The English Guinea \u2014 the first machine-struck gold coin in England that was the king of currencies there and in many parts of the world from the late 17th century to the early 19th century \u2014 is making a comeback in India. The Royal Mint of UK has licensed a local firm to produce the gold coins at a refinery near Delhi.<\/p>\n
The new Royal Mint 2013 sovereigns will be made by MMTC-PAMP \u2014 a joint venture between public sector MMTC and majority shareholder Swiss manufacturer PAMP. It will feature the made-in-India mark and will be distributed across India through bullion traders said persons close to the development. <\/p>\n
The 8-gram guinea that will be manufactured in India will be priced on the basis of bullion rates. Gold traders said they expect the price of a made-in-India guinea to be around Rs 30,000 per coin, given current gold rates. <\/p>\n
The first \u2018made-in-India\u2019 guinea will be presented by British Prime Minister David Cameron to Prime Minister Manmohan Singh during the former\u2019s Delhi visit starting February 19. Rajesh Khosla, MD of MMTC-PAMP, an Indo-Swiss joint venture, declined comment.<\/p>\n
MMTC PAMP\u2019s Sohna unit can mint 2.5 million pieces every year. The \u2018made-in-India\u2019 guinea, said people close to the business decision, is aimed at satisfying a large domestic appetite for gold coins, a part of the larger demand for gold. Some bullion traders sell gold in 10-gram coins called \u2018ginnis\u2019.<\/p>\n
\u201cThere is a lot of demand for old guinea coins in India. It is not only a collectors\u2019 item, but people also buy coins for gifting,\u201d Dau Lal Johri, an Indore-based coins collector, said. The original UK guinea is rare and sold at a premium.<\/p>\n
\u201cHowever, there are imitations easily available in the trade, which are called \u2018Dalda Guinea\u2019 and mostly used for gifting purposes in weddings and festivals,\u201d says Girish Vira, founder of Mumbai-based coins auction house Oswal Antiques. \u201cMany business families in the country own the rare original guinea coins,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The English Guinea \u2014 the first machine-struck gold coin in England that was the king of currencies there and in many parts of the world from the late 17th century to the early 19th century \u2014 is making a comeback in India. The Royal Mint of UK has licensed a local firm to produce the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-18390","post","type-post","status-publish","format-standard"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/18390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=18390"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/18390\/revisions"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=18390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=18390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=18390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}