A passion turns into profession

He chucked his bank job to take coin auctioning as a full-time work

There are some people who are forced to take a path in life different from the run-of-the mill walk. There are some people who dream of charting out a life on an untrodden path, but rarely walk on them.

And then there are some people who live their dreams by walking on the road not taken. They are a breed apart; Farokh Todywalla is one of them.

The passion of dealing and feeling the texture of a coin bridging the ancient, past and present, began simmering in 64-year-old Farokh since his teens. It has been a long journey to running the country’s first Archaeological Survey of India (ASI)-licensed Todywalla Auctions dealing specifically with ancient, old and rare coins. Here, recently a coin from the era of “Chandragupta II, Gold Dinar, Sceptre type” went under hammer for Rs 25 lakh.

A former banker and handicraft exporter, Farokh is a renowned numismatist. According to his sister Jeroo, “My grandfather Rustomji Dhanjibhai Todywalla in early 20th century had made a trip to Europe. During his travel, he collected a lot of coins belonging to different countries. My brother’s fascination probably started then.

“Farokh like every teenager of those times was an avid reader of comics; those days there used to be a lot of advertisements of rare coins in these comic books and his fascination towards these coins made him take the first step into the world of coins,” she added.

Farokh's mother, realising the all-consuming passion of his son, told him very clearly that he has to put his hobby on back-seat, as seeking a job was important. Kaizad, his son dealing with rare and old stamps, points out: “My grandfather passed away when my father was just 13 years old.

Those were hard days and despite the fact that Parsis being a predominantly trading community full of entrepreneurs, my granny made him promise that he will look out for a well-entrenched job with proper fina­ncial security. Thus, he joined the Central Bank of India and kept his promise. He chucked it only after my granny passed away and turned his hobby into a full-time profession.”

Jeroo, interjects and says, “...but even before he became a professional numismatist, my brother never left his pursuit of old coins. The fascination that hypnotised him during his teen years, simmered and smouldered deep inside his heart.

He just couldn’t stay from this all-consuming passion towards coins of yore. On Saturdays which were half-working days, he would end up in the flea markets of Bhendi Bazaar, Null Bazaar aka Chor Bazaar, Dagina Bazaar, “Sarafa” (small-time pawn-brokers and jewellers) rummaging through their collections.

“In early 70s, I think he came across one of the country’s then most renowned numismatist late S M Shukla who was attached to Prince of Wales
Museum (now called Chhatrapati Shivaji Museum); Shuklaji was the epitome of a scholar in a classical sense; he was pleasantly surprised on seeing my brother’s coin collection and devotion.

He took Farokh under his wings, guiding the youngster into this arcane, mysterious and intriguing ancient world of coins in a systematic manner.”

Farokh, always an ardent student of history because of his love for ancient coins, began collecting books on numismatics and “today we have one of the most extensive book collection on the subject... not less than 1,200.

And my father, in memory of his “Guru” Shuklaji, for the past 22 years has been consistently holding “S M Shukla Coin Day” exhibition at the World Trade Centre, Mumbai. It is the largest coin and currency exhibition of the country visited by scholars, numismatists, historians and people alike from various parts of the country as well as outside,” Kaizad adds.

But when did he start thinking of turning it into a profession, since most numismatist are either hobb­yists or historians or researchers? Kaizad ponders and says: “Most coin collectors or even stamp collectors usually barter with each other.

It is a community by itself. And my father because of his readings, knowledge and vast collection also made profits in the exchanges. Not many people know the collectors are people with an obsession. It is a gentle and sublime obsession. To know one's past is to touch the past.

“ For a historian or a scholar of a monetary history it is a different thing altogether. Coins provide empirical evidence in filling the gaps in history, ruling out all conjectures. For example, everybody knows that there was a ruler called Shah Jehan. But how many know that there was Shah Jehan I and Shah Jehan II. This came to light recently when coins
depicting two different rulers were discovered.”

But how does one verify the authenticity of a coin or an antique? Kaizad says: “It is a full-fledged field with well-developed research tools. My brother Malcolm, who just last week held an exhibition-cum-auction in Chennai, has done his post-graduation in Numismatics from Alkesh Dinesh Mody Institute for Numismatics and Archaeology, Mumbai Unive­rsity. Experts in history of specific periods usually assess and evaluate the coins. Moreover, an experienced coin collector invariably spots a fake because of the weight, mint style, etchings, metal used and script style. It is just very difficult to palm off a fake to an experienced numismatist.”

After ASI issued an Art and Antiquity Dealers lice­nce in 2004, Farokh’s entire family moved into the business and today Todywalla Auctions headquartered in the 108-year-old family house, in one of the old by-lanes of south Mumbai, puts up an impressive list of coins, tokens, medals and paper money.

To name a few: “Ashmaka, Janapada, Godavari Valley (c.500-35-0 BC) silver 1/2 Karshpana, 1.5 g elephant, tree and 2 punches of symbol made up of four fishes on obv.) extremely fine, rare (estimate Rs 3,000 -4,000).”

“Vishnukundin Dynasty ( c. 450-615 AD) copper base alloy Unit (6) bull facing right within dotted circle on obv, conch shell between two tridents on rev. Very fine scarce (Rs 3,000-4,000).”

And talking of the profiles of the buyers, Jeroo and Kaizad shatter the myth surrounding the coin collectors to be hailing from rich class. “It is just a myth. The collectors are from every class... not many would believe but majority of the bidders are from upper-middle, middle and lower-middle class.”

And Kaizad displaying the catalogue states: “Our policy is to never sell our antiques to foreigners. We vet buyers and the bidders thoroughly before closing the deal. We see to it that our heritage is sold in India and remains in India.”