Currencies come in various denominations and different forms, that is in coin and paper currency format. The image, design, and color of these denominations are standardized. We use these coins and notes to carry out our day-to-day transactions. But apart from these, the government of India occasionally realizes commemorative coins. Commemorative coins are issued to commemorate special occasions. We shall look into the details of different commemorative coins and how can you get one.
What are commemorative coins?
Several occasions are important to remember. This might be the celebration of an institution reaching a significant milestone, completing several years of independence, a festival, the birth anniversary of a notable leader or scientist, etc. To remember and celebrate such occasions the government of India releases special coins of unique design which are commercially available to be brought by citizens. These coins are called commemorative coins.
They can come in a unique size and composition. Also, the denominations of these coins are different and usually represent the number associated with the occasion. For example to remark on the 150th birth anniversary of mahatma gandhi a coin of the denomination of ₹150 was launched.
A few more examples of such coins would be
- Completion of 175 years if IIT Roorkee
- 60 years of Commonwealth
- 250th session of rajya sabha
From where can I buy one?
Security Printing and minting corporation of India Ltd or SPMCIL for short is a government owned agency that is responsible to manufacture these special coins. Currently, mint currency under SPMICL is manufactured only in 4 different cities in India. These cities are Mumbai, Noida, Kolkata and Hyderabad. The only place where you can buy these coins is on the SPMCIL website.
A key point to note is that even though the denomination of this coin might be say 75 or 50 for example the cost to purchase one will probably be around ₹3000-₹4000 each. The high price is justified by two main factors. These are not regular coins that are used for mass production but rather are manufactured on demand. Many of them could have a waiting period of several months. Secondly, they are made from premium metals such as gold, silver, etc. Before buying a coin you can check the exact composition. Once you receive there is also a card attached that states the exact composition of the coin you brought. Due to this factor, the buying price is much higher than the denomination.
Can I use commemorative coins as regular currency?
Well, it would be a bad idea to buy a commodity with ₹100 with a ₹100 commemorative coin that you would have brought from say ₹4000. They are worth much more than the denominations mentioned. Secondly, the government doesn’t manufacture these for circulation.
These coins are collectible items. People who buy them are usually the ones who love collecting unique currencies. Many of them are even available in pure gold or silver composition. Hence you can even consider gifting these coins on special occasions to your friend or family.