Of Rs. 1,000 commemorative coins and a shortage of Rs. 5

Updated - April 29, 2015 07:18 am IST

Published - April 29, 2015 12:00 am IST - CHENNAI:

Despite banks organising camps, Rs. 5 coins continue to be in demand —Photo: K. Pichumani

Despite banks organising camps, Rs. 5 coins continue to be in demand —Photo: K. Pichumani

New coins are being put into circulation regularly. But, there are some coins that are not meant to be used as legal tender but are a collector’s delight.

The recent launch of the Rs. 1,000 commemorative coins has attracted the attention of many customers. It was brought out to commemorate 1,000 years of the Brihadeeswara temple in Thanjavur. However, such coins of unusual denominations - including Rs. 50 and Rs. 75 - do not have any legal value and are of limited edition.

Numismatists say that the collectors pay more than the actual value for such coins. For instance, the rate of the Rs.1,000 coins has been fixed as Rs. 5,000 by the government. Such coins are launched by the Indian Government Mint and are available online.

Sources in the Reserve Bank of India said in the last few months, coins of denominations Rs. 10, Rs. 5 and Rs. 150 were brought out to commemorate various occasions, including the birth anniversary of Jawaharlal Nehru and Motilal Nehru and centenary of Mahatma Gandhi’s return from South Africa.

Meanwhile, the shortage of coins, particularly of Rs. 5 denomination, still continues in the city despite several camps being held, say retail traders.

RBI officials said they were awaiting supply from the government mint. In a bid to ensure easy distribution of coins to consumers, various banks have installed about 170 coin vending machines in their branches in the city.

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