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. All of these are produced by four mints located across India, in Kolkata, Mumbai, Hyderabad and Noida.
After Indian independence, British Indian coins were in use as a frozen currency until India 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. 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.
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 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, Jawaharlal Nehru, Indira Gandhi, B. R. Ambedkar, Rajiv Gandhi, Dnyaneshwar, the 1982 Asian Games, Sardar Vallabhbhai Patel, Subhas Chandra Bose, Sri Aurobindo, Chittaranjan Das, Chhatrapati Shivaji, the 2010 Commonwealth Games, Bhagat Singh, Rabindranath Tagore, Atal Bihari Vajpayee, Jallianwala Bagh massacre etc.
|Pre-decimal currency (1950-1957; minting ceased in 1955)||Decimal currency replacement (1957–present)||Decimal currency (dates minted)|
|Rupee||Rupee (divided into 100 new paisa 1957–1964; divided into 100 paisa 1964–present).||1962–present|
|Half rupee||50 paisa||1960–present|
|Quarter rupee||25 paisa||1957-2002. Demonetized from 2011.|
|N/A||20 paisa||1968-1994. Demonetized from 2011.|
|2 annas||10 paisa||1957-1998. Demonetized from 2011.|
|Anna||5 paisa||1957-1994. Demonetized from 2011.|
|N/A||3 paisa||1964-1972; proofs minted until 1981. Demonetized from 2011.|
|Half anna||2 paisa||1957-1979; proofs minted until 1981. Demonetized from 2011.|
|Pice||Paisa||1957-1972; proofs minted until 1981. Demonetized from 2011, but retained as a unit of currency.|
|Value (in anna)||Popular name||Value (in paise)|
|16 anna||1 rupee||100 paise|
|8 anna||1 ardharupee / 1 athanni (dheli)||50 paise|
|4 anna||1 pavala / 1 chawanni||25 paise|
|2 anna||1 beda / 1 dawanni||12.5 paise|
|1 anna||1 ekanni||6.25 paise|
|1⁄2 anna||1 paraka / 1 taka / 1 adhanni||3.12 paise (approx.)|
|1⁄4 anna||1 kani (pice) / 1 paisa (old paise)||1.56 paise (approx.)|
|1⁄8 anna||1 dhela||0.78 paise (approx.)|
|1⁄12 anna||1 pie||0.52 paise (approx.)|
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 script explaining the value of coin in terms of fraction of a rupee.
In June 1964, the term ‘Naya’ was dropped and the coins were reminted. 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.
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 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.
The different types of Indian rupee banknotes in circulation.
In 1861, the Government of India introduced its first paper money: ₹10 note in 1864, ₹5 note in 1872, ₹10,000 note in 1899, ₹100 note in 1900, ₹50 note in 1905, ₹500 note in 1907 and ₹1,000 note in 1909. In 1917, ₹1 and ₹21⁄2 notes were introduced. The Reserve Bank of India began banknote production in 1938, issuing ₹2, ₹5, ₹10, ₹50, ₹100, ₹1,000 and ₹10,000 notes while the government continued issuing ₹1 note but demonetized the ₹500 and ₹21⁄2 notes.
Domestic Mint Marks
- Kolkata – either no mint mark beneath the date of coin or a C is seen at 6’o clock position in British India coins.
- Mumbai – diamond mint mark under the date of the coin & B or M in proof sets.
- Hyderabad – split diamond or a dot in diamond or five pointed star under the date of coin.
- Noida – a small or thick dot under the date of the coin, starts from 1988.
Because of the increasing demand for coins, the Indian government was forced to mint coins in foreign countries at various points in the country’s history.
From 2005, India’s first bimetallic ₹10/- coin was introduced under the theme of double line crossed “Unity in Diversity” with the Bi-Metallic composition of Copper-nickel center in Aluminium-bronze ring and the weight of approx. 7.75 grams. But, due to its controversial design resembling a cross, it was criticised and was not minted in large numbers. Another reason for its availability being scarce is that it was minted only in one (Noida) of four mints in India.
From 2008 coins based on the second theme, “Connectivity and Information technology”, were also released. The coin depicts 15 rays above the numeric 10. It was again minted only by the Noida mint and was not easily available in circulation.
From 2011, the same theme was continued with a slight design change showing 10 rays instead of the earlier 15 and the introduction of the new Re symbol. Now it is being minted in all four mints, which are Mumbai, Kolkata, Hyderabad, and Noida.
From 2008, apart from above definitive coins, ₹10/- bi-metallic commemorative coins have also been released. The first 3 coins are such as
2008 – Tri Centenary of Gur-ta-Gaddi in circulated sets
2009 – Homi Bhabha Birth Centenary
2010 – RBI Platinum Jubilee.
On 6 March 2019, Finance Ministry announced that ₹20/- coin will be introduced soon. Its shape will be dodecagonal and the weight will be 8.54 grams. The Bi-Metallic composition will be Nickel-Brass Center in Nickel Silver ring.