Sunday, August 19, 2012

History of Indian coins

 Indian coin that we see in present time has evolve a lot with it own timeline which can be broadly divided in these category 
  1) The Frozen Series 1947-1950 
  2)The Anna Series
            3)The Decimal Series
            4) Naya Paisa Series 1957-1964  
            5)Aluminium Series 1964 on wards

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 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.

Rupee OneNickel
Half RupeeNickel
Quarter RupeeNickel
Two AnnaCupro-Nickel
One AnnaCupro-Nickel
Half AnnaCupro-Nickel
One PiceBronze

The Decimal SeriesThe 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 

Rupee OneNickel
10 gms
28 mm
Fifty Naye PaiseNickel
5 gms
24 mm
Twenty Five Naye PaiseNickel
2.5 gms
19 mm
Ten Naye PaiseCupro-Nickel
5 gms
Eight Scalloped
23 mm (across scallops)
Five Naye PaiseCupro-Nickel
4 gms
22 mm (across corners)
Two Naye PaiseCupro-Nickel
3 gms
Eight Scalloped
18 mm (across scallops)
One Naya PaisaBronze
1.5 gms
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
One PaisaAluminium-Magnesium
0.75 gms
17 mm (Daigonal)
Two PaiseAluminium-Magnesium
1 gm
20 mm (across scallops)
Three PaiseAluminium-Magnesium
1.25 gms
21 mm (Diagonal)
Five PaiseAluminium-Magnesium
1.5 gms
22 mm (Diagonal)
Ten PaiseAluminium-Magnesium
2.3 gms
26 mm (across scallops)
Twenty PaiseAluminium-Magnesium
2.2 gms
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
Cupro-Nickel9.00 gms23 mmCircular
Cupro-Nickel6.00 gms26 mmEleven Sided
Ferratic Stainless Steel4.85 gms25 mmCircular
Ferratic Stainless Steel3.79 gms22 mmCircular
Ferratic Stainless Steel2.83 gms19 mmCircular
Ferratic Stainless Steel2.00 gms16 mmCircular