Author Topic: Discussion: New - which became Old in less than two years  (Read 3340 times)

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Offline Pabitra

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Re: Discussion: New - which became Old in less than two years
« Reply #30 on: January 13, 2020, 10:42:51 AM »
Well in that case what constitutes a "circulating coin"? What are the quantifiable parameters which can safely say the coin was circulating for the general public?

There have been cases where the dealers get the coin packets, but its not released for general circulation! Then there are withdrawn cases or error coins (1996 Subhash Chandra Bose Rs 2, Rs 5 Tilakji, Delhi Commonwealth No denomination)! Can they be termed as Circulating or Non-Circulating?

A circulating coin is one which is issued to public at face value by RBI without any discrimination.

A gazette notification may precede issue by many months. ( new series circulation coins were gazetted in first week of March 2019 but 3 of 5 are yet to be issued) but RBI press release is usually released a day before the RBI counters started giving it to the public.
The three examples given by you are error coins for which there is neither press release nor gazette notification.

Offline dheer

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Re: Discussion: New - which became Old in less than two years
« Reply #31 on: January 13, 2020, 05:41:49 PM »
Either a press release or a gazette notification is an absolutely must for making a coin govt. issue.

From Nehru ( 1964) till some time back, it was always a press release.
Later, it was indicated that Reserve Bank of India is not the issuing authority but only a distributing agency. The mints were given the power to book and sell the collector sets at price above the face value. Then the gazette notification became norm.
If I am not mistaken, the Coinage Act amendment ( 2011) was the turning point. It also permitted minting of coins of denomination above Rs 100 upto Rs 1000. It also declared 25 paise and lower denomination coins as no longer legal tender, thus permitting holders to melt them without committing any offence.

Gazette notification go all the way back to 1995 in digitised format... There are some unrelated gazette notification where references to 1980 commemorative can also be found...
http://coinsofrepublicindia.blogspot.in
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Offline dheer

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Re: Discussion: New - which became Old in less than two years
« Reply #32 on: January 13, 2020, 06:08:08 PM »
Well in that case what constitutes a "circulating coin"? What are the quantifiable parameters which can safely say the coin was circulating for the general public?

There have been cases where the dealers get the coin packets, but its not released for general circulation! Then there are withdrawn cases or error coins (1996 Subhash Chandra Bose Rs 2, Rs 5 Tilakji, Delhi Commonwealth No denomination)! Can they be termed as Circulating or Non-Circulating?

I have my doubts on few of the cases which Numista tags as circulating coins, especially the dual metal cases of Rs 5 between 2004-2007 (Copper Nickel & FSS)! I dont want to have the guilt of not having a circulating coin, so classification is very important to me.

Apologies for digressing from the board topic.

Yes bit of a grey area. Best is use your own definition. Generally in numismatics there are always few items where opinion differ.

The 1996 Bose is definitely circulation. It was after few months that it was discovered and stopped. There are numerous collectors from Kolkata who have got this in circulation.

The Tilakji is a bit different... The release ceremony in Pune didn't go well. The coins meant to be given away were bulldozed.
It's likely that before the withdrawal notification, dealers hand in glove with RBI coin counter official cornered the bags... So I haven't known someone who got this in circulation...
The games error coin is just that... Yes there are individuals in Kolkata who got it from circulation... And once the news was out, dealers cornered the remaining...
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Pabitra

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Re: Discussion: New - which became Old in less than two years
« Reply #33 on: January 14, 2020, 09:42:00 AM »
I would like to see the RBI press release or gazette for each of these three coins before I can be satisfied that these were actually minted for the purpose or issued for release.

Kolkata mint is known for its games, especially errors, mules and unofficial strikes. Most of the patterns too come out of that mint. The top dealer of Kolkata, Arup Mondal, is a walking Encyclopedia of such topics and meeting him and discussing proposed new series patterns was an eye opener for me.