Why in news?
- To mark the inauguration of the new Parliament building, Prime Minister Narendra Modi released a commemorative coin of Rs 75 denomination.
- India has been issuing commemorative coins for several reasons such as paying homage to notable personalities, spreading awareness about government schemes, or remembering key historic events.
- The country released its first commemorative coin in 1964 in honour of Jawaharlal Nehru, who had passed away that year.
What’s in today’s article?
- Minting of coin
- Commemorative coin
- News Summary
Minting of coins
- The government has the power to design and mint coins in various denominations. It has been given this right under the Coinage Act, 2011.
- The government decides on the quantity of coins to be minted on the basis of indents received from the RBI on a yearly basis.
- The role of the RBI is limited to the distribution of coins that are supplied by the central government.
- Coins are minted in four mints owned by the Government of India in Mumbai, Hyderabad, Kolkata and Noida.
Printing of currency
- Two of India’s currency note printing presses are in Nasik and Dewas. These are owned by the Government of India.
- Two other printing presses are in Mysore and Salboni. These are owned by the RBI through its wholly owned subsidiary, Bharatiya Reserve Bank Note Mudran Ltd (BRBNML).
- A commemorative coin is a special coin issued to honor and celebrate a particular event, person, or significant milestone.
- These Coins are distinct from regular circulation coins in that they are not intended for everyday transactions but rather serve as collectible items or gifts. These coins are primarily meant for numismatic purposes.
- The Government, through the Ministry of Finance, authorizes the issuance of commemorative coins to mark various occasions of national importance.
- These coins are minted by the Security Printing and Minting Corporation of India Limited (SPMCIL), which operates mints across the country.
- The RBI also issues special commemorative coins in limited quantities, primarily in precious metals, to honor eminent personalities, national achievements, or historical events.
Features of the new commemorative coin
- Shape and composition
- The latest Rs 75 coin is circular in shape with a diameter of 44mm.
- The composition of the coin is of a quaternary alloy — 50 per cent silver, 40 per cent copper, 5 per cent nickel and 5 per cent zinc.
- The face of the coin shall bear the Lion Capitol of Ashoka Pillar in the centre, with the legend "सत्यमेवजयते"(Satyameva Jayate) inscribed below.
- It is flanked on the left periphery with the word “भारत” (Bharat) in Devanagari script and on the right periphery the word “INDIA” in English.
- The other side of the coin displays an image of the new parliament building.
- The inscription “Sansad Sankul” is written in Devanagari script on the upper periphery while the words “Parliament Complex” in English on the lower periphery of the coin.
Getting commemorative coins
- From where to get these coins?
- If someone wants to acquire commemorative coins, they can do so by visiting the website of the Securities of Printing and Minting Corporation of India Limited (SPMCIL).
- Amount to be paid
- Such coins are meant to be just collectables as their worth may not necessarily be the same as their face value.
- For instance, in 2018, the government issued a commemorative coin of Rs 100 denomination to honour former Prime Minister Atal Bihari Vajpayee.
- However, it is currently available on SPMCIL’s website for ₹5,717. This coin is 50 per cent silver, and has other metals.