Commemorative coins are issued to commemorate significant events or to pay tribute to distinguished individuals. They come in two types: circulating coins, which can be used as legal tender, and uncirculated (UNC) coins, which are sought after by collectors. In Independent India, the tradition of minting commemorative coins began in 1964 with a coin dedicated to our first Prime Minister, Jawaharlal Nehru. Since then, the government has produced over a hundred of these special coins to celebrate various occasions.
Why does the government mint coins that aren’t meant for circulation?
The answer lies in their role as a source of revenue, a practice that dates back to the Mughal era. Coins like Nazarana and Nisar from the medieval period are early examples of uncirculated (UNC) coins. Nazarana coins were presented to royalty as a gesture of respect, while Nisar coins, made lighter, were scattered by emperors among their subjects as tokens. Both types were crafted from precious metals and could only be produced at the royal mint, reflecting their exclusivity and ceremonial importance.
Before World War II, commemorative coins were exclusively made from precious metals, symbolizing their significance. However, by the 20th century, the use of such metals in currency declined, especially after World War I and the 1930s economic crisis, which led to the end of convertibility of banknotes to silver and gold. By 1970, precious metal coins were rarely used for circulation, and commemoratives evolved into a distinct category—primarily collectibles or investment pieces, disconnected from everyday currency.
Modern Indian commemorative coins are crafted in a range of metals, including silver and alloys like cupro-nickel. These coins are produced at four mints across India, located in Hyderabad, Mumbai, Kolkata, and Noida.
Some coins, such as the 2024 75th Republic Day Coin series, featured engraved emblems, reflecting advancements in coin-minting technology. The inclusion of multi-lingual scripts, traditional motifs, and modern artwork has helped India’s commemorative coins appeal to a global audience.
In recent years, India’s commemorative coin series has expanded to include topics like space exploration, science, and the country’s achievements in various fields. The 2022 release of coins marking the 75th anniversary of India’s independence (Azadi Ka Amrit Mahotsav) showcases the nation’s journey over the past seven decades. Additionally, the government has begun to issue coins for international events, such as the BRICS Summit, further cementing India’s global presence through its coinage.
Commemorative coins offer a unique lens through which we can view India’s rich history, cultural heritage, and evolving national identity. From the first Nehru coin to the modern series celebrating technological and social achievements, these coins serve as lasting tributes to the milestones and figures that have shaped India.
