Jun 7, 2007 - The song that is on the tip of the tongue of every Hindi-film-loving ... Dono (1961) will be soon released in colour (a la Mughal-e-Azam ... Support the Indian industry by smoking guaranteed Indian made Nizam, Vazeer & Gold ...
Although
the government has slowed down fresh minting of the coin for some
years, a central bank official said that 50 paise coins continue to be
legal tender.
MUMBAI: The humble 50 paise coin is still legal tender, but could be close to extinction given that people refuse to accept it. From shopkeepers to traders, laundrymen, rickshaw drivers, bus
commuters and provision store owners, the smallest denomination of the
Indian currency is simply not acceptable any more. Although it is
illegal to decline a coin still in circulation, the public seem to have
made up it mind. The raging inflation has made it virtually worthless. In 2011, the Reserve Bank of India (RBI) phased out the 25 paise coin, more popularly known as "chaar anna". A raddiwallah in Bandra's Pali Market, in fact, offered to pay Rs 30
for a kilo of 50 paise coins. "Otherwise, it has no value," he said. A
spokesperson for the Mumbai bus transport undertaking, BEST, said its
conductors accept 50 paise coins since they cannot refuse a legal tender. But passengers decline to take them. "If we give them two 50 paise coins, which we collect from commuters
themselves, they not only reject, but also argue with us. It becomes
difficult to convince them that they are still in use," a conductor from
Backbay depot, who did not wish to be identified, said. The
coin's history could be traced back almost five centuries to the time of
the Mughal emperor Akbar. "It has been a medium of exchange from those
days," said Malcolm Todywalla of the numismatic firm Todywalla Auctions.
"The 50 paise was half the weight of the 'Rupiya'. The Rupiya then
contained 11 gms of silver," he said. He said it is expensive
to manufacture smaller denomination coins now. "Besides, the usage is
not much anymore," he added. Although the government has slowed down
fresh minting of the coin for some years, a central bank official said
that 50 paise coins continue to be legal tender. RBI offices continue to
accept coins for exchange into bank notes. Before any coin is
withdrawn from circulation the government issues a notification under
sub-section 15A of the Coinage Act, 1906 announcing the date from which
the coin would cease to be legal tender. In the case of the 25 paise
coin which was withdrawn from June 2011, the government had issued a
notification in December 2010. Bankers say that coins usually
go out of circulation when the intrinsic value of the coin exceeds the
face value. When coins are minted the intrinsic value, that is the value
of metal in the coin, is much lower than the face value. But this
changes over a period of time. In the US for example the intrinsic value
of the 2007 dollar is only 55 cents. However, the cent minted in 1982
has copper worth two cents. (With inputs by Somit Sen)
Mughal Coinage
Technically, the Mughal period in India commenced in 1526 AD when Babur
defeated Ibrahim Lodhi, the Sultan of Delhi and ended in 1857 AD when
the British deposed and exiled Bahadur Shah Zafar, the last Mughal Emperor
after the great uprising. The later emperors after Shah Alam II were little
more than figureheads.
The most significant monetary contribution of the Mughals was to bring
about uniformity and consolidation of the system of coinage throughout
the Empire. The system lasted long after the Mughal Empire was effectively
no more. The system of tri-metalism which came to characterise Mughal coinage
was largely the creation, not of the Mughals but of Sher Shah Suri (1540
to 1545 AD), an Afghan, who ruled for a brief time in Delhi. Sher Shah issued
a coin of silver which was termed the Rupiya. This weighed 178 grains
and was the precursor of the modern rupee. It remained largely unchanged
till the early 20th Century. Together with the silver Rupiya
were issued gold coins called the Mohur weighing 169 grains and copper
coins called Dam.
Where coin designs and minting techniques were concerned, Mughal
Coinage reflected originality and innovative skills. Mughal coin designs
came to maturity during the reign of the Grand Mughal, Akbar.
Innovations
like ornamentation of the background of the die with floral scrollwork
were introduced. Jehangir took a personal interest in his coinage. The
surviving gigantic coins, are amongst the largest issued in the world.
The
Zodiacal signs, portraits and literary verses and the excellent
calligraphy
that came to characterise his coins took Mughal Coinage to new heights.
Coins of the Mughal Empire
The early years of Shah Jehan's reign brought forth a large variety
of types; coin design was standardised towards the latter part of his reign.
Aurangzeb, the last of the Grand Mughals was austere in his ways and orthodox
in his beliefs. He did away with the Kalima, the Islamic Article of Faith
from his coins, and the format of coins was standardised to incorporate
the name of the ruler, the mint and the date of issue.