Prime Minister Narendra Modi on May 28 released a special commemorative Rs 75 coin to mark the inauguration of the new parliament building at the inauguration event held at the Lok Sabha chamber.
According to an official notification by the Department of Economic Affairs under the Union Ministry of Finance, the weight of the coin would be around 35 gm.
Here's an explainer to tell you more details.
Why did the government come up with Rs 75 coin?
On May 28, to mark the inauguration of the new Parliament building Ministry of Finance has come up with a Rs 75 denomination coin. According to the ministry, the obverse face of the coin will bear the Lion Capital of ‘Ashoka Pillar’ in the centre with the legend ‘Satyamev Jayate’ inscribed below. The Ashoka Pillar will be flanked by the word ‘Bharat’ in Devnagri script on the left periphery and the word ‘India’ in English on the right periphery.
Is this coin for general circulation?
These are not intended for general circulation. Called commemorative coins, these can not be used for transactions, said a Finance Ministry official.
Commemorative coins are often released to commemorate significant events and showcase unique designs that reflect the occasion they represent. These coins hold great value for coin collectors, serving as treasured collectables.
More than 150 such coins have been launched over the years, starting in 1964.
Who can buy, and how can one buy?
Anyone can buy this coin from the government website of www.indiagovtmint.in. Notably, the government has not listed price for the coin so far till the time of writing but it is expected to be disclosed soon.
Which metals are used in making the Rs 75 coin?
The coin has a diameter of 44 mm. It is composed of a quaternary alloy of 50 percent silver, 40 percent copper, 5 percent nickel and 5 percent zinc, the Finance Ministry had said in a statement earlier.
Notably, the coin weighing 35 gm features 200 serrations along its edges.
What's the market price of this coin composition?
According to Yogesh Singhal, president of the Bullion Jewellers Association, the material alone cost minimum of Rs 1,300. To get the actual price at which you can buy this coin, one needs to wait for more government information.
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