How to value and sell old Indian Coins
- December 26, 2020
- By Arun Ramamurthy
India is a country with a 2500 history of coins ranging the length and breadth of the country. It should, therefore, come as no surprise that a lot of us have old Indian coins somewhere in our attics, lockers or puja rooms. Indian numismatic coins have increased in value several fold over the last decade. So, how does one know the value of the coins in their possession. Some of the coins could be worth thousands, if not lacs of rupees. And a few lucky people could even have some really rare coins little knowing that they are priceless in terms of their monetary and historical value.
So, what does one do if they find out that they have some coins in their possession and they want to sell them ?
1. Get your coins valued
The first step to this is to find some reliable coin dealers who could value your coins. There aren't too many of these professional valuers
but those who do will definitely charge a fee for the service. Make sure that you do not give the physical possession of your coins to anyone as they could easily be replicated. Also, the valuer may be unwilling to attest to the genuiness of the coins while vbeing comfortable only in valuing them. Do ensure that the valuation is captured formally and includes estimated price etc
2. Find the right platform to sell your coins
a. Auction Houses
This is a preferred option to sell your coins. Most auction houses are based in Mumbai and will charge a seller's premium (usually about 10% of the selling value) if the coin is sold. They will set an estimated range for your coins along with a minimum bid price below which the coin remains unsold. These auction houses sell hundreds of coins in every auction and would be glad to accept yours. Please make sure that while you give the physical possession of your coins, that you collect a receipt for these coins.
b. Coin dealers
There are several coin dealers across the country who might consider buying your coin for a fair price. These dealers are usually active in only one city and specialise in coins of that location. Here again, do make sure that you do not hand over physical possession of the coins to anyone as forgeries are rampant. Make sure that the transaction happens over the counter and you do not have to surrender possesion of the coin without completing the transaction.
Sometimes, Auction houses also double as purchasers of coins. Typically coin dealers may offer to buy your coins at a discount to the market value which is why you have to be sure of its vaue while selling it.
In summary, if you feel you have valuable coins to sell, you should first get them valued and then only take them to an auction house or coin dealer to get them valued.