Have you seen those tempting Facebook ads?
The ones claiming your old ₹5 coin is worth lakhs?
Thousands of Indians are falling for this trap daily.
The promise sounds magical, doesn’t it?
Turn your old coins into instant wealth.
But here’s the harsh reality: Most old coin sale offers are complete scams. Fraudsters are stealing crores from innocent people.
Let’s uncover the truth. Is selling old coins legitimate or just another fraud?
Is Selling Old Coins Legal?
Yes, with important conditions.
According to legal guidelines, selling old coins is legal if:
- Coins are not current legal tender
- Pre-1857 coins may require ASI registration under the Antiquities and Art Treasures Act
- Exporting old Indian coins needs ASI permission
- GST may apply if selling as a business
For personal collections of modern coins no longer in circulation, selling is completely legal. No registration needed.
However, you must sell to genuine buyers. Getting scammed doesn’t make your selling attempt illegal, but it does cost you money.
What RBI Says About Old Coin Sales?
The Reserve Bank of India issued a critical warning. According to RBI’s official press release dated August 4, 2021, the central bank does not buy or sell coins from the public.
RBI clarified that it does not deal in such matters and never seeks charges or commissions of any sort. The bank has not authorised any institution, firm, or person to collect charges on its behalf.
This is your first red flag. Anyone claiming RBI connection is lying to you.
Moreover, RBI specifically warned about fraudsters using their logo. These scammers create fake certificates with government seals. It all looks official, but it’s completely fake.
The bottom line? RBI is not in the old coin buying business. Period.
How Old Coin Sale Scam Operate?
How does this fraud actually work? Let’s break down the entire operation.
Scammers follow a systematic approach:
Step 1: Flashy social media ads appear. “Sell your old coins for ₹72 lakh!” they claim. The posts use fake success stories and testimonials.
Step 2: Once you respond, a “professional buyer” contacts you. They sound legitimate, well-spoken, and trustworthy.
Step 3: You send photos of your coins. Within hours, they declare astronomical values. “Your ₹2 coin is worth ₹15 lakh!”
Sounds too good to be true? That’s because it is.
Step 4: Now comes the real scam. They demand payment for:
- Registration charges (₹550-₹2,999)
- RBI verification fees (₹5,000-₹10,000)
- GST payments (₹8,000-₹15,000)
- Insurance charges (₹3,000-₹7,000)
- Courier fees (₹2,000-₹5,000)
Each demand seems small. But they add up quickly.
Step 5: Scammers create urgency. “Pay now or lose this buyer!” They threaten legal action sometimes. “You’ll be arrested for non-compliance!”
Step 6: After extracting maximum money, they vanish. Phone numbers get blocked. WhatsApp accounts deleted. Your money? Gone forever.
Old Coin Sale Scam Real Victim Complaints
According to The Indian Express report, a 74-year-old man from Hyderabad lost ₹4.27 lakh. He responded to a Facebook ad promising ₹72 lakh for his old coins.
Over six weeks, he was tricked into making 28 UPI transfers for verification charges, RBI clearance, and processing fees.
This elderly victim trusted the professional appearance. Moreover, the scammers impersonated RBI officials perfectly. The fake documents looked authentic.
According to an Alt News investigation from August 2024, a Bengaluru man lost ₹2.3 lakh. He saw a video promising ₹31 lakh for ₹2 and ₹5 coins from the 1980s-90s.
The victim was shown fake videos of people counting large amounts of money. He shared his Aadhaar details and proceeded to pay various charges, including GST, insurance, and registration.
When he refused to pay more, scammers threatened him with arrest, impersonating police officials.
Notice the pattern? Fake videos, government impersonation, multiple small charges.
Common Warning Signs of Fake Coin Buyers
How do you spot these scammers?
Watch for these red flags:
- Upfront Payment Demands
Legitimate buyers never ask sellers to pay first. This is the biggest indicator of fraud.
Think about it logically. Why would you pay someone to buy from you?
It makes zero sense.
- Unrealistic Price Valuations
Your common ₹5 coin worth crores? Impossible. No coin sells for ₹10 lakh or ₹1 crore.
Monetary value depends on multiple factors, including rarity, mint condition, historical relevance, and demand among collectors.
Not all old coins are valuable, and simply being ancient doesn’t make a coin rare.
- Fake RBI Certificates
Scammers send official-looking documents. Government logos, seals, everything.
But the RBI never issues coin valuation certificates.
- Multiple Fee Demands
Registration, then verification, then GST, then insurance. The demands never end.
Each sounds reasonable individually, but collectively, they’re stealing from you.
- Pressure and Urgency
“Pay immediately or lose this deal!” Real collectors don’t operate this way. They give time for consideration.
- Contact Through Social Media
Professional coin dealers have established businesses.
They don’t hunt for sellers on Facebook and WhatsApp.
- Requests for Aadhaar/PAN
Why do they need your identity documents for buying coins?
This is for identity theft and data selling.
Are All Old Coin Buyers Fake?
Not all old coin selling is fraudulent. Legitimate numismatic markets do exist.
There are authorized dealers and auctioneers.
The Archaeological Survey of India gives licenses for auctioning coins and currency notes. Authorized dealers have GST registrations.
So legitimate buyers exist. However, they operate very differently from scammers.
What To Do If You Are Being Scammed?
Have you been scammed?
Take immediate action against such an old coin scam:
- File a Complaint in Cyber Crime – File a detailed complaint with transaction proof, screenshots, and communication records.
- Lodge an FIR in Police Station – Visit your nearest police station’s cyber crime division. File FIR with all documentation.
- Report to Bank – Contact your bank immediately. Request transaction reversal. Block the merchant ID. Get new cards if needed.
Need Help?
Have you lost money to old coin scammers? You’re not alone in this struggle.
Feeling confused about next steps? The complaint process can seem overwhelming.
Don’t know where to start? We understand your frustration and anxiety.
Register your complaint with us today. We provide complete guidance for old coin scam victims throughout India.
Our support includes:
- Step-by-step complaint-filing assistance
- Documentation help and evidence compilation
- Connecting with appropriate authorities
- Following up on your case status
- Legal procedure guidance
Register with us now. Let’s fight back together against these ruthless scammers.
Conclusion
Old coin selling can be legitimate, but most online offers are complete scams. The difference is crucial to understand.
The harsh truth: Your common old coins are probably not valuable. Fraudsters exploit hope and greed to steal crores from innocent Indians.
According to verified data, victims have lost over ₹87 crore in 2024 alone. These aren’t just numbers. They’re real families, real financial devastation, real psychological trauma.
Remember these key points:
RBI never buys coins or charges fees. Any RBI connection claim is fraud. Real coin values are modest, not crores. Legitimate dealers never demand upfront payments. Most old circulation coins have minimal collector value.
If you must sell old coins:
Research authorized dealers with physical presence. Get realistic valuations from multiple experts. Never pay any fees to buyers. Meet face-to-face at verified locations. Check GST registration and business credentials.
Stay informed, stay protected. Don’t let scammers turn your hope into their profit.
