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Forum Home > Coin Chat > Is selling coins legal?

daddu
Limited Member
Posts: 39

need help as advise -can somebody tell me selling of coin is legal ?any type of coin/currency?on ebay or quikr etc any licence required? ANY BODY WHO HAVE DETAIL PLEASE TELL ME THANKING IN ADVANCE


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October 28, 2012 at 2:54 AM Flag Quote & Reply

kidromeo
Administrator
Posts: 124

Selling of numismatic coins are perfectly legal both online and offline as long as you don't export coins over 100 years old.

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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"

October 29, 2012 at 9:01 PM Flag Quote & Reply

daddu
Limited Member
Posts: 39

KIDROMEO-THANKYOU FOR GIVING A KNOWLEGABLE ANSWER  AGAIN I AM SO THANKFUL TO YOU

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October 30, 2012 at 9:48 AM Flag Quote & Reply

Vivek Rohilla
Limited Member
Posts: 133

Hi Daddu,

selling of coin is legal in india or may be around the world. one has to register himself under section 23(2) rule 62(1) of Trade Mark Act 1999 with GOI.

The validity of certificate will be of 10 years and after one has to get the certificate renew

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Vivek Rohilla

October 30, 2012 at 11:39 AM Flag Quote & Reply

daddu
Limited Member
Posts: 39

HELLO VIVEAK JI,   i am very much happy that you give me a great knoledge about selling coin iam indevidually thankful to you .have a good day.DADDU

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October 31, 2012 at 12:18 PM Flag Quote & Reply

DrPRBPrasad
Member
Posts: 91

Kidromeo/Vivek Ji ,What I feel/know coins/notes in circulation can not be legally sold/purchased at higher price and so the same is illegal. If you differ pl elaborate and give examples. How & where the Registration under Trade mark Act 1999 is done- pl elaborate.Is it  not advisable /essential for all of us- related with Numismatics to have such certificate?

November 27, 2012 at 11:30 PM Flag Quote & Reply

samantha
Limited Member
Posts: 10

I don'y think selling coins should be illegal.

January 7, 2013 at 6:50 AM Flag Quote & Reply

Aniruddha
Moderator
Posts: 222

Hello DrPRBPrasad, it is not illegal to sell coins at your desired price as per IndianCoinage Act, for 1 rupee and above one can sell it at any price, for others there is a restriction, unless one is hoarding lakhs of coins and inflating prices, The following are the words from The Indian Coinage Act:

 

 

Coin, when a legal tender:
13. (1) The coins issued under the authority of section 6 shall be a legal tender in
payment or on account,-
(a) [in the case of a coin of any denomination not lower than one rupee],
for any sum;
(b) in the case of a half-rupee coin, for any sum not exceeding ten rupees;
( c) in the case of any other coin, for any sum not exceeding one rupee:
Provided that the coin has not been defaced and has not lost weight so as to be less
than such weight as may be prescribed in its case.

28 of 1947:
(2) All silver coins issued under this Act after the 10th day of March, 1940 [and
before the commencement of the Indian Coinage (Amendment ) Act, 1947] shall
continue as before to be a legal tender in payment or on account,-
(a) in the case of a rupee coin, for any sum;
(b) in the case of a half-rupee coin, for any sum not exceeding ten rupees;
(c ) in the case of a quarter –rupee, for any sum not exceeding one rupee

 

I suppose we can book that guy "CRANKO" who is going on selling coins , we also have proofs in the forum posts about his deals in auctions, under these acts the punishment is around 2yrs or more jail  :P :P

January 8, 2013 at 12:26 AM Flag Quote & Reply

svudurbati
Limited Member
Posts: 2

samantha at January 7, 2013 at 6:50 AM

I don'y think selling coins should be illegal.

Selling Coins is not illegal. Only you can not send coins or currency notes 100 years old to any other country.

 

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November 29, 2013 at 7:50 PM Flag Quote & Reply

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