Republic India Coins

Republic India Coins

Republic India Coinage:

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 colonisation 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.

  • Anna Series


The Indian struggle for independence is well known throughout history. However, not many of have an idea of the impact independence has had on Indian coinage.

Pre-independence coinage included quaternary silver coins which were issued between 1940 and 1947 CE. In 1947 CE, the quaternary silver coins were replaced by those made of pure nickel. These coins bore the portrait of George VI on the obverse and the denomination along with the year of issue on the other.

Although India achieved independence in 1947 CE, the series issued before independence continued to remain in circulation until 1950 CE. On August 15, 1950 CE, the Anna series coinage was adopted. The Anna series became the country’s first coinage.

The king’s portrait on the obverse was replaced by the Lion Capital of the Ashoka Pillar. The design on the reverse varied according to the denomination.

One, half, and Quarter Rupee coins saw the Tiger on the reverse being replaced by a corn sheaf. On the half, One, and Two Anna coins, the Tiger was replaced by a Humped Bull. A galloping Horse featured on the reverse of the One Piece coins.

The coinage of Republic India adopted and incorporated Indian motifs and symbols which represent the country’s indigenous characteristics and sovereignty.

  • Two Anna coin depicts Bull


Symbol of India’s hard-work and strength, the powerful bull was featured on two Anna coins after freedom. A bull –the indigenous domestic animal vital for agriculture was honoured for the first time on this coin.

As India took its final step towards freedom, its economic backbone became agriculture. Bull became the essential symbol that represented India’s decision to become an agrarian economy. In 1950, there was a dire need to initiate a together respect towards Indian culture and value system, so different series of the indigenous symbols were used. This two Anna coin belongs to such a series.

The obverse of this square copper-nickel coin depicted a strong humped bull. The reverse side features the ‘Lion Capital’ of Emperor Asoka. The 1950 coin series is not just a coin but a symbol that gave a message about the end of slavery that lasted 200 years. It gave Indians a sense of belonging, a sense of security that India is governed and protected by Indians.


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

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


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.

Republic India Coinage: A story in metal


India’s financial evolution is as intriguing as her glorious past! Starting from the ancient Punch Marked Coins to the current facade of the Ashokan Lion capital (National Emblem), Indian currency has undergone great changes in its designs and metals. But interestingly, the terms Rupiya and Paisa, have survived the changing kings and their titles. They have stuck through the ages and led to the official terminology of the modern Indian Currency. In this blog let’s explore the story of the Republic India Coinage!

Did you know that the term “Rupiya” was first introduced in 16th century CE by Sher Shah Suri? The term “Rupiya” had its origins in the Sanskrit word “rupya” meaning wrought silver or a silver coin. The name and the monetary system remained unchanged during the Mughal and the colonial period.

After gaining independence from the British Empire on 15th of August 1947, India retained the monetary system and the coinage that existed. During the transition period from a colony to an Independent nation, the Frozen Series of 1947-1950 was used as a stop-gap measure. The coins and currency continued to portray the King and had the tiger on it.

Introduced on 15th August, 1950, Anna Series became the country’s first coin series with 16 Annas (or 64 Pices) constituting to 1 Rupee. The King’s Portrait was replaced by the Lion Capital of the Ashokan Pillar and 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 too.

As the years passed, India went on to mint series of coins, experimenting with different denominations and metals.

By the Indian Coinage (Amendment) Act of 1955 India shifted to the “Decimal System”, according to which new ‘decimal series’ was introduced in 1957. The rupee was now divided into 100 paisa instead of 16 annas. These newly introduced coins were initially struck with the words “Naya Paisa” to distinguish them from the previous coins, but the word “Naya” was dropped from 1964.

Issued in the fractions of 1, 2, 5, 10 and 20 paisa, the coins of the decimal series were struck in the alloys of Bronze, Nickle-Brass, Cupronickel and Aluminium-Bronze. The coins were issued in different shapes like: round, rhombus and scalloped. A steady increase in pricing gradually led these coins to be minted only in Aluminium from 1964 and these new Aluminium series dropped the word “naya” from it.

