Discussion: Booking of Coins from Mint

[anuragmomo]

Hello senior members and collectors, this will be my first coin booking so i want some advise from you members. Which way of booking is most preferable, Is it manual form with Demand Draft payment or Online booking. and may i know how to make payment in online booking.

Please help me out

Thanks and regards

Anurag

[Abhay]

Dear Anurag,

You can use either way to book the coins.

For Manual Booking, you will have to get a Demand Draft in favour of "INDIA GOVERNMENT MINT (UNIT OF SPMCIL) COLLECTION A/c" PAYABLE AT Mumbai. For this, you will have to pay a commission to the Bank for DD, and then you will have to post it by courier of Speedpost to Mumbai.

The order form for manual booking can be downloaded from this link:

http://igmmumbai.spmcil.com/SPMCIL/UploadDocument/Order%20Form(Motilal%20Nehru).dc812923-e2a8-4912-97e6-1b0073d35da8.pdf

For Online booking, first of all, you will have to get yourself registered at Mumbai Mint Website :
http://igmmumbai.spmcil.com/SPMCIL/Interface/Home.aspx

For this, you will have to provide them with a scanned copy of some of your residence proof (Passport, driving licence etc). Once you are registered on the website, you can go to the Customer Corner and carry out the bookings. For this you will need a Credit Card, and a payment gateway charge of about 2% will be levied additionally.

Abhay

[dheer]

Hello senior members and collectors, this will be my first coin booking so i want some advise from you members. Which way of booking is most preferable, Is it manual form with Demand Draft payment or Online booking. and may i know how to make payment in online booking.
Anurag

As Abhay has said, either is fine.
Historically the people who booked using DD got their sets earlier than the people who booked the set via online.
If you are doing by DD, you have to keep the Xerox of the DD and the Proof of Speed Post till you receive the set [say 9 months to year], as there is no Ack from the Mint that they have received your DD/booking. So in very few cases of non-receipt, you have a tough time establishing that you indeed booked the set ...
Online on other hand, you need not track as you can see your booking [no there is no status update, it keeps showinb booked life long], however you have something to say you have booked. At times the payment gateways not working properly, so wait for few days when you are doing online booking, there were few people who did this on day 1 and ended up into issues and it took months to get the credit card charge reversed ...

So if you are not into all this and it sounds painful, you simple wait and buy it a year later from the dealer, typically at 10% - 15% more money ... but you have less hassele and more so if you don't have an permenant address as the time to dispatch is long and changing address is at times is nightmare

Good Luck 

[aarkay]

you should consider all this and whether you van spend you money in a better way whether on other kinds of coins or something else totally unrelated.

Hi...

paisepagal...you have hit the nail on the head ....there are better ways to spend money for interest and investment ...

Aarkay

[Abhay]

Hi...

paisepagal...you have hit the nail on the head ....there are better ways to spend money for interest and investment ...

Aarkay

Dear Aarkay,

You are mixing up two different issues - Collecting coins for Hobby Vs Collecting Coins for Investment.

For a collector of Proof and UNC sets, no matter how many sets are issued every year, he will buy the sets (although even I am not in favour of different varieties for the same type of coins as paisepagal says). A true collector never worries about the returns on his investments on the coins - I will not get into too much details as there have been already many threads on this issue.

Abhay

[aarkay]

Dear Aarkay,

You are mixing up two different issues - Collecting coins for Hobby Vs Collecting Coins for Investment.

For a collector of Proof and UNC sets, no matter how many sets are issued every year, he will buy the sets (although even I am not in favour of different varieties for the same type of coins as paisepagal says). A true collector never worries about the returns on his investments on the coins - I will not get into too much details as there have been already many threads on this issue.

Abhay

Hi...

Abhay .... no mixing of hobbies and investment.... trying to remember the theory of Opportunity Cost in Economics....looking for a hobby that will give immense pleasure as also will provide an umbrella during the rainy days....if such a need  arises....but then as it is said each one to his own view...just a matter of opinion....

Aarkay

[kansal888]

Hi Anurag

Welcome aboard        .

You can book online as well as manually. Abhay & Dheer have clearly explained merits and demerits of both the options.

Paise's post reminds me of a scene in Sholay where Amitabh went to Mausi to ask for the hand of Basanti for his friend Veeru.         

If you want to buy proof sets because your heart says so....go ahead book them today..dont listen to advice of others. However if you want to buy them for commercial reasons, please stay away as current coins are not likely to appreciate in value in medium term...

I personally feel that it is not necessary to complete your collection of proof sets. If only 1-2 particular themes appeal to you, you can buy those themes.

[anuragmomo]

First of all thanks a lot to all the senior members (Abhay, Dheer, paisapagal, aarkay, kansal888) for providing me such a valuable info. As m a newbie i just want to collect all the proof sets issued from Motilal Nehru onwards, never thought about commercial reasons, i will manage to book new sets issued irrespective of any number, but i cant afford older sets as many of them quoting above 20,000 as paisapagal said.

And will prefer to book online as i dont want any hassle of making DD, dispatching via speedpost, keeping the receipt for a year.

Please let me know did any of the member completed online booking of Motilal Nehru set successfully. Will wait for your feedback about  successful online booking.

thanks and regards

Anurag

[Abhay]

Yes, I booked my sets Yesterday via Website, and got the confirmation instantly.

Abhay

[anuragmomo]

Thanks all the senior members, successfully completed online booking for my first Proof and UNC sets.

[dheer]

Thanks all the senior members, successfully completed online booking for my first Proof and UNC sets.

Congratulations. Now come the great wait ... till we forget we had booked something ... and then one fine day the speedpost arrives 

[Nitin Kapoor]

Hello,
         I have booked the proof sets of Vivekananda from Kolkata mint by payment through draft in the first week of April 2013 but not yet received the coins.I took the telephone no. of Kolkata mint from the site but the telephone always remains NO Reply. I e-mail to the Mint many times at  the address given on the site but all in vain.
       I want to know that is there any way to know the the status of my order

[dheer]

Hello,
         I have booked the proof sets of Vivekananda from Kolkata mint by payment through draft in the first week of April 2013 but not yet received the coins.I took the telephone no. of Kolkata mint from the site but the telephone always remains NO Reply. I e-mail to the Mint many times at  the address given on the site but all in vain.
       I want to know that is there any way to know the the status of my order

You should have got your sets by now. The best is write to mint [attach the copy of the demand draft, the registered post / speed post receipt, etc] using speed post and hope they would respond.

[anuragmomo]

Hello friends,

Received my first proof & UNC set today, its just awesome. will upload the pics soon.

Anurag

[kansal888]

Congrats Anurag