Modern Indian coins
India became independent on 15 August 1947 and was left with a legacy of non-decimal coinage. One rupee was divided into 16 annas or 64 pice, with each anna therefore equal to 4 pice. In 1957, India shifted to the decimal system, but for a short period both decimal and non-decimal coins were in circulation. To distinguish between the two pice, the coins minted between 1957 and 1964 have the legend "Naya Paisa" ("new" paisa). The denominations in circulation were 1, 2, 5, 10, 20, 25, 50 (naya)paise and one rupee which remained as the same pre-decimal value. Therefore pre-decimal coins of one, half and quarter rupees could remain in circulation after decimalisation. See below #Coin series.
The word "naya" was dropped in 1964. In this year a new denomination the 3 paise was introduced and in 1968 a 20 paise coin was minted. Both these coins however did not gain much popularity. The 1, 2 and 3 paise coins were phased out gradually in the 1970s.
In 1982 a new coin, 2 rupees, was introduced as an experiment to replace 2 rupee notes. The 2 rupee coin was not minted again till 1990, after which it was minted every year.
Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and in 1992, a new rupee coin was minted. This coin was smaller and lighter than the older rupee and was also made of stainless steel. In 1992, a 5 Rupees Cupronickel coin was introduced. In 2006, 10 Rupees coin was minted for the first time. The higher denomination coins were introduced due to increasing demand for change and increasing cost of printing 2, 5 and 10 rupees banknotes.
India issues several types of coins. Some special coins were minted in memory of special events or people and these are referred to as commemorative coins. Commemorative coins can be for collectors and also for circulation. They can be found in various denominations. Some of commemorative coins include coins depicting Mahatma Gandhi, Jawaharlal Nehru, Indira Gandhi, B. R. Ambedkar, Rajiv Gandhi, Dnyaneshwar, 1982–Asian Games, Sardar Vallabhbhai Patel, Subhas Chandra Bose, Sri Aurobindo, Chittaranjan Das, Chhatrapati Shivaji and logo of 2010-Commonwealth Games.
- 1 Coin series
- 2 Controversy over 2006 two-rupee coin
- 3 India's First Bimetallic Rupees 10 Coin Issued
- 4 See also
- 5 References
- 6 External links
Chronologically, the main considerations influencing the coinage policy of Republic of India over time have been: The incorporation of symbols of sovereignty and indigenous motifs on independence; Coinage Reforms with the introduction of the metric system; The need felt from time to time to obviate the possibility of the metallic value of coins rising beyond the face value; The cost-benefit of coinisation of currency notes.
The Ashok-Stambha (Ashoka's Pillar) is a motif on all Republic of India coins. The symbol is a representation of peace and non-violence.
The coins of India post-independence could broadly be categorised as
Union of India 1947–1950
At Independence on 15 August 1947, India was partitioned into the new British Dominions of India and Pakistan. The new Dominion (or Union) of India retained the previous imperial currency with images of British monarchs. The basic unit of currency was the Indian rupee, which was itself divided into annas (16 annas to a rupee) and pice (the old spelling of paise - 64 pice to a rupee). The lowest-denomination Indian coins, the half-pice (128 to a rupee) and the pie (192 to a rupee) officially became obsolete in 1947; while both denominations had continued to circulate up to that time, new examples were not minted after 1942 as they were practically worthless (India remained a member of the sterling area after independence and the rupee remained pegged to the pound sterling. Until 1966, the rupee was worth 1s.6d, or 18 old pence; a half-pice was therefore worth 0.135 old pence and a pie 0.09 old pence.)
From 15 August 1947 until 26 January 1950, the Indian coinage structure was as follows: (bold - denominations minted)
|Rupee and its fractions||Annas||Pice||Pies (obsolete after 1947)|
|Rupee||16 annas||64 pice||192 pies|
|Half rupee||8 annas||32 pice||96 pies|
|Quarter rupee||4 annas||16 pice||48 pies|
|1/8th rupee||2 annas||8 pice||24 pies|
|1/16th rupee||1 anna||4 pice||12 pies|
|1/32nd rupee||Half anna||2 pice||6 pies|
|1/64th rupee||1/4th anna||1 pice||3 pies|
This represented the currency arrangements during the transition period up to the establishment of the Indian Republic.
