Question

Assalamu alaikum Sheikh
My question is :

Can i sell old and rare coins and notes/bills at a high price than its face value to a person who collects different types of coins and is willing to pay high price for those coins ?

**Kindly note that for a collector these coins are not a regular currency but some collectable.

Also there may be some coins which are no longer in use like 25 paise,50 paise coins etc. while there are some coins which are used as regular currency like 1 rupee 5 rupee coin etc
But because these coins were either old/rare or were produced in limited quantity are therefore of high value in market**

I have attached a link with this question, which shows how valuable these coins can be…

https://www.news18.com/news/business/earn-upto-rs-1-5-lakh-with-rare-coins-and-notes-of-1-to-100-rupees-know-details-3975209.html

Answer

When exchanging currencies one has to take extra precaution to prevent riba (interest) taking place. The general principle regarding exchanging currencies is that if the currencies are the same then the amount must be exactly the same. For example, £50 for £50. If the currencies are different then the the amounts can vary, however, the market rate must be adopted.

When it comes to collectibles however, it will be permissible to sell a currency for more than its value even if being exchanged with the same currency. However, this would only be permissible if the sale of the coin or note is taking place as a collectible and is not going be used as a currency, otherwise it will not be permissible. This ruling would also apply to coins and notes which are no longer being used as currency and are out of circulation.

فقه البيوع 735:2

نعم، يمكن أن يتصور قول الشيخين في الفلوس التي يُقصد اقتنائها من حيث موادها وصنعتها، ولا يُقصد التبادل بها، كما هو معتاد عند بعض الناس في عصرنا من اقتناء عُملات شتى البلاد، وشتى الأنواع، لتكون ذكرى تاريخية، ففي مثل هذه الفلوس يمكن أن يتصور ما قاله الشيخان رحمهما الله تعالى، ويبدو أن التفاضل في مثل هذه الفلوس سعة على قولهما. وأما الفلوس التي يُقصد بها التبادل دون خصوص المادة، فلا ينبغي المساهلة في أمرها، فإنها من أقوى الذرائع إلى الربا

Answered by:
Ifta Research Fellow

Checked & Approved by:
Mufti Abdul Rahman Mangera
Mufti Zubair Patel