Coins of the Indian rupee (INR) were first minted in 1950. New coins have been produced annually since then and they make up a valuable aspect of the Indian currency system. Today, circulating coins exist in denominations of One Rupee, Two Rupees, Five Rupees, Ten Rupees and Twenty Rupees. All of these are produced by four mints located across India, in
Kolkata
Kolkata (, or , ; also known as Calcutta , the official name until 2001) is the capital of the Indian state of West Bengal, on the eastern bank of the Hooghly River west of the border with Bangladesh. It is the primary business, comme ...
,
Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
,
Hyderabad
Hyderabad ( ; , ) is the capital and largest city of the Indian state of Telangana and the ''de jure'' capital of Andhra Pradesh. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part ...
,
Noida.
History
After
Indian independence in 1947, British Indian coins were in use as a frozen currency until the
dominion of India
The Dominion of India, officially the Union of India,* Quote: “The first collective use (of the word "dominion") occurred at the Colonial Conference (April to May 1907) when the title was conferred upon Canada and Australia. New Zealand and N ...
became a republic in 1950. The first rupee coins of the Republic of India were minted in 1950. These included 1/2 rupee, 1/4 rupee, 2 anna, 1 anna, 1/2 anna & 1 pice coins, and are referred to as the anna series or pre-decimal
coinage
Coinage may refer to:
* Coins, standardized as currency
* Neologism, coinage of a new word
* '' COINage'', numismatics magazine
* Tin coinage, a tax on refined tin
* Protologism
''Protologism'' is a term coined in 2003 by the American literary ...
. Under the anna series, one rupee was divided into 16 annas or 64 pice, with each anna equal to 4 pice.
In 1957, India shifted to the decimal system, though for a short period of time, both decimal and non-decimal coins were in circulation. To distinguish between the two pice coins in circulation, the coins minted between 1957 and 1964 were printed with the legend “Naya Paisa” (“New Paisa”). The denominations in circulation were 1, 2, 3, 5, 10, 20, 25, 50 (naya) paisa and one rupee. Since rupees retained their pre-decimal value, pre-decimal coins of one, half and quarter rupees remained in circulation after
decimalisation
Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.
Most countries have decimalised their currencies, converting them from non-decimal ...
.
The word "naya" was dropped in 1964 and a new denomination, the 3 paisa, was introduced into circulation. A 20 paisa coin was minted in 1968. Neither of these coins gained much popularity. The 1, 2 and 3 paisa coins were phased out gradually in the 1970s. In 1982, a new 2 rupee coin was introduced experimentally to replace 2 rupee notes. The 2 rupee coin was not minted again till 1990, after which it was minted every following year.
Stainless steel
Stainless steel is an alloy of iron that is resistant to rusting and corrosion. It contains at least 11% chromium and may contain elements such as carbon, other nonmetals and metals to obtain other desired properties. Stainless steel's corros ...
coinage of 10, 25 and 50 paisa was introduced in 1988. In 1992, a new stainless steel rupee coin, smaller and lighter than the older rupee, was minted, alongside a 5 rupee Cupronickel coin.
In 2005, the
10 rupee coin was minted for the first time. Higher denomination coins were introduced due to an increasing demand for change and the increasing cost of printing 2, 5 and 10 rupee banknotes.
On 30 June 2011, all coins in denominations of 25 paisa and below were officially demonetised.
Commemorative coins in circulation can be found in various denominations. They depict various special events or people, including
Mahatma Gandhi
Mohandas Karamchand Gandhi (; ; 2 October 1869 – 30 January 1948), popularly known as Mahatma Gandhi, was an Indian lawyer, anti-colonial nationalist Quote: "... marks Gandhi as a hybrid cosmopolitan figure who transformed ... anti- ...
,
Jawaharlal Nehru
Pandit Jawaharlal Nehru (; ; ; 14 November 1889 – 27 May 1964) was an Indian anti-colonial nationalist, secular humanist, social democrat—
*
*
*
* and author who was a central figure in India during the middle of the 20t ...
,
Indira Gandhi
Indira Priyadarshini Gandhi (; Given name, ''née'' Nehru; 19 November 1917 – 31 October 1984) was an Indian politician and a central figure of the Indian National Congress. She was elected as third prime minister of India in 1966 ...
,
B. R. Ambedkar
Bhimrao Ramji Ambedkar (14 April 1891 – 6 December 1956) was an Indian jurist, economist, social reformer and political leader who headed the committee drafting the Constitution of India from the Constituent Assembly debates, served ...
,
Rajiv Gandhi
Rajiv Gandhi (; 20 August 1944 – 21 May 1991) was an Indian politician who served as the sixth prime minister of India from 1984 to 1989. He took office after the 1984 assassination of his mother, then Prime Minister Indira Gandhi, to beco ...
