New Delhi: Sometimes, an old coin or banknote lying around the house can bring you good fortune. That’s why they say you never know when someone’s luck will change. Sometimes people become wealthy without even leaving their homes, without facing any difficulties. Did you know that a single one-rupee coin could get you an iPhone?
This might sound strange, but it’s 100% true, and you’ll be surprised to learn about it. A short video that surfaced online is astonishing everyone. A shopkeeper, standing behind his small counter, made a promise: anyone who brings him a one-rupee coin from the year 1970 can take home an iPhone.
He would only charge one rupee for the coin; there would be no other charges. People were surprised, wondering how this could be possible. This short video clip quickly went viral on social media, and people found it hard to believe.
People were thrilled by the offer.
Seeing the shopkeeper’s offer, people were overjoyed, and everyone started searching for the coin. Viewers were astonished that someone would give away a phone worth approximately 80,000 rupees in exchange for such a coin. The shopkeeper also shared a picture of the 1970 coin on his phone and asked people to check their old coin collections at home.
People started checking their coins at home. However, this offer wasn’t as unbelievable as it seemed. The year 1970 holds a special place in the history of coin-making. At that time, the world was facing a serious nickel shortage. Nickel is a metal used in the production of many coins.
A report published in Time magazine in November 1969 stated that due to the biggest shortage worldwide since World War II, the price of nickel on the London Metal Exchange had increased fivefold in just one year. Due to this shortage, very few one-rupee coins were minted in 1970. According to experts, only 2,900 such coins were minted, making them extremely rare today.
No coins minted for four years
Surprisingly, for four years (from 1971 to 1974), the Reserve Bank of India completely stopped minting one-rupee coins and later began using cheaper metals for smaller denominations. The coins made of pure nickel during those years are now highly sought after by collectors.
Only about 32,000 of these 100% nickel coins were ever minted. Furthermore, in 1975, when the RBI reintroduced the one-rupee coin, it was made of a copper-nickel alloy and minted in much larger quantities. This scarcity is what drives the high value of the 1970 coins.
On online marketplaces like eBay and other collector websites, these coins are listed at prices ranging from ₹20,000 to over ₹1 lakh, depending on their condition. One listing showed a price of $1,150, which is well over ₹1 lakh. This clearly means that a one-rupee coin from that era is worth more than a ₹1 lakh phone.