Collecting currency notes, coins, and postage stamps was once a fad among the young and old. Over the past decade, the hobby has slowly transformed into an investment opportunity.
In the process, a certain amount of competitiveness has crept in. Many numismatists who spoke to The Hindu on the sidelines of the 26{+t}{+h}annual conference of the South Indian Numismatics Society, which concluded here on Sunday, agreed.
“I belong to a time when each coin was considered precious, but was never intended to be resold for profits,” says Suresh Babu, a numismatist, who has been dealing in ancient coins for over two decades. Only those very keen on adding to their collection stuck to the hobby back then.
Now, many people, mostly youth, take to coin collection for quick profits. “There is no denying the huge investment potential. While we have lagged behind other countries in identifying the immense possibilities of coin collection, there are currently a handful of auction houses in India which deal in ancient coins and rare stamps,” says Sunil J. Joseph, a stockbroker and philatelist.
Unhealthy practices too have found their way in, with several fake products being offered as vintage collectibles.
The absence of a proper mechanism to fix prices for antiquities gives rise to over-valuation. According to professional numismatist and dealer K.T. Joseph, this continues to be a grey area in the field of coin and stamp collection. “For instance, there was no fool-proof method to identify several coins that are believed to have been in use before 1600 AD. In such cases, dealers usually fix rates on the basis of historical relevance and demand of the collectible,” he said.
In recent times, informal collectives of numismatists and philatelists have mushroomed with an aim of creating greater awareness among one another. One among them is the Facebook group, Indian Coin Collectors Club, which has over 8,000 members. According to Rajesh T.S. Nair, one of the administrators, the group comprises authors, historians and experts in the field. “We strive to generate knowledge regarding the negative practices that have evolved in the field,” Mr. Nair said.
