RBI request to public to provide rare coins for its museum collection

The Reserve Bank of India (RBI) is on hunt of range of historic coins and currency notes belonging to the ancient, medieval and pre-colonial periods for its monetary museum. In view of this RBI has appealed to the public to individuals and professional coin collectors to help it get the rarest of the rare coins. At present RBI is short of coins from the ancient dynasties of Saatwahanas, Mauryas, Samudragupta, Ashoka, Chalukya, Pandavas, Greeks and Romans, the mediaeval dynasties of Vijayanagar, Bahamani, Cholas, Mughals and Marathas and from the British, Portuguese and French.

The coin collectors stated it is too late for RBI. It is difficult to obtain these coins easily at cheaper rates. They told in the world 90% of the coin market is now of Indian coins and over the last 20 years the turnover of these coins has gone up from Rs 20 crore to now over Rs 3,000 crore . They told, there are more than 130 prominent Indian dealers and collectors who are involved in the business and most of the buyers are from outside the country.

"With ancient and medieval coins getting rare with each passing day and being bought at throwaway prices in the international market, the RBI has to make a lot of effort to enrich its museum collection. Being the country's prime banking institution, the RBI should have taken these steps much before,'' said leading coin collectors Farokh Todywalla and Ramesh Velunde.

RBI had set up its monetary museum four years ago and this is the third time in the recent past RBI has issued tenders to buy the coins, for this it has asked individuals and coin collectors to participate in its buying spree. It has advised keen collectors, institutions and vendors to quote their prize to sell their collection of coins and old notes of major dynasties to RBI's museum that is located in its Fort headquarters.

M Siddiqui, a coin collector and dealer from Flora Fountain, said the RBI should have had the collection of these coins in abundance. He expressed grieve over RBI's inaction in this regard for so long.

On the other hand Alpana Killawala, chief of RBI's corporate communication, said it is a regular activity of the RBI to procure rare coins with an aim to expand its exhibits for the people.

However, Todywalla pointed out, "I think the RBI has missed the bus. Its bureaucrats are not aware of the scenario of the market of historic coins.''

According to him, the value of ancient coins varies from Rs 3,000 to Rs 2 lakh, depending upon the quality, period and metals used. However, the collectors assured they will put in immense efforts to get the coins for RBI monetary museum.