Would you buy a one-rupee coin for Rs 600?

By
anjum
-
27
529

One and two-rupee red coins are regularly being traded across the country, at a price as high as Rs 600 from their denominational face value, on the basis of rumours that the currency units contain precious gold. The central bank can do nothing except observing the situation with a sheer helplessness and indeed surprise.
According to SBP Chief Spokesman Syed Wasimuddin, an organised racket of cheats is fleecing the illiterate masses on the basis of “misleading” media reports. The rumours seem to have done damage that is far deeper than what the State Bank perceives it to be, as the profit-conscious general public, specially those living in the rural areas, seems to have fallen prey to, what the central bank described as “highly mischievous” reports.
“Friends special request: If anyone has the 1 Re, coins (red one not the silver one) please save it and contact me I will have it exchanged as some one has requested me. Thanks,” reads an SMS this reporter received from a contact based in Peshawar, the provincial capital of Khyber Pakhtunkhwa.
In a telephonic conversation from Kunda village of District Sawabi, Usman Ali, a customer service manager at a private telecommunication firm, told Profit that the one-rupee coins were being traded in his village at a rate ranging from Rs 150 to Rs 600.
Further, Hayat Khan, a tobacco trader in Nawagai village of Buner District, KPK, is quoted to have so far sold out the coins worth Rs 6000.
No different is the situation in this relatively well-educated metropolis where certain shopkeepers are purchasing the gold-mixed coins, as they perceive, at a price up to Rs 150.
“Some shopkeepers in Jackson are purchasing the red coins. The rates range from Rs 100 to Rs 150,” Zarwali Khan informed Profit from Keamari neighborhood.
“They say there is gold mixed in it,” said the illiterate laborer who this reporter found hard to be alerted to the rumors.
The central bank points finger at a section of regional press that, the regulator claims, had spread rumors about the mixture of gold in the currency coins.
“The State Bank of Pakistan (SBP) categorically denies the reports/rumors appearing in a section of the regional press/media regarding the mixing of gold in aluminum/copper coins of Rs. 1/- and Rs.2/-,“ said SBP Chief Spokesman Syed Wasimuddin in a clarification issued last Wednesday, June 6.
The chief spokesman described the reports as “baseless rumors, highly misleading and mischievous”.
The exchange value of one and two-rupee coins would remain the same as per their face value, said the spokesman.
“An organized racket is behind all these rumors to befool the illiterate masses,” Wasimuddin told Profit.
Lamenting that some leading newspapers had not published the central bank’s clarification on the public interest matter, the SBP spokesman called upon the masses not to buy or sell their coins on any price which is above their face value.
Laughing out the impression that there was some gold mixed in the coins, Wasimuddin categorically clarified the rumors that the cenetral bank was about to stop issuing the coins and would retain the ones in circulation at Rs 1000.
“The State Bank would not pay any amount that is more than the face value of a coin or unit of currency,” he said.
However, the central bank’s statements so far have fallen on the deaf ears in the largely illiterate country where some, self-assumingly, smart people are always there to be exploited at the hands of cheats.

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27 COMMENTS

  2. I thought this matter was over many many years ago. I was still in my school when this rumors of 1 and 2 rupee coins having gold in them were around.

  3. This reflects the power of precious metal currency comparing to paper currency. For example, if I would have saved, in my old days, just 5,000 of this One-rupee silver coin and 5,000 of one-rupee note; which one would have paid me now!!!

  4. is it possible that these coins contain precious metal unbeleivable totaly baseless and another movements to befooling the innocent people of this country.It is rabish prapoganda.for Allah1s sake do not beleive on these baseless things.The SBP must conduct an enquiry in this regardand keep the people in confidence.thanks

  8. Actually in kahyaber pakthon khan ppl use 1,2 rupees coin (silver) to make a built cover so its very very cheap if u compare thy buy silver frm market dats y thy giv 100-150 rupees n all other thng like gold etc are faked

  10. if some one want to purchase one rupee coins contact me my number is 0333aagg.wp

    demand 500 per coin

  17. i have got more then 2000 coins ,,, if anyone intersested please contact on 03324797442.

  18. if any one want too buy a coin i have 4300 coins of 1 rupee contact with me on my mobile no.fast 03085157552

  20. asslam 0 alikum friends…
    i have 50 old one rupee coins … can anyone tell me that is rumous is correct or not….and where i can sell these coins …please …
    thank you friends
    muhammad amir…

  21. assalam 0 alikum friends…
    mere pas 50 brown 1 rupee coins hen…koi muje bata sakta he k ye afwaa sach he ya nhi..or me ye coins kahan sale karr sakta hun ….
    shukria ….
    muhammad amir…

    • ye sab jhoti afwahen thi…. par ab ap ko byshtar dukano 1 rupp coin mil jaye ga lehaza ap bhi ise aage chala len

  23. I have 30 old one ruppes coins if you want to purchase contact me or message me on 03053177419

  24. Hellow friends I have 10 one rupees coins. Iwant to sell my coins in only 1000.03103495875

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