Fact Check: Are old Rs. 10, Rs. 5 coins with Vaishno Devi's image worth Rs. 10L? Here's the truth

A photo of a Rs. 5 coin is doing the rounds with the caption, "There's good news for those who possess these rare coins (Rs. 5, Rs. 10) of Vaishno Devi. You can earn Rs. 10 lakhs."

By Sabya Singh  Published on  16 Jan 2022 3:36 PM GMT
Fact Check: Are old Rs. 10, Rs. 5 coins with Vaishno Devis image worth Rs. 10L? Heres the truth

Hyderabad: A post on social media is claiming that a person can get Rs. 10 lakh for Indian coins of Rs. 10 and Rs. 5 denominations with Mata Vaishno Devi's photo on them.

A photo of a Rs. 5 coin is doing the rounds with the caption, "There's good news for those who possess these rare coins (Rs. 5, Rs. 10) of Vaishno Devi. You can earn Rs. 10 lakhs. The Reserve Bank of India issued these coins in 2002."

A Facebook post and an article in Manaarogyamkosam made the claim.

Fact Check

The claim is misleading.

NewsMeter conducted a Google search with relevant keywords and found some news articles. Old coins and notes are being auctioned on several websites, according to a Zee News article. Rs. 5 and Rs. 10 coins with Vaishnodevi's image issued by the Reserve Bank of India (RBI) in 2002 has seen a lot of demand lately on e-commerce sites, it said. However, it also added that the RBI had warned about the ongoing sale and purchase of old coins and currency notes online.

News18 had also reported the same.

On 4 August 2021, RBI had issued a press release warning of online sales and purchases of old coins and notes. It said that some people were selling old coins and notes using the name/logo of the Reserve Bank of India and seeking charges/commission/tax from the public in transactions related to buying and selling of old banknotes and coins through various online/offline platforms.

It also clarified that RBI does not deal in such matters and never seeks charges/commissions of any sort. RBI has also not authorized any institution/firm/person etc. to collect charges/commission on its behalf in such transactions, it said and advised the public to remain cautious and not to fall prey to people using RBI's name to extract money.

E-commerce sites such as Indiamart , Quikr , Earn Money, Coin Bazaar, and OLX are trading in old coins and currency notes. The e-commerce websites, however, act only as third parties. They have nothing to do with the selling or buying of items. They are also not responsible for any transactions or frauds that may occur. It is therefore advisable to exercise caution when making such transactions. (Source: BBC)

Hence, the claim that Rs. 5 and Rs. 10 coins with Mata Vaishno Devi's image can fetch Rs. 10 lakh is misleading.

Claim Review:Rs. 10 and Rs. 5 coins with Mata Vaishno Devi’s image can fetch Rs. 10 lakh.
Claimed By:Social media users
Claim Reviewed By:NewsMeter
Claim Source:Social media
Claim Fact Check:Misleading
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