1957 - Naya Paisa Series | Definitive Coin

The year 1957 marked a historic milestone with the introduction of the first decimalised definitive coinage, popularly known as the "Naya Paisa Series."

India adopted the decimal system of coinage on 1 April 1957, nearly a decade after gaining Independence from British rule in 1947. Although the use of coins in the Indian subcontinent dates back more than two millennia, the history of India's modern coinage spans roughly two centuries, beginning under the administration of the East India Company and continuing through the British Raj. Following Independence, India retained the inherited non-decimal monetary system for several years before introducing a more rational decimal structure.

The transition to decimal coinage was initiated through legislative reforms. In September 1955, the Indian Coinage Act, 1906 was amended to provide the legal framework for the introduction of the decimal system. To facilitate a smooth nationwide transition, the Comptroller and Auditor General of India issued a circular in April 1956 directing that, with effect from 1 April 1957, all Government accounts, receipts, challans, and bills would be maintained and expressed in Rupees and Naye Paise instead of Rupees, Annas, Pice, and Pies.

The amended provisions came into force on 1 April 1957, when India officially adopted decimal coinage. The Rupee itself remained unchanged as the principal monetary unit, but its subdivisions were completely redefined. Instead of being divided into 16 Annas, 64 Pice, or 192 Pies, one Rupee was now divided into 100 Naye Paise. The prefix Naye (meaning "new") was introduced to distinguish the decimal coins from the existing anna-series coins, both of which circulated simultaneously during the transition period. In 1964, after the pre-decimal coins had been largely withdrawn from circulation, the word Naye was dropped and the decimal unit became known simply as the Paisa.