Coining a new passion

Coin collection seems to be catching up with the young, says Gyan Marwah

WHICH is the oldest coin in India? Which is the most precious coin? Where can you find rare coins? What is the best way to preserve them? Where can you get them evaluated? Who has the largest coin collection in the world? The increasing number of such question on the Net indicates a growing interest in coins.

According to Farokh S. Toddywala of Toddywala Auctions, who held a public sale of some rare coins in Ahmedabad and Mumbai in March and April, each time the bidders are increasing even as rare ancient coins attract passionate collectors. And the heartening fact is that an increasing number of bidders are people in their twenties.

The Mumbai auction sold more than 300 coins belonging to different eras, including those issued by Chandragupt Maurya, Mughal emperors and the East India Company. Earlier in March at an auction in Ahmedabad the same company had auctioned rare coins of the Kushana period (2nd century to 4th century) for Rs 4.2 lakh.

"Coins are the most authentic source of the economic condition of a country in a particular era," says 24-year-old software engineer Sukumar Pratap, who is a keen numismatologist (collector and student of coins). Though he did not bid at the auction, he says he made the trip to Ahemdabad just to view the Kushana period coins.

Although there are very few serious collectors in India, for someone who has an eye for coins it can be quite profitable. "I treat it like a hobby but it’s a great investment and the returns are around 15 to 20 per cent per annum," says Pratap.

Interestingly, in India coins are not treated as antiques and do not require registration. The only restriction is that a coin, which is more than 100 years old, cannot be taken out of the country without the permission of the Archaeological Survey of India (ASI).

Procuring ancient coins, which are rare, requires lot of patience and search. Museums too are always on the lookout. Many of the discoveries have been made during digging at construction sites. Some are found in river beds and locals in many areas adjoining rivers have made it a profession to dive and search for coins and sell them to jewellers and scrap dealers.

Thus scrap dealers and jewellery shops are usually the best source of these coins. But copper coins of the Mughal era are abundantly available and are sold for as little as Rs 200 a kilo. Most of these coins find their way into small electrical goods units where they are melted for their copper.

But how do collectors verify the authenticity of these coins? According to Pratap, only a trained person can detect forgeries. "The problem is there can be many kinds of forgeries. There could be some coins which are of that particular era but counterfeit. Just like the counterfeit currency these days. References of forgery can also be found in Kautaliya’s Arthshastra, the best known treatise on Mauryan statecraft.

Collectors have their own methods of sifting the original from the fakes. For example, a collector can know that a coin is forged by the colour, weight, size and the metal used. The way a coin sounds when flipped in the air is also an indication. Other pointers to forgery are incorrect lettering and poor designing. "But only an experienced collector can judge the genuine from the fakes," says Pratap.

Apart from the rare coins, those belonging to the Delhi Sultanate and the Mughal era are easily available. Similarly, copper coins issued by the British can be purchased for a piffling sum of Rs 50 and less. But those of the Ibrahim Shah Suri and Sikander Shah Suri dynasties are hard to get. That’s because these two kings issued limited number of coins. Thus these can cost upwards of Rs 10,000. "The cost of a coin depends upon many factors — rarity of the piece, for how long the king ruled and to what extent he issued and circulated the coins," says Pratap.

For most coin collectors, it is an intellectually rewarding pasttime considering the fact that India has produced more coins than the whole world put together. Interestingly, Akbar issued more than 20,000 different kinds of coins while India has issued only few hundred types since Independence.

According to Pratap, coin collection has great relevance to our past. Coins belonging to different periods provide information in reconstructing dynastic links and also to ascertain the territorial extent of the rulers who issued them. The dates recorded on these coins are of great help in fixing chronology. Besides they often afford valuable clues to the economic condition as well as reflect the art and religion during a particular period in which these coins were issued.

"The hobby of collecting coins should be encouraged to ensure that India’s heritage is not destroyed," says Pratap and adds that the government must do its bit by maintaining proper records and displaying ancient coins prominently in museums. It should encourage exhibitions, seminars and conferences. "Only then can the rare coins be saved from meeting a fiery end in some factory." — NF