Indian Coin Society, Hyderabad gets a glimpse of rare coins, and stamps after 80 years, Measures to Improve supply of Coins, FAQs

Indian Coin Society, Hyderabad gets a glimpse of rare coins, and stamps after 80 years, Measures to Improve supply of Coins, FAQs

Indian Coin Society: Started in 2003 by a dedicated group of numismatists, the Mumbai Coin Society was established with a view to promoting the cause of Indian Numismatics. In doing so the society ensures that its core objective of safeguarding and perpetuating our rich and diverse cultural heritage for coming generations is met. Society has since been instrumental in giving impetus to the hobby of coin collecting through its various activities. Also, the society has been registered and regularised to bring about further transparency in its operations.

In Hindi:

2003 में मुद्राशास्त्रियों के एक समर्पित समूह द्वारा शुरू की गई, मुंबई कॉइन सोसाइटी की स्थापना भारतीय मुद्राशास्त्र के कारण को बढ़ावा देने के उद्देश्य से की गई थी। ऐसा करने से समाज यह सुनिश्चित करता है कि आने वाली पीढ़ियों के लिए हमारी समृद्ध और विविध सांस्कृतिक विरासत की रक्षा और उसे बनाए रखने का उसका मुख्य उद्देश्य पूरा हो। तब से समाज ने अपनी विभिन्न गतिविधियों के माध्यम से सिक्के एकत्र करने के शौक को बढ़ावा देने में महत्वपूर्ण भूमिका निभाई है। साथ ही, इसके संचालन में और पारदर्शिता लाने के लिए सोसायटी को पंजीकृत और नियमित किया गया है।

About Coins

The Government of India has the sole right to mint coins. The responsibility for coinage vests with the Government of India in terms of the Coinage Act, 2011 as amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four Indian Government Mints in Mumbai, Alipore (Kolkata), Saifabad (Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP).

Denominations

Coins in India are presently being issued in denominations of 50 paise, one rupee, two rupees, five rupees, ten rupees and twenty rupees. And coins up to 50 paise are called ‘small coins’ and coins of Rupee one and above are called ‘Rupee Coins’. So coins can be issued up to the denomination of Rs.1000 as per the Coinage Act, 2011.

Indian Coin Society
Mumbai Coin Society

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Distribution

Coins are received from the Mints and issued into circulation through its Regional Issue offices/sub-offices of the Reserve Bank and a wide network of currency chests and coin depots maintained by banks and Government treasuries spread across the country. So the RBI Issue Offices/sub-offices are located in Ahmedabad, Bangalore, Belapur (Navi Mumbai), Bhopal, Bhubaneshwar, Chandigarh, Chennai, Guwahati, Hyderabad, Jammu, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

These offices issue coins to the public directly through their counters and also send coin remittances to the currency chests and small coin depots. So there are 4422 currency chest branches and 3784 small coin depots spread throughout the country. Hence the currency chests and small coin depots distribute coins to the public, customers and other bank branches in their area of operation. So the members of the public can approach the RBI offices or the above agencies for the requirement of coins.

Measures to improve the supply of coins

  • The various Mints in the country have been modernised and upgraded to enhance their production capacities.
  • Government has in the recent past, imported coins to augment indigenous production.
  • Notes in the denomination of Rs.5 have been reintroduced to supplement the supply of coins.
  • New initiatives for distribution
Indian Coin Society
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Coin Dispensing Machines have been installed at select Regional Offices of the Reserve Bank on a pilot basis.

Dedicated Single-window counters have been opened in several of the Reserve Bank’s offices for issuing coins of different denominations packed in pouches.
Hence mobile counters are being organised by the Reserve Bank in commercial and other important areas of the town where soiled notes can be exchanged for coins.

Appeal to the Public

The Bank, with active co-operation from various agencies, has been endeavouring to distribute the coins in an equitable manner to all parts of the country. So the mission cannot be successful without unstinting support from the people at large and the various voluntary agencies. Members of the public are requested to avoid holding on to coins and instead, use them freely for transactions to ensure that there is a smooth circulation of coins. Therefore voluntary agencies are requested to educate the public about the various facilities available in their areas for the distribution of coins, exchange of soiled notes and proper handling of notes.

