Is it legal to sell Indian coins?

Is coin selling illegal in India?

Cautioning the general public “not to fall prey to fictitious offers of buying/ selling of old banknotes and coins,” the RBI said the central bank does not deal in such matters, and “never seeks charges/ commissions of any sort.”

Can you sell coins legally?

It is not illegal to melt, form, destroy, or otherwise modify US coins, including pennies, unless the objective is fraudulent or with the intent of selling the raw materials of the coins for profit. Projects that use coins as materials are entirely legal in the United States.

Can you sell Indian currency?

Step 1: Open the homepage of websites where you want to sell your old note. You can visit Ebay, Click India etc. Step 2: For selling the note online in an auction, you have to click the photo of the currency note having 12345 or 123456 digits on it. Step 3: Register yourself as a seller on the bidding website.

Can we sell coin on OLX?

If you have a 50 paise coin that was made in 2011, then you can sell it on an online platform, Olx and earn money. The website features old coins and notes for sale. The interested buyers can contact the sellers and purchase them at a price suitable to both.

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Can I sell my coins to the bank?

This is why some banks and retailers are now offering cash for rolled coins. Banks always accept rolled coins, but some are offering extra incentives to help stop the coin shortage. For example, Community State Bank reported that it would offer a $5 bonus on $100 worth of coins, up to a $500 bonus.

Is it illegal to melt coins in India?

No person shall use any metal piece as coin (whether stamped or unstamped) intended to be used as money. 10. No person shall melt or destroy any coin.

What coins are illegal to own?

Currently, with the exception of the one sold on July 30, 2002, 1933 double eagle coins cannot be the legal possession of any member of the public, as they were never issued and hence remain the property of the United States government.

Is selling currency illegal?

There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise. Section 31 U.S.C.

Are coins legal tender?

5103, entitled “Legal tender,” which states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.”

Is it safe to sell coins online?

In fact all of the largest coins buyers buy from around the country via their internet presence. With insured and tracked shipping being as easy, cost effective & common as it is, the process is safe and secure, providing that the company is trustworthy.

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Where can I sell Mata Vaishno Devi coin?

If you have the Mata Vaishno Devi coin, then you can sell it online to make a fortune in a snap. For selling it online, collectors will need to create an account on the online classifieds platform Quikr. For creating the account, you’ll need to verify your phone number and email id.