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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 banknotes.
The 1939 rupee is the most expensive rupee, as after 1939 all silver coins effectively became less pure, due to the shortage of silver during World War II. The 1947 rupee, half rupee, quarter rupee and anna coins are also of special interest to collectors, since that was the last year British issued coins were circulated in India.
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.
Five-rupee coins, made from brass, are being minted by the Reserve Bank of India (RBI). In 1997 the 20 paise coin was discontinued, followed by the 10 paise coin in 1998, and the 25 paise in 2002. Between 2005 and 2008 new, lighter fifty-paise, one-, two-, and five-rupee coins were introduced, made from ferritic stainless steel.
Cast copper coins along with punch marked coins are the earliest examples of coinage in India, archaeologist G. R. Sharma based on his analysis from Kausambi dates them to pre Punched Marked Coins (PMC) era between 855 and 815 BC on the basis of obtaining them from pre NBPW period, [45] while some date it to 500 BC and some date them to pre ...
Currently in India (from 2010 onwards), the 50 paise coin (half a rupee) is the lowest valued legal tender coin. Coins of 1, 2, 5, and 10 rupees and banknotes of 5, 10, 20, 50, 100, 200, 500, and 2000 rupees are commonly in use for cash transaction.
With an estimated annual production capacity of 2,000 million coins, the new mint was established to cater to the increasing demand for coins in India. In January 1986 the project was started by the Department of Economic Affairs under the Ministry of Finance with a budget of ₹ 30 crore (equivalent to ₹ 408 crore or US$48 million in 2023).
Two paise coins were minted from Cupronickel alloy in medallic orientation. The coins weighed 2.95 grams, had a diameter of 18 millimetres (0.71 in) and thickness of 1.8 millimetres (0.071 in). The coins weighed 2.95 grams, had a diameter of 18 millimetres (0.71 in) and thickness of 1.8 millimetres (0.071 in).
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