India released a commemorative coin of Rs 75 denomination on May 28, 2023, to mark the inauguration of the new Parliament building. Prime Minister Narendra Modi released the coin.
Since 1960s, India has been issuing commemorative coins for several reasons. It issued coins paying homage to notable personalities, spreading awareness about government schemes, or remembering key historic events.
WHAT ARE THE FEATURES OF THE NEW RS 75 COMMEMORATIVE COIN?
The Rs 75 coin is circular in shape with a diameter of 44mm. The composition of the coin is of a quaternary alloy. It consists of 50 per cent silver, 40 per cent copper, 5 per cent nickel and 5 per cent zinc.
“The face of the coin shall bear the Lion Capitol of Ashoka Pillar in the centre. It shall have “सत्यमेिजयते” (SatyamevaJayate) inscribed below. Flanked on the left periphery is the word “भारत” (Bharat) in Devnagri script and on the right periphery the word “INDIA” in English,” said a Ministry of Finance notification.
HOW CAN ONE GET COMMEMORATIVE COINS?
A person who wants to get commemorative coin can get it from visiting the website of the Securities of Printing and Minting Corporation of India Limited. Most often, such coins are meant to be just collectables as their worth may not necessarily be the same as their face value.
In 2018, the government issued a commemorative coin of Rs 100 denomination to honour former Prime Minister Atal Bihari Vajpayee. It is currently available on SPMCIL’s website for ₹5,717.
CAN ONE SPEND THE COIN?
Since the coin is not introduced into general circulation, it cannot be used to make financial transactions.
The actual price of commemorative coins is much more than their face value. They cannot be treated as legal tender valued at their denomination.
OTHER COMMEMORATIVE COINS RELEASED BY INDIAN GOVERNMENT
The government issued a commemorative coin of Rs 100 denomination to honour former Prime Minister Atal Bihari Vajpayee in 2018. Prime Minister Narendra Modi on January 23, 2021, released a commemorative coin of Rs 125 denomination to mark the 125th birth anniversary of Netaji Subhas Chandra Bose. In 2022, the government released an Rs 75 commemorative coin to mark the 75th Anniversary of the Food and Agriculture Organisation.
