Chaos reigned supreme on Ashutosh Chowdary Avenue in south Kolkata on July 26 when thousands of people, misled by unfounded claims of social media influencers, turned up outside an exhibition venue in Ballygunge believing that they could sell their old and ‘rare’ coins and earn in lakhs. Some of them came from as far as Haryana and Rajasthan.
While looking into the matter, Alt News discovered that what transpired in Kolkata was only the tip of the iceberg. There exists an entire industry on social media which thrives on disinformation around numismatics, taking unsuspecting viewers for a ride. Hundreds of influencers run pages and channels across platforms just to defraud people by spreading hoaxes about prices of old coins. They do this by using doctored videos, clickbait titles, misleading thumbnails — all with false and baseless claims like ‘sell your rare coins and earn in lakhs’. The number of views on many of these videos is in millions.
What Happened in Kolkata
The Numismatic Society of Calcutta (NSC), currently in its 40th year, organized a three-day Coin Fest from July 25 to 27. It was meant to be an exhibition of coins, medals, tokens, and paper currency. However, the event took a chaotic turn on the second day, when an unexpectedly large crowd gathered outside the venue in the hope of getting rich by selling their old and “rare” coins.
Speaking to Alt News, NSC secretary Ravi Shankar Sharma said they had expected a moderate footfall comprising genuine collectors and hobbyists, but they were stunned to see thousands of people outside the venue.
“From 10 am onwards, the crowd started to swell. We were shocked to learn that many had travelled hundreds of kilometers, entrusting misleading claims by social media influencers that certain old coins could fetch them a fortune. They watched online videos which told them that ‘Mata Vaishno Devi coins’, ‘Tractor printed notes’, ‘Genda chaap 4 Annas’ (rhinoceros embedded 25 paisa coins) could be sold for lakhs of rupees,” he said.
When the organisers tried telling them that these were false notions, they would have none of it. Sharma said, “They told us we are lying since they had seen videos where the influencers mentioned this very day and this very venue where they could sell their collections.”
As tension mounted, and the crowd started getting hostile, the organizers had to contact the Karaya police station. Cops intervened and shut down the exhibition temporarily.
Sharma observed that most of the people in the crowd were from the less-privileged section of the society. “It was really disheartening to know that they had come all the way from places like Bihar, Jharkhand, Odisha, Assam, Rajasthan and Haryana. However, we could not do anything about it.”
Behind the False Notions: The Murky World of Numismatic Influencers
Speaking to TOI, some attendees shared their disillusionment. Umesh Singh from Bihar told the paper that he had hoped to sell some coins to fund his daughter’s wedding. Ashok Kumar from Dibrugarh, Assam, said he had come after watching videos claiming 10 and 20 paise coins were fetching lakhs.
Alt News found several videos on social media platforms which claim certain old and ‘rare’ coins were worth lakhs of rupees. A few of them are cited below:
Instance I: On Instagram
Name of the account: coin_bazar_india_1
Follower Count: 5.34 lakh
Claim 1: A ₹20 note with a star (*) in its serial number is a rare collector’s item worth lakhs. The video has 10.2 million views.
View this post on Instagram
Another post claims that a 25-paisa coin featuring a rhinoceros, nicknamed the “Genda wala sikka,” is worth Rs 3 to 7 lakh. The video has around 5,520 views.
Yet another reel claims that any Rs 500 note having the serial number, 786786, is worth 5 lakh rupees. The video has over 2.1 million views.
There is another video where it is claimed that “Azadi Ka Amrit Mahotsav (AKAM)” commemorative coins, which are widely available in public circulation, are worth lakhs, especially if in uncirculated condition.
Many of the reels on the timeline mention phone numbers and amounts such as ‘5 lakh’, ‘1 crore 10 lakh’, ‘2.5 lakh’ etc. These have views in millions. Needless to say, these claims are all false, as we will later explain in this article.
Instance II: On Instagram
Account Name: Historical Coin (@indiana_buyer_shop)
Followers: 94,000
Here, too, almost every thumbnail features a phone number and absurd figures like ’65 lakh’, ’23 crore’, ‘8 crore’, ’88 lakh’ as monetary value of coins. Even Prime Minister Narendra Modi’s photo has been used in these misleading thumbnails.
Most of the videos falsely claim that the Reserve Bank of India (RBI) has “officially authorized the purchasing of old and outdated currency, involving transactions of lakhs and crores of rupees”. Viewers are encouraged to call a number flashed on screen, which is claimed to connect them to an “RBI-authorised real buyer” who, according to the videos, will visit their homes to buy the coins or notes.
However, a closer inspection of these videos reveals a deliberate attempt to mislead. Many of them feature uniformed police officers, but their voices have clearly been dubbed over with fabricated voice-overs, with no lip-sync or visual evidence of the officers actually making the statements. The audio falsely suggests police-backed guarantees and endorsements of the scheme, presenting the transactions as “100% government authorized.”
