Wednesday, September 2, 2009

Republic India Coinage 1947 to 1964

India won its independence on 15th August, 1947. During the period of transition India retained the monetary system and the currency and coinage of the earlier period. While Pakistan introduced a new series of coins in 1948 and notes in 1949, India brought out its distinctive coins on 15th August, 1950.

Chronologically, the main considerations influencing the coinage policy of Republic India over time have been:

  • The incorporation of symbols of sovereignty and indigenous motifs on independence;
  • Coinage Reforms with the introduction of the metric system;
  • The need felt from time to time to obviate the possibility of the metallic value of coins rising beyond the face value;
  • The cost-benefit of coinisation of currency notes

Independent India Issues could broadly be categorised as

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.

Denomination

Metal

Obverse

Reverse

Rupee One

Nickel

Rupee One Coin Obverse

Rupee One Coin Reverse

Half Rupee

Nickel

Half Rupee Coin Obverse

Half Rupee Coin Reverse

Quarter Rupee

Nickel

Quarter Rupee Coin Obverse

Quarter Rupee Coin Reverse

Two Anna

Cupro-Nickel

Two Anna Coin Obverse

Two Anna Coin Reverse

One Anna

Cupro-Nickel

One Anna Coin Obverse

One Anna Coin Reverse

Half Anna

Cupro-Nickel

Half Anna Coin Obverse

Half Anna Coin Reverse

One Paise

Bronze

One Pice Coin Obverse

One Pice Coin Reverse


The Decimal Series

The 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

Denomination

Metal
Weight
Shape
Size

Coin

Rupee One

Nickel
10 gms
Circular
28 mm

Rupee One Coin

Fifty Naye Paise

Nickel
5 gms
Circular
24 mm

Fifty Naye Paise Coin

Twenty Five Naye Paise

Nickel
2.5 gms
Circular
19 mm

Twenty Five Naye Paise Coin

Ten Naye Paise

Cupro-Nickel
5 gms
Eight Scalloped
23 mm (across scallops)

Ten Naye Paise Coin

Five Naye Paise

Cupro-Nickel
4 gms
Square
22 mm (across corners)

Five Naye Paise Coin

Two Naye Paise

Cupro-Nickel
3 gms
Eight Scalloped
18 mm (across scallops)

Two Naye Paise Coin

One Naya Paisa

Bronze
1.5 gms
Circular
16 mm

One Naya Paisa Coin

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.

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