India won its independence on 15thAugust, 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 15thAugust, 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 categorised 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 15thAugust, 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 symbolised 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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