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Can i sell old coins online
16-Sep-2023 (In Civil Law)
i have a hobby of collecting old coins.i have collected many coins from various sources like my friends, my grand parents etc.. recently i came to know that these coins fetch a lot of value in the market, i have coins of 1 anna, half anna, during british period. can i sell these coins in websites like olx or to some other persons. do i have any legal concerns??. is this connected in any way to Antiquities and Treasure Art Act.. plz help me...
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
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
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Adv. Ishan Rohan
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