How CoinSwitch Kuber got its mojo back after RBI’s 2018 ban

Synopsis

Amid increasing calls for clear rules for crypto exchanges and investors, CoinSwitch Kuber is surging ahead with its plans. So over time it aims to diversify into a wealth tech startup that deals in Indian and US stocks, mutual funds, fixed deposits and bonds.

Indian Coin Society
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The Idea

CoinSwitch Kuber, one of India’s two crypto unicorns, was born out of a simple idea ; to make crypto investing as easy as possible. Founded by three friends in June 2017; the company had to shift out of India the following year, when the Reserve Bank of India; banned banks from entertaining customers who dealt in virtual currencies. Hence after the Supreme Court overturned the ban in March 2020; CoinSwitch pivoted quickly and by October 2021 was worth more than $1 billion.

“So we created CoinSwitch Kuber with a simple objective; to get crypto to every Indian with simplicity and at just Rs 100. Today, with the click of a button, you can invest in crypto like you order food online. Therefore you can start with just Rs 100. This was the objective, says Ashish Singhal; CEO and co-founder of CoinSwitch Kuber, a crypto exchange aggregator and one of two crypto unicorns in India.

Hyderabad gets a glimpse of rare coins, and stamps after 80 years

  • After a gap of 80 years, Hyderabad saw a rare collection of ancient coins and currency notes from different countries on display on Saturday. So this was courtesy of an exhibition organised by the Hyderabad Philatelic and Hobbies Society in association with the Numismatic Society of India here.
  • People from different parts of the twin states showcased their collection of rare coins and currency. Also on display was the currency of erstwhile Hyderabad: “The fact that back in the day people took immense pride in our heritage is evident from Charminar being very prominent in the coins. Temples, dams and other heritage structures were also common in the currency. It is a great feeling of joy and satisfaction that after 80 years this event is being conducted in Hyderabad. This conference last happened in Hyderabad in the year 1941,” said Anuradha Reddy, co-convener, INTACH Telangana.
  • Meanwhile, the 103rd annual conference of the Numismatic Society of India; held at the Salarjung Museum also transported people to the olden days and educated them about the usage of money then.
  • JP Dash, chief general manager at India Government Mint said, “The event has received an overwhelming response. People from different places have arrived and exhibited rare collections. It is also hidden history and heritage.”
  • One of the participants; Shaik Ibrahim from Hyderabad, who came with Nizam era coins, notes and stamps said; “I have presented Hyderabad’s history in stamps, postal stamps, revenue stamps and stamp papers. I exhibited two frames here.”
Exhibition

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FAQs on Indian Coin Society

How can I sell my old Indian coins?

  • How to sell old coins in India online
  • Head over to the official site here.
  • Then click on “store manager” in the top right corner.
  • To register, enter your email ID and a password.
  • Then hit “register”
  • Now you can start listing the old coins by uploading pictures, details and prices.

How do I get 125 RS coins?

The Government of India Mint Offices in Mumbai and Kolkata of RBI issue such special edition coins and commemorative coins. These come under the Securities Printing and Currency Manufacturing Corporation of India Limited. To get these coins, an application has to be made on the website of the corporation

Is 125 coin launched?

Prime Minister Narendra Modi Wednesday; released a special commemorative coin of Rs 125 to mark the 125th birth anniversary of ISKCON founder; Srila Bhaktivedanta Swami Prabhupada via video conferencing.

Is there a new coin in India?

The ₹20 coin is the highest-denomination circulation coin minted in India since its introduction in 2019. The present ₹20 coins are released for circulation. The release of the coin was supposed to be in March 2020; but is delayed because of the COVID-19 lockdown it was shifted to May 2020.

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₹20 का सिक्का 2019 में; इसकी शुरुआत के बाद से भारत में सबसे अधिक मूल्य का प्रचलन वाला सिक्का है। वर्तमान में ₹20 के सिक्के प्रचलन के लिए जारी किए गए हैं। सिक्का मार्च 2020 में जारी किया जाना था, लेकिन COVID-19 लॉकडाउन के कारण; इसे मई 2020 में स्थानांतरित कर दिया गया था।

Can you make money from old coins?

As a coin collector, it’s nearly impossible to make money by just collecting coins. Instead, you can make money by selling all or part of your collectable coins. So you can either sell the coins at a profit or liquidate part of your entire coin collection.