– Many people often have this question in their mind that how are coins made and where in India are these coins made? If you also do not know the answer to this, then let us tell you today in our news… and also let us know why the size of coins is getting smaller.
Many people are fond of collecting coins and you will find many coins with many people. But have you ever wondered how coins are made and where in India are these coins made? If you don’t know then we will tell you. According to the website of Reserve Bank of India (RBI), coins are minted at four places in India.
Where are coins made in India? According to RBI, coins are made only at four places in India. These places are Mumbai, Alipore (Kolkata), Hyderabad and Noida. You can also find out where this coin was made by looking at a mark made on the coins. The year of minting is written on every coin. This symbol is made below the year written on the coins, with the help of which you can find out at which place this coin was minted.
If there is a star on a coin, it means that it has been minted in Hyderabad. There is a ‘solid dot’ on the coins minted in Noida. The coins minted in Mumbai have the shape of ‘diamond’. There is no such mark on the coins minted in Kolkata. In India, coins are minted under the Coinage Act 1906. Under this Act, the responsibility of production and supply of coins has been given to RBI by the Government of India. RBI sets a target for the year for this purpose and the Government of India makes a production program. According to the website Quora, the Government of India uses different metals from time to time depending on the value of the metals. Currently, ferritic stainless steel (17% chromium and 83% iron) is being used for the manufacture of most coins.
Why does the size of coins keep getting smaller? Actually, any coin has two values. One is ‘face value’ and the other is ‘metallic value’. Face value means the value written on the coins. It means that if a coin is worth 1 rupee then its face value will be only 1 rupee. Similarly, the value of Rs 2 coin is Rs 2 and the value of Rs 5 coin is Rs 5. Metallic value means how much has been spent in making that coin. Suppose if a coin is melted and the metal obtained is sold for Rs 5, then its metallic value will be Rs 5. Now let us understand this with the help of an example.
Suppose a person is melting one rupee coins and selling them for Rs 2, then he is getting an additional profit of Re 1 on this one rupee coin. In this way, this person suffered a loss of Rs 1, but in return he also got a profit of Rs 2. RBI has made 5 new rules regarding CIBIL Score, will be implemented in 1 way, loan takers will get a big benefit. Metallic Value – In such a situation, it is also possible that to take advantage of the metallic value, people may earn profit by melting all the coins. There may come a time when all the coins may disappear from the market. In such a situation, a big challenge will arise for the government and the economy. This is the reason why the metallic value of coins is kept less than its face value. Due to this, people do not get the opportunity to earn profit by melting coins.
That is why the government keeps reducing the size and weight of coins every year according to inflation. Responsibility rests on RBI – The responsibility of printing currency notes in India and circulating it in the economy rests with the Reserve Bank of India. RBI regulates the currency in the economy. If there is excess money in the market then RBI reduces it through monetary policy. At the same time, if there is less money in the market then it is also increased under the monetary policy of RBI. However, the responsibility of printing 1 rupee notes rests with the Finance Ministry. It has the signature of the Finance Secretary.
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