COINAGE IN MODERN INDIA
Coinage During British Rule
In 1835 AD the Coinage Act of 1835 was enacted by British Parliament. This Act introduced a centralized currency system in British India and the silver Rupiya was adopted as standard currency. Mansfield Commission (1866), Herschel Committee (1893), Fowler Committee (1898), Chamberlain Commission (1914) and Babington Smith Committee (1919) were appointed by the British Indian government to improve the currency system in India.
Post-Independence India Coinage
Coins started to be issued by Reserve Bank of India (RBI) in independent India. Coins issued during the period of British rule continued in circulation and government of independent India minted coins for the first time in 1950. These included 1 pice, 1/2 anna, 1 anna, 2 anna, 1/2 rupee and 1/4 rupee coins. These coins were referred as ‘anna series’. This was a non decimal coinage system. In anna series of coinage, one rupee was divided into 64 pice or 16 annas. Each anna was equal to 4 pice. India shifted to the decimal system of coinage in 1957. Between 1957 and 1964 coins were minted with the legend ‘Naya Paisa’ to distinguish new and old types of coins. In 1964, the word ‘Naya’ was dropped. All coins having denomination of 25 paisa or less were officially demonetized on 30 June 2011.
Recent Coins issued By Government of India
75th Anniversary of FAO
In 2020, India issued a commemorative coin to mark the 75th anniversary of the Food and Agriculture Organization (FAO) of the United Nations. The coin featured the FAO logo and symbolized India’s commitment to agricultural development.
150th Birth Anniversary of Mahatma Gandhi
To honor the 150th birth anniversary of Mahatma Gandhi in 2020, India released special commemorative coins with various denominations. These coins featured Mahatma Gandhi’s portrait and significant quotes.
125th Birth Anniversary of Jawaharlal Nehru
India issued commemorative coins to mark the 125th birth anniversary of Jawaharlal Nehru, the first Prime Minister of India. These coins paid tribute to his contributions to the nation.
100th Birth Anniversary of Vijaya Raje Scindia Commemorative coins were released to celebrate the 100th birth anniversary of Vijaya Raje Scindia, an Indian politician and a prominent figure in the independence movement.
Sri Guru Nanak Dev Ji’s 550th Birth Anniversary In 2019 and continuing into 2020, India issued special coins and commemorative postage stamps to mark the 550th birth anniversary of Guru Nanak Dev Ji, the founder of Sikhism.