Put money in India’s old gold coins now!

February 21, 2009

Commodity Online
MUMBAI: The world is on a mad rush to buy gold coins as recession is looming large over the globe. As investors across the globe are scared of the security of their money, they tend to put all their investments in gold, that too in gold coins. That is why there is a huge rush to buy gold coins in New Zealand mints.

In fact, New Zealand had recently stopped selling gold coins because of the rush in demand.

Why people are rushing to gold coins? And what is the role of India in gold coins business? These are interesting questions to attract somebody who wants to put his/her money in gold.

Although the world’s first coins were made by Greeks made in Lydia about 640 BC, it is clear that India and China invented coins independently within a few centuries of the Lydians.

Earliest Indian coins were silver, and it was not until about 100 AD that the Kushan emperor Vima Kadaphises introduced the first Indian gold coin, which was a gold dinar bearing the image of Shiva.

So India’s history of issuing gold coins dates back almost 2,000 years.

With this long history, it is no surprise that India has produced many different denominations of gold coins, which include Dinars. Staters, Kahavanus, Pagodas, Tankas, Ashrafis, Mohurs, Gadyanas, Bhairava Gadyanas, Varahas, Fanams, Koris, Xerafims, and Tolas.

Gold appears to be woven into the very fabric of Indian life. Indian brides traditionally have a dowry of gold. This is usually in the form of 22 carat or 24 carat gold formed into jewellery, often incorporating gold coins.

Guests also give gold coins as lucky wedding gifts. Perhaps because of a mistrust of banks, the government or the tax system, many Indians store their wealth in the form of gold bars or gold coins.

Given the popularity of gold in India, there are not many collectors of Indian coins in general or Indian gold coins in particular.

Over centuries, many ancient rare and ultimately valuable gold coins have been melted and made into jewellery.

It appears obvious that collecting series of gold coins which are currently unpopular or unfashionable must be a good idea. Firstly because the collector can obtain interesting, unusual and rare coins at a fraction of the price of coins from a popular series, secondly if and when interest increases, prices are certain to increase accordingly.

Thirdly, it will help to stop rare coins being lost for ever by being melted down.

Indian coins are difficult to read and identify, and Indian coins on offer for sale may not be perfectly identified and catalogued.

India is the world’s largest consumer of gold and love for gold is present in every Indian’s blood.

However, Indians are now showing a new trend. They are selling old gold ornaments to cash in on the unprecedented rise in gold prices.

Traditionally Indians have invested more in gold than stocks and properties, but experts say the trend is now reversing.

The country imports 20% of the world’s gold but owners have been flocking to traders to sell for cash.

As a result imports of gold have plummeted in the past three months.

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