2016-05-23 Mon

A 73 year old coin collector, Kishore Jhunjhunwalla waited for 40 long years for owning a British India 'twin-currency coin, which was worth a dollar and two-and-a-half Indian rupees at the same time! These coins were struck for the World War II soldiers and was given to both Indian and foreign soldiers. The British were forced to withdraw these coins as Indians refused to take them, and today, these coins are considered to be extremely rare. Jhunjhunwalla bought the coin in 1995 for Rs 50,000 and says that he wouldn’t sell it for even Rs 60 lakh today. Over the past few years, prices of rare and antique currencies have increased drastically.

A 1939 one-rupee silver coin or India's last 'pure silver' coin was priced at Rs 7,000 per piece in 2007 and today it is sold for more than Rs 4 lakh. A British India Victoria Gold Mohur was worth Rs 35,000 in 2007 and now it is auctioned at Rs 2 lakh. The price of a William IV Two Mohur set had a value of Rs 2 lakh 8 years ago and today it is sold at Rs 12 lakh. The one-rupee note of the last series (print) date of 1994, is being sold at Rs 6-7 per piece. A rare Mughal-era zodiacal mohur was auctioned for more than Rs 1.4 crore at a Todywalla auction a few months ago.

Experts believe that higher demand for rare coins, increasing number of auctions, increasing number of collectors due to friendlier laws for coin collection are driving up prices. Apart from that, there are a large number of online auctions that are held these days. Some say that collecting coins is today being considered as an investment option by the rich.

Bimal Trivedi, a noted numismatist at Mintage World museum believes that the rarity of a coin depends on many factors. Coins issued by long-reigning emperors, women; coins with unusual shapes such as octagonal ones issued by Shahs of Malwa etc are highly sought after. Highly graded coins with deep-strike and on-center imprints have a good demand in the market.

Sushil Agarwal, CMD of Mintage World says that people need to understand the value of their collection and when that happens, supply of rare coins will automatically increase.

Another problem that arises due to increase in value of coins is increase of counterfeiting activities. Collectors need to be more cautious when they buy rare coins.