2016-05-30 Mon

After British coins were withdrawn from circulation, and the copper coins lost its real worth, women used them to make perfectly circular bindis by stuffing its curvature with kumkum and pressing it on their foreheads.The new government later introduced the 1-paisa copper coin; the 2, 3, 5 and 10-paisa nickel coins; the 20-paisa golden coin with a lotus symbol. Indians like to hoard coins as they think that it would be their saving grace in times of trouble. When the RBI mints them today, they go out of circulation almost instantly. Lack of change became a serious issue. People are asked to produce exact change to bus conductors even today. Slowly a black market of coins was also created by hoarders who used to sell coins for a commission.

The 1-paisa copper coins were made into garlands and offered to idols of Gods. There were rumours that 20 paisa coins had gold in them and went out of circulation as well. They were later used as payals.