Whether to run your daily living or economy we require currency notes and coins, however, getting fresh currency notes or coin is not a challenge at all but our challenge is when the currency notes and coin get old, then we think we are at loss, what to do with second hand or old currency notes and coin, will somebody accept it, will I able to purchase and where I will get the right value or price for my second-hand old coins and currency notes in India or Online, therefore its solves your doubts.
11 best ways to sell second-hand or old currency notes & coins.
Different ways to sell old currency notes & coins are :
1. Sell to Independent Business Owners
Buying and selling of second-hand currency notes and coins is a great business in India, hence there are many independent business owners, freelancers, and brokers who have made buying and selling of old currency notes and coins their full-time business online or offline.
Hence, you can connect them as they are your potential buyers to purchase your old currency notes and coins easily. Independent business owners have their own terms and conditions to purchase your second-hand or old currency notes and coins and they generally work from home or with an office space of 150 sqft to 500 sqft.
2. Sell to Dealers
Approach trusted and reputed nearby old currency exchange shop or store who is going to purchase your currency notes and coins. Remember they are buyers hence they will negotiate a lot on damage or break or on the cleanliness of currency notes and coins whether your approach them physically to their shop or connect online.
Hence, they will try to give you a 20% to 40% lower rate than the actual value so as they can resell the old second-hand currency notes and coins online or offline in India or international markets and make profits.
In India, every city has at least 100+ dealers for buying and selling of old second-hand currency notes and coins.
3. Sell to locally registered currency exchange company
When you wish to sell your old second-hand currency notes and coin it’s always advisable to select a locally based registered currency exchange company because they are bind by India RBI or International laws (if out of India) of currency exchange.
Secondly, they follow a very standard buying or selling policy for currency exchange which provide a great value to the seller in terms of money plus they are locally hence they understand the value of customers; if customers are satisfied with the currency notes exchange rate then they will refer us to other, hence they follow the RBI guidelines to purchase the currency notes and coins.
Remember, when selling old second-hand currency notes and coins in India you need to submit valid id proof and address proof to complete the currency exchange transactions.
4. Sell to registered foreign exchange company
The foreign exchange company is always trusted when it comes to selling off old second-hand currency notes and coins in India because the work is very professional, especially when they have to make a purchase. As a seller, you can visit the nearest branch for old currency note exchange or you can visit their online website and register for sell of old second-hand currency notes and coins.
Many times companies request you to visit their nearest brand office or nowadays service professionals visit your home to gather the currency notes and coins and to give you the correct price rate within 3-5 working days after following the standard operating procedures of the company.
Remember, when selling old second-hand currency notes and coins in India you need to submit valid id proof and address proof to complete the currency exchange transactions and to get good value for money against your sell of second-hand old currency notes and coins.
5. Sell to banks
The bank process for buying and selling old currency notes and coins is a little complex because they love to provide services to customers who have a relationship with bank-like saving or currents accounts. Hence you need to submit a valid id and address proof to exchange the second-hand old currency notes and coins with a cap of the highest amount exchange permitted by RBI with time durations.
If your blood relations have an account, you can also get the old notes exchanged into that account, provided the third party (he/she) gives you authorized permission in writing. While exchanging notes, you should provide the bank with the evidence of authorized permission given by the account holder, along with your valid ID proof.
6. Sell using physical auctions
Physical auctions are great platforms to sell old currency notes and coins however there are 6 ASI (Archaeological Survey of India) licensed auction houses in the country that are authorized to auction rare coins.
Auction companies take charges to auction using a flat method or percentage method of the total sales done.
In India, remember we have a GST rate on Numismatic coins as 5%.
Hence, the profit margin is very thin.
7. Sell using an online marketplace
Due to the digital transformation and usage of smartphones and the internet selling currency notes and coins has become easy and free but it always advisable to use a search platform that you can understand easily for currency notes and coins otherwise you might get frustrated and cheated in the exchange process.
Lots of people suggest eBay for online auction but it’s advisable that if you are an online experienced professional then only use such platform or you can use Coin bazaar, Marudhar Arts, Quikr, and others to get the most value.
8. Sell to RBI
Many people still question that how we can sell old currency notes and coins to the central bank or RBI then your answer is RBI is not purchasing any second-hand old currency notes or coins directly, hence RBI said: “All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of public so that there is no need for them to approach the RBI Regional Offices for this purpose“.
(i) Issuing fresh / good quality notes and coins of all denominations on demand,
(ii) Exchanging soiled / mutilated / defective notes,*
* Small Finance Banks and Payment Banks may exchange mutilated and defective notes at their option.
(iii) Accepting coins and notes either for transactions or exchange.
9. Sell through the trade fair
Trade fair is a great platform to showcase old second-hand currency notes and coins. But the cost of participation is high .But the positive part of trade fair that the customer engagement is also very high to view ancient or old notes,coin ,gold, silver currency or architecture or ammunition etc.
Of course, the profit margin reduces as you might be spending extra INR to participate in the trade fairs held in India.
10. Sell to known & unknown buyer
A lot of time we try to approach people who can be easily contactable without much hard work, hence let’s understand who are these people who can be easily contactable or they are your know buyers such as a friend, relatives, boss, owner, family doctors, colleagues, association or club members whom you can sell your old second-hand currency notes and coins easily and freely and at a good profit margin, if they found interested.
Moreover, if they help you with references they become your unknown buyers, hence your second-hand old currency notes and coins get sold easily and freely.
11. Sell using ads
Last but not least using paid or free ads online through social media or business listing will help in selling second-hand old currency notes and coins because advertisement helps you to reach masses at one go hence it is a very effective way to sell currency. Even companies use banners and hoardings to promote their second-hand old currency exchange service which also works amazingly.
How to sell second-hand currency notes online
In order to start a business or scale an existing business online for second and currency notes and coins, the process is the same as we do for registering with Amazon, Flipkart, or IndiaMART, and others that are starting from basics by searching the company and researching about the existence till date by review and ratings, etc to take a decision.
Step 1: Search for an online marketplace
If you want to sell second hand currency notes or coins then you first need to start with a search online.
Step 2 : Begin the registration process
Once you have finalized the online website to sell your second hand currency notes or coins, start the registration process.
Step 3 : KYC document submission
KYC is required with business name, address, contact number, nature of business, category of business, pan card, aadhar card, business license, utility bills, and others.
Step 4 : Enter Tax Details
When you are doing business then you must have tax details like GST for selling products online .
Step 5: Start product listing with images
Once your identity, KYC and tax details are verified then you can start listing your products with images and prices.
Step 6 : Start selling
This is the final step and you can start selling the second hand currency notes.
If you want to sell old second hand currency notes and coins then you need to very carefully n select the medium through which you want to transact the sale, keep in mind the profitability factor.
Frequently Asked Questions (FAQ)
With rich experience in sales & marketing, Neeraj Upadhyay specializes in sales, business development, service, revenue achievements, training, team building, price, strategy business expansion, new product, and many more. He is an expert sales and marketing professional and hence his written article are most among our reader’s favorite.