Republic of India 1950-1957 (pre-decimalisation)
On 26 January 1950, India became a republic within the Commonwealth. This series was introduced on 15 August 1950 and represented the first coinage of Republic India. The British King's portrait was replaced by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger on the one rupee coin. In some ways this symbolised a shift in focus to progress and prosperity. Indian motifs were incorporated on other coins. The previous monetary system and the old units of currency were retained unchanged.
Republic of India decimal series (1957-present)
The move towards decimalisation was afoot for over a century. However, it was in September, 1955 that the Indian Coinage Act was amended for the country to adopt a metric system for coinage. The Act came into force with effect from 1 April 1957, after which anna and pice denominations became obsolete. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 'paisa' instead of 16 annas or 64 pice. The antiquated spelling of "pice" was modified to "paisa" in the singular and "paise" in the plural. For public recognition, the new decimal paisa was termed 'Naya Paisa' (New Paisa) till 1 June 1964 when the term 'Naya' was dropped:
|Pre-decimal currency (1950-1957; minting ceased in 1955)||Decimal currency replacement (1957-present)||Decimal currency (dates minted)|
|Rupee||Rupee (divided into 100 new paise 1957-1964; divided into 100 paise 1964-present.||1962, 1964-1967 (commemorative issue honouring Nehru), 1969-1970 (commemorative issue for the centenary of Mahatma Gandhi's birth), 1970-present|
|Half rupee||50 paise||1960-present|
|Quarter rupee||25 paise||1957-2002. Obsolete since 2011.|
|2 annas||20 paise||Introduced in 1968; minted until 1994. Obsolete since 2011.|
|Anna||10 paise||1957-1998. Obsolete since 2011.|
|Half anna||5 paise||1957-1994. Obsolete since 2011.|
|N/A||3 paise||Introduced in 1964; minting ceased in 1972 but proofs minted until 1981. Obsolete since 1981.|
|N/A||2 paise||1957-1979; proofs minted until 1981. Obsolete since 1981.|
|Pice||Paisa||1957-1972; proofs minted until 1981. Obsolete since 1981, but retained as a unit of currency.|
Naya paisa series 1957–1966
|One Rupee||Nickel||10 g||Circular||28 mm|
|Fifty Naye Paise||Nickel||5 g||Circular||24 mm|
|Twenty Five Naye Paise||Nickel||2.5 g||Circular||19 mm|
|Ten Naye Paise||Cupro-Nickel||5 g||Eight Scalloped||23 mm (across scallops)|
|Five Naye Paise||Cupro-Nickel||4 g||Square||22 mm (across corners)|
|Two Naye Paise||Cupro-Nickel||3 g||Eight Scalloped||18 mm (across scallops)|
|One Naya Paisa||Bronze||1.5 g||Circular||16 mm|
With commodity prices rising in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and aluminium-bronze were gradually minted in aluminium. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity.
Aluminium series 1964 onwards
|One Paisa||Aluminium-Magnesium||0.75 g||Square||17 mm (Diagonal)|
|Two Paise||Aluminium-Magnesium||1 g||Scalloped||20 mm (across scallops)|
|Three Paise||Aluminium-Magnesium||1.25 g||Hexagonal||21 mm (Diagonal)|
|Five Paise||Aluminium-Magnesium||1.5 g||Square||22 mm (Diagonal)|
|Ten Paise||Aluminium-Magnesium||2.3 g||Scalloped||26 mm (across scallops)|
|Twenty Paise||Aluminium-Magnesium||2.2 g||Hexagonal||24.5 mm (across flats)|
Over a period of time, cost benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the seventies; stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Re 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s. In 1997 the Indian government issued a 50 rupee coin with 50% silver content and 50 paise coin of steel. Only the 50 paise coins were introduced into circulation. The 50 paise issue of 1997 did not achieve popularity, as the coins were of little value and little use.
|Five Rupees||Cupro-Nickel||6.0 g||Circular||23 mm|
|Two Rupees||Cupro-Nickel||5.62 g||Eleven Sided||26 mm|
|One Rupee||Ferratic Stainless Steel||4.85 g||Circular||25 mm|
|Fifty Paise||Ferratic Stainless Steel||3.79 g||Circular||22 mm|
|Twenty Five Paise||Ferratic Stainless Steel||2.83 g||Circular||19 mm|
|Ten Paise||Ferratic Stainless Steel||2.0 g||Circular||16 mm|
Cupro-Nickel coins are not minted anymore. Ferratic Stainless Steel coins of Two and Five Rupee denominations are currently in production.
