Incredible Facts About Indian Coins
Indian coins have a rich history. For its artistic merit, its variety spanning across diverse regions, for its beautiful symbolism and for the legacy it has left on subsequent coinages across various parts of the world, Indian currency ranks as one of the great coinages of the world! Here are 7 incredible facts about Indian coins that are sure to make us proud of our coin heritage.
Indian coins are more than 2500 years old. Even the Vedas make a mention of gold coins in the form of 'Nishkas' and 'Suvarnas'. India is thus home to some of the oldest coins in the world. The 'Suvarna' was the weight in gold of a full grown cow !
India's coins were among the first to feature queens as early as the 2nd century BCE. Over time, many Indian coins featured queens and Goddesses. In fact, Razia Sultana was the first Muslim queen, anywhere in the world to be featured on a coin minted in Delhi way back in the 13th century !
The word 'rupee' is derived from the Sanskrit term 'rupya' which means 'wrought silver, a coin of silver'. The Rupee was formally introduced as a currency by Sher Sah Suri in the 16th century. Since then, the Rupee has retained its position as India's currency of choice. In fact, the rupee is the common name for the currencies of many other countries such as Pakistan, Indonesia, Maldives, Mauritius, Nepal, Bhutan, Seychelles and Sri Lanka.
How is the price of a coin decided?
It is our aim to design attractively priced products. Designs rich in detail, high-quality coin blanks and striking, limited circulation figures and special packaging all cost money. Furthermore, the price of precious metals (at the time they are purchased for production) is a crucial factor. This explains why the price of coins that have the same precious metal content can differ widely. In the case of our silver coins, you also have to add VAT.
Do all coins have a face value?
The face value and the name of the issuing country are the two factors that distinguish a coin from a medal. If either of the two are missing, then we talk about a medallion or a jeton. All the coins we produce – from the one cent to the two euro – with Euro and Cent values are legal tender in Austria and in all the countries of the European Monetary Union.
I’m interested in the Coin Club. Where can I find out more?
The Coin Club is a free service offered by the Austrian Mint to its customers. In addition to the four yearly issues of our magazine, members also receive special offers, invitations to events and reductions with numerous partner companies. You can find out more about the Coin Club here.All members of the coin club receive our customer magazine by post four times a year. If you are not a member of the club, you can subscribe for free.
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