Booking Coins from Mint and Mint Counter

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Quite a few New Collectors ask me how to book coins from RBI or from Mint. This post is meant to help a new collector start booking of coins.

Understanding the Basics:

Once a commemorative theme is agreed then broadly these are the steps;

Coin Release Ceremony:

This happen in accordance with various factors, like is the exact date of significance, what other celebrations are linked up to commemorate the event, availability of Key Dignitaries, etc. At the release ceremony one can confirm the denomination of the coins that are being released as well as the Main mint that has released the coins. So far its been Mumbai or Kolkata Mint.

Coins in Circulation:

Once the release ceremony is held, typically the coins are put in circulation. The time period for putting the coins in circulation varies from months [typically 6 months] to a year depending on the capacity & planning of the mints to mint these and other commemorative and definitive coins. 

Once the coins are put into circulation, RBI Issues a press release giving the details of the coin design.

Once still does not know if the coins will be minted by all the mints or just few mints till we actually see the coin in circulation.

One never knows the quantity of coins minted. Recent attempts using RTI have been successful in few cases.

Booking of Proof & UNC Set:

Typically after 6 months to a year after the coin is released, there is an Advert in all leading papers from the Mint[Mumbai, Kolkata or of late even Hyderabad mint] inviting bookings for the Proof & UNC Set. 

Typically booking are open for a month, of late its been 2 months. In case of the Temple it was kept open for 4 months. Only after the booking is open can one apply for the coins.

How Can one Book the Coins:

Manual Via Post:

One needs to fill the forms and prepare a Demand Draft of the right amount and send it by registered post [with ack] to the Mint. There is no confirmation that you application has reached the mint. Apart from waiting and praying there is nothing else one can do and hence the ack or send by speed post.

Manual in person to Mint Office:

One can fill the form, get the demand draft and go to the Mint office to personally hand it over. In the past one would get an acknowledgement, these days there is a drop box inside the gate where one can drop. One is more sure that the booking has reached the mint.

Online:

There is also a ability to apply online via the mints website. Refer to the useful links for the mints websites. One needs to create an account before being able to book. Payment can be made by Credit Card as well. There is additional payment gateway charges.

For links, please refer to the useful links tab. You can also watch the Video on YouTube by Sanil Koottala.

FAQ's:

1. How can I know when a new coin is released?

Can one automatically know if a coin is available for Booking? Nope, one needs to read the papers or keep visiting the website of mints [Mumbai / Kolkata / Hyderabad] periodically to find out if there is any set available for booking. There are some dealers that are offering SMS services if you are member

2. Does the Mint send out emails when new coins are available for booking?

No. Apart from the Adv in leading newspaper [that too appears only for a day], there is no way of knowing. One needs to visit Mint's website, or join groups, or visit coin sites to know.

3. Can I book Past Coins?

No. Only new coins are available for booking for a limited period. Old coins have to be purchased from Dealers.

4. I heard coins can be got from Mint Counter?

Yes. The current coins are available from Mint counter or Mumbai & Kolkata. What is available is not well published. Only 30 people can buy coins from the Mint Counter in a Day. The timings are 10:00 AM to 12:00 PM from Monday to Friday. Saturday, Sunday and Govt Holiday its closed.

The only mode of payments are card [either credit or debit] and DD. However making a demand draft without knowing amount is tough.

One can buy 1 ea of every item available at the mint. PAN card is mandatory. Every purchase is tagged to PAN Card. So if you buy something now, you cannot buy the same items in your next visit.

June-2016: The Mumbai Mint has started counter Bookings Online as well. Kolkata Mint should be starting this soon. The same restriction of one coin applies. 

5. Are the prices cheaper at Mint Counter?

There is no set rule, its varies from set to set. In Mumbai Mint; For example the Subramaniam / ICMR / Civil Aviation sets were available at Rs 100/- cheaper at the Mint counter than bookings. The Temple set is almost Rs 600 to Rs 800 more than the booking price.

Kolkata Mint on the other hand always sells the sets at 10% premium than books in the Mint Counters.

6. Which option is better to book coins, DD or Online?

There are pro and cons to both.

The general observation is that those who book via DD get their sets faster than those who book it online. However there is a pain to keep track of the DD Xerox and Speed post receipt. The Online on the other had gives the comfort from tracking and avoids the pain of going to Bank to get a DD and then to Post office. It also helps to keep the payment record online. Nope the status is not updated here.

As the dispatch is quite late, typically 6 months to an year after booking, make sure you don’t change your address. If you do, then online booking helps you rather than postal booking as it is relatively simpler to change the address in online booking.

If there are more than 1 set available for booking, and one orders all the sets, then the deliver is late as there is a wait to manufacture all the sets and then dispatch. Hence in such cases if you make multiple DD’s or open multiple Online Account and make separate bookings for each set, the sets arrive faster.