Darcy's law is given by:
\[
Q = K A \frac{\Delta h}{L} t,
\]
where:
- \( Q \) = volume of water (300 cm³),
- \( A \) = cross-sectional area of the column (25 cm²),
- \( \Delta h \) = head loss (50 cm),
- \( L \) = height of the column (40 cm),
- \( t \) = time (2 minutes = 120 seconds),
- \( K \) = coefficient of permeability.
Rearranging to solve for \( K \):
\[
K = \frac{Q L}{A \Delta h t} = \frac{300 \times 40}{25 \times 50 \times 120} = 0.08 \, \text{cm/sec}.
\]
Thus, the coefficient of permeability is \( \boxed{0.08} \) cm/sec.