,
Dnyaneshwar
Sant Dnyaneshwar (Marathi pronunciation: ̪ɲaːn̪eʃʋəɾ, also referred to as Jnaneshwar, Jnanadeva, Dnyandev or Mauli or Dnyaneshwar Vitthal Kulkarni (1275–1296), was a 13th-century Indian Marathi saint, poet, philosopher and yogi of ...
, the 1982
Asian Games
The Asian Games, also known as Asiad, is a continental multi-sport event held every four years among athletes from all over Asia. The Games were regulated by the Asian Games Federation (AGF) from the first Games in New Delhi, India, until t ...
,
Sardar Vallabhbhai Patel
Vallabhbhai Jhaverbhai Patel (; ; 31 October 1875 – 15 December 1950), commonly known as Sardar, was an Indian lawyer, influential political leader, barrister and statesman who served as the first Deputy Prime Minister and Home Minister of I ...
,
Subhas Chandra Bose
Subhas Chandra Bose ( ; 23 January 1897 – 18 August 1945
*
*
*
*
*
*
*
*
*) was an Indian nationalist whose defiance of British authority in India made him a hero among Indians, but his wartime alliances with Nazi Germany and Imperia ...
,
Sri Aurobindo
Sri Aurobindo (born Aurobindo Ghose; 15 August 1872 – 5 December 1950) was an Indian philosopher, yogi, maharishi, poet, and Indian nationalist. He was also a journalist, editing newspapers such as ''Vande Mataram''. He joined the ...
,
Chittaranjan Das
Chittaranjan Das (5 November 1870 – 16 June 1925), popularly called ''Deshbandhu'' (Friend of the Nation), was an Indian freedom fighter, political activist and lawyer during the Indian independence movement and founder-leader of the Swara ...
,
Chhatrapati Shivaji
Shivaji Bhonsale I (; 19 February 1630 – 3 April 1680), also referred to as Chhatrapati Shivaji Maharaj, was an Indian ruler and a member of the Bhonsle Maratha clan. Shivaji carved out his own independent kingdom from the declining Adilsh ...
, the 2010
Commonwealth Games
The Commonwealth Games, often referred to as the Friendly Games or simply the Comm Games, are a quadrennial international multi-sport event among athletes from the Commonwealth of Nations. The event was first held in 1930, and, with the exce ...
,
Bhagat Singh
Bhagat Singh (27 September 1907 – 23 March 1931) was a charismatic Indian revolutionary*
* who participated in the mistaken murder of a junior British police officer
*
* in what was to be retaliation for the death of an Indian national ...
,
Rabindranath Tagore
Rabindranath Tagore (; bn, রবীন্দ্রনাথ ঠাকুর; 7 May 1861 – 7 August 1941) was a Bengali polymath who worked as a poet, writer, playwright, composer, philosopher, social reformer and painter. He resh ...
,
Atal Bihari Vajpayee
Atal Bihari Vajpayee (; 25 December 1924 – 16 August 2018) was an Indian politician who served three terms as the 10th prime minister of India, first for a term of 13 days in 1996, then for a period of 13 months fr ...
,
Jallianwala Bagh massacre
The Jallianwala Bagh massacre, also known as the Amritsar massacre, took place on 13 April 1919. A large peaceful crowd had gathered at the Jallianwala Bagh in Amritsar, Punjab, to protest against the Rowlatt Act and arrest of pro-independence ...
etc.
Coin series: 1947–1957 (pre-decimalization)
Union of India 1947–1950
At Independence on 15 August 1947, India was partitioned into the new
Dominion of India
The Dominion of India, officially the Union of India,* Quote: “The first collective use (of the word "dominion") occurred at the Colonial Conference (April to May 1907) when the title was conferred upon Canada and Australia. New Zealand and N ...
and
Dominion of Pakistan
Between 14 August 1947 and 23 March 1956, Pakistan was an independent federal dominion in the Commonwealth of Nations, created by the passing of the Indian Independence Act 1947 by the British parliament, which also created the Dominion of I ...
. The new Dominion (or Union) of India retained the previous imperial currency with the portrait of
King George VI
George VI (Albert Frederick Arthur George; 14 December 1895 – 6 February 1952) was King of the United Kingdom and the Dominions of the British Commonwealth from 11 December 1936 until his death in 1952. He was also the last Emperor of Ind ...
. The basic unit of currency was the Indian rupee, which was itself divided into annas (16 annas to a rupee) and pice (the old spelling of paisa - 64 pice to a rupee).
[India - Currency, Weights and Measures, ''The Statesman's Year Book 1947,'' pg 133, Macmillan & Co.] The lowest-denomination Indian coins, the half-pice (128 to a rupee) and the pie (192 to a rupee) were officially demonetized in 1947; while both denominations had continued to circulate up to that time, new examples were not minted after 1942 as they were practically worthless (India remained a member of the
sterling area after independence and the rupee remained pegged to the
pound sterling
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...
