1957 - Naya Paisa Series | Definitive Coin

The year 1957 saw the first decimalised series of definitive coin with "Naya Paisa Series".

The Indian coinage went decimal on April 1, 1957, ten years after it gained Independence from the British. Though coins as units of monetary value have been in use for 500 years or so, India’s history of modern coinage is only about 200 years old. Its fascinating history that has some amusing aspects can be traced to the days of the East India Company, the precursor of the British Raj. Even after the British left after India’s independence in 1947, the country continued to follow the old non-decimal coinage. India finally went decimal in 1957. 

Legislative work to facilitate switchover to the decimal system was put in motion some two years earlier – 1955.   The Indian Coinage Act was amended in September 1955 to embrace decimal system.  After the amended Act came into being, a circular issued by the Comptroller and Auditor-General of India, in April 1956, said: Government accounting with effect from April 1, 1957 is to be maintained in terms of rupees and naye paise instead of rupees, annas and pies. All challans in support of money tendered in payment of Government dues are, therefore, to be expressed in the new coinage. Similarly, all bills for withdrawals also are to be expressed in terms of rupees and naye paise. The Act came into force on 1 April 1957, however, the rupee coin remained unchanged in value and nomenclature was divided into 100 ‘paisa’ instead of 16 annas or 192 paise.