16 Oct
Republic India Coins
The year 15th August, 1947 is the day when India received its freedom. This day was hence marked as the Independence Day. During the period of transition, India retained the monetary system and the currency and coinage of the earlier period. India brought out its distinctive coins and currency on 15th August, 1950 when India became a republic nation.
Some of the main considerations that influenced the coinage policy of Republic India over a period of time have been the integration of symbols of sovereignty and aboriginal motifs on independence, coinage alterations with the introduction of the metric system, need that was felt from time to time to avert the possibility of the metallic value of coins rising beyond the face value, the cost-benefit of currency notes and its due advantages.
Independent India Issues could broadly be categorized as: The Frozen Series 1947-1950
This Series represented the currency arrangements during the transition period upto the establishment of the Indian Republic system. The Monetary System remained unchanged at one Rupee that consisted of 192 pies. Like; 1 Rupee = 16 Annas, 1 Anna = 4 Pice, 1 Pice = 3 Pies. The Anna Series was introduced on 15th August, 1950. It was this series that represented the first coinage of Republic India. The King’s Portrait was replaced on the coin by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger on the one Rupee coin. In some ways this surely symbolized a shift in focus that paid emphasis on progress and prosperity. Indian motifs were incorporated on other coins as well. The monetary system was largely retained unchanged with one Rupee consisting of 16 Annas.
The Decimal Series was in the works for over a century. Finally it was in September 1955 that the Indian Coinage Act was amended. The country then adopted a metric system for coinage. The Act came into force with effect from 1st April, 1957. The rupee remained unchanged in value as well as in the nomenclature. But the rupee was now divided into 100 ‘Paisa’ instead of 16 Annas or 64 Pice. For public recognition as well as to avoid confusion, the new decimal Paisa was termed ‘Naya Paisa’ till 1st June, 1964. After this date, the term ‘Naya’ was dropped.
From 1957-1964 was the period where the ‘Naya Paisa’ developed. With commodity prices rising in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and Aluminum-Bronze were gradually minted only in Aluminum. This new 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.
Over a period of time, 1, 2 and 3 paise coins in the seventies were gradual discontinued for cost benefit considerations. Stainless steel coinage of 10, 25 and 50 paise was introduced in 1988. Stainless steel one rupee coin was introduced in 1992. The substantial costs of managing note issues of Re 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s. [Reference RBI India].
