Author Topic: India: New series of circulation coins  (Read 7027 times)

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Online eurocoin

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Re: India: New series of circulation coins
« Reply #45 on: January 17, 2019, 02:20:05 PM »
I regret that my previous message in this topic, as quoted by Quaziright, has now been heavily redacted and been almost completely rewritten by the moderator.



Well, by saying “expected”, that’s simply a lazy ploy to cover your bases, so that you’d be right whether there was an announcement or not (as you are doing now).

No, not at all. I obviously wouldn't have written it if it wasn't expected there would be an announcement at the end of the important meeting on Wednesday. In fact I still do not rule out there was not such statement.

Pabitra had already talked about a 20 rupee coin.

Pabitra had speculated about the 20 Rupees coin, exactly like he did with the demonetization of the 1 Rupee coin. We all know that didn't happen.

Navaneeth had provided an actual source

Correct indeed, an official source from the Ministry of Finance of India that confirmed virtually everything that I had already written.

Offline Bimat

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India: New series of circulation coins
« Reply #46 on: January 17, 2019, 02:49:10 PM »
Can we have peace, please? :)

Just heard a news on some channel and from what I saw, ₹20 isn't bimetallic. :(

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Pabitra

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Re: India: New series of circulation coins
« Reply #47 on: January 17, 2019, 02:53:44 PM »

Just heard a news on some channel and from what I saw, ₹20 isn't bimetallic. :(


Is it circular?
How many serrations?

Offline Bimat

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India: New series of circulation coins
« Reply #48 on: January 17, 2019, 02:57:02 PM »
Is it circular?
How many serrations?

Yes, circular. But I am not sure if they used actual image of the coin, or if it was a different ₹20 coin from some proof set (I hope that's true!). They did not talk about number of serrations etc. The lady actually said it was demonetization round 2! ;D

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline quaziright

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Re: India: New series of circulation coins
« Reply #49 on: January 17, 2019, 02:59:45 PM »
Can we have peace, please? :)

Just heard a news on some channel and from what I saw, ₹20 isn't bimetallic. :(

Aditya

Now you’re just teasing :)

Offline quaziright

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Re: India: New series of circulation coins
« Reply #50 on: January 17, 2019, 03:00:54 PM »
I regret that my previous message in this topic, as quoted by Quaziright, has now been heavily redacted and been almost completely rewritten by the moderator.



No, not at all. I obviously wouldn't have written it if it wasn't expected there would be an announcement at the end of the important meeting on Wednesday. In fact I still do not rule out there was not such statement.

Pabitra had speculated about the 20 Rupees coin, exactly like he did with the demonetization of the 1 Rupee coin. We all know that didn't happen.

Correct indeed, an official source from the Ministry of Finance of India that confirmed virtually everything that I had already written.

Well if there is such a statement, I’m sure you will report it notwithstanding this fracas

Offline Pabitra

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Re: India: New series of circulation coins
« Reply #51 on: January 17, 2019, 03:03:38 PM »
Yes, circular. But I am not sure if they used actual image of the coin, or if it was a different ₹20 coin from some proof set (I hope that's true!). They did not talk about number of serrations etc. The lady actually said it was demonetization round 2! ;D

Indian media shows this coin as representative of 20 Rupees coin.
The new coin will have Rupee symbol,for sure.

Offline Bimat

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India: New series of circulation coins
« Reply #52 on: January 17, 2019, 03:07:50 PM »
Indian media shows this coin as representative of 20 Rupees coin.
The new coin will have Rupee symbol,for sure.

That's right. Which means there are still hopes of a bimetallic.

Surprising that not a single news agency so far has reported the new coins. The one I heard on TV was a Marathi news channel.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Pabitra

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Re: India: New series of circulation coins
« Reply #53 on: January 17, 2019, 03:12:59 PM »
Indian mints used to supply bulk coins in bags which had packets of 100 pieces each.
The packet system has been stopped for 1 and 2 Rupees coins and now they come as bags of 2500 pieces each. Perhaps to cut costs.
For 5 and 10 Rupees still come in packets and packets in bags.

This indicates the status of 1 and 2 Rupees due to inflation. Perhaps 1 Ruppe will be reduced to status similar to 50 paisa, still legal tender, minted in one mint only, once in a while.

Would like to know from Indian friends if they have used or received 50 paisa coin in last 8 years?

