COINS OF INDIA.......
Its a drama in the Indian shops or buses almost everyday, to ask for exact change for the purchase. Coins are actually small denominations of the Indian rupee. todays youth might have only seen 50, 1, 2, 5 and 10 rupee coins. But India has also had 1,2,3,5,10 paise coins. Its history is a quite interesting one. Below I have described it.....
After Independence India followed a non-decimal coinage. One rupee was divided into 16 ANNAS or 64 PICE and every ANNA therefore equal to 4 pice. In 1957, India shifted to the decimal system, but even after that both system was in circulation. To distinguish between them, the coins minted between 1957 and 1964 were called "Naya Paisa", NAYA in hindi means NEW. The coins of the following denominations were in circulation 1, 2, 5, 10, 20, 25, 50 (naya)paise and one rupee. One rupee was called pre-decimal coins. Hence, pre-decimal coins of one, half and quarter rupees were in circulation after decimalisation.
The word "naya"'s sage was stopped in 1964 and in the same year a new denomination the 3 paise was introduced and in 1968 a 20 paise coin was minted. Both these coins did not gain much popularity.
Therefore the 1, 2 and 3 paise coins were phased out gradually in the 1970s.
In 1982 2 rupee coins were introduced to replace 2 rupee notes. The 2 rupee coin was not minted again till 1990 as it was only being experimented, after which it was minted every year.
Stainless steel coins of 10, 25 and 50 paise was introduced in 1988 and in 1992. Also a one rupee coin smaller and lighter than the older rupee was made of stainless steel.
In 1992, a 5 Rupees coin made of Cupronickel was introduced.
In 2006, 10 Rupees coin was minted for the first time.
The higher denomination coins were introduced due to increasing demand for change and increasing cost of printing 2, 5 and 10 rupees banknotes.
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