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Paisa (also transliterated as pice, pesa, poysha, poisha and baisa) is a monetary unit in several countries. The word is also a generalised idiom for money and wealth. In India , Nepal , and Pakistan , the paisa currently equals 1 ⁄ 100 of a rupee .
From 1957 to 1964, the paisa was called naya paisa (transl. 'new paisa') to distinguish it from the old paisa/pice which was a 1 ⁄ 64 subdivision of the Indian Rupee. On 1 June 1964, the term "naya" was dropped and the denomination was named paisa. Paisa has been issued in 1, 2, 3, 5, 10, 20, 25, and 50 paise coins.
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. The move was prompted by the melting-down of older coins, whose face value was less than their scrap value.
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.
Two paisa was also called a taka, see below. Decimalisation occurred in India in 1957 and in Pakistan in 1961. Since 1957 an Indian rupee is divided into 100 paise. The decimalised paisa was originally officially named naya paisa meaning the "new paisa" to distinguish it from the erstwhile paisa which had a higher value of 1 ⁄ 64 rupee.
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When the rupee was decimalised and subdivided into 100 (new) paise, one anna was therefore equivalent to 6.25 paise. The anna was demonetised as a currency unit when India decimalised its currency in 1957, followed by Pakistan in 1961. It was replaced by the 5-paise coin, which was itself discontinued in 1994 and demonetised in 2011.
The Indian 50 paisa coin, popularly called Athanni, is a denomination of the Indian rupee, equal to half a rupee, that is very rarely found in everyday circulation. Currently it is the lowest circulating denomination of the Indian rupee.