Is selling old coins on OLX illegal ?

983 votes

It is not illegal to sell coins at your desired price as per Indian Coinage 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 below stated words can be derived 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

Thanks.

Advocate Suvajit Ghosh Dastidar LawRato

898 votes

No they can’t... the 2 paise coin is an antique now. Don’t you worry about it just sell the coin and get the money that you deserve as a seller, let that person say whatever he wants to...we have no problem...

Regards

Advocate Rahul Uday Singh LawRato