Discussion: Commemorative and Circulation Coins : Subscription

[mkarthik]

Hi All,
I am new to coin collecting and I have been trying to get coins from General circulation , Shops of friends , Atleast once a month visit to the RBI counters in Chennai and finally ebay { I hate though to pay high prices}
But getting coins is such a difficulty.
I was wondering if there is any subscription in RBI where we can get atleast 1 coin at face value { Circulation coin }
This is available in Stamps , where you can go to the Philately center of the Post Office and get all stamps issued.
Is this available?
Is it possible for us to make a representation to the RBI . { Asking too much is it }

Regards
Karthik

[dheer]

This was there in early days ... 80's and 90's ... but got discontinued as the transaction cost is too high [unlike post office, where people buy stamps for collection or for normal usage] ...

So today there is no such facility at RBI or Mint Counters.
The only items that are available are Proof and UNC set, where booking are invited and one has to wait for ages to get the sets in hand ....

Most of us began the hobby in similar way ... don't buy if you don't feel like it ... there is different pleasure in collecting all coins from circulation ...

[Drogunks]

Well in my city we have coin vender machines in the RBI. One person can get coins worth of 100 rupees per machine per day. There are two machines in the RBI. One gives 1 and 2 rs coins. The other gives 5 and 10 rs coins. I go there whenever time permits. I get normal coins and search for errors or die variety. Sometimes I get commemorative coins from the machines too. But that's not often.

Doesn't anyone else have this facility in RBI in their locality?

[akhedia]

I think almost all the RBI's have vending machines including in my City Kolkata but getting coins from these machines is a nightmarish experience. The queue at any given time (From 10am to 2pm) is unbelievably long as these are mostly crowed by the money changers/touts who sell these change at 10 to 15% premium and at least make Rs. 100 to 150/- per day.........Just for the shake of experience I  had tried standing in the queue sometime back but gave up after waiting for about 20 mins.......

[Drogunks]

Well for the money changers there is a different counter from where they can get packs of 100 coins. But the vending machines are always crowded. I avoid especially Mondays. Other days I reach there a bit late and crowd would be somewhat tolerable. I get the coins after waiting 10 minutes in the queue. So that is not a problem for me. I got one or two off center coins and some commemoratives in good conditions (in comparison to the circulated ones). Kuch paane ke liye kuch khona to padega hi 

[kishoretkm]

I think almost all the RBI's have vending machines including in my City Kolkata but getting coins from these machines is a nightmarish experience. The queue at any given time (From 10am to 2pm) is unbelievably long as these are mostly crowed by the money changers/touts who sell these change at 10 to 15% premium and at least make Rs. 100 to 150/- per day.........Just for the shake of experience I  had tried standing in the queue sometime back but gave up after waiting for about 20 mins.......

Yes Same happening to Chennai RBI, So Most time I went Chennai RBI & purchased coins from outside vendors with10% extra cost. If I try to standing in the queue, it will take atleast 2 hrs to get the coin & also its limited (500 rs for both 1, 2 & 5 sr & 100/200 for 10 rs coin). FYI. Kuka movements coins are available at chennai dealers.

[akhedia]

Well for the money changers there is a different counter from where they can get packs of 100 coins. But the vending machines are always crowded. I avoid especially Mondays. Other days I reach there a bit late and crowd would be somewhat tolerable. I get the coins after waiting 10 minutes in the queue. So that is not a problem for me. I got one or two off center coins and some commemoratives in good conditions (in comparison to the circulated ones). Kuch paane ke liye kuch khona to padega hi 

Sorry my friend but RBI no more has any counters for distributing change as it has been decentralized to local banks.........

[Figleaf]

You can look at this differently. Say you want to buy coins for 500 rs. You have two options:

• Buy from machine at face. You "pay" 30 minutes waiting.
• Buy from vendor. You pay 50 rs extra

The implied break-even point is 100 rs/hour. With an 8-hour working day, 22 days in a month, that amounts to 17 600 rs/month net of tax. If your salary is lower, stand in line. If it is higher, buy from the tout. If the waiting time, paid working hours or vendor mark-up are different, calculate with those different numbers. You can also turn the calculation around and calculate the break-even waiting time from your salary. If you don't have a salary, your time is worth what it would be worth if spent otherwise, e.g. studying or looking for a job.

Peter

[paisepagal]

Sorry my friend but RBI no more has any counters for distributing change as it has been decentralized to local banks.........

I don't think so, I'm pretty sure the RBI in Mumbai still has the counter. But its been a few years since i last stood in the line myself...

Figleaf... all great theories to ponder on while you stand in line.... do it yourself, and i'm pretty sure you'll chuck all that out the window once you get whacked over there. Decent collectors are foolhardy to put themselves through that imo. It doesn't matter if you have money or not....ever heard of dignity ?

[The Oracle]

Figleaf... all great theories to ponder on while you stand in line.... do it yourself, and i'm pretty sure you'll chuck all that out the window once you get whacked over there. Decent collectors are foolhardy to put themselves through that imo. It doesn't matter if you have money or not....ever heard of dignity ?

maybe you can organize a filed trip for figleaf when he visits you.  then you can post the video on you tube

[akhedia]

I don't think so, I'm pretty sure the RBI in Mumbai still has the counter. But its been a few years since i last stood in the line myself...

BUSINESS STANDARD

Nationwide RBI employees strike on January 1

The body of RBI staff will protest its decision to close currency notes and coins issue counters
Press Trust of India / Kolkata Dec 28, 2012, 17:40 IST


Employees and officers under the banner of United Forum of RBI Officers and Employees have called a countrywide strike on January 1, 2013 to protest the decision to close currency notes and coins issue counters from that date.

In a press statement issued by the forum, General Secretary of the All India Reserve Bank Employees Association Samir Ghosh said that the RBI was mandated by the RBI Act 1934 to manage, issue and exchange of currency notes and coins throughout the country.

RBI's effort was also complemented by the various branches of commercial banks across the country.

He said that the RBI management had decided to close down 200 counters in the 19 offices in state capitals and a few other big cities.

This, he said, would render about a thousand staff and officers surplus

[dheer]

The last I personally stood in the RBI, Fort, Mumbai was July 2012 ...

[paisepagal]

Hmm , maybe they have closed the counter after all . It will be interesting to check when I'm there next time round

[Drogunks]

Well I visited last Saturday and the counters were there and working. Although I couldn't get the coins because I was late and the machine ran out of coins. I had no interest in 1 and 2 rupees coins then. But people were in queue in front of that machine withdrawing 1 and 2 rupees coins.

[The Oracle]

Hmm , maybe they have closed the counter after all . It will be interesting to check when I'm there next time round

yes and no.  some counters have been closed.  some close orders have been stayed and some are in the process of closing.  it wont affect you in any way but my goose will be cooked