Prime Minister Narendra Modi Unveils Commemorative 75 Rupee Coin: A Celebration of Milestones

On Sunday, in honor of the opening of the new Parliament, Prime Minister Narendra Modi issued a commemorative postage stamp and a special 75 rupee coin.

The Department of Economic Affairs published a gazette notice stating that the currency would weigh between 34.65 and 35.35 grams. It will have an image of the Ashoka Pillar's Lion Capital in the center, with the words "Bharat" in Devanagari script and "INDIA" in English on either side. Additionally, it will be imprinted underneath the Lion Capital with the rupee symbol and denominational value "75" in international numbers. 

The flip side of the coin will likewise contain the image of the Parliament Complex and the year "2023" in international numerals.

"When India moves forward, the world moves forward," Modi tweeted in reference to the opening of the Parliament. "This new building of the Parliament will appeal for the development of the globe along with the development of India ''.

He remarked further, “There was a need for a new Parliament. We must also keep in mind that there will be more seats and MPs in the future. That's why it was need of the hour that a new Parliament is made”.

Vice President and Rajya Sabha Chair Jagdeep Dhankhar stated at the time that he thought the structure would help create a political consensus.

The introduction of this unique currency raised numerous concerns in the public's thoughts, including:

Is this coin intended for widespread use?

These are not meant for widespread distribution. According to a representative of the Finance Ministry, these so-called commemorative coins cannot be utilized in transactions.

Commemorative coins are frequently released to mark important occasions and feature distinctive designs that are appropriate for the occasion they commemorate. For coin collectors, these coins are highly valuable and prized possessions.

More than 150 such coins have been launched over the years, starting in 1964.

Who can buy and how does one buy?

On the official government website, www.indiagovtmint.in, anyone can purchase this coin. Notably, the government has not yet published the coin's price as of the time of writing, but it is anticipated to do so shortly.

What is the current market value of this coin's design? 

The material alone cost a minimum of Rs 1,300, according to Yogesh Singhal, head of the Bullion Jewellers Association. One must wait for more government information to learn the actual price at which this coin can be purchased.

What metals are used in the production of the Rs. 75 coin?

The diameter of the coin is 44 mm. According to a previous announcement from the Finance Ministry, it is made of a quaternary alloy that is 50% silver, 40% copper, 5% nickel, and 5% zinc.

The 35-gram coin is notable for having 200 serrations on its edges.

How much does the New 75 Rupee coin cost?

The cost of the coin has not yet been disclosed by the government. And a person purchasing it from the mint can find out immediately from the officials. Normally, the mints post all the information about the coins on their notice board.

India has created 150 commemorative coins since 1960 for a variety of reasons, including to honor notable people, support official programmes, and remember major historical periods. The central government has the power to manufacture coins with various denominations thanks to the 2011 Coinage Act. The RBI's role in managing coinage is limited to distributing the coins that are supplied by the federal government.

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