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Learning through coins

Every coin has a tale to tell

METAL WONDERS Every coin has a tale to tell

In the year 1997, when I was studying 10th Standard, I received a two rupee coin from a bus conductor. On close observation of the coin, I noticed a star under the `7' of the year 1997 on the coin. Normally, we notice the year on every coin. This star aroused my curiosity and I started observing coins. On a rupee coin I noticed a star under the year in the centre. On another rupee coin, I noticed `H' under the 5 of 1985. Similarly, I noticed a diamond under the year in the centre on a 50p coin and a `c' under the year 1985 on a 25p coin and on another coin under the year there was nothing, my curiosity grew after seeing so many symbols on various coins. What do these symbols indicate?

That was how I became a coin collector (numismatist).

Even though we got Independence on 15th August1947, our coins could not be changed immediately and hence the coins were minted with the figure of King George VI until 1949 but with the year on the coin as 1947 (This was because, with the year as 1948 or 1949 we cannot have King George figure on the coins because we got independence in 1947). Our own coins were first released on 15th August1950 in denominations of one rupee, 8 annas, 4 annas, 2 annas, one anna, half anna and paisa. These coins had the three lion figure (from Sarnath temple- the symbol of Emperor Asoka) on one side with inscription `Government of India'. On the other side of one rupee, 8 annas and 4 annas we see two paddy leaves. On 2 annnas, one anna and half anna we see the figure of bull and on the paisa the figure of a horse can be seen. On the symbol of the three lion figure, we see the same bull and horse on both sides of the Asoka Chakra.) In April 1957, for the first time coins were introduced in denominations of one rupee, 50, 25,10, 5, 2 & 1 naya paisa. These coins have only India on one side instead of `Government of India' and on the other side `what part of a rupee' is the coin was indicated.

From 1964 onwards naya paisa and naya paise was removed from the coins and it was simply minted as paisa or paise. Also newly 3 paise, 20 paise coins were added and subsequently minting of small coins (one paisa, 2 & 3 paise) was stopped in 1972.

In between, the value of money nationally as well as internationally has come down and hence the minting of 5, 10 & 20 paise coins was gradually stopped. The increasing cost of the metals used for minting the small denomination coins was another reason for stopping their production. If the cost of the metal in any coin is more than the intrinsic (face) value of the coin, the coins used to vanish en masse from the market and there used to be a shortage of such coins. In fact some metal merchants were converting the coins into metal and selling it at a higher price.

Hence, to avoid this problem, the mints had to carefully watch the cost of all metals and change metal composition of the coins. Also they had to ensure that the intrinsic value of the coin was always more than the value of the metals used. Sometimes the mints have to reduce the coin weight or use cheaper alloys for minting coins. During the British period, we had 15 Rupees coin minted in gold. The same is still available with a few coin collectors. Similarly many people know about silver rupee. In addition to rupee, silver was used to mint half rupee, 4 annas and two annas also before Independence. After Independence, nickel was used to make one rupee coins. Currently, the cheapest metal, stainless steel is used for minting one rupee coin!

For minting one paisa coin for the first time bronze (97% copper, 2.5% Tin and 0.5% Zinc) was used. Subsequently nickel brass (78 to 83% Copper, 17 to 20% Tin and 0.9 to 1.4% Nickel) was used. 2, 3 & 5 paise coins were initially minted with cupro nickel and later on changed to Aluminium magnesium. 10 paise coin was initially minted with Aluminium Bronze (92% Copper, 6% Aluminium and 2% Nickel) and then with cupro nickel. (75% Copper and 25% Nickel 2 & 3 paise minting was stopped since it was uneconomical to procure them. Cupro nickel was stopped even for 5 &10 paise coins and Aluminium magnesium was started for minting them. Later on their weight was reduced and subsequently 10 paise coin was made smaller and 5 paise coin was made thinner. 20 paise coins were initially minted with Aluminium bronze in 1968 and stopped in 1978. Similarly half rupee and 4 anna coins were

initially minted with nickel but later changed to cupro nickel. Due to increasing cost of cupro nickel, in 1990, usage of this metal was stopped for half rupee and below. In 1988 Stainless steel was first used to make 50p and 25 p coins. Since cost of the metals was increasing, it became necessary even to change the weights of higher denomination coins. The one rupee Cupro nickel coin was initially of 10 grams weight and reduced to 8 grams and further in 1983 to 6 grams. Even the cost of the 6 grams of cupro nickel became more than one rupee in 1991 and hence cupro nickel was stopped. From 1992 stainless steel was used for one rupee coins. Two rupee coins were first minted in 1982 under the theme `National Integration' with a weight of 8 grams. Later till 1990 they were not minted. In 1990-91 they were again minted with 8 grams weight and in 1992 the weight was reduced to 6 grains, these coins are made of cupro nickel.

Similarly from 1992 onwards 5 rupee coins are being made with cupro nickel with a weight of 8 grams. To search for a metal to be used to produce small coins which is cheap and hard is very interesting. In this search, the mint authorities decided to use Aluminium bronze for 10 & 20p coins in 1968. These coins were very beautiful and attractive. Rumours started they contained gold. Whether gold is present or not, the metal in these coins became most suitable for people making pen nibs and cheap ornaments and they started melting them. Hence in 1972 minting of these coins was stopped. The government has started releasing commemorative coins in 1964.

B.M.K.B. RAO

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