For example, the following video claims that one can earn in lakhs and crores by selling old coins and currency notes.
View this post on Instagram
A simple reverse image search of a keyframe from this video led us to the original video from October 2024 featuring IPS officer M Harsh Vardhan, in which he had discussed email fraud and child pornography accusations.
We found another video which claimed the Govt of India guaranteed that upon calling on the phone number displayed on the screen one could sell coins and notes for crores of rupees. The video has over 1.5 million views. This video, too, is digitally altered. The original clip is an Instagram post by Mumbai Police featuring DC traffic Raj Tilak Roushan listing the measures Mumbai police had undertaken to keep noise pollution under control.
A third video, which makes similar claims, has journalist Sudhir Chowdhary’s image on the thumbnail. In this video, too, a police officer appears to share the phone number of an RBI-designated “real buyer” who will be buying old coins. This video has over 2 million views.
It is worth noting that the phone number keeps changing in the videos.
Instance III: On Instagram
Name of the Account: Old Coin Shop (old_coin_shop_0786)
Follower: 6.71 lakh
We found several videos with dubious and misleading claims about the monetary values of coins and notes.
There is one video that claims that a 20-rupee AKAM coin is worth Rs 11 lakh, encouraging viewers to call on the number shown on the screen. The video has around 50,000 views. Similar reels featuring other AKAM coins are also there on the page.
In another reel, the value of a 1 Rupee note is pegged at Rs 15 lakh, while in yet another, a coin featuring ‘Shri Mata Vaishno Devi’ is described as carrying a price of Rs 10 lakh.
A glance at the comment sections of these posts reveals how easily viewers take these claims as true and even share their personal phone numbers hoping for a call back. There are only a handful of comments which flag the videos as misleading.
Other handles on Instagram sharing similar misleading claims include old_coin_currency, old coins bajaar, old coin currency exchange, Sunita Mishra, and Old Currency Buyers.
Below, we have made a compilation to show the kind of thumbnails used on these Instagram handles:
Instance IV: On Facebook
Name of the Account: Sk Coin
Followers: 18,000
A video shows multiple Rs 10 notes and claims that a single note from a discontinued series could fetch up to Rs 2 lakh.
Another video featuring an Indira Gandhi commemorative coin asserts that a buyer is ready to shell out Rs 3 lakh for one coin.
We also came across a post where three widely circulated commemorative coins — the Shri Mata Vaishno Devi Shrine Board, Indira Gandhi, RBI Platinum Jubilee — and a 20 paise Lotus coin are presented as rare collectibles. The voiceover claims that anyone possessing these coins could “earn a fortune.”
However, Alt News found that all these coins are widely circulated and commonly available to the general public.
Instance V: On Facebook
Name of the Account: Old Coins and Notes India
Followers: 80,000
This public group on Facebook has innumerable misleading posts made by several group members. A member named Sanjay Chauhan has shared a video showing an AKAM coin of the Rs 20 denomination and had promised Rs 12,74,000 for it. A phone number is also given.
Raj Bhai Cold Coins has shared a post displaying various coins and currency notes of different denominations, accompanied by the claim of a “110% guaranteed” payment of exorbitant prices.
Other pages on Facebook sharing similar misleading claims include Old Coin Company Buyer, Old Coin’s Collector, Old coin currency, Indian Old Coins Buyer, Old Coins Online.
Instance VI: On YouTube
Name of the Channel: News Phataphat (Real Coin Company)
Subscribers: 3.67 lakh
The above video was uploaded 7 months ago. It features a photo of journalist Sudhir Chaudhary on its thumbnail, a misleading tactic clearly intended to lend credibility and increase clicks. This 12.47-minute video starts with people showing off their numismatic collection and quoting unrealistic prices. Around two minutes in, a voiceover promises to reveal the “real prices” of old coins and notes, only to proceed with further unverified, unrealistic valuations for common coins and currencies. This video has over 2 lakh views.
The channel has several similar videos. (Example 1, 2, 3)
Instance VII: On YouTube
Name of the Channel: The Currencypedia
Subscribers: 1.48 Million
The channel is run by Raj Bahadur Singh Gyanee, who claims to be a member of the American Numismatic Society. He also claims that his channel is “India’s most trusted” as far as information about numismatics is concerned. We noticed that the videos/ shorts on this channel frequently used misleading or sensational claims. For instance, in a YouTube Short, which can be watched here, Gyanee claims that a 1993 Hyderabad Mint 25 paise Rhinoceros coin could fetch Rs 1 lakh. However, the NSC confirmed to Alt News that even in an uncirculated condition, this coin would at best be worth Rs 10,000.
