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].

As the British took over the administration in 1858, there were over a hundred Princely States which were issuing coins nominally in the name of the Mughal Emperor. The coins replaced the Mughal inscriptions with the name or portrait of the Queen of England so as to express the acceptance of the British rule. Some coins like those of Mewar inscribed the word ‘Dosti London’ which means ‘Friends of London’ on their coins.

As far as the Maratha coinage is concerned, Shivaji first issued coins in 1664 AD, when he assumed the title of a ‘Raja’. Coins were again issued to commemorate his coronation at Raigadh in 1674 AD. These coins are very rare. Three types of Rupees were in circulation during this period namely; the Hali Sicca, the Ankushi rupee which was the standard rupee of Pune, and the Chandori rupee which was on par with the Ankushi.
The Province of Awadh in North India was governed by Nawab-Wazirs on behalf of the Mughal Emperor from around 1720 AD. The monetary system consisted of the gold ashrafi available in the half, quarter, eighth and sixteenth of an ashrafi, the silver rupee with similar five denominations and the copper fulus. The defeat of the Nawab of Awadh at the Battle of Buxar in 1764 precipitated the decline of the Kingdom.

The Kingdom of Mysore which is situated in Southwest India was ruled by various Hindu dynasties. Coins of both the Mughal and Vijayanagar standards were current in this region. Coins of the pagoda types which carried the motifs and iconographic forms of the Vijayanagar period with an initial ‘He’ on the reverse were quite in use. Tipu, who assumed the title of Sultan, introduced various innovations and new varieties in his coinage. An interesting feature of his coins is that they do not bear his name.

The gold coins that were minted after the rule of Tipu sultan, carried the Hara-Gauri motif and the King’s name on the reverse. The silver coins were in the Mughal tradition, bearing the name of the Mughal Emperor, Shah Alam II on the obverse and the name of the mint on the reverse. Coins carried the image of the deity Chamunda, the family deity of the Wodeyar family, motifs drawn from nature and inscriptions in Nagri, Persian, Kannada, and English at various points of time.

Coins of the Sikh bore the name of Guru Gobind Singh, the tenth and the last Guru of the Sikhs. However, after the death of the Sikh ruler, the Empire began to deteriorate and was finally annexed to the British Empire in 1849. Most coins were struck during the reign of Ranjit Singh and they bore a large leaf on one side and Persian legends on the other. He also introduced coins with Gurumukhi legends which were mostly of the copper variety.

In matters of currency and coinage of Hyderabad, the Nizams issued coins in the name of the Mughal Emperor till 1858. A coin legend was introduced with the name of the founder of the state, Asaf Jha. The coins were then minted independently and the new coins were termed the ‘Hali Sicca’, i.e., the current coins.

In 1903-04 coins were machine struck for the first time. These coins featured the Charminar on the obverse with Persian inscription around it. The reverse side carried the value. These coins were incorrigible to the British coins in denominations and metals. [Reference RBI India]

The Mughals established their empire around 1526 A.D. The strength, stability and prosperity of Mughal Empire can be seen in the coins of the period. The Mughals brought about a lot of uniformity in the coinage system of India. The system lasted even after the downfall of the Mughal Empire. The coinage system of tri-metalism which came to characterize Mughal coinage was largely the creation of Sher Shah Suri, an Afghan, who ruled for a brief time in Delhi. Sher Shah was the person who issued a coin of silver which was termed the Rupiya. This coin weighed 178 grains and is marked to be the precursor of the modern rupee. It remained largely unchanged till the early 20th Century. Gold coins were issued together with the silver Rupiya and they were called the ‘Mohur’ which weighed 169 grains. The copper coins were called the ‘Dam’.

As far as the coin designs and minting techniques are concerned, Mughal Coinages truly reflects originality and innovative in technique. Mughal coin designs came to development during the reign of the Grand Mughal emperor, Akbar. Innovations like ornamentation of the background of the coin with floral scrollwork were introduced during this time. Jehangir took a personal interest in this coinage.