Offline Figleaf

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Re: India: New series of circulation coins
« Reply #54 on: January 17, 2019, 03:43:21 PM »
I am unhappy with the way this thread has evolved. Personalities and nationalities were trying to trump newsworthyness. It doesn't matter who said what when. What matters is that news, based on facts comes out and comments can flow freely, while invective is removed. Dheer did his usual high quality job. Please follow his lead.

Quoting officials is well within journalistic best practices. I have spoken to journalists often enough, on and off the record to know. Rather than catch people out, we should be happy we have a group of people here who take the trouble to find out and share the news. Let's keep in mind that nobody will get a Pulitzer for posting on this site, so there is no reason for competition, let alone for language that is aggressive or unworthy of adults.

The above is not aimed at anyone in particular, but applies to all members and boards of this site.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Navaneeth

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Re: India: New series of circulation coins
« Reply #55 on: January 17, 2019, 04:08:08 PM »
Can we have peace, please? :)

Just heard a news on some channel and from what I saw, ₹20 isn't bimetallic. :(

Aditya

That's Nice. I guess that the proper announcement will be coming out in a week.

Offline kansal888

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Re: India: New series of circulation coins
« Reply #56 on: January 18, 2019, 12:09:21 AM »

Pabitra had speculated about the 20 Rupees coin, exactly like he did with the demonetization of the 1 Rupee coin. We all know that didn't happen.


Dear Eurocoin

I will be surprised if Rs 20 coin is not announced.  ;D  ;D  ;D I think Rs 20 coin is very much in the pipeline..

Pabitra posted about Re 1 coin many months back when the  new coinage series was still in nascent phase. He might have posted about discontinuation of Re 1 based on info available from his sources at that point of time.

I am expecting an official announcement about new coinage series in next 1-2 weeks. As of today, new series is still under approval process. In next few weeks, the code of conduct will kick in due to 2019 general elections. After that, Govt can not take any policy decision without the approval of the Election Commission of India.

Finally, thank you for posting about new coinage. Many times our sources are proved right, but sometimes they may also go wrong. More important is to share the story as it evolves. After all if u share a story when it has fully evolved (and 100% correct), it will make it less exciting.

Regards
Sanjay Kansal

Offline Pabitra

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Re: India: New series of circulation coins
« Reply #57 on: January 18, 2019, 05:45:44 AM »
The decision to go for a new series is several years old.
It takes several policy decisions to come up with a circulation coins series which will stand the test of time.
EU is still struggling with the topic of whether to do away with 1 and 2 cents.
The coin at lowest boundary of coinage has two threats.
One is demise of denomination when there is no longer a demand for a denomination.
50 Paisa is apparently one such case.
Another threat is death of a coin when cost of minting and logistics exceeds the face value of the coin.
1 Rupee coin falls in that category.
It could be redesigned &/or logistics cost be reduced.
The mint has reduced the packaging cost
The distribution cost was attempted to be reduced by doing away of the distribution by the Reserve Bank of India but that failed. Now the distribution to large customer has been restarted. Commercial banks have refused to take up the distribution to retail customers gratis. Thus there are complaints of shortage of coins one hand and inventory piled with the mints, forcing them to stop the minting temporarily.

Coming to redesign, it is the physical part which concerns the mint. The stainless steel remains the best option for alloy and circular design the most optimal shape. The only option is to reduce the size &/or thickness. The edge, other than plain, adds to the cost. The mints had produced 50, 25 and 10 paisa coins but switching to those sizes is not longer possible. To prevent that was  the reason for Blinds Association to take up the cases on judicial platform. The option is to do away with it has been opposed by major customers like Metro Rail etc. whose vending machines would need to be redesigned. Metro Rails are now taking steps to round off their tickets to 5 Rupees but they are under state governments. The State Government may not always see the problems from the same angle.

Finally, the coin of 1 Rupee may be continued at cost of the government, like they do with 1 Cent in USA and 1 & 2 cents in Germany and other politically sensitive European nations. Ultimately, the mint has to be funded and losses recouped and they can not be closed as they have done in countries like Belgium, Netherlands etc.

Offline Bimat

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India: New series of circulation coins
« Reply #58 on: January 19, 2019, 07:33:17 AM »
Finally found an article which mentions possible introduction of ₹20 coin. However, the page doesn't open, at least on my PC.  ::)Link

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Figleaf

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Re: India: New series of circulation coins
« Reply #59 on: January 19, 2019, 10:48:19 AM »
It opens on mine, has no pictures of new coins and is mainly on a possible ₹50 circulation coin and how it should have recognition marks for the blind.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.