Indian coins have been minted both in and outside of India. Coins are usually minted at one of the four Indian mints - Calcutta (Kolkata), Bombay (Mumbai), Hyderabad, and Noida. The earliest mints of India are Calcutta and Bombay. Hyderabad was the third mint established (1944) in India. The last of mint established (1988) in India is Noida, which is on the outskirts of New Delhi.
Domestic mint marks:
- Bombay (Mumbai)- diamond mint mark under the date of the coin.
- Kolkuta (Calcutta]- either no mint mark beneath the date of coin or a C is seen at 6'o clock position in British India coins.
- Hyderabad - split diamond or a dot in diamond or five pointed star under the date of coin.
- Lahore - a letter "L" mint mark under the date of the coin.
- Noida - a small or thick dot under the date of the Coin.
Because of the increasing demand for coins, the Indian government was forced to mint coins in foreign countries at various points in the country's history.
Foreign Mint Marks:
- Pretoria - diamond mark under the date 1943.
- Seoul - a five pointed star under the date of the coin but exactly below the first or Last Digits of dates 1985 and 1997.
- Birmingham (Royal Mint, UK) - small dot under the date of the coin but exactly below the first digit of date 1985.
- Heaton Press - Ornamental/decorated letter "H" under the last digit of the date 1985.
- Ottawa - a "C" mint mark under the date of the coin.
- Mexico City - "M" mint mark under the date of the coin.
Mints in Daegu, Korea, Slovakia (Kremnca), and Russia (Moscow) have also been used.
Controversy over 2006 two-rupee coin
The two-rupee coin issued from 2006 by the Reserve Bank, in stark contrast to the earlier coin, is rounded and simpler in design, without the map of India. The coin has already been criticized for being difficult to recognize by the visually impaired. Most controversially, it features an equal-armed cross with the beams divided into two rays and with dots between adjacent beams. According to RBI, this design represents "four heads sharing a common body" under a new "unity in diversity" theme. However, Hindu nationalists have charged that the symbol is a Christian cross resembling the symbol on the deniers issued by Louis the Pious.
India's First Bimetallic Rupees 10 Coin Issued
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India' s much awaited first ever bimetallic Rupees 10 coin was released in 2005 under the theme - Unity in Diversity. But due to its controversial design resembling a Cross it was criticised and was not minted in large numbers. Another reason for its availability being scarce is that it was minted only in one (Noida) out of the 4 mints in India. Coin dealers and the public who got this coin hoarded it and it never came into circulation. It is available for sale on some auction websites, but the rate of this coin is very high in comparison to its denomination due to the uncertain number of issued coins. Some coin sellers claim that this coin is a limited edition. But official information is not yet available on the number of mintage. A press release from Reserve Bank of India mentioned that there will be two themes of Rupees 10 coins; Unity in Diversity, and Connectivity and Information technology. From 2008 coins based on the second theme - Connectivity and Information technology were also released. The coin depicts 15 rays above the numeric 10. It was again minted only by the Noida mint and was not easily available in circulation. From 2011 the same theme was continued with a slight design change showing ten rays instead of the earlier 15 and the introduction of the new Re symbol. Now it is being minted in all the 4 mints (Mumbai, Kolkata, Hyderabad & Noida) Apart from these definitive coins 10 Rs Bi-metallic Commemorative coins have also been released as follows : 2008 – Tri Centenary of Gur-ta-Gaddi 2009 – Homi Bhabha Birth Centenary 2010 – RBI Platinum Jubilee 2012 – 60 Years of Parliamants first sitting.
The first Indian commemorative coin was issued in 1964 to mourn the death of Jawaharlala Nehru,the first Prime Minister of India.Since then numerous coins of these type on almost all denomination from 5 paise to 10 rupees have been issued. These coins based on famous personalities (usually issued on their birth or death centenary, or in rare cases on their death), government programmes and social messages.
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- India - Currency, Weights and Measures, The Statesman's Year Book 1947, pg 133, Macmillan & Co.
- Schedule of Par Values, Currencies of Metropolitan Areas, The Statesman's Year Book 1947, pg xxiii, Macmillan & Co.
- India - Currency, Weights and Measures, The Statesman's Year Book 1947, pg 133, Macmillan & Co.
- Krause, Chester. Mishler, Clifford. "India-Republic," 2005 Standard Catalog of World Coins 1901-present, 32nd edition. Krause Publications. Iola, WI
- New two-rupee coin is confusing for the blind
- RBI to come out with new Rs 2 coin
- An assault on the soul of the nation – V Sundaram