Besides, he never mentions that many of the high-value coins he mentions are extremely rare and unlikely to be in general circulation, let alone in common households.
It is relevant to add that Gyanee charges viewers for contacting him, offering three paid options: Rs 1,013 for a 15-minute call, Rs 1,213 for a video call, and Rs 5,213 for a 45-minute in-person “Chai Pe Charcha” session.
Other channels on YouTube sharing similar misleading claims include Antique Rave Coins, Coin WaLi Tim, Old Coin Online, Coin market, Such Tv, and Sarkari Khabre.
Reports of Coin-sale Scams in Mainstream Media
On January 9, 2025, TOI reported that a Mangalore resident was duped of Rs 58.3 lakhs in an online coin and currency note selling fraud. According to the complaint, the victim noticed an advertisement on Facebook for selling coins and notes at a higher price, and he contacted the number given on the screen. He was asked to send photos of his collection on WhatsApp, after which he was informed that the buyer were willing to purchase the coins for Rs 49 lakh. Soon after, he received calls after calls demanding amounts ranging from Rs 750 to Rs 3.5 lakh on various heads for completing the sale of his coins. The complainant transferred all the amounts via UPI, RTGS, and NEFT, as per instructions. Then, he received a call from an individual identifying himself as Mumbai cyber police commissioner Gaurav Shivaji Rao Shinde. the caller informed the victim that an RBI notice had been issued against him and he would be arrested unless Rs 12.6 lakhs was paid as per RBI guidelines, which would be refunded within an hour. After that, the complainant grew suspicious and eventually registered a complaint at the Kavoor police station claiming to have lost Rs 58.3 lakhs in total.
In Mumbai, a man was duped of Rs 12 lakhs in a similar online coin-selling fraud in May this year. The scamsters evaluated his coins to be worth 1.24 Crore, and assured him that a coin in his possession was a rare one certified by RBI for promotional purposes.
In Bengaluru, a 56-year-old man lost Rs 2.3 lakh after responding to a social media video that promised Rs 31 lakh for Rs 2 and Rs 5 coins from the 1980s and 1990s, featuring Indira Gandhi and the Indian map. The victim was shown fake videos of people counting large amounts of money. He shared his Aadhaar details and proceeded to pay various charges (GST, insurance, registration). When he refused to pay more, the scammers threatened him with arrest, impersonating police officials from Delhi and Mumbai, including video calls with fraudsters dressed in police uniforms. A complaint was eventually filed, and a case was registered under the Information Technology Act and IPC Section 420.
‘Rs 750’, ‘RBI Letter’, ‘Ministry of Culture Approval’: All Point to a Scam
Alt News got a first-hand taste of how these influencers take people for a ride when this correspondent dialed a phone number given in a reel on the Instagram handle named Indian Buyer Shop.
The call was answered by a man identifying himself as Vikash Kamat from Hyderabad. He asked for images of the coins we wanted to sell, which, he said, would be assessed using a software. When we sent the photo of a 25-paise rhinoceros coin, Kamat said he was ready to pay Rs 8 lakh for it.
He outlined the next steps to complete the transaction:
- The seller must provide their address, Aadhaar card (front and back), and a selfie or passport-size photo.
- Then the seller has to pay a fee of Rs 750 for “RBI registration.”
- Within 10 minutes of the payment, the seller would receive an ‘RBI letter’ bearing their photo, address, and the quoted amount. A representative would then visit the given address within 24–48 hours to complete the transaction.
When asked why the coin was valued so highly, Kamat gave no coherent explanation, only stating, “It is a rare and real coin.” When asked what the company did with these so-called “old rare coins,” he claimed they had a partnership with an organization in Dubai that purchased the coins from them, and dodged further questions.
Upon requesting credentials, Kamat shared an Aadhaar card, the soft copy of a company ID card, and a photograph. The photo on the Aadhar card did not match the photo on the ID card, which bore a stamp of Union ministry of culture, Govt. of India. The card mentioned a company named Rave India Damu Coin Pvt. Ltd, and the designation of the card holder as ‘Money courier’. The WhatsApp number displayed the name, Ajay Bansal, while a caller identification app identified the owner of the number as Vipn Gupta.
The inconsistencies, reluctance to share verifiable company information, and the absurd Rs 8 lakh valuation for a common coin suggest a highly suspicious operation, or in other words, a scam.
‘Antiquity Does not Ensure Monetary Value’
NSC secretary Ravi Shankar Sharma told Alt News that ancientness did not ensure high monetary value in the field of numismatics. He also clearly stated that in almost all cases, the prices of coins mentioned by influencers on social media are absurd.
“We organize exhibitions to educate the public, especially young coin enthusiasts, about the historical and cultural significance of coins and currency. Collectors and dealers from across the country attend these events and help new hobbyists build or complete their collections. But the prices mentioned in the viral content are absurd and bizarre,” he said.