The surviving gigantic coins are amongst the largest issued in the world. The Zodiacal signs, portraits and literary verses and the excellent calligraphy that came to characterize during this period only. The coins of this time took the Mughal Coinage to new dimensions.
The early years of Shah Jehan’s reign of the Mughal Empire were responsible to bring about a large variety coins. Coin design was standardized towards the latter part of his reign. Aurangzeb, the last of the Grand Mughals, was ascetic in his ways and orthodox in his beliefs. He stuck to the format of the coins that was standardized to incorporate the name of the ruler, the mint and the date of issue.

All the emperors of the Mughal period paid special interest in the mintage of coins. The grand series of currency which got standardized provided the model for the coin mintages. Mohur in gold, rupee in silver and dam in copper continued to be minted in various denominations in Mughal kingdom.

Eminent artists and calligraphers belonging to the reign of Akbar were given commission in the manufacturing of the coins. Thus Mughal coins of this period produced beautiful calligraphy on the coins and were decorated with the floral, geometrical and arabesque designs.

The coin legends gave prominence to the name of ‘Khalifas’. Besides, the name of the mint, it was also incorporated on the surface. For a limited period, Akbar also introduced the ‘Ilahi’ date on his issue of coins. Most notable and interesting among Akbar’s mintage were certain silver and gold coins that depicted the figure of Raffia and Siya with the Devanagari script in Avadhi dilect.
Hence, the Mughals pay an important role in the history of the coins on India. [Reference RBI India].

The coins of the Tughlaqs prevalent in the 1320-1412 AD were very superior and crafty in design. Muhammed bin Tughlaq, the ruler himself took a lot personal interest in his coinage. However, the experience with his money was a failure and this caused him much misery. The first experiment of his coinage was to made to reflect the gold or the silver price ratios that were prevailing in the free market during that time. When this experiment failed, the old gold and silver coins of about 11 grams were reintroduced.

The next experiment in the medieval Indian coins was inspired by Chinese paper currency which had elevated the development of trade and commerce. Tughlaq attempted to establish a fiduciary system of coinage from 1329 to 1332 AD. He issued tokens of brass and copper coins. These tokens had the legends inscribed in them such as: ‘Sealed as a tanka of fifty ganis’ together with appeals such as ‘He who obeys the Sultan, obeys the Compassionate’ etc.

There were tremendous forgeries rendered the experiment a total disaster. Hence Tughlaq redeemed all coins and tokens whether forged or genuine. Gold coins were issued in very large numbers during the reign of Muhammed bin Tughlaq but thereafter gold coins became scarce. By the time, the Lodhi dynasty came into picture, and coins were almost exclusively of copper and billon. In the provinces of Bengal, Jaunpur Malwa, Gujarat, etc. the minting of coins started. In the South of India, Vijayanagar Empire evolved coinage of different metrology and design which remained as a standard in the region. This coinage was very influential in designing up till the 19th Century.

The Vijayanagar contemporaries of the Mughals were a dynasty whose currency is a rare example of a standardized issue which was later a model for the European and English trading companies. Krishnadevaraya encouraged foreign trade and this contemplated wider use of currency. Coins of the Vijayanagar kingdom was largely struck in gold and copper. Most gold coins of this kingdom had inscribed a sacred image on the obverse and the royal legend on the reverse. Amongst the significant gold coins of the Vijayanagar Empire, were those bearing the image of the deity of Tirupati, i.e., Lord Venkatesvara represented either singly or with his two consorts. These coins got their inspiration from the ‘Single Swami’ Pagodas of the Dutch and French and the ‘Three Swami’ Pagodas of the English East India Company.
Gold and silver coins of most of the Mughal emperors, coins of Chatrapati Shivaji, Maratha, gold and silver coins minted during British Raj and some rare and unique medieval Indian coins also hold a lot of value in the numismatist world. [Reference RBI India]

India’s history is vast and extensive and it is impossible to talk about Indian coinage without delving into its history. India’s historic coinage can be dated back to some 2600 odd years. A trail of India’s intricate coins can be seen with the coming of rulers like Alexander the Great, the Dutch, the Portuguese and the British. It is important to note, that old Indian coins are not just odd pieces of metal, they are our links to the past which help us understand our rich culture and heritage better. A hint at the multi-cultural forces that shaped this country is witnessed from coins dating back to Kanishka, featuring Iranian goddesses and Zoroastrian ideas.

