Modern India Coins

India declared independence on 15th August 1947. India was partitioned into three parts. India, Pakistan and Bangladesh (former East Pakistan). India was declared as Republic in 1950. On 15th August 1950, India introduced it's own coinage, all of which have Ashokas (the greatest Mauryan Emperor) Lion Capital motif (described in First coinage of India). This Lion-Capital erected by Ashoka (four-lion pillar which is shown above) gleams in polished white sandstone realistically represents the artistic achievements of Indian artists and patronage of their masters, in ancient period. This Lion-Capital, erected at Sarnath (in modern Madhya Pradesh state) has become the national emblem of modern republic of India. All the coins and currency notes of modern India have this four-lion symbol on it.

The East India Company & British India Coin Series 1835-1947 

• 3 Pies = 1 Pice
• 4 Pice = 1 Anna
• 16 Annas = 1 Rupee
• 15 Rupees = 1 Mohur  
  1 Mohur = 15 Rupees, 1 Rupee = 16 Annas, 1 Anna = 4 Pice, 1Pice = 3 Pies

The Republic India Coin Series 

The Frozen Series 1947-50

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.

• 3 Pies = 1 Pice
• 4 Pice = 1 Anna
• 16 Anna = 1 Rupee

          1 Rupee = 16 Annas, 1 Anna = 4 Pice, 1 Pice = 3 Pies
           
The Anna Series 1950- 57

This series was introduced on 15 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 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.

• 4 Pice = 1 Anna
• 4 Annas = 1/4 Rupee
• 8 Annas = 1/2 Rupee
• 16 Annas = 1 Rupee

          1 Rupee = 16 Annas, 1/2 Rupee = 8 Annas, 1/4 Rupee = 4 Annas, 1 Anna = 4 Pice

Note: No Pie, 1/12 Anna & 1/2 Pice coin was minted in India after Independence but the other hand 1/4 Rupee, 1/2 Rupee of 1946-47 A.D. were in circulation upto 2000 A.D. though already declared obsolete. 

Anna Series Coins

Denomination	Metal
One Rupee	Nickel
Half Rupee	Nickel
Quarter Rupee	Nickel
Two Anna	Cupro-Nickel
One Anna	Cupro-Nickel
Half Anna	Cupro-Nickel
One Pice	Bronze

The Decimal Series 1957-63, 1964 Onwards

The move towards decimalization was afoot for over a century. However, it was in September, 1955 that the Indian Coinage Act was amended for the country to adopt a metric system for coinage. The Act came into force with effect from 1 April 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 'paisa' instead of 16 annas or 64 pice. For public recognition, the new decimal paisa was termed 'Naya Paisa' till 1 June 1964 when the term 'Naya' was dropped.

Naya paisa series 1957-63 

• 25 Naye Paise = Chwanni
• 50 Naye Paise = Athanni
• 100 Naye Paise = 1 Rupee

          1 Rupee = 100 Naye Paise 

Paisa Series 1964 Onwards

• 25 Paise = Chwanni
• 50 Paise = Athanni
• 100 Paise = 1 Rupee

          1 Rupee = 100 Paise 

          Decimal Series Coins

Denomination	Metal	Weight	Shape	Size
One Rupee	Nickel	10 g	Circular	28 mm
Fifty Naye Paise	Nickel	5 g	Circular	24 mm
Twenty Five Naye Paise	Nickel	2.5 g	Circular	19 mm
Ten Naye Paise	Cupro-Nickel	5 g	Eight Scalloped	23 mm (across scallops)
Five Naye Paise	Cupro-Nickel	4 g	Square	22 mm (across corners)
Two Naye Paise	Cupro-Nickel	3 g	Eight Scalloped	18 mm (across scallops)
One Naya Paisa	Bronze	1.5 g	Circular	16 mm

With commodity prices rising in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and aluminium-bronze were gradually minted in aluminium. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity.

Aluminium Series 1964-97

Aluminium Series Coins

Denomination	Metal	Weight	Shape	Size
Twenty Paise	Aluminium-Magnesium	2.2 g	Hexagonal	24.5 mm (across flats)
Ten Paise	Aluminium-Magnesium	2.3 g	Scalloped	26 mm (across scallops)
Five Paise	Aluminium-Magnesium	1.5 g	Square	22 mm (Diagonal)
Three Paise	Aluminium-Magnesium	1.25 g	Hexagonal	21 mm (Diagonal)
Two Paise	Aluminium-Magnesium	1 g	Scalloped	20 mm (across scallops)
One Paisa	Aluminium-Magnesium	0.75 g	Square	17 mm (Diagonal)

Over a period of time, cost benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the seventies; stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Re 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s.