Why Shortage in Supply of Commemorative Coins?

In recent times, numismatists who collect commemorative coins have faced difficulties in finding newly released coins in general circulation. Even though these coins were released a couple of years ago, and some were available under Proof and UNC sets, their circulation has been limited, posing a challenge for collectors.



Multiple factors contribute to this situation. The primary issue is the Reserve Bank of India (RBI) facing challenges in lifting stocks from the Security Printing and Minting Corporation of India Ltd (SPMCIL) due to a shortage of storage capacity. Since coins are assets of the Ministry of Finance under the Government of India, both the RBI and SPMCIL are currently experiencing cash constraints. The RBI is unable to pay SPMCIL unless it lifts and hands over the coins to commercial banks.

Another challenge arises from a section of the public rejecting Rs. 10 coins, claiming them to be fake. This misconception has led to a situation where storage capacity is being consumed, even though the RBI has taken a firm stand against banks that refuse to accept coins. The RBI has issued statements urging the public to continue accepting Rs. 10 coins as legal tender in all transactions without hesitation.

Few of the circulating commemorative coins that are yet to be seen in general circulation are:
  • 5 Rupees - Rani Gaidinliu, 2015
  • 5 Rupees - Begum Akhtar, 2015
  • 5 Rupees - Biju Patnaik, 2016
  • 5 Rupees - Mysore University, 2016
  • 5 Rupees - Deendayal Upadhyaya, 2016
  • 5 Rupees - PC Mahalonobis, 2018
  • 10 Rupees - Shri Jaganath Nabakalebara, 2015
  • 10 Rupees - Maharana Pratap, 2016
  • 10 Rupees - Krishna Chaitanya Mahaprabu, 2016
  • 10 Rupees - Lala Lajpat Rai, 2016
  • 10 Rupees - Banaras Hindu University, 2016
  • 10 Rupees - Tatya Tope, 2016
  • 10 Rupees - M S Subbulakshmi, 2017
  • 10 Rupees - Shrimad Rajchandra, 2017
Some of the above coins are available at coin events and exhibitions, though they are not widely accessible. Collectors are encountering challenges due to inflated pricing, and it is hoped that this issue gets resolved as soon as possible.

Comments

Post a Comment

Popular posts from this blog

New Commemorative Coin: Mysore Medical College and Research Institute

Image
The Government of India will issue a ₹100  commemorative coin  to mark the Centenary Celebration of Mysore Medical College and Research Institute . The Ministry of Finance issued a gazette notification on November 25, 2024, confirming this coin. Mysore Medical College and Research Institute (MMC&RI), established in 1924 in Mysuru, Karnataka, is one of India’s oldest medical colleges. Affiliated with Rajiv Gandhi University of Health Sciences, it offers MBBS, postgraduate, and super-specialty courses. Known for academic excellence and attached to hospitals like K.R. and Cheluvamba, MMC&RI combines quality education with essential healthcare services. The  metal composition  of the ₹100 coin will consist of a Quaternary Alloy, comprising 50% Silver, 40% Copper, 5% Nickel, and 5% Zinc. The coin will weigh 35 grams and have a diameter of 44 mm, featuring 200 serrations along the edge. The coin's description is as follows. Obverse:  The face of the ...
Read more

New Commemorative Coin: Birla Institute of Technology and Science, Pilani

Image
The Government of India will issue a  commemorative coin  with a denomination of ₹60 to celebrate the ' Diamond Jubilee of Birla Institute of Technology and Science, Pilani '. The Ministry of Finance issued a gazette notification on November 4, 2024, confirming this coin. Birla Institute of Technology & Science, Pilani (BITS Pilani) is a premier private institution in India known for its excellence in engineering, science, and technology education. Established in 1964, BITS Pilani operates across multiple campuses in Pilani, Goa, Hyderabad, and Dubai, offering undergraduate, postgraduate, and doctoral programs. Known for its rigorous academic curriculum, innovative pedagogy, and strong emphasis on research and industry collaboration, BITS Pilani is among India's top engineering and technology schools. The institute follows a unique “Practice School” program, enabling students to gain valuable industry experience during their studies. The  metal composition  of th...
Read more

Karnataka Governor to Release Coins on Shri Parshvanath Bhagwan

Image
The Governor of Karnataka, Shri Thaawarchand Gehlot, along with Jainacharya Shri Jin Piyush Sagar Surishwarji, will release commemorative coins and postage stamps to celebrate the 2900th Janm Kalyanak and 2800th Nirvan Kalyanak of the 23rd Tirthankara, Shri Parshvanath Bhagwan, at Bhopalgarh, District Jodhpur, Rajasthan, on December 25, 2024. The event is being organized by the Shri Parshwanath Jinalaya Mahabalipuram Tirth Nyas and Shri Ostara Parshwanath Jain Shwetamber Murtipujak Trust. Shri Parshvanath Bhagwan, the 23rd Tirthankara in Jainism, holds a revered place in the faith's history. The 2900th Janm Kalyanak (birth anniversary) and 2800th Nirvan Kalyanak (liberation anniversary) commemorate his spiritual journey and teachings of non-violence, truth, and asceticism. Born in Varanasi to King Ashvasena and Queen Vamadevi, Shri Parshvanath renounced worldly pleasures at the age of 30, attaining Kevala Jnana (omniscience) through intense penance. His legacy of guiding countle...
Read more