India: Coins and banknotes

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Hi collectors,

 

I'm collecting different world coins and paper money and now plan to extend my India collection.

In a few months I'll spend a few weeks in India (mainly Mumbai) and plan to take some money back home with me for my collection.

 

Can someone maybe answer these Questions:

- Where can I get small bags with uncirculated coins (I thing there are 100 in a bag)? As far as i understand in India they don't use coinrolls, they use small plastic bags instesd of paper coin rolls.

- Where can i get a “brick” of uncirculated banknotes (100*1Rp or 100*5Rp or 100*10Rp)?

 

Thanks for sharing any experience, website of RBI and Government Mint didn't answer my questions.

 

Thanks,

Daniel

You’d have to get the coin bags from a bank branch for which you must have an account. That said, most branches do not offer these services anymore even to their clients. Generally you must have a business account for this. 

 

similarly, to get banknotes, you must be a client. This is easier than getting coin bags, but no guarantee they will be unc notes


you could go to the RBI and in the main hall there are a couple of coin vending machines. You can put bank notes and get coins in return. However I didn’t use them in years and from what I remember, the lines became longer and they limited upto Rs100. I think at some point they prevented people from coming altogether unless you could verifiably show that it was for your business

 

you can try going to a coin dealer and buying them, but they will charge you a premium. Usually 2-3 times face value or more depending on what you want. 

 

the final option is to go to a shop and ask if they will give you some coins. In Bombay , I don’t think the coin shortage situation is particularly bad, But shops might not be willing to part with their change 


you can go to the Mint store at the bombay mint which is across the street from the RBI in South Bombay. Previously they had a token system, but I’m not sure that’s the case anymore. They have proof and unc sets as well as some coin cards. unc and proof sets are in the 3500-4500Rs range, coin cards are around 300-400rs range 


the RBI has a money museum which is well worth a visit. I haven’t been there in years, but when it had opened i was very impressed 

 

keep in mind that india stopped issuing commemorative circulation coins since 2015 except for the 75th independence anniversary set .  You might find older commemorative coins in change. The new Rs20 coin should also be freely available 

Thanks for this detailed answer to my question. 

So as it seems this will be a challenging „task“ for me during my vacation in Mumbai. I really appreciate your advice 👍👍👍

deltamike89

Thanks for this detailed answer to my question. 

So as it seems this will be a challenging „task“ for me during my vacation in Mumbai. I really appreciate your advice 👍👍👍


i would keep expectations low. I have been collecting the bags but have to get it through dealers. I haven’t been in India in a few years so my friend gets them on my behalf.  
Had you come last month when I was in Bombay, I’d have gladly offloaded some of them. But alas I’m back in Toronto now 

ashlobo

i would keep expectations low. I have been collecting the bags but have to get it through dealers. I haven’t been in India in a few years so my friend gets them on my behalf.  
Had you come last month when I was in Bombay, I’d have gladly offloaded some of them. But alas I’m back in Toronto now 

 

Do you may know any coin shop in Mumbai where I may be able to buy some coins/banknotes? Not very expensive and rare stuff, just some normal coins and banknotes. 

Hmm, I have not bought from a coin shop in perhaps more than 15yrs. There use to be one across the street from VT station That I would go to. Else before I left india, I bought at the coin fairs held at the world trade centre in cuffe parade  or elsewhere. 

However, fair warning that coin dealers over there are not the most polite of people and unfortunately the majority of them don’t do it as their main business, so theres a lack of integrity and professionalism

OK, thanks, I'll write it on my to do list for Mumbai 👍

Does someone may know a good place to buy indian coins in Panaji or Goa? 
I am looking for something like the small coin vendors near Victoria Station in Mumbai. 
Thanks

Still in India eh? Unfortunately I think you’ll have a tough time finding a coin shop there. I cannot recall any. Maybe someone does it as a side gig out of their house 

 

how was your experience with the dealers in Bombay? 

I'm back home again, but next March I'll be in India again for about to three weeks, Mumbai, Goa and Pune.

 

During my vacation I made good experience:

- I got some coinbags from SBI for face value (including 2 bags of 50 uncirulated 75 year 1 Rupee)

- With the small coindealers close to Victoria station I made some good deals for British-India coins

- I also got some older commemorative coins while paying for daily stuff

 

For next time I'd like to try to get some Portuguese India coins and some small denomination banknotes (1/2/5 Rupees)

Very nice, I’m actually in Bombay at the moment myself for the next month. Not planning to get any coins though. I usually find that I have better luck in the US and canada finding better quality pieces. Prices are inflated here now which I think is a phenomenon in most countries.

 

bags generally come with 100 pieces of a particular coin. But good you could find some deals there. I have some small denomination Re1 and Rs5 banknotes in unc condition if you want. Though they’re sitting in toronto

 

you might have some luck in Pune. You might want to consider looking for some Maratha coinage while you’re there. Koregaon is the place to stay at 

Very nice, my wife is originally from Mumbai. We love the city.

 

Sorry, you are right, not 50 coins in a bag, it's 100 I just checked.

Thanks for the offer, I'll come back to this if I'm not successful. Maybe I could you offer then something from Switzerland, where I live.

 

I'll do some more research and have a look at Maratha coins. I started being interested in Indian coins only one year ago, so lot is new for me.

deltamike89

Very nice, my wife is originally from Mumbai. We love the city.

 

Sorry, you are right, not 50 coins in a bag, it's 100 I just checked.

Thanks for the offer, I'll come back to this if I'm not successful. Maybe I could you offer then something from Switzerland, where I live.

 

I'll do some more research and have a look at Maratha coins. I started being interested in Indian coins only one year ago, so lot is new for me.

Ah I see, I am originally from Bombay as well (Bandra west). I’ll enquire with my friends here and let you know of any reliable dealers if I find out

ashlobo

Ah I see, I am originally from Bombay as well (Bandra west). I’ll enquire with my friends here and let you know of any reliable dealers if I find out

 

Thanks so much for your help.

 

If you are interested in any coins from Switzerland (where we live now), let me know.

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