Is it legal to sell old coins in India?

Yes you can sell old coins and notes in India and you can do so even online websites like eBay etc. However they can be sold like goods and to people like coin collectors and won’t be a legal tender for exchange.

Is it legal to sell coins?

Is my business permitted to sell genuine United States coins on the secondary market? Yes, but your business is expected to comply with all U.S. trademark laws and false and deceptive advertising laws.

Is selling old currency illegal?

You know the law that keeping antique coins without permission from the concerned authorities is illegal and a crime, then how can you take legal action on this against your brother. … Although this act do not talks about selling or imitation of antique but in general it is not allowed as per criminal laws of India.

Can I sell coins in India?

In 2011, the Indian government had ended the circulation of 25-50 paise coins. … If you have a 50 paise coin that was made in 2011, then you can sell it on an online platform, Olx and earn money. The website features old coins and notes for sale.

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How can I sell my old coins for cash?

Many selling options are available and some are more convenient depending on the rarity of the coins.

  1. Local numismatic shop. Find a reputable numismatic shop and try to avoid stores that only Buy Gold and Silver, mostly if your coins are worth more than melt value. …
  2. Online auction or marketplace. …
  3. Major auction. …
  4. More options.

How can I sell my old coins?

Here’s how to sell an old 2-rupee coin on Quickr.

  1. Go to Quickr.com and log in. …
  2. Make a listing for your coin and click, upload pictures of the website.
  3. Interested and relevant buyers will get in touch with you directly via the details mentioned on the website.
  4. Negotiate and sell the coin at the highest price offered.

Does RBI buy old coins?

Cautioning the general public “not to fall prey to fictitious offers of buying/ selling of old banknotes and coins,” the RBI said the central bank does not deal in such matters, and “never seeks charges/ commissions of any sort.” …

Can I melt down pennies and sell the copper?

Mint has implemented an interim rule that makes it illegal to melt nickels and pennies, or to export them in mass quantities. With the soaring price of copper, a melted-down penny or nickel is now worth more than it would be in its regular state at face value.

Do banks buy old coins?

Consumers can turn in their coins for cash at banks, which will give them their full value. Banks do not charge a fee to their customers when they deposit coins, but many require that the coins be rolled in wrappers. Some banks like Wells Fargo will exchange rolled coins for noncustomers without a fee.

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Can I sell my coins to the bank?

This is why some banks and retailers are now offering cash for rolled coins. Banks always accept rolled coins, but some are offering extra incentives to help stop the coin shortage. For example, Community State Bank reported that it would offer a $5 bonus on $100 worth of coins, up to a $500 bonus.

Is it legal to sell rare coins?

The law says “No person shall have in his possession, custody or control coins substantially in excess of his reasonable requirements for the purpose of selling such coins for value other than their face value or for melting or for destroying or for disposing these coins other than as a medium of exchange.” This is in …