Monday, March 1, 2010

INDIAN COINS PRESENT AND PAST

INDIAN COINS PRESENT AND PAST WITH HISTORY:

Republic India Coinage

India won its independence on 15th 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 15th 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 Rupees from 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 15th 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.

DenominationMetalObverseReverse
Rupee OneNickel
Other Distributions

Other Distributions
Half RupeeNickel
Other Distributions

Other Distributions
Quarter RupeeNickel
Other Distributions

Other Distributions
Two AnnaCupro-Nickel
See Other Distributions

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One AnnaCupro-Nickel
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Half AnnaCupro-Nickel
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One PiceBronze
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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 1st 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 1st June, 1964 when the term 'Naya' was dropped.

Naya Paisa Series 1957-1964

DenominationMetal / Weight / Shape / SizeCoin
Rupee OneNickel
10 gms
Circular
28 mm

Other Distributions
Fifty Naye PaiseNickel
5 gms
Circular
24 mm

Other Distributions
Twenty Five Naye PaiseNickel
2.5 gms
Circular
19 mm

Other Distributions
Ten Naye PaiseCupro-Nickel
5 gms
Eight Scalloped
23 mm (across scallops)

Other Distributions
Five Naye PaiseCupro-Nickel
4 gms
Square
22 mm (across corners)

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Two Naye PaiseCupro-Nickel
3 gms
Eight Scalloped
18 mm (across scallops)

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One Naya PaisaBronze
1.5 gms
Circular
16 mm

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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

DenominationMetal / Weight / Shape / SizeCoin
One PaisaAluminium-Magnesium
0.75 gms
Square
17 mm (Daigonal)

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Two PaiseAluminium-Magnesium
1 gm
Scalloped
20 mm (across scallops)

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Three PaiseAluminium-Magnesium
1.25 gms
Hexagonal
21 mm (Diagonal)

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Five PaiseAluminium-Magnesium
1.5 gms
Square
22 mm (Diagonal)

Other Distributions
Ten PaiseAluminium-Magnesium
2.3 gms
Scalloped
26 mm (across scallops)

Other Distributions
Twenty PaiseAluminium-Magnesium
2.2 gms
Hexagonal
26 mm (diagonal)
24.5 mm (across flats)

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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

DenominationMetalWeightDiameterShape

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Silver- gms23 mmCircular

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Silver- gms23 mmCircular

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Silver- gms23 mmCircular

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Silver- gms23 mmCircular

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Cupro-Nickel and Silver- gms23 mmCircular

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Cupro-Nickel9.00 gms23 mmCircular

Other Distributions
Cupro-Nickel6.00 gms26 mmEleven Sided


Other Distributions

Ferratic Stainless Steel4.85 gms25 mmCircular

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Ferratic Stainless Steel3.79 gms22 mmCircular

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Ferratic Stainless Steel2.83 gms19 mmCircular


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Ferratic Stainless Steel2.00 gms16 mmCircular

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