. Until 1966, the rupee was worth 1s.6d, or 18 old British pence; a half-pice was therefore worth 0.141 old pence and a pie 0.09 old pence.)
From 15 August 1947 until 26 January 1950, the Indian coinage structure was as follows:
(bold - denominations minted by the Government of India)
This represented the currency arrangements during the transition period up to the establishment of the Republic of India.
The British India coins which were mostly in circulation from 1947 to 1950 until the first Republic of India (Pre-decimalization Series) coins were introduced as follows:
Republic of India 1950-1957
On 26 January 1950, India became an independent
republic in the Commonwealth of Nations
The republics in the Commonwealth of Nations are the sovereign states in the organisation with a republican form of government. , 36 out of the 56 member states were republics. Charles III, who is the reigning monarch in the Commonwealth realms ...
. This series was introduced on 15 August 1950 and represented the first coinage of Republic of India. The British 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 previous monetary system and the old units of currency were retained unchanged.
Decimalization
The move towards decimalization was afoot for over a century. However, it was in September, 1955 that the
Indian Coinage Act
{{Infobox legislation
, short_title = THE INDIAN COINAGE ACT, 1906
, legislature = Parliament of India
, image =
, imagesize = 150
, imagealt =
, caption =
, lon ...
was amended for the country to adopt a metric system for coinage. The Act came into force with effect from 1 April 1957, after which anna and pice denominations were demonetised. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 'paisa' instead of 16 annas or 64 pice. Effective from 30 June 2011, all coins in denominations of 25 paisa and below were officially demonetized.
Coin series 1957–present (decimal)
Naya paisa series 1957–1963
The antiquated spelling of "pice" was modified to "paisa" in the singular and "paise" in the plural. For public recognition, the new decimal paisa was termed 'Naya Paisa' (New Paisa) till 1 June 1964 when the term 'Naya' was dropped. The coins of 50p, 25p, 10p, 5p, 2p, and 1p had a legend in
Devanagari
Devanagari ( ; , , Sanskrit pronunciation: ), also called Nagari (),Kathleen Kuiper (2010), The Culture of India, New York: The Rosen Publishing Group, , page 83 is a left-to-right abugida (a type of segmental Writing systems#Segmental syste ...
script explaining the value of coin in terms of fraction of a rupee.
Paisa series I with Devanagari Legend 1964 onwards
In June 1964, the term 'Naya' was dropped and the coins were as fllowsreminted. The legend in Devanagari script explaining the value of coin in terms of fraction of a Rupee continued till it was finally dropped from the new design minted 1964 onwards.
Series II without the Devanagari Legend (1964 - 1983)
The coin minted from 1965 did not have the legend in Devanagari, explaining the value of the coin as a fraction of the rupee. Small-denomination coins which were formerly made of bronze, nickel-brass, cupro-nickel and aluminium-bronze were gradually minted in aluminium. The first coin minted in such type was the 3 paisa coin in 1964, which was a new denomination, and continued to be minted till 1971. One and Two paisa coins were changed to aluminium and were minted without the Devanagari legend from 1965. 20 paisa coin was introduced in 1968, which continued to be minted till 1971.
Series III 1982 Onwards
From 1982, New series was launched. the 20 paisa coin which was last minted in 1971, was reintroduced again, but in Aluminium. The size and the design of 10 paisa, 50 paisa and 1 rupee was changed, though they continued to be minted in the same metal. Coins of 3p, 2p and 1p were discontinued but continued to be the legal tender.
Series IV 1988 Onwards
In Series IV, 5 paisa and 20 paisa coins were discontinued though they continued to be minted in Series III till 1994 and 1997 respectively. 10 paisa, 25 paisa and 50 paisa coins were minted in Stainless Steel. 1992 onwards, 1 Re coin was also minted in Steel and ₹2 and ₹5 coins in Copper Nickel were introduced. The very considerable costs of managing note issues of ₹1, ₹2, and ₹5 led to the gradual coinage of these denominations. These coins continued to be minted till 2004, when the Unity in diversity series was launched.
Cupro-Nickel coins are not minted anymore. Ferritic Stainless Steel coins of Two and Five Rupee denominations are currently in production.
2004 Unity in diversity Series
In 2004, RBI issued a series in denominations of 1 rupee, followed by 2 rupee and 10 rupee in 2005. These issues however came into circulation in 2006, and created a controversy over their design. 10 rupee coins were the first bimetallic coins issued in India, and because of the controversy and being minted in only one mint, most of the coinage never found its way into circulation. The ones which did were hoarded by Coin collectors and Coin hoarders.
