India Coin News

Click here to edit subtitle

Forums

Post Reply
Forum Home > British India > What happened to the british india coins after 1947?

Aniruddha
Moderator
Posts: 222

Krausse and other catalogs assign value to coins based on the mintage, when India became Independent i believe people were given a chance to exchange British coins with new Indian currency, all the collected british coins were destroyed or the metal was melted and re-used, so the actual no of coins in existence is far less than mintage no right? (the assignment of value to coins  based on mintage is not right in this case then.)

July 27, 2012 at 5:45 AM Flag Quote & Reply

Aniruddha
Moderator
Posts: 222

Doesnt anyone have any info on this?

July 28, 2012 at 4:13 AM Flag Quote & Reply

kidromeo
Site Owner
Posts: 489

British Indian coins remained in circulation officially even after India's independence upto 1950 when new series of Indian coins were introduced. The British Indian coins still continued to circulate as unofficial legal tenders until 1957 when decimal system was brought into effect.

--
"Coin collecting is the only hobby in the world that you can
spend all the money in the world and still have some left over" 
August 4, 2012 at 3:01 PM Flag Quote & Reply

Aniruddha
Moderator
Posts: 222

Thanks for the info, so people werent given an option to exchange them with indian coins?

August 6, 2012 at 2:52 AM Flag Quote & Reply

DrPRBPrasad
Member
Posts: 91

Option is always there but for convenience, the coins remains in circulation.The trader even accept them at a discounted price eg I anna coin used to be exchanged for 3 paisa(75% value;this is in my memory & I was school going chap around 10 yrs) and many people started hoarding copper 1/4 Anna coin equivalent to post Independence 1 paisa  coin as the obvious metallic value( by weight)  was more and they started selling @ Seer / kilo rate or per 100 piece rate. Sad part is that  Majority of purchasers were utilising the lots for melting to get a bit better value.Same hold good for Pure Silver coins.Goldsmith freely cut the desired weight from one coin ,mix with silver / gold to make the ornaments.( this too, I have witnessed with a heavy heart)

September 5, 2012 at 2:03 AM Flag Quote & Reply

Aniruddha
Moderator
Posts: 222

Thank you for your reply sir, it feels really good to hear from someone who has witnessed it  :)

September 5, 2012 at 8:37 AM Flag Quote & Reply

Vivek Rohilla
Limited Member
Posts: 133

Then from where the british coins come in the market and they are not fake. even you can buy on ebay. if people started to exchange with the new currency then how can people hoard so much no of coins without knowing the future of theze coins.

--

Vivek Rohilla

September 5, 2012 at 10:54 AM Flag Quote & Reply

DrPRBPrasad
Member
Posts: 91

There are still many sources.They are available with the then rich people, who were never in need of money and they sell in market with Goldsmith if lured by them or as & when need for money arise before them.Good stock come from the family of then coin collector.It is a fact that majority of silver coins are fake.Even cupronickel and copper coins are also duplicate and one has to excercise great care in dealing with them.Even on ebay fake coins are sold and many times I received only FAKE COINS after purchases from ebay.Some never reached me.(I was delivered empty envelopes )It is not that one & all person encashed their entire lots with new currency.Recently 25 paise coins were withdrawn from circulation and people were given notices to exchange them.How many people came forward for this before the dead line? At least 50% of entire 25 paise coins are still with people-I presume so and will see the sun off & on in days to come.

September 6, 2012 at 2:05 AM Flag Quote & Reply

Divacoins
Limited Member
Posts: 2

Dr. Prasad, 

Your knowledge about coins is very helpful.. 

September 12, 2012 at 3:47 AM Flag Quote & Reply

Kowshik
Member
Posts: 16

DrPRBPrasad at September 5, 2012 at 2:03 AM

Option is always there but for convenience, the coins remains in circulation.The trader even accept them at a discounted price eg I anna coin used to be exchanged for 3 paisa(75% value;this is in my memory & I was school going chap around 10 yrs) and many people started hoarding copper 1/4 Anna coin equivalent to post Independence 1 paisa  coin as the obvious metallic value( by weight)  was more and they started selling @ Seer / kilo rate or per 100 piece rate. Sad part is that  Majority of purchasers were utilising the lots for melting to get a bit better value.Same hold good for Pure Silver coins.Goldsmith freely cut the desired weight from one coin ,mix with silver / gold to make the ornaments.( this too, I have witnessed with a heavy heart)

Every coin had to go for melting one day. Because of that melting remaining coin had value
September 14, 2012 at 12:41 AM Flag Quote & Reply

samantha
Limited Member
Posts: 10

Something really knowledgable is being shared. I like.

January 9, 2013 at 12:37 AM Flag Quote & Reply

nihar mohanty
Limited Member
Posts: 7

dr prasad

 kudos to you for such info. unbeilivable, but true.

January 9, 2013 at 5:01 AM Flag Quote & Reply

broken compass
Limited Member
Posts: 230

Also the Mintage numbers of British India coins per year is not the number of coins with that year on the coin that was produced. Rather it is the number of coins that was produced in that year. For Example if 1911 1 Rupee coin is listed as having a mintage number of 4,300,000 in Calcutta, it means Calcutta mint produced 4,300,000 rupee coins in 1911. It is quite possible that due to the backlash of the Pig Rupee, either the 1910 Edward was produced in considerable numbers in the year 1911 until the new dies for 1912 were produced.

 

The assignment of value to coins based on Mintage numbers is a world wide practice. It just gives an idea that if more coins were minted, the probability of them having survived is more and therefore more coins are available and therefore it can be bought without competition keeping the price low.

January 13, 2013 at 12:24 PM Flag Quote & Reply

sudha
Limited Member
Posts: 11

DrPRBPrasad at September 6, 2012 at 2:05 AM

There are still many sources.They are available with the then rich people, who were never in need of money and they sell in market with Goldsmith if lured by them or as & when need for money arise before them.Good stock come from the family of then coin collector.It is a fact that majority of silver coins are fake.Even cupronickel and copper coins are also duplicate and one has to excercise great care in dealing with them.Even on ebay fake coins are sold and many times I received only FAKE COINS after purchases from ebay.Some never reached me.(I was delivered empty envelopes )It is not that one & all person encashed their entire lots with new currency.Recently 25 paise coins were withdrawn from circulation and people were given notices to exchange them.How many people came forward for this before the dead line? At least 50% of entire 25 paise coins are still with people-I presume so and will see the sun off & on in days to come.

yes i have not seen anyone that i know exchanging the 25 piasa coins in the bank, in fact when they got banned, everyone started using them so that they dont have any stock left with them. so sad, i personally like the 25 paisa coins and though i collected some commemoratives during that time i should have collected as many as i could.

January 14, 2013 at 8:24 PM Flag Quote & Reply

Aniruddha
Moderator
Posts: 222

@Broken Compass thanks for the info :)

January 15, 2013 at 1:26 AM Flag Quote & Reply

You must login to post.