Coin Sale Scam In India Explained: Why RBI Will Never Buy Your Old Rs 5 Or Rs 10 Coins

The “coin sale scam” is tricking Indians with fake ads offering lakhs for old coins. The issue is that fraudsters pose as RBI agents, demand fees, and vanish with victims’ money. Here is how to be safe.

Edited By: Divya | Published By: Divya | Published: Sep 13, 2025, 07:32 PM (IST)

Written By Divya

If you’ve been scrolling through Facebook, Instagram, or even YouTube and come across posts claiming your old Rs 5 or Rs 10 coins could fetch you lakhs, then know you’re not alone. These “coin sale” ads have been making rounds on social media, and sadly, many people across India are falling victim to them.Also Read: WhatsApp Gets Two New Features To Tackle Scams; Get Alert From Unknown Groups

According to The Indian Express report, a 74-year-old man from Ramnagar, Hyderabad, lost Rs 4.27 lakh in one such fraud last month. It all began when he responded to a Facebook ad that promised him Rs 72 lakh for his old coins. Over the next six weeks, he was tricked into making 28 UPI transfers for so-called “verification charges,” “RBI clearance,” and “processing fees.” He even borrowed money from relatives before realising it was all a scam.Also Read: Meta To Educate Users On Online Scams And Fraud Through Creators Campaign: Here's How

In another case, a retired security guard in Madhya Pradesh’s Rewa was duped of Rs 60,000 after being promised crores for his coins.Also Read: Gmail Unsubscribe Scam: One Click Could Expose Your Entire Inbox - How To Be Safe

Coin Sale Scam: How The Scam Works

These scams usually begin with flashy ads, complete with fake RBI logos, promises of crores, and “success stories.” Once a victim shows interest, fraudsters pose as RBI officials, antique collectors, or museum representatives.

First, they “assess” your coin and declare it worth lakhs, and then, they ask for small fees: registration, verification, courier, insurance, or RBI clearance. Each demand seems minor, but it adds up quickly. To pressure victims, scammers add urgency: “Pay now or you’ll lose the deal,” or worse, “You’ll be arrested if you don’t clear the charges.”

By the time the fraudsters vanish or start threatening, the victim has already lost a big chunk of money.

How To Be Safe From Coin Sale Scams

Many people assume “all coins” can suddenly become valuable, whether rare currency, old coins, or even fake gold coins. That’s why fraudsters use this misconception to lure victims with promises of quick wealth.

However, it’s important to note that the Reserve Bank of India does not buy or sell coins, nor does it conduct verification processes for such sales. To keep yourself safe from such scams, always look out for signs, such as: