Many people have heard about old coins and notes with special numbers being sold in the market for high prices, sometimes even reaching lakhs or crores. However, the truth behind these claims, especially those circulating on social media platforms like WhatsApp, can only be verified through a proper fact check. It is true that some collectors of old coins and notes, especially those with unique or special numbers, are willing to pay a good price for them.
In addition, museums and shops that collect old items may also offer substantial amounts for such coins and notes. But the question remains: is it legal to sell these items in India, or is it against the law? Let’s explore the legality of selling old coins and notes.
What Does the Law Say About Selling Old Coins and Notes?
According to Indian law and the Indian Coin Act, if you own an old coin with a special number, you are allowed to sell it at the price you wish. However, the law also states that hoarding such coins is illegal. This means that owning large quantities of special coins—whether in the thousands or lakhs—can lead to legal consequences, including imprisonment for hoarding.
Vintage Currency Notes of India 🧵
Please Go through the thread for More Currencies pic.twitter.com/GWUpVnb81x
— Desi Thug (@desi_thug1) December 8, 2024
Where Can You Sell Your Old Coins and Notes?
In today’s digital age, selling old coins and notes has become easier, thanks to online platforms. To sell old coins, you can visit specialized websites like Numismatics. For currency notes, a Notaphilist is a popular option. Additionally, platforms like CoinBazzar, Indiamart, and Quikr also allow users to sell rare coins and notes.
However, while selling online, it’s important to be cautious and avoid falling victim to fraud. The Reserve Bank of India (RBI) has already issued warnings about such scams, urging sellers to stay alert and ensure they are dealing with trusted buyers.