The Aluminium Series had coins in denominations of 1, 2, 3, 5, 10, and 20 paisa, each having alluring shapes as rhombus, scallops and hexagons. New hexagonal coins of 3 and 20 paisa that were introduced did not gain much popularity and hence were slowly phased out of circulation. Further the 5 paisa coins were struck in two reverse (legends “rupaye ka biswa bhag” and “5 piase”) and one obverse (added legend “Satyameva Jayate” under the Lion Capital) variety.

Later a new metal was introduced and we soon had Ferritic Stainless Steel coins of 10, 25 and 50 paise introduced in 1988 and of one rupee in 1992. Due to a considerable decline in demand for the coins of lower denominations and an increase in metal costs, circulation of lower denomination coins was reduced and the Government of India in consultation with the Reserve Bank of India decided to mint all denomination coins in ferritic stainless steel in 2006.

In 2005 Reserve Bank of India (RBI) introduced a rupee 10 coin, making it the highest-denomination coin minted in India. These newly struck coins were unique in their bi-metallic composition and have an aluminium-bronze outer ring and a copper-nickel core.

The 21st century witnessed many new varieties of definitive coinage that were put into circulation. New and innovative designs that depicted the rich culture and ever dynamic diversity of India were introduced through themes like: Unity in Diversity, Nritya Mudra, and Connectivity and Information Technology.

Today there are a total of 5 denominations of coins in circulation: 50 paise, 1 rupee, 2 rupees, 5 rupees and the relatively new, 10 rupees. The Government of India has the sole right to mint coins and the coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.

Did you know, in accordance with the Coinage Act of 1906, coins can be issued up to the denomination of Rs.1000! And we have had commemorative coins of such high and odd denominations, but such coins are not put in general circulation.

Well you see, a coin is not just a legal tender or a form of money but it can also be a great platform to celebrate some special occasions or to honour and pay respect to those who have done great things for the world and the people who have made this country. It is one of the ways to pay homage to their contribution. Indian or not every personality depicted on an Indian coin has a distinctive connection with India.

The first modern commemorative coin was issued in 1964 depicting India’s first Prime Minister Jawaharlal Nehru. It was issued to commemorate his birth anniversary. Following that, many more commemorative coins have been issued. Commemorative coins ranging from INR 5 to INR 1000 have been issued over the years. While the lower denominations (INR 5) might be introduced for general circulation, the higher denomination commemorative coins are meant for collection purposes only as they have silver content in it.

The Commemorative coins make great collectibles. Issued in limited quantity over a limited period, these coins are collected by both amateur and experienced collectors with equal enthusiasm! Do you have any in your collection?

Coins in India have evolved over the ages. Going from being struck with single punches, metal has been cast into coins, die-struck, and have been minted in repoussé. From using precious metals such as gold and silver, coinage has evolved to a point where people use token currency in the form of stainless steel coins, paper money, and even plastic and digital currency. As economies of the world are changing features and shapes, money is also changing itself. Globalisation and expansion of e-commerce have given new dimension to the modes of payment.

Money is more complicated today than it has ever been in the past. The people who struck the first coins probably never imagined how money would evolve over time. This makes one wonder how money will evolve in the future. What next after digital currency?


India Government Mint


The India Government Mint operates four mints in the country for the production of coins:

  • Mumbai, Maharashtra
  • Kolkata, West Bengal
  • Hyderabad, Telangana
  • Noida, Uttar Pradesh


Under The Coinage Act, 1906, the Government of India is charged with the production and supply of coins to the Reserve Bank of India (RBI). The RBI places an annual indent for this purpose and the Government of India draws up the production programme for the India Government Mints on the basis of the indent.

Besides minting coins, the mints at Mumbai, Kolkata and Hyderabad also make coin blanks. Hyderabad, Mumbai and Kolkata mints have gold assaying facilities and the Mumbai mint produces standardised weights and measures. Mumbai Mint has a state-of-the-art gold refining facility up to 999.9. Hyderabad Mint has electrolytic silver refining facility up to 999.9.