2007 Hasta Mudra Series
In 2007 RBI issued a new series of Coins, The Hasta Mudra Series, in coins of 50 paisa, 1 rupee and 2 rupee denominations. These coins are stainless steel and feature various Hasta Mudras (hand gestures in Indian Classical dance). The 5 rupee piece that features waves in its design was also issued in 2007, along with a new 10 rupee coin. However, the design of the 10 rupee piece changed in 2008. The 5 rupee coin design was again reverted to the previous design, though it was issued in Nickel-brass instead of Copper-nickel. However, these 5 rupee and 10 rupee coins were not the part of the Hasta Mudra series.
2007 Common Circulation Series
The 5 rupee and 10 rupee coins were issued for common circulation in 2007, 2008, 2009 with changed designs and continued to be minted until the introduction of the Rupee Symbol series in 2011.
2011 Series with the Rupee Symbol (₹)
In 2011, RBI issued a series in denominations of 50p, ₹1, ₹2, ₹5, and ₹10. The 50p, ₹1, ₹2, and ₹5 designs are identical except the absence of the rupee symbol in 50p coin. The ₹10 coin continued to be issued in bimetallic issues as previously.
2019 Grain Series
The Ministry of Finance has issued a notification on March 6 announcing the launch of 5 new coins in the country, namely the new 1, 2, 5, 10 and 20. The new series of coins are accessible to those with visual impairments and have an enhanced design. The coins were launched by PM Narendra Modi and Finance Minister Arun Jaitley. The design of the coins were prepared by the
National Institute of Design
The National Institutes of Design (NIDs) are a group of autonomous public design universities in India, with the primary institute, founded in 1961, in Ahmedabad, with extension campuses in Gandhinagar and Bengaluru. The other NIDs are loc ...
while Security Printing and Minting Corporation of India Limited and the Ministry of Finance played the key role in the introduction of new coins in the country.
Various new features have been incorporated in the new series of circulation coins to make them more easy for the visually impaired people to use. The coins are characterized by increasing size and weight from lower to higher denominations from 1 to 20. All of the denominations would be of round shape, except the newly included coin of 20, which will be a 12 sided coin with no serrations.
Mints
Each currency coin minted in India (and anywhere in the world) has a special mint mark on it to identify the mint.
Domestic Mint Marks
Foreign Mint Marks
Due to the increasing demand for the circulation of coins, the Indian government was forced to mint coins in foreign countries at various points in the country's history.
Commemorative coins
The first Indian
commemorative coin
Commemorative coins are coins issued to commemorate some particular event or issue with a distinct design with reference to the occasion on which they were issued. Many coins of this category serve as collectors items only, although some countries ...
was issued in 1964 in remembrance of Jawaharlal Nehru's birth anniversary. Since then, numerous coins from 5 paise (INR 0.05) to ₹1000 (INR 1000.00) have been issued. These coins based on birth or death centenary of famous personalities or on recently dead, commemoration of special government programs or sport events, anniversaries of historical incidents, government organisation etc.
List of Commemorative Coins
Note: Bold Marks are Silver Coins, Mint index: K = Kolkata (no mark), H = Hyderabad (⋆), M = Mumbai (◆ or B), Noida = (●).
Controversies
Controversy over 2006 two-rupee coin
![Denier Louis le Pieux](https://upload.wikimedia.org/wikipedia/commons/e/e7/Denier_Louis_le_Pieux.jpg)
The two-rupee coin issued from 2006 by the Reserve Bank, in stark contrast to the earlier coin, is rounded and simpler in design, without the map of India. The coin has already been criticized for being difficult to recognize by the
visually impaired
Visual impairment, also known as vision impairment, is a medical definition primarily measured based on an individual's better eye visual acuity; in the absence of treatment such as correctable eyewear, assistive devices, and medical treatment ...
.
Most controversially, it features an equal-armed cross with the beams divided into two rays and with dots between adjacent beams. According to RBI, this design represents "four heads sharing a common body" under a new "unity in diversity" theme.
However, people have charged that the symbol is a
Christian cross resembling the symbol on the
deniers issued by
Louis the Pious
Louis the Pious (german: Ludwig der Fromme; french: Louis le Pieux; 16 April 778 – 20 June 840), also called the Fair, and the Debonaire, was King of the Franks and co-emperor with his father, Charlemagne, from 813. He was also King of Aqui ...
.
See also
*
Indian rupee
The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use wh ...
*
Coinage of India
The Coinage of India began anywhere between early 1st millennium BCE to the 6th century BCE, and consisted mainly of copper and silver coins in its initial stage.Allan & Stern (2008) The coins of this period were ''Karshapanas'' or ''Pana''. A ...
References
External links
Reserve Bank of India Coinage MuseumA blog on Antiques & CollectiblesIndia Coin News & Forums
{{Indian currency
Coins of India