"They shall no longer be a legal tender for payment as well as on account." - P Vijaya Bhaskar. Regional Director RBI
30 June 2011, when RBI stopped 25 paise coins, that left us with 50 paise, 1 rupee, 2 rupee and 5 rupee coins in circulation. I remember there was a 10 rupee coin as well. At one point we even had 1 paise, 2 paise, 3 paise coins.
Stainless steel coinage of 1 rupee, 25 and 50 paise, was introduced in 1988 and in 1992. I do not remember the exact date when the new designed coins came in circulation. Roughly I can say in 2007 we started using the new shining coins. This particular article attempts to compare the old coins and new coins. (more…)