Commemorative coins are made at Mumbai and Kolkata. Kolkata and Hyderabad have facilities for making medallions, too. The Noida mint was the first in the country to mint coins of stainless steel.

  • Mumbai (Bombay) Mint:


Mumbai Mintis one of the oldest mints of India. The Mumbai Mint was established in 1829.A.D. Initially it was controlled by His Excellency, the Governor of Bombay Presidency. It was then transferred to the Government of India. The first mint at Mumbai was set up by Governor Aungier for the coinage of rupees, pies. The first Mumbai Mint rupee was coined in the year 1672. These coins were minted in the Mumbai castle, now INS Angre near Town Hall. A water tank was located where now stands the multi-storied building of the Reserve Bank of India.
Present Mumbai mint was constructed between the years 1824 and 1830 by Capt. John Hawkins of Bombay Engineers. Mr. James Farish was appointed as the master of mint from January 1830. For many years 1, 50,000 coins daily were produced on three steam engines in this mint.
In 1863 Col Ballard became the Master of Mumbai Mint. He was the most famous British Master of The Mint. He reclaimed the land from the sea which Is now known as Ballard Estate, the name given to perpetuate his memory.
(In 1964 production of commemorative coins was started. The first commemorative coin was in the memory of Pandit Jawaharlal Nehru.

  • Kolkata (Calcutta) Mint:


The first Calcutta Mint was established in 1759-60 whose site is not known. At that time Calcutta Mint was producing coins with the mint-name Murshidabad. In 1790 with the modern machinery brought from England, the second Calcutta Mint was established at the site of Gillet Ship building Establishment which was taken over by t e Stamp and Stationary Committee in 1833. All the coins issued from this mint are in the name of Murshidabad Mint and all bearing the same Year AH 1204. In March 1824 the foundation of the 3rd Calcutta Mint was laid on the Strand Road and was opened for production from 1st August 1829. Before 1835 all the coins issued from this mint were also in the name of Murshidabad Mint.
This mint was named "Silver Mint". At the starting time the coinage production capacity was varying between 3 lakhs to 6 lakhs pieces per day. In 1860 an annexe known as "Copper Mint" was built to the north of the Silver Mint intended exclusively for copper coinage. Both Silver Mint and Copper Mint used to function side by side and production were Bronze, Silver and Gold coins. Both Silver Mint and Copper Mint were well equipped by the coining presses supplied by Boulton and Watt of Soha, Birmingham, England. Apart from minting of coins another important function of the Kolkata Mint was the manufacturing of Medals and decorations during the British regime, which is still continuing, In addition to home consumption of coinage, Calcutta Mint produced coins for countries and estates within and outside India.
In the late 1930's it was decided to build a new Mint at Alipore and the foundation work had been completed by early 1942. But due to the 2nd World War the construction was interrupted. Later on when the Free India was a child of 5 years, Alipore Mint was opened by the Hon'ble Finance Minister of Government of India Shree C.D. Deshmukh on the 19th March, 1952

  • Hyderabad Mint:


Consequent on the Federal Financial Integration in 1950, the erstwhile Nizam's Mint at Hyderabad was taken over by the Government of India. The history of the Nizam's Mint can be traced back to 1803, when the official Mint was established under Nawab Sikandar Jah, the third Nizam. Later on the Mint was constructed on 13th July 1903 at Saifabad and the present Mint at Cherlapally was started on 20th, August 1997 with modern machinery to produce 700 Million pieces of coins and 950 Million pieces of blanks to meet the growing demand. During its past 100 eventful years (centenary) of its existence, Mint has crossed many milestones and has earned the reputation as a reliable and potential Mint in meeting the requirement and demand of Reserve Bank of India all the time.

  • Noida Mint:


The New Mint at Noida is the first Mint to be established by the Government of India in the post independence period. This mint was set up to increase the production of coins to meet the demand and supply. The Mint had gone into production with the minting of Stainless Steel Coins for the first increased productivity by installing most modern and sophisticated high speed coining presses with mechanised feeding arrangements, well-equipped tool and die making shop. At present, Noida Mint is minting foreign coins in addition to domestic coins.