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History of Indian Coins

CMA KNVV Sri Vidya - Sri Kanth (C.A.Final (New) ICWAI FINAL (New)) (11269 Points)

12 August 2009

Indian Coins

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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.

Nomination	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 :

Enomination	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 :

Enomination	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 :

Enomination	Metal	Weight	Diameter	Shape
	Cupro-Nickel	9..00 gms	23 mm	Circular
	Cupro-Nickel	6..00 gms	26 mm	Eleven Sided
	Ferratic Stainless Steel	4..85 gms	25 mm	Circular
	Ferratic Stainless Steel	3..79 gms	22 mm	Circular
	Ferratic Stainless Steel	2..83 gms	19 mm	Circular
	Ferratic Stainless Steel	2..00 gms	16 mm	Circular

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3 Replies

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 12 August 2009

Thanks for sharing the info

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(Guest)

Thanks for the information

CA Guru M (B.com, CA, CS) (1552 Points)
Replied 12 August 2009

Thansk vidya

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