INDIAN COINS

 

Republic India Coinage

India won its independence on 15^th August, 1947. During the period of transition India retained the monetary system and the currency and coinage of the earlier period. While Pakistan introduced a new series of coins in 1948 and notes in 1949, India brought out its distinctive coins on 15^th August, 1950.

Chronologically, the main considerations influencing the coinage policy of Republic 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

Independent India Issues could broadly be categorised as

The Frozen Series 1947-1950

This represented the currency arrangements during the transition period upto the establishment of the Indian Republic. The Monetary System remained unchanged at One Rupee consisting of 192 pies.
1 Rupee = 16 Annas
1 Anna = 4 Pice
1 Pice = 3 Pies

The Anna Series

This series was introduced on 15^th August, 1950 and represented the first coinage of Republic India. The 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 monetary system was largely retained unchanged with one Rupee consisting of 16 Annas.

Denomination	Metal	Obverse	Reverse
Rupee One	Nickel
Half Rupee	Nickel
Quarter Rupee	Nickel
Two Anna	Cupro-Nickel
One Anna	Cupro-Nickel
Half Anna	Cupro-Nickel
One Pice	Bronze

The Decimal Series
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^st April, 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. For public recognition, the new decimal Paisa was termed 'Naya Paisa' till 1^st June, 1964 when the term 'Naya' was dropped.
Naya Paisa Series 1957-1964
 

Denomination	Metal Weight Shape Size	Coin
Rupee One	Nickel 10 gms Circular 28 mm
Fifty Naye Paise	Nickel 5 gms Circular 24 mm
Twenty Five Naye Paise	Nickel 2.5 gms Circular 19 mm
Ten Naye Paise	Cupro-Nickel 5 gms Eight Scalloped 23 mm (across scallops)
Five Naye Paise	Cupro-Nickel 4 gms Square 22 mm (across corners)
Two Naye Paise	Cupro-Nickel 3 gms Eight Scalloped 18 mm (across scallops)
One Naya Paisa	Bronze 1.5 gms 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
 

Denomination	Metal Weight Shape Size	Coin
One Paisa	Aluminium-Magnesium 0.75 gms Square 17 mm (Daigonal)
Two Paise	Aluminium-Magnesium 1 gm Scalloped 20 mm (across scallops)
Three Paise	Aluminium-Magnesium 1.25 gms Hexagonal 21 mm (Diagonal)
Five Paise	Aluminium-Magnesium 1.5 gms Square 22 mm (Diagonal)
Ten Paise	Aluminium-Magnesium 2.3 gms Scalloped 26 mm (across scallops)
Twenty Paise	Aluminium-Magnesium 2.2 gms Hexagonal 26 mm (diagonal) 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.






Contemporary Coins

The Government of India has the sole right to mint coins. The responsibility for coinage vests with the Government of India in terms of the Coinage Act, 1906 as amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.

Five Rupee Coin Two Rupee Coin One Rupee Coin Fifty Paise Twenty Five Paise Ten Paise

Denominations Coins in India are presently being issued in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees. Coins upto 50 paise are called 'small coins' and coins of Rupee one and above are called 'Rupee Coins'. Coins can be issued up to the denomination of Rs.1000 as per the Coinage Act, 1906. Distribution Coins are received from the Mints and issued into circulation through its Regional Issue offices/sub-offices of the Reserve Bank and a wide network of currency chests and coin depots maintained by banks and Government treasuries spread across the country. The RBI Issue Offices/sub-offices are located at Ahmedabad, Bangalore, Belapur (Navi Mumbai), Bhopal, Bhubaneshwar, Chandigarh, Chennai, Guwahati, Hyderabad, Jammu, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. These offices issue coins to the public directly through their counters and also send coin remittances to the currency chests and small coin depots. There are 4422 currency chest branches and 3784 small coin depots spread throughout the country. The currency chests and small coin depots distribute coins to the public, customers and other bank branches in their area of operation. The members of the public can approach the RBI offices or the above agencies for requirement of coins. Measures to improve the supply of coins The various Mints in the country have been modernised and upgraded to enhance their production capacities. Government has in the recent past, imported coins to augment the indigenous production. Notes in denomination of Rs.5 have been reintroduced to supplement the supply of coins. New initiatives for distribution Coin Dispensing Machines have been installed at select Regional Offices of the Reserve Bank on pilot basis. Dedicated Single-window counters have been opened in several of the Reserve Bank's offices for issuing coins of different denominations packed in pouches. Mobile counters are being organised by the Reserve Bank in commercial and other important areas of the town where soiled notes can be exchanged for coins. Appeal to the Public The Bank, with active co-operation from various agencies, has been endeavouring to distribute the coins in an equitable manner to all parts of the country. The mission cannot be successful without unstinting support from the people at large and the various voluntary agencies. Members of public are requested to avoid holding on to coins and instead, use them freely for transactions to ensure that there is a smooth circulation of coins. Voluntary agencies are requested to educate the public about the various facilities available in their areas for distribution of coins, exchange of soiled notes and proper handling of notes.