This Tihar, Nepal saw huge demand for silver coins, with nearly 41,000 coins sold.
Why no gold coins?
Nepal Rastra Bank, did not sell gold coins because there was a shortage of high-quality gold. Normally, they use the purest gold, called 999.99 touch, for coins known as “Asarfi.” This year, Only silver coins were distributed, and the bank confirmed the sale of around 41,000 coins.
The central bank issued coins weighing 10 grams each. The price of each coin changed daily, depending on the silver market rate. During the festival, coins were sold for between Rs 3,000 and Rs 3,300 each. On average, with a price of Rs 3,100 per coin, the total silver coin sales reached nearly Rs 12.75 crore.
What types of silver coins were available?
There were two main types: Medallion coins and Commemorative coins.
- Commemorative coins are made from silver or mixed metals. They mark special national or international events, famous personalities, or achievements.
- Medallion coins are usually made of silver and carry images promoting religion, culture, or nature. Popular designs this year included coins with Lakshmi, Ganesh, or both together.
This year, each person could buy a maximum of four silver coins. To purchase medallion or commemorative coins, buyers had to provide a copy of their citizenship or valid ID.
The central bank’s currency department has been selling gold and silver coins to the public for years. Officers say that demand for these coins spikes during festivals like Dashain and Tihar. In fact, more than 90% of annual gold and silver coin sales happen during Tihar, showing how much Nepalis love these coins.
Prices for Asarfi, medallion, and commemorative coins are based on market rates for gold and silver. Buying Asarfi from the bank is similar to buying jewelry from the market, but people trust the bank for guaranteed quality.
For individual buyers, the bank adds Rs 300 per gram to the market price of gold when selling Asarfi coins. For institutions, Rs 500 per gram is added.
