Discussion: Kolkata Commemoratives Recoined by Hyderabad Mints

[kansal888]

Dear Friends

Since the last 2-3 years, Hyderabad Mint has been selling single low denomination unc coins issued by other mints.

Early this year, Hyderabad Mint issued some high denomination UNC themes which were originally issued by the Mumbai Mint.  These were not re-strikes in the true sense since the coins were not made by the original Mumbai dies but by new dies carrying Hyderabadi Star. These included ICMR, Civil Aviation, 75 Years of RBI, C Subramaniam etc. The coins were UNC but they carried frosting (although frosting was bit rough).

Now it is expected that Hyd may shortly coin some Kolkata themes also. They may make Tagore, Mother Teresa, Income Tax etc.

[ChrisHagen]

You may want to change "restriked" to "restruck" 

Does anybody know the reasons for this? I find it quite curious. Does the mint sell the coins for collectors at a profit? Are the coins in question of the Mumbai mint considered scarce?

I have a hard time wrapping my head around the fact that coins issued three years ago can have a collector following!

Thanks in advance for helping me understand.

[asm]

I do not think it is a coincidence that the mints were transferred to a corporation (partially privatised but still a 100% GOI enterprise) at around the same time and in recent years, have been asked by the Finance Ministry to deliver profits...........

Amit

[kansal888]

You may want to change "restriked" to "restruck" 

Thanks     

Does anybody know the reasons for this? I find it quite curious. Does the mint sell the coins for collectors at a profit?

Indian mints sell the UNC/Proof sets at a huge premium. A coin set having just two coins of Rs 5 (6 g Ni -Brass) and Rs 100 (35 g Quaternary Alloy having 50% Silver) in a third grade cardboard packing is sold for Rs 5000 (US$ 80). There is a big difference between the metal value and selling price. At the same time, our mints hardly earn anything through sale of circulating coins to RBI (our central bank). To improve its profitability, the Hyderabad Mint has started issuing UNC sets. 

Are the coins in question of the Mumbai mint considered scarce? I have a hard time wrapping my head around the fact that coins issued three years ago can have a collector following!

The mintage of our coin sets is 5000-10000. Although Mumbai coins are not scarce, you can always find someone (our population is 1.1 Billion) who will be willing to buy re-struck or re-re-struck coins from the mints

[kansal888]

whether they are restrikes or we need to coin a new definition for them, its just to expensive to buy these

Since these coins are not re-strikes in true sense, can we call them 're-coined'     

I'm definitely not buying anything from Hyderabad unless they come out with their own independent theme.

I am equally confident that when ever we meet, I will persuade you to change your opinion           

[Abhay]

I think an important factor is the publication of the recent catalogues of the Proof and UNC coins by some authors, in particular by Dr. Dilip Rajgor and team. These catalogues lists all the varieties ever minted for a single coin theme - be it different mint, packing (Single, 2 coin set, 5 coin set, VIP, VVIP, Executive etc).

I have seen some collectors going after these different varieties, so as to COMPLETE their collection (Thankfully, I am not one of them  ). So, the mint people know that if they come out with any new variety/variation/change in an already issued set, there are bound to be some collectors going for these.

Another important factor is the scarcity of the earlier issued sets - a prime example is Dr. Syama Prasad Mookerjee. When issued originally in 2001, the official price for a proof set was about Rs. 800 (I booked and got one directly from the mint  ). But over the years, the price of the set reached unimaginable heights of Rs. 35-45K. So, here was an excellent opportunity for the Kolkata Mint (The earlier set was also issued by Kolkata) to re-issue the sets, at a Black-market price of Rs. 10,000 per set. Now I am not aware that how many sets of Dr. S.P. Mookerjee have been booked this time, but my guess is not less than 5000-6000.

And the last, as Amit says, the mints have been made Autonomous under SPMCIL, and they have to earn of their own to run and meet the expenses, and moreover, to deliver DIVIDENDS to the Govt. of India.

Abhay

[dheer]

The markets are going crazy, the demand for Hyderabad sets is low ... even the single coin sets, noboday is buying ... and overall the interest in proofs & UNC has come down from a peak in 2011-12 ...

[repindia]

The markets are going crazy, the demand for Hyderabad sets is low ... even the single coin sets, noboday is buying ... and overall the interest in proofs & UNC has come down from a peak in 2011-12 ...

I could not buy the second round of Hyderabad mint sets-- all the ones which came out with the higher denomination coins. Is there anyone who can help me get a set each? Thanks!

[ChrisHagen]

Thank you very much kansal888 for answering my questions. I am always happy to learn more about the areas of numismatics of which I know little.

[dheer]

I could not buy the second round of Hyderabad mint sets-- all the ones which came out with the higher denomination coins. Is there anyone who can help me get a set each? Thanks!

There are quite a few listing on ebay that go unsold ...