“It is unfortunate that the recent upsurge in the interest in numismatics is not always driven by interest in coins or their history, but by these viral videos which promise a ‘fortune’ from the sale of coins”, he added.
When asked if there is any coin that can sell for, say, Rs 10 lakh or Rs 1 crore, Sharma said, “No.”
Taking Alt News through a detailed catalogue listing every coin ever minted in India and their tentative market value, Sharma explained that monetary value largely depended on multiple factors, including rarity, mint condition, historical relevance, and demand among collectors.
“Not all old coins are valuable, and simply being ancient doesn’t make a coin rare,” Raj clarified. “A coin minted in large quantities, even from the Mughal era, may hold more sentimental than monetary value. Rarity is key.”
“Most viral videos online are either scams or created by content creators chasing views. They make outrageous claims without offering any factual basis, hoping people will share and engage — which boosts their revenue.”
He added that if a coin is still in circulation, such as the Azadi Ka Amrit Mahotsav (AKAM) coins, it’s highly unlikely to fetch lakhs of rupees. “If I check my own pocket, I’ll probably find an AKAM coin. That doesn’t make it rare or valuable.”
“A specific coin may be highly prized by a collector who’s trying to complete a particular set. But even then, the pricing is rational, not the astronomical figures being floated online,” he added.
Cautioning coin enthusiasts against walking into the traps of influencers, Raj urged them to use common sense and verify claims. “Ask yourself, why would a note or coin that’s easily available and is still in circulation be worth lakhs?”
‘Claims of Coins Selling for lakhs are Fake and Untrue’
Alt News spoke to Biman Kabiraj, a coin collector and seller with over 30 years of experience. Kabiraj runs a modest stall in front of the General Post Office in Kolkata, where he displays his collection. When we asked him about the claims viral on social media that certain coins and currency notes are worth lakhs and crores of rupees, Biman said, “All of it is fake, untrue, and misleading,” he said, pointing to neatly arranged stacks of coins.
“I have hundreds of the so-called ‘genda chaap’ 50 paisa coins, Mata Vaishno Devi coins, British India coins —you name it. If even half of what these influencers claimed was true, I’d have been a crorepati by now. The YouTubers and other content creators are misleading the general public, luring them into watching and sharing their videos by claiming such handsome payouts,” he added.
Drawing on his own experience in the market, Kabiraj explained that the resale value of most coins was minimal. “A 50 paisa coin might fetch 60 paisa, a Rs 5 coin might go for Rs 6 or Rs 7, if at all. But nowhere close to the amounts being quoted online.”
Kabiraj also said, “Thanks to these influencers, every day, I encounter several people walking up to my shop, asking me whether I will buy their “rare” coins for lakhs of rupees, or whether these claims are true.”
He emphasized that numismatics has always been a field for hobbyists, historians, and researchers—driven by a passion for history and discovery, not by dreams of overnight wealth.
Another numismatic hobbyist and collector, Goutam Bhattacharya, said he was a regular at NSC-organised exhibitions. “Being a collector for the past 28 years, I can vouch that I have never bought a coin worth lakhs. The prices being quoted on these viral videos are pure fantasy.”
Bhattacharya said on July 26, he could not enter the NSC exhibition in Ballygunge. “Initially, I was excited to see so many new faces queueing up, but it was appalling to know that most of them had come to sell their old and “rare” coins and earn a fortune, misled by social media influencers.”
“What shocked me most was their absolute confidence. People were discussing how they would receive payment — cheque or cash — while holding coins that are readily available in public circulation,” Bhattacharya said. When he tried to correct them, explaining that the coins they believed to be rare held little or no resale value, many refused to listen. Some had even come in groups of 7–8, convinced by viral misinformation that they were sitting on a fortune.
‘Scams Designed to Loot People’
Soumendu Ghosh, another collector and dealer who turned his numismatic passion into a profession eight years ago, echoed a similar concern. “It’s all fake — every claim about coins selling for lakhs. These are scams, designed to loot people and exploit their desperation,” Ghosh said, adding, “Unfortunately, greed often overtakes common sense. That’s how people fall for these false promises.”
Asked what could be the monetary value of a ‘786 note’, Ghosh said, “Yes, 786 has some cultural significance, and some collectors do seek it out. But these are not worth lakhs. At best, a fancy serial like ‘000786’ in mint condition might fetch a slightly higher price — but even then, only if a collector is interested.”
“Numismatic value depends on rarity, demand, and condition, not superstition or social media hype. A Rs 10 note with a rare serial might sell for Rs 50, depending on its condition and desirability. But people need to read books, learn from experts, and understand the fundamentals. You can’t just assume that anything old is automatically valuable,” he pointed out.
Graphics & Design: Atreyo Roy
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