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Tuesday, April 6, 2010

Kolkata mint restrike sets

The following is an advertisement by the Kolkata mint in the Hindustan Times dated 28th March, 2010. It says that the booking for SBI, Bhagat Singh, Louis Braille, telecommunications, railways and 150 years of post will be issued from 1st April to 31st May, 2010. If you want to book the sets then you can go to the Kolkata mint site and book from there.

kolkata mint restrike sets ad
My opinion:

1) If say Indian post completes its 150 years in 2004, how can the coin be struck and released in 2010, a good 6 years after the celebration? Ditto for the SBI, telecommunication and post sets. If my birthday comes in December, how can i celebrate in June?

2) Coin collection has an investment side to it as coin values increase over time, some more than other. The value of commemorative sets can possibly double in a period of 2 years, no sweat. So I try to buy my sets at the earliest possible date so that I can get at cheapest cost. Today I am getting a coin for 1000, tomorrow I may not get for 2000. And I also value my collection because after all, it is my hard earned money. The value of coins appreciates and I want the value of my collection to increase over time, not decrease. Now last month only I bought a telecommunication proof set for 3600(It was a good deal as the market value was 4000 then). Now all of a sudden the mint decides to release more sets with the proof being valued at 2500 rupees. That means that I am at a loss. Whose fault is it then in that case? Moreover, this puts a doubt in my mind regarding when to buy. Lets say today I buy a railways set for 11000 thinking that it is rare and value will shoot up further; and the mint people here release a large amount making it not so rare, and the value goes down and my money goes down the drain. Where does that put me as an investor? Do I stop buying coins as it may well be a waste of my money? In that case, what is the difference between investing in coins and the share market?

3) I would like to point out that Subhash Chandra Bose birth centenary was in 1997, and if the coin came out in 1996, then it was called an error or a mistake which should not have happened. We always have something called 'date' on the coin which tells us when this coin was minted. Is it correct to have a coin which is minted in 2010 but showing a date of 2004(this time it is very blatant). Again I am not talking of any rules, but this is definitely something to be thought and pondered over. And from what I hear, the US government has a rule which bans re striking of coins; and don't think there is such a rule here, but I have heard that some collectors are going to file a PIL(public interest litigation) in the Kolkata High court against the further production of such restrikes.

10 comments:

  1. Thanks for the information

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  2. Very useful information. Thanks to share this to us.

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  3. Hey,

    Your point number 2 is really valid. I have booked 2 coins this time and after booking I thought. Was it worth to pay so much? I really dont know.

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  4. You will get to know the answer when you try to sell the coins you bought.

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  5. Hahahaha!! So need to burn my hands to gain experience.. :)

    Do you buy products from Ebay?

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  6. Hands on experience is always the best, though its good if you exercise discretion. I dont find ebay to be a good source for buying.

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  7. which is good source to buy old coin and currency

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  8. depends on your place.
    You would have to find a good seller in your city.

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  9. I am interested in buying some of the coins that you have, if the price matches. Please call on 99401 78272 or let me know your number and i can call.
    Regards,
    Ramesh

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  10. Give me your mail ID or send me mail. I wont put my number here.

    ReplyDelete