Saturday, 27 May 2023, Bengaluru, India
Introduction:
After running against time to complete the prestigious project, the new Parliament building is ready to start functioning in the capital city of India. Marking a special moment in the history of Indian democracy, the New Parliament Building is a symbol of modern architecture.
While the moment is extraordinary, the finance ministry is trying to make it even more memorable by announcing the issue of a notable ₹75 coin. This coin is dubbed to be used to commemorate the inauguration of the new Parliament building.
“The coin of Seventy-Five Rupees denomination shall be coined at the Mint for issue under the authority of the Central Government on the occasion of the inauguration of the New Parliament Building,” said the finance ministry in a statement regarding the issue of the coveted ₹75 coins.
While the eagerness and excitement must be bugging many, it must be noted that these commemoratives are issued to mark or celebrate a special event, individual, or monument. There are several commemorative coins like this issue in the past, and as of now, they all have distinct designs.
As per the latest reports, the new ₹75 commemorative coins will be issued by the government, and they will have the image of the Finance new Parliament building on them. According to the reports, the coin is said to be circular, like most of the coins currently in use.
All about the new Rs 75 Coin:
We can expect to see a big coin as the reports suggest the diameter of the coins to be a whopping 44 millimeters. The special ₹75 coin will also have 200 serrations along its edges. Talking about the complexion, the coin will be made out of a four-metal alloy consisting of 50 percent silver, 40 percent copper, 5 percent nickel, and 5 percent zinc.
The detailing on this coin will be noticeable. There is a word about the mention of the current year, 2023, below the new Parliament building’s image on the coin. Though there will be some changes, a certain part won’t be affected, and that is part of the coin that will have ‘Satyameva Jayate’ written on it along with the Ashoka Pillar.
We will also see the word ‘Bharat’ mentioned in the coin. On the left side, the word ‘Bharat’ will be written in the Devanagari script, and on the right, ‘Bharat’ will be written in English, which is ‘India.’
Additionally, the coin will feature ‘₹75’ written below the Ashoka Pillar or the Lion Capital on one side. While one side will feature the Ashoka Pillar, the other side of the coin will feature the Parliament complex. The Parliament complex will have the image of the new Parliament inscribed, and we will also see ‘Sansad Sankul’ written in Devanagari script on the upper periphery and ‘Parliament Complex’ written in English at the bottom.
How Can you get the Rs 75 Coin and can you Spend it?
While the extraordinary event will witness a special commemorative coin, it is not the first time though that a special ₹75 coin will be issued to commemorate an event. In 2020, a ₹75 coin was issued by the finance ministry to commemorate the 75th anniversary of the Food and Agriculture Organization. Though it is still not known if or not the coin will have any gold coating as we have in ₹5 coins and ₹10 coins.
Such commemorative coins are not issued as legal tender for public use. People must know that the special ₹75 coin will not be available for general use, and people who fancy such commemoratives can probably buy them in the form of collectibles.
The higher denomination commemorative coins have precious metals gold, and silver in them, and issuing a coin of such value will only damage the system. We can always expect a lower denomination commemorative coin to be in circulation for a short period, but a coin of such a higher denomination is out of the question. Though people who fancy it can buy or outsource them through specific agencies and use them as collectibles.
These special coins are made or produced by four Indian Government Mints. The Mumbai Mint, Kolkata Mint, Hyderabad Mint, and Noida Mint produce these special commemorative coins. These coins are usually made in limited quantities in specially marketed packages.
