Pure Silver vs Quaternary Alloy: The Evolution of Commemorative Coins
In 2019, the Government of India issued a ₹150 commemorative coin in pure silver, weighing 40 grams, to mark the 150th Birth Anniversary of Mahatma Gandhi. This was the first time in the Republic of India coinage that a commemorative coin in pure silver featured the standard 44 mm diameter. It was followed by another pure silver coin commemorating the 250th Session of the Rajya Sabha. These coins were perceived as exclusive due to their connection to Mahatma Gandhi, a significant figure in Indian history.
However, since 2023, there has been a notable shift, with the government issuing several pure silver commemorative coins. These include coins celebrating the 500th Birth Anniversary of Rani Durgavati, Khartargachha Millennium, 75th Republic Day, 90 Years of the Reserve Bank of India, 75 Years of the Supreme Court of India, Shree Swaminarayan Mandir, 150th Birth Anniversary of Bhagwan Birsa Munda Ji, 2900th Janm Kalyanak and 2800th Nirvan Kalyanak of Parshvanath Bhagwan, and the Birth Centenary of Shri Atal Bihari Vajpayee. This transition marks a shift from the previously prevalent 35-gram quaternary alloy coins to the more premium pure silver.
From a numismatic perspective, pure silver coins offer significant advantages. Their intrinsic value, driven by the silver content, provides a dual benefit as both a collectible and an investment. The value of silver tends to appreciate over time, making these coins economically advantageous. In contrast, quaternary alloy coins, composed of 50% silver, 40% copper, 5% nickel, and 5% zinc, lack substantial intrinsic metal value and rely primarily on their numismatic appeal.
Pure silver coins are also aesthetically superior, with a brilliant and lustrous finish that enhances their artistic design. They are resistant to corrosion and maintain their shine for decades when properly cared for, whereas quaternary alloys are prone to oxidation and discoloration, especially in humid climates, making them less durable and visually appealing over time.
Despite these advantages, the escalating price of silver has made these coins increasingly expensive. Currently, proof sets of pure silver commemorative coins cost around ₹6,200, significantly higher than quaternary alloy coins, which are priced at approximately ₹3,700 per set. This price disparity poses a challenge for regular collectors, particularly as the number of commemorative releases now exceeds 20 themes annually. For many collectors, acquiring even 10 themes per year has become financially challenging.
In conclusion, while pure silver commemorative coins offer unparalleled intrinsic value, aesthetic brilliance, and long-term durability compared to quaternary alloy coins, their high cost poses a significant challenge for collectors. The transition to pure silver marks a positive step in enhancing the quality and investment potential of Indian coinage, but balancing affordability and exclusivity is essential. A reduction in weight, such as transitioning to 20-gram coins, could bridge the gap, making these coins more accessible while preserving their intrinsic and numismatic value. Such measures would ensure the sustainability of commemorative coin collecting as an inclusive and enriching hobby.
In between, there was a transition to 80% silver. 75 years of Armed Forves Medical College was issued with 80% silver and 20% Copper in it.
ReplyDeleteApart from the Armed Forces Medical College coin in 2023, there have been other coins featuring an 80% Silver and 20% Nickel composition, such as the Mahatma Gandhi Birth Centenary in 1969, FAO coins in 1970 and 1971, the Brihadeeswarar Temple in 2010, and the Shree Jagannath Nabakalebara in 2018. Additionally, the 1981 International Year of the Child coins was composed of 92.5% Silver and 7.5% Copper. However, these cannot be considered a transition, as such compositions were issued only occasionally.
DeleteThank you for this information.
ReplyDelete