Kitty of coins, Kennedy to coconut MOHUA DAS Coins that smell of coconut, the sea, flowers and even cannabis, speaking coins that bring alive the voice of John F. Kennedy and George Washington, coins modelled after guitars of legendary rockstars or historic cars and bikes, coins that use the technology of a telescope, Braille, compass, thermal power or 3D. Sounds straight out of fantasy fiction? These rare, unusual and precious coins are part of a single man’s collection. Alok K. Goyal, 52, owns a treasure trove of coins in a variety of metals from platinum, niobium, titanium and vanadium and even ones encrusted with Swarovski crystal, diamonds and ruby. But the passionate numismatist did not realise their worth till he received an invitation to visit the Coin Invest Trust (CIT), one of the biggest manufacturers of commemorative coins in the world. “I had been collecting rare coins since 2000 but it was only in 2008 when a dealer in the US got to know about me and informed CIT,” said the Taratala resident, recalling the “good slap” he earned from his father at 20 for buying “five Rs 100 silver coins from the Reserve Bank with my pocket money”. Three decades later, Goyal boasts the largest collection of rare coins in the country. “They explained to me what a big business this was and that India had a big market,” said Goyal, who on his visit to the CIT’s Liechtenstein mint in Switzerland discovered “beautiful coins designed for the Indian market that could not be exported because of custom rules that required an NOC from the RBI”. Goyal returned to Calcutta and met customs commissioners, officials in the postal and cargo departments and realised that “RBI had no restrictions on the import of commemorative coins which are different from circulated coins”. The rules were revised in March 2013 and a circular was issued. “Another surprising discovery was that India was the world’s largest collector of coins and stamps. So India had the market, I had knowledge and they had the technology as well the connection with other mints,” said Goyal, who is now a licensed representative for CIT. As an affiliate, Goyal is responsible for business and individual needs of those in South East Asian countries, namely Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. “The import and export of commemorative coins has been unofficial and unaccounted for. I am trying to get things organised officially and in keeping with the rules set by RBI and customs,” said the software consultant behind the technology for Calcutta’s first automated car parking plaza on Rawdon Street and Simpark at New Market. Commemorative coins are minted as “legal tender” and valued as precious metal but not meant for circulation as actual currency. “Unlike bullion coins or medals, commemorative coins, to be called a coin, have to come from an issuing country with a denomination that depends on the value of the metal at the time and the currency of the issuing country,” Goyal explained. Commemorative coins could cost anywhere between Rs 1,000 and 11, 000 for non-precious ones and Rs 18, 000 to more than Rs 3 lakh for precious or rare ones. The coins are currently available at coins-n-coins. “These coins are manufactured in fixed quantities for one-time sale. Their value doubles and triples over time, making it a good investment tool. A concept popular in Europe, the US and China but yet to catch up in India,” Goyal explained. For Goyal, however, it’s about much more than investment. He is now busy designing a wide range of coins. A Ganesha coin coloured with peepal leaves and Swarovski elements, issued by Ivory Coast, will be launched on Monday. “The denomination of the coin is 1001 francs and it will open at a booking price of Rs 8,001,” said Goyal. Next up is a Gandhi series followed by the holy waters of India. “We will put real water from Ganga, Yamuna inside the coins.” Goyal has also obtained clearance from Lata Mangeshkar, Kapil Dev and Ajit Wadekar for his next coin projects. “If all goes well, we might be able to put Sachin Tendulkar on a commemorative coin too.”
Posted on: Mon, 08 Jul 2013 05:05:56 +0000
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