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 Replies: 22 / Views: 4,332 |
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Valued Member
Pakistan
207 Posts |
I suppose it is kind of a hilarious story, but I am finding it very annoying, because this will mean a shortage of the coins I want to collect.  Rumours are going around locally that one of the older (minted from 1998 to 2006) 1 rupee coin is worth up to 2500x or even 5000x the face value. The reasons are various: it has gold, it has uranium  , the state bank is having some sort of scheme, etc. So people are going around, buying up these coins at 5 times or 10 times their value (thinking they made a great deal), and making it harder for collectors to come across them, and finding it more expensive when they DO come across a good coin. Now the old coins ARE worth slightly more than face value. Maybe twice as much. And you'd have to go to a copper scrapper with something like thousands of coins before you could even turn anything worth a profit. But this is just silly. Maybe after it has died down, and everyone is feeling foolish, I could sweep in and find a year 2000 coin that I am missing from my collection. A news link for those who are interested: http://www.telegraph.co.uk/news/wor...e-coins.htmlI just thought I'd share a bit of silly news.  Edited by Babar
06/13/2012 07:21 am
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Bedrock of the Community
Australia
21788 Posts |
By the sounds of this story, one thing is certain: the speculators are going to loose money. I find that very satisfying.
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Bedrock of the Community
United States
20753 Posts |
Don't know if things are like here but in the USA there have been all sorts of items that have gone up and down in values. For example not to long ago there was this Beanie Babie craze. A lady I knew had me looking everywhere for a certain one that cost over $200. Today most are selling for about $1 or even less. o
People went nuts collecting sports type cards too. My Son had a massive collection he told me some day would be worth Millions. Ended up selling them all for about $100.
You just have to wait until the nuttyness wears off.
Coins, for some reason though, have been popular for thousands of years. Yet even with this hobby, prices can vary from place to place and year to year.
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Pillar of the Community
Australia
4411 Posts |
It always gets me how people can be so easily caught up in the hysteria. Greenprint are you reading this? Stop thinking about hoarding plain old American pennies and move to Pakistan. Theres a killing to be made  |
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Valued Member
Canada
220 Posts |
Same sort of thing happened in South Africa a few years ago. The mint released millions of 5Rand coins with Mandela's image on, for circulation. They also released a VERY limited run of proofs. The value of these proofs exploded on the world market, the local media reported on it, without making it clear that it was ONLY the proofs that were selling for thousands! Next thing, people are hoarding the circulation strikes & buying & selling them at silly amounts over face value. Even NGC was getting bombarded with all these essentially worthless circulation strikes to grade! I started sounding like a broken record, having to enlighten everyone who approached me, because "hey, you're a collector, can you tell me how much this Mandela coin is worth?" Umm, five bucks? People wouldn't believe me, thinking I was trying to fleece them & score their "hugely valuable" coins for myself!!  It is infinitely easier to reinforce someone's belief, than to convince them they're wrong... |
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Valued Member
United States
154 Posts |
I'm sure get rich quick schemes of some sort or another have been with us as long as there's been money. Who could resist the possibility of common coins bringing them great wealth?
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Pillar of the Community
United States
2120 Posts |
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Pillar of the Community
United States
1812 Posts |
With the poster being from Pakastan, maybe you can tell me what these Pakastan Error Notes are selling for over there, and how common are they... Thanks...  |
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Valued Member
 Pakistan
207 Posts |
I'm sorry, Broken-Coin, I have no idea. I don't collect banknotes, and don't know anyone who does who would know about error notes. The face value of that note is about $10, although I doubt that is any help.
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Bedrock of the Community
13014 Posts |
Am I the only one who laughed when I read the part about the rumor of it having uranium?
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Pillar of the Community
614 Posts |
Well, putting radioactive Uranium in coins is a great way to commit mass genocide against your people. Wonder why no dictator has thought of that yet. :D Lol
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Valued Member
Canada
178 Posts |
Quote:
It always gets me how people can be so easily caught up in the hysteria.
Greenprint are you reading this? Stop thinking about hoarding plain old American pennies and move to Pakistan. Theres a killing to be made Now that is funny. |
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Valued Member
United States
227 Posts |
Quote:
Don't know if things are like here but in the USA there have been all sorts of items that have gone up and down in values. For example not to long ago there was this Beanie Babie craze. A lady I knew had me looking everywhere for a certain one that cost over $200. Today most are selling for about $1 or even less. o
People went nuts collecting sports type cards too. My Son had a massive collection he told me some day would be worth Millions. Ended up selling them all for about $100.
You just have to wait until the nuttyness wears off.
Coins, for some reason though, have been popular for thousands of years. Yet even with this hobby, prices can vary from place to place and year to year. Beanie Babies were merely a fad. Clever marketing maybe, or just perfect timing. It probably got a little more out of control because it was primarily a girl thing too. A big difference with coins compared to things like Beanie Babies is that coins hold a place in history and are unique. They've also been an incredibly integral part of any civilization for a really, really long time ... so you can hold an ancient coin and think about what it might have been traded for, much like we still do today. You can relate to that history, which is really cool. Obviously popularity is still a big component of coin collecting (and you never know what might change in 50, 100, or 300+ years) but I think it makes a lot of sense why numismatists have been around for a long time. |
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Bedrock of the Community
13014 Posts |
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Well, putting radioactive Uranium in coins is a great way to commit mass genocide against your people. Wonder why no dictator has thought of that yet. :D Lol LOL. Only one problem with that theory. Under dictators like that the people they would be trying to get rid of would more than likely be so poor they would just end up killing themselves hoarding all the money lol They must have been minted by Al-Qaeda. |
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Pillar of the Community
Australia
1006 Posts |
Wow how in the world could anyone convince them that it was true? lol:D
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Moderator
 Australia
16832 Posts |
I'm reminded of a couple of other "coin rumours". In Britain, a rumour went around in the early 1990s that two pound coins featuring the queen's portrait "wearing a necklet" were never supposed to have been released, and were therefore scarce and valuable. The royal portrait did not change over that period, however; all £2 coins issued from 1986 to 1997 have the same portrait, with the necklet. See the Chard Coins webpage. I have no idea how this rumour started, and it seems to be a mostly harmless one. In Paraguay, it's the 500 guarani coins that are supposed to be rare and valuable, because they "accidentally made them out of gold" or some such. There is a kernel of truth here from which the rumour sprung: in 1998 they changed the design of the 500 guarani coin, but accidentally issued some "mules" with the 1997-dated obverse and the redesigned 1998 reverse. It is these coins that are valuable, but they're valuable because they're rare and collectors want them because they are mint errors, not because they're made of gold. Tragically, many genuinely valuable mules (and many perfectly normal coins) have been ruined by ignorant treasure-seekers rubbing them on touchstones or doing other tests, looking for the gold ones - like the one in this old thread on the CU forum. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Replies: 22 / Views: 4,332 |
Posted 06/13/2012 09:03 am
