When you find a copper coin with the inscription EAST INDIA COMPANY dated before 1839, usually with early dates such as 1616, 1717, 1818, and denominations ANNA, HALF ANNA, or RUPEE, the coin is not issued by the East India Company, but a spiritually oriented token recently manufactured and sold to tourists. These tokens generally include the likeness of different Hindu gods, as well as related spiritual symbols and caricatures.
These pieces are not coins per se, even though they contain valid denominations (anna, rupee, etc.) and a valid issuing agency (East India Company). They are instead Temple Tokens, Lebbo coins, or similar non-legal tender with religious or magical implications.
Mr. Sumit Bhola is a professional numismatist in India. Sumit has volunteered to help people authenticate and evaluate their Indian coins. You can contact him on facebook and via e-mail.
In summary, these pieces are modern, counterfeit coins made to look old and be valuable. They are neither. Nevertheless, they are collectible, and assembling a comprehensive set of these items would be a collecting challenge, but they carry almost no value.
Typical retail prices for these pieces range from 50 to 250 rupees, or about $1 to $5 US dollars. Never pay more than that for one of these tokens. A dealer buying one from a collector would pay half the retail amount, or less.