The Fall of the Rupee - End of Era
India was one of the first issuers of coins (7th/6th century BCE), and as a result it has seen a wide range of monetary units throughout its history. There is some historical evidence to show that the first coins may have been introduced somewhere between 2500 BCE and 1750 BCE though the first documented coins date from between the 7th/6th century BCE. The word Rūpaya is derived from Sanskrit word Rūpya, which means "a coin of silver".
Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (340-290 BCE), mentions silver coins as ‘Rupyarupa‘, gold coins as "Suvarnarupa", copper coins as "Tamararupa" and lead coins as "Sisarupa".
The first Rupee coins were issued by the Sher Shah Suri in 1540 CE and remained in use during the Mughal period, Maratha era as well as in British India.
The details below are some of the coins which show the change in the structure of the rupee over the years.
1. Suri Dynasty
Islam Shah Suri: The 1 Rupee continued with Islam Shah Suri in his reign 1545 - 1554, the second ruler of the Suri dynasty and the son of Sher Shah Suri. The coin weighted approx. 11.43 grams and 30 mm in diameter.
2. Mughal Empire
3. Maratha Confederacy
Chhatrapati Shivaji Maharaj: The 1 Rupee from the founder of Maratha Empire, Weight: 11.45g, Diameter: 20.5mm.
4. Indian Princely States: Hyderabad
Sikander Jah, Asaf Jah III: The 1 Rupee silver coin from the Nizam of Hyderabad State. The coin weights 11 grams and 24 mm in diameter.
5. East India Company
Unified Coinage – King Williams IV – The first 1 Rupee coin of Unified Coinage from 1835 weighing 11.66 Grams and approx. 30.5 mm in diameter.
6. British India
Queen Victoria – 1 Rupee coin from 1862 weighing 11.66 grams and 30.78 mm in diameter.
King George VI – 1 Rupee coin from 1939 weighing 11.66 grams and 30.5 mm in diameter.
The Rupee coin was a silver coin till the 1939. However, it was reduced to 50% silver post World War II due to steep rise in the silver price for the first time.
King George VI – 1 Rupee coin in Silver (.500) from 1940 weighing 11.66 grams and 30.5 mm in diameter.
King George VI – The Rupee coin was changed from silver to nickel in the year 1947 weighing 11.8 grams and 28 mm in diameter.
7. Republic of India
Anna Series: The first Rupee coin issued in 1950 post independence under Anna Series. 1 Rupee in Nickel was issued in 1950 and 1954 weighing 10 grams and 28 mm in diameter.
Decimal Series: The first Rupee coin issued in 1962 under Decimal Series. 1 Rupee in Nickel was issued in 1962 and 1970 weighing 10 grams and 28 mm in diameter.
Decimal Series: The 1 Rupee coin was reduced to 8 grams from 10 grams and changed from Nickel to Copro-Nickel, issued from 1975 to 1982.
Decimal Series: The 1 Rupee coin was further reduced to 6 grams in weight and 26 mm in diameter, issued from 1982 to 1991.
Decimal Series: The 1 Rupee coin in Stainless Steel was introduced in 1992 weighing 4.85 grams and 25 mm diameter. It was minted with different designs, but with same specification till 2010.
Decimal Series: The 1 Rupee coin with “₹” was introduced in 2011, but was reduced to 3.80 grams and 22 mm diameter. The coin was last minted and circulated in 2019.
479 years later, the rupee coin in 2019 is now 3.80 grams of Stainless Steel. The UPI transactions and with the introduction of Digital Rupee (e₹), going forward it will be very rare to see the ₹1 coins in circulation with time.
Decimal Series: 1 Rupee, 2019 – Present (Uncirculated) – 3.09 grams, Stainless Steel, 20 mm diameter
It was never issued for circulation as on 2022. The 2019 coins are being said to have minted in millions and were melted down by the India Govt Mint.
While, the Government of India focusing and promoting to make the Rupee for trade at the global level, minting of 1 Rupee coins for circulation seems unaffordable considering the inflation and cost of minting process. It’s unfortunate that the era of ₹1 coins are ended with our time.
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