The hobby of collecting old coins and notes can now help you earn good money. Yes, you heard it right. By simply sitting at home you can turn your hobby into a business and can become a Lakhpati. The price of old coins and notes is increasing a lot these days. Earlier people only used to get thousands by selling a specific number of coins or a specific earn of coins/ notes. But now the bid amount is increasing and there are chances that you can earn up to 5 lakhs by exchanging old coins and notes.
Why do people pay high price for rare coins and currency notes?
Some people have a hobby of collecting coins or currency notes or both. The hobby of collecting coins is called Numismatics and people have been practising it internationally for decades now. On the other hand, the study and collection of paper currency is called Notaphily. These collectors of coins (numismatists) and notes (notaphilists) are always on the lookout to add to their collection. They are so obsessed with collecting unique items that they don’t mind paying a high amount for rate items. So, you are in luck if you are a collector yourself and looking to sell some of your collection for a good amount of money or just someone who happens to own a rare coin/note.
Which are the online platforms to sell old currency?
Old coins and notes are being sold in a lot of offline auctions as well as on multiple online platforms. Some of these platforms are:
While IndiaMart, Coinbazaar and Quikr are for the Indian market only, Olx and eBay have international audiences. If you possess a very old/unique foreign currency coin/note then you can put it up for sale in the international market as well.
Which coins and notes are in high demand?
With the discontinuation of a lot of coins and notes; the number of auctions online as well as offline is increasing. It is only because these notes and coins’ existence is rare. Some of the coins and notes that are still in demand are:
- Rs 5 note which has a photo of a farmer driving a tractor and which has 786 printed.
- 25 paise coins
- Rs 2 coin circulated by the RBI in 1994, 1995, 1997 or 2000
- Rs 2 old coins which were printed or minted with some faults and were issued in 1984 by the Reserve Bank of India (RBI).
- Re 1 coin of British era printed in 1885
These are only some of the examples of what is in demand today. They might not be in demand tomorrow and some new coins/currency notes might be more sought after at a later date.
Please note that not every old coin or note is valuable and not each valuable note or coin can fetch you a large amount. The exchange amount usually vary from Rs. 100 to Rs. 1000 for most old currency. But if you have a rare piece then it can fetch you a large amount of money in exchange. There are a lot of articles and videos doing rounds that make users believe that a lot of money can be made from old coins but it is only partly true.
Most coins and notes are valuable only if there is something special about them. It could be a special serial number or limited edition coins/notes or a special combination of the serial number, image, and signatory of the note. The most important factor though is the age of the currency; the older the coin/note, the higher the price it will fetch you.
For example, this coin with Maa Vaishno Devi’s image on one side was released in the year 2002 by Sri Mata Vaishno Devi Shrine Board. If you happen to have this coin, it can fetch you anything between 5 Lacs to 10 Lacs.
How To Sell Coins / Notes Online?
- Log on to the specific website where you want to sell the coin.
- Register yourself as a seller and provide your basic information.
- Click a clear picture of the note/coin you want to sell.
- Write the description as well as your location.
- Quote your expected price.
- Interested people will contact you. You can talk to them and sell the coin.
Most importantly, do not forget to highlight what makes your listed coin/note unique and special. There are many listings on the platforms and therefore you must highlight the unique value in the heading and description to sell.
Please don’t make false commitments about the quality, age or quantity of the coins/notes that are in question. Also, beware of buyers who would offer you a much higher price and then send you a UPI request to get money from you instead of paying it to you. Please be very careful about accepting payments on UPI and if you are not comfortable with the process of UPI yet, tell the buyer that you will raise the UPI request, instead of them sending you a link. That way no one can commit fraud with you.
In order to make a fortune; Collectors of old and rare coins are now making informed decisions and selling their old coins and notes for lakhs and benefitting out of their hobby. While there is no guarantee that every coin/note can get you a good price, there is certainly no harm in listing a coin/note if you think it is unique in some way. Good luck to you! If you’d like to know more ways to earn money online then do visit our Earn Money section.