Kanpur is hosting what will arguably be Uttar Pradesh’s first auction of coins, banknotes and medals tomorrow.
The auction will showcase some rare and exquisite coins that will also be on sale. The auction is being organised by Mumbai-based Todywalla Auctions in association with the UP Numismatic Society.
Malcolm Todywalla, a spokesperson for Todywalla Auctions, said that over 475 different coins, medals and banknotes will go under the hammer spanning over 2,000 years of Indian history.
He said that the exhibits would comprise Indo-Greek Tetradrachms, or coins, dating as early as 160 BC and among the earliest examples of coinage; copper coin from the Sangam period dating from the first century BC, marking the beginning of Indian coinage; and also modern currency notes.
“We are India's largest numismatic firm and first numismatic auction house. This is our 66 th auction in India,” he claimed. One of the earliest and rarest banknotes in Indian monetary history will also be put up for auction.
Todywalla said that the Union government should reduce duty on the import of rare coins and notes from the current 33 per cent to promote the hobby, which also gives handsome returns of almost 20 per cent per annum.
“The value of coins and banknotes is bound to increase over the years as demand increases and supply gets scarce. High-quality and rare coins not only add uniqueness to the collection, but are increasingly becoming a favoured option for investment,” Todywalla said.