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Forum Home > Republic Of India > What is "RE-BOOKING"?

PR
Limited Member
Posts: 55

To many collectors delight Kolkata mint announced re-booking of the Rabindranath Tagore coin set once again. The advt. said it is a "RE-BOOKING". can anybody please discuss what is the difference between Proof+UNC released once and Proof+UNC released several times. seemingly the price is almost 450 rupees higher in both cases than previous booking. Is there any ceiling regarding the number of times this rebooking can be done?

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August 15, 2011 at 2:58 PM Flag Quote & Reply

broken compass
Limited Member
Posts: 230

Re-booking just means that they are going to mint a coin that was already issued, again. The problem with this is that people who got it as a part of the original booking stand to lose due to the dilution in the rarity of their set. I don't think it is a good practice. There is no ceiling, the mint I guess just wants to bank in on the growing number of collectors and wants to make money. A large number of unc and proof sets have been re-minted. You can find if it is an original or a re-booking from the date that is printed on the box.

August 15, 2011 at 7:37 PM Flag Quote & Reply

kidromeo
Site Owner
Posts: 489

Re-booking should mean, the mint is trying to sell off surplus stock that were minted at the time of original booking. I don't know how it works in the Indian mint's but if they are striking the coins again to fill up new orders, then the mintage should be classified as re-strike in my opinion as the definition of restrike is ' the coins are struck with original dies at any date post the issue date'.

Also I don't agree with BC's opinion on this. IMO re-booking is good for the hobby unless you are into coin collecting as an investor or hoarder. Apart from that fact that we collectors are selfish in a sense; wishing to own something that no other collectors gets easily, we should also be happy that the noobs who got into this hobby a few weeks ago won't have to shell out a fortune to a dealer :D

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"Coin collecting is the only hobby in the world that you can
spend all the money in the world and still have some left over" 
August 17, 2011 at 8:06 AM Flag Quote & Reply

broken compass
Limited Member
Posts: 230

Some sets may be surpluses but I know set are also being "restruck" in Kolkatta mint. Example is the 150 years of Indian Telecommunication. It was restruck in the mint with "R-2010" inscribed in the box to differentiate it from the original release. I also read the following were also restruck.

 

1. State Bank of India

2. 150 Years of Telecommunication

3. 150 Years of Indian Railways

4. 150 Years of India Post

A coin struck at a particular year is a piece of history, attempting to reprint it is not right IMHO, it is not followed in most developped country's mints. Just like you said coin collecting is all about taking pride in collecting coins that are rare and hard to find. If one take's the side of restrikes being a boon to new collectors, someone has to take the side of collectors who bought the set at a premium due to the demand for the set. Now, that there are more sets the value and rarity of their set decreases. I just feel that no coin should be restruck and the die be destroyed after it is used like most other countries do. But it's just my opinion :)

August 17, 2011 at 11:56 AM Flag Quote & Reply

PR
Limited Member
Posts: 55

did someone say....CLASH OF THE TITANS???....ha ha ha ha

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August 17, 2011 at 12:09 PM Flag Quote & Reply

broken compass
Limited Member
Posts: 230

There is no clash here PR. We are just having a conversation :)

August 17, 2011 at 1:18 PM Flag Quote & Reply

kidromeo
Site Owner
Posts: 489

Yup, I am aware of all the restrikes sets Cal mint. Let's be clear, restrikes and original strikes are completely different coins (as long as they are not popped out of sets, the R-2010 thingy is the only differentiation factor :P ), the coins (and sets) are given different catalog number for attribution, they vary by great degree in market value. Re-strikes are a boon for collectors who don't have deep pockets to buy the original sets and it does not devalue the premium associated with the original sets (because if some one is after completing the ROI coin sets, they have to have both the original and restrikes in their collection). But my guess is, after taking much flak from collectors out of obvious ignorance to the subject, Cal Mint has resorted to restrikes in guise of re-booking, which is a bit irritating for classical numismatist like me but at the same time good for the promotion of the hobby. So lets sum it up, the pros and cons of restrike are, it won't devalue the original set and if you are after set completion then you have to spend money in a thing you already own. And the pros and cons of re-booking (Indian version) are, good for the promotion of the hobby and market will be flooding with restrikes without any labels to differentiate.

--
"Coin collecting is the only hobby in the world that you can
spend all the money in the world and still have some left over" 
August 17, 2011 at 2:28 PM Flag Quote & Reply

kidromeo
Site Owner
Posts: 489

broken compass at August 17, 2011 at 1:18 PM

There is no clash here PR. We are just having a conversation :)

Yup :)

P.S. Many developed countries like Britain, Austria etc do restrikes but of classic coins and not of recents coins but my point is we're Indians and we should lead by example not follow others :D

--
"Coin collecting is the only hobby in the world that you can
spend all the money in the world and still have some left over" 
August 17, 2011 at 3:07 PM Flag Quote & Reply

broken compass
Limited Member
Posts: 230

Agree with you about the restrike as a seperate item and also agree that new collectors would be able to get it cheap and agree that it would promote the hobby but the value of the original set will decrease because collectors who would otherwise go for the original would just settle with the restrike thereby the demand won't be as such as it would have been had the restrikes not been issued. 

August 17, 2011 at 6:21 PM Flag Quote & Reply

kidromeo
Site Owner
Posts: 489

That's a good logic BC and a good example would be me...LOL

But another thing to take note of; unlike US or any other market , it practically impossible for any set to devalue due to restrikes in Indian market, thanks to our ever increasing population and resulting increase in collector population; the rate of appreciation though might take a hit. For example, I had two original strike Telecommunications proof sets that I wanted to get rid of. Before restrikes they were selling @4600 at Ebay. After the restikes were released, I managed to sell one for 5000 bucks and I don't think I ripped off the chap...lol...as at that time one set was selling for 5200.

But again whatever be the impact on market value of sets, as a collector we should only be concerned about the rarity of our original strike sets which won't change no matter how many million restrikes are pushed in the market as the mintage figure of original strike sets would remain the same.

--
"Coin collecting is the only hobby in the world that you can
spend all the money in the world and still have some left over" 
August 18, 2011 at 5:53 AM Flag Quote & Reply

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