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India
won its independence on 15th
August, 1947. During the
period of transition India
retained the monetary
system and the currency
and coinage of the earlier
period. While Pakistan
introduced a new series of
coins in 1948 and notes in
1949, India brought out
its distinctive coins on
15 th August,
1950.
Chronologically, the main
considerations influencing
the coinage policy of
Republic India over time
have been:
-
The incorporation of
symbols of sovereignty
and indigenous motifs on
independence;
-
Coinage Reforms with the
introduction of the
metric system;
-
The need felt from time
to time to obviate the
possibility of the
metallic value of coins
rising beyond the face
value;
-
The cost-benefit of
coinisation of currency
notes
Independent India Issues
could broadly be
categorized as
The Frozen Series
1947-1950
This represented the
currency arrangements
during the transition
period upto 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
The Anna Series
This series was introduced
on 15th August,
1950 and represented the
first coinage of Republic
India. The King's Portrait
was replaced by the Lion
Capital of the Ashoka
Pillar. A corn sheaf
replaced the Tiger on the
one Rupee coin. In some
ways this symbolized a
shift in focus to progress
and prosperity. Indian
motifs were incorporated
on other coins. The
monetary system was
largely retained unchanged
with one Rupee consisting
of 16 Annas.
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