(1)No person shall—(i)use any metal piece as coin whether stamped or unstamped, intended to be used as money except by the authority of the Government, or(ii)melt or destroy any coin, or(iii)use coin other than as a medium of exchange, or(iv)have in his possession, custody or control,—(a)any melted coin, whether in the molten state or in a solid state, or(b)any coin in a destroyed or mutilated state, or(c)coins substantially in excess of his reasonable requirements for the purpose of selling such coins for value other than their face value or for melting or for destroying or for disposing these coins other than as a medium of exchange.Explanation.—For the purposes of determining the reasonable requirements of coins of a person, due regard shall be had to—(i)his total daily requirements of coins;(ii)the nature of his business, occupation or profession;(iii)the mode of his acquisition of coins; and(iv)the manner in which, and the place at which, such coins are being possessed, held or controlled by him.
