he says.
He tells you, that to begin with, the idea was to just provide academic information to the people about the various vintage and rare coins. “This is my passion and back when we started in 2014, there was no such online initiative, I went ahead with the idea. But then I found that there was a lot of cost involved in even providing the history of the currency. I love visiting museums and whenever I am aboard, I visit places that house collectable items. Last year, I had visited a physical museum in Singapore that housed mintage of the country. But there were some problems that I faced. I couldn’t read what was written and one could not see one side of the coin. That gave me an idea and decided that I would add to the online museum and trade in it as well,” Agrawal says.
It was been five years since they went live and have been promoting their idea as a hobby. This means they get all kind of people like students, children who are trying to understand this world. “Take an example. We have a five-rupee album. The note has been in existence since 1968. Not many would know how many times the note and the coin have been minted. It is more than 125 varieties. Our album gives you the picture of the coin and the note till 2018. The kids can dip into their piggy banks to look for these. There is an album on the website where they can put their coin according to the year,” Agrawal explains.
Believe it or not the size of this industry stands at Rs 60,000 crore globally but in India, it stands at less than Rs 600 crore for organised market. “In order to determine the value of the currency. There are global experts who we are in touch with. Then there are some local experts who are on our panel, there are traders and collectors who have been in this field for over five decades. Our country has minted over 60,000 coins till now. It is not possible for each expert to know all the coins. This is where other experts come in,” Agrawal says.
The most expensive coins on offer are ancient Indian coins worth Rs 6,000-Rs 7,000 a coin. Then there is an album with 50 country currency notes or coins that were and are in circulation that one can buy for a price ranging between Rs 15,000-Rs 20,000
What does one do to sell a rare coin? It is rather simple or will be once the lockdown opens. All one has to do is visit the website and put the price after looking at the price recommended by the experts and sell it through mintage mart. Another option is to sell it via auction with a minimum sell price. Of course, before it goes up for auction, the panel will have to approve the price put up by you.
Bimal Trivedi a numismatist says that the market for vintage and rare coins in the country has been growing in leaps and bounds. “There had been many auction houses and online shops mushrooming in the recent years. Also, various coins and numismatic exhibitions are being held in various parts of the country with increasing numbers of participants and visitors,” Trivedi explains. ..
He tells you that there are certain aspects that work as a barometer in order to determine the value of the currency like rarity of the coin, the numbers of coins actually minted at that specific period and why was it minted or its historical importance, inscription on it, weight, mintmarks, condition of the coin. The value of a coin is also determined by demand by the collectors for it.
A patron and collector of currency tells you that his interest in vintage and old coins started as a childhood hobby and continued for a long time, but then with the passage and lack of time and other responsibilities, It dimmed a bit, but it was always there in the back of his mind and became an interesting idea to dabble in.
“But it slowly turned into a passion. I used to source it requesting from friends and exchanging our collections with each other. I also used to get it from dealers and auctioneers and other collectors across the country. I came to know about Mintageworld through their Facebook and Instagram handles. What I found it was engaging and very informative,” he tells you.
Though he has yet to either buy or sell, what he has come across has piqued his interest. “I have come across some very interesting and rare collections. I have a couple of coins in mind which I might explore and buy. But I will do so once the lockdown ends and things go back to normalcy since I want to research more,” he says.