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Does India produce a gold coin?

WeissWeiss Posts: 9,941 ✭✭✭✭✭
in Precious Metals
I don't recall ever seeing a modern Indian bullion coin. Indians buy literally tons of gold coins every year, but they're often these small privately minted coins ranging from half-gram to 5 grams.

Here's an article about the Indian postal service selling gold coins--by Valcambi.

With how ingrained gold buying is in the Indian culture, don't you think an official Indian gold coin series would do well?
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--Severian the Lame

Comments

  • tydyetydye Posts: 3,894 ✭✭✭
    I work with many Indians and they like their gold. Lots of 24K jewelry. And the small coins - I think they call them biscuits. The thing I found interesting talking to them about PMs is their complete avoidance of silver.
  • PerryHallPerryHall Posts: 46,122 ✭✭✭✭✭


    << <i>I work with many Indians and they like their gold. Lots of 24K jewelry. And the small coins - I think they call them biscuits. The thing I found interesting talking to them about PMs is their complete avoidance of silver. >>



    Wasn't silver more popular in China than gold?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • SaorAlbaSaorAlba Posts: 7,540 ✭✭✭✭✭
    The gold sold in India is usually minted in Switzerland, and the Swiss will tailor to the Indian desire for measures they are familiar with - Tolas. I have seen 1, 5, and 10 Tola bars, but outside of India they are pretty unusual.

    China, gold is the coin of the realm. It may have been silver in the late 19th and early 20th, but Chinese buy gold like crazy. I could find shops selling modern gold coins in several places when I was in China. Which is a bad thing, because my youngest daughter absolutely loves the stuff and wanted me to buy it for her.
    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016 and Shadow 3.4.2015 - 16.4.21
  • PerryHallPerryHall Posts: 46,122 ✭✭✭✭✭
    Great thread---interesting and informative. I would imagine that there are more than a few British sovereigns still floating around in India since there was a mint there that produced them.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • derrybderryb Posts: 36,795 ✭✭✭✭✭
    India citizens (Indians?) are major purchasers of gold with gold being a big item as wedding gifts. The wedding season in India is a big factor in the world gold price.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • AUandAGAUandAG Posts: 24,761 ✭✭✭✭✭
    I have several wealthy Indian friends (at least wealthy in India). Gold in the form of jewelry is removable from
    the country without penalty. Any other form of wealth is not removable from India. So, to get some of their wealth
    out of India they return at least once a year and load up with gold jewelry and return to the USa, only to sell it here.
    It's a way of transferring wealth out of India. That's why it's always 24k gold.

    bob
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
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