Indian 25 paisa coin

Most kings and dynasties which ruled over India would otherwise be totally unknown, are today made famous and given a place in history only because they have been inscribed on their coins. A very apt example is the Indo-Greeks and other nomadic kingdoms and dynasties, which existed in Afghanistan and North-West India (the Pakistan today). Paradoxically, this has made the study of Indian history and coinage a very interesting and challenging proposition.

Ever since Mohen-jo-daro and Harappa have been discovered, more than 500 seals have been exposed with fine representation of animal figures and pictorial writing which has not yet been deciphered. Trade between Mesopotamia (modern Iraq) and Harappa is evident with the finding of two seals. With the coming of the British East India Company, minting of coins began from mid 17^th century.

India became independent on 15th August, 1947 and left a legacy of non-decimal coinage. In 1982 a 2 Rupee coin was introduced as an experiment to replace the 2 rupee note. The note ceased circulation till 1990 after which it was minted every year. India has issued several types of coins commemorating great leaders like Mahatma Gandhi, Jawaharlal Nehru, Sri Aurobindo, Chittaranjan Das, Chhatrapati Shivaji and many others. The coins circulating today are the 25 paise, 50 paise, Rs. 1, Rs. 2, and Rs. 5.

Early English coins in India have developed along the three broad groupings namely; Western India, which is, Bombay & Surat, those in South India (Madras) and those in the Eastern Province of Bengal i.e. (Calcutta). Early English coins accordingly developed in consonance with the local acceptability of the coins for the purposes of trade. The coins of Bengal were developed in sync with the Mughal pattern. The coins of South India i.e. Madras were struck along Pagoda lines both in design and metrology as well as along Mughal designs also.

Mughal as well as English patterns were used on the English coins of Western India.
Emperor Farrukhsiyar gave the permission to coin Mughal money at the Bombay mint late in 1717 AD. English pattern coins were struck at the Bombay Mint. ‘Carolina’ was the term used for gold coins, the silver coins were called the ‘Anglina’, the copper coins were termed as ‘Cupperoon’ and ‘Tinny’ was used for tin coins.
By the early 1830, the English had become the dominant power in India. The rise of one dominant power after over a hundred years of turmoil enabled the enactment of the Coinage Act of 1835 and for uniform coinage to be issued. 1835 was the year when newly designed coins with the effigy of William IV on the obverse and the value on the reverse in English and Persian were issued.

The portrait of Queen Victoria was inscribed on the Indian coins which were issued after 1840. The first coinage was issued in 1862 and in 1877 Queen Victoria assumed the title of the Empress of India. Later, when Edward VII succeeded Queen Victoria, the coins too that were issued bore his effigy.

In1906, the Indian Coinage Act was passed which governed the establishment of mints as well as the coins that would be issued and the standards that would be maintained that is the rupee weighing180 grains, silver standard being the 916.66; half rupee of 90 grains and quarter rupee of 45 grains.

Acute shortage of silver on account of World War I, led the British Government to issue paper currency of one rupee and two and a half Rupees. The silver coins of smaller denominations were issued in cupro-nickel during this period.
George V was in turn succeeded by Edward VIII but no coins were issued during his short reign. In 1936, George VI ascended the throne. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the quaternary silver alloy.

The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins. The existing coinage was continued as the frozen series till 26th of January 1950 when India became Republic. [Reference RBI India].