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Saturday, July 9, 2011

Is Land vital resource bogus?

land vital resource 2 rupees
For those not keyed in, the above coin(picture taken from the internet) is supposed to be one of the rarest coins of Republic India, with an estimated mintage of 400, with the number of confirmed existing pieces numbering below 50. It was also considered one of the best investments in terms of the return as the rate of this one shot up from 500 to 2 lakh in a period of two decades.

However, in a recent turn of events, an RTI was filed regarding the minting of this one on the part of the government. And the reply was, in a word, a shocker.A recent RTI dated 4.4.2011 filed by a collector from delhi with finance ministry, under Q.no 6&7 asked specifically the denomination, the yearof issue, the name of the mintand the total quantity minted of the commemorative coin- LAND VITAL RESOURCE,and available for sale to general public? THE REPLYTO THIS QUESTION BY UNDER SECRETARY (CY.11) & CPIO Mr SUSHIL KUMAR UNDER FILE No.12/14/2011-COIN IS THAT NO COMMEMORATIVE COIN HAS BEEN ISSUED ON THE ABOVE THEME!!

So, where does this leave those who have bought this one at such exorbitant rates? And where do those go who were planning to buy this one? And most importantly, does this reduce a known collector's item to just a piece of metal?

As far as I am concerned, I was at one point thinking of buying this one but ultimately had to forsake my ambitions because of the sky high rates which would not have burned a hole in my pocket, rather they would have burned a borewell and there would be nothing left of my pocket. I am not concerned in the least about the fate of this one since I am not having it. But since this one was not released for circulation but only in sets to be distributed among some dignitaries, do we have to spend such a high amount on such coins?

Please note it is crime under indian penal code 232 to hold this coin as govt/mint denied this coin is official issue (Whoever counterfeits, or knowingly performs any part of the process of counterfeiting 1[Indian coin], shall be punished with 2[imprisonment for life], or with imprisonment of either description for a term which may extent to ten years, and shall also be liable to fine.)

Now this takes an interesting turn as the Kolkata mint site shows that it has minted the Land Vital resource 2 rupees: http://www.igmint.org/prod.htm . But this is in contradiction with the reply of the RTI. So what can we conclude from the known data? Did the finance ministry make a mistake? Or is the Kolkata mint giving blatant false information? Whatever the case may be, at least I will stay clear of this coin even if I can afford it. I would rather buy 100-200 good valuable varieties for my collection with the same money for which this coin is selling for.

5 comments:

  1. Arguably the most Interesting and Most sought After coin of Rep. India. I think the demand will rise in future too. Be-aware of Fakes guys!

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  2. This coin was minted by kolkata mint n its mintage is below 400. It is sure that the coin was minted. But strangely enough it is said that one big dealer of kolkata illegally got minted some 200 pieces of this coin at the mint itself using his internal sources and he is selling those coins. U just imagine tjat while the fake coin is minted by the mint using original dies then how it will be proved that the coin is fake. Such type of practices and that too by big dealers are damaging the market provided that the information i got orally proves to be true.

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  3. today i have seen on www.ebay.in and the coin is being auctioned. how can i trust whether the coin is original or fake. i have placed my bid also. if i buy this coin, is that a crime. kindly reply to me.
    jayasingh.190386@gmail.com

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  4. Hi Kulraj,
    What is the estimated price of this coin. I found one on ebay but not sure if its authentic. http://www.ebay.in/itm/2-Rupees-Land-Vital-Resources-Most-Rare-Coin-/182099425267?hash=item2a65f8b7f3:g:jNkAAOSwgApW--B1. Can you please help me out.

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