Barely a week passes without a new wave of old coin scam messages circulating on WhatsApp in India. Thousands of ordinary people have lost money believing their old coins are worth crores. Understanding how these scams work is the best way to protect yourself and your family.
The Classic Registration Fee Scam
You receive a message or call claiming that your particular coin — often a 1 Rupee tractor coin, a Mata Vaishno Devi coin, or a 5 Rupee note — is worth 5 crore rupees. A buyer is found, but they need you to pay a "registration fee," "shipping insurance," or "government tax" first. Once you pay, the contact disappears. No legitimate coin buyer ever asks you to pay money before a purchase.
The Fake RBI Coin Portal
Fraudsters create fake websites that look like official RBI or government coin portals, asking you to register your coins for authentication. These sites collect your personal information and sometimes bank details.
The "Sold on OLX" Proof Scam
Scammers show fabricated screenshots of coins supposedly sold for crores on classified websites. These screenshots are easily edited and completely false.
The Real Value of Common Coins
The truth is that most common circulation coins — regardless of their age — are worth face value or marginally more. True numismatic value comes from rarity, condition and demand from informed collectors, not viral WhatsApp forwards.
What to Do Instead
Bring your coins to an established, reputable numismatic dealer for a genuine, no-obligation appraisal. M.K. Pokkisham has been authenticating and fairly valuing coins in Bengaluru for decades.