 Online edition of India's National Newspaper Sunday, Aug 17, 2008 ePaper | Mobile/PDA Version |
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Karnataka
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Bangalore
INVALUABLE SOUVENIRS: A visitor takes a look at the old banknotes at ‘Nanyadarshini-2008’ in Bangalore. Bangalore: If you have any old coins lying around at home don’t think they are pieces of junk metal. Such coins have a huge value as demonstrated at the ongoing Todywalla auctions at the exhibition of the Karnataka Numismatics Society. The minimum value for which some of these coins were auctioned for was Rs. 2,000 while several of them were sold for lakhs of rupees. A set of eight Ugandan coins commemorating the visit of Pope John Paul VI to that country in 1969 went for more than Rs. 3 lakh while some Indian coins like the ‘100 Naya Paisa’ (one rupee coin with 100 Naya Paisa written on it) of 1960 was sold for close to Rs. 2.5 lakh. Some Raj era coins were sold for more than Rs. 1 lakh. There were diverse coins for auction at the venue, with the oldest one being more than 1,500 to 2,000 years old. Commenting on the ongoing auction, Farokh S. Todywalla of Todywalla Auctions said he was pleased with the response on the first day and hoped it would be good on the second day as well. “The market for old coins is growing at an amazing rate. A two-mohur coin issued by the East India Company with a lion on its front was sold for Rs. 75,000 in our auction in 2003 but this coin is not available for even Rs. 3.5 lakh now,” said Mr. Todywalla and added that collecting old coins was a great form of investment. He has been in the business for 30 years now. His son Malcolm joined him four years ago. Coins form the main trading items for the Todywallas, being antique licence holders from the Government of India.
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