- A Brief History of India's Republic Coinage
India won its independence on the 15th of August, 1947. During the period of transition India retained the monetary system and the currency and coinage of the earlier period under British Sovereignty. While Pakistan introduced a new series of coins in 1948 and notes in 1949, India brought out its distinctive coins on August 15, 1950.
Chronologically, the main considerations influencing the coinage policy of the Republic of India over time have been:
1. The incorporation of symbols of sovereignty and indigenous motifs on independence;
2. Coinage Reforms with the introduction of the metric system;
3. The need felt from time to time to obviate the possibility of the metallic value of coins rising beyond the face value;
4. The cost-benefit of switching from currency notes to coins for lower denominations
Republic of India Issues could broadly be categorized as:
- The Frozen Series 1947-1950
This represented the currency arrangements during the transition period up to the establishment of the Indian Republic. The Monetary System remained unchanged at One Rupee consisting of 192 pies.
1 Rupee = 16 Annas
1 Anna = 4 Pice
1 Pice = 3 Pies
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