What is common to coin and shaving blade? The obvious answer is metal that goes to make both. What is not obvious is that the metal of coins comes in unique form of alloy that has definite percentage of different metallic components that make it, which ensures every coin of similar denomination is identical with each other in terms of shape, size and weight.
As raw material coins can be for good use. The recent acute shortage of coins in Kolkata is suspected to be the result of their large-scale smuggling across the border apparently for making shaving blades.
It is said each ‘one rupee’ coin, the actual value of which is greater than a rupee, can be melted to make as many as 6 shaving blades. If a blade costs Rs.2, it’s clear that there’s phenomenal profit to be had using coins as raw material.
Coin shortage in Kolkata is brewing for the last 3 months, and in a city where perhaps coins are used maximum compared to other metros, it is the small traders who are facing the brunt.
The police are working overtime to identify the cause of shortage, and on its part the RBI has recently released coins worth Rs.40 lakhs in the market to tide over the present crisis.
Related reading:
Wow, I never knew something like that could be done. Ingenious Indians could always be expected to find a way for minting money through such original con ventures.
Sad about the small traders losing out. You are so right; exchange of coins is nowhere as intense as in Kolkata. I hope the culprits are brought to book soon.
Yesterday the police could lay hands on some of those responsible for smuggling along with a bulky consignment of coins about to make its way to the wrong hands.
From available news the brain behind this game seems to be from Bangladesh.
Thanks for commenting.