Is Rs 75 Coin A Legal Tender Now? Things You Need To Know

On Thursday, the Ministry of Finance unveiled a Rs 75 commemorative coin to mark the inauguration of the new Parliament building. The finance ministry said, “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.” A commemorative coin is minted to commemorate a unique event, person, or landmark and has a distinct design. Several commemorative coins have been released in India in the past.

How do you get the Rs 75 coin, and how do you spend it?

Unlike monetary notes and coins, those issued to honour special events are not widely circulated. Higher-value commemorative coins containing precious metals such as gold and silver are often classified as collectables and are not issued as legal money. Lower denomination commemorative coins, on the other hand, are usually only in circulation for a short period. Citizens who want to collect commemorative coins can do so through designated agencies.

Who makes commemorative coins?

Four India Government Mints, situated in Mumbai, Kolkata, Hyderabad, and Noida, produce these coins. They are often made in small numbers and packaged in carefully designed containers. Commemorative coins of various values are frequently popular among collectors, especially those in higher denominations that are purely for collecting and usually contain some silver. Lower denomination coins are frequently seen in general circulation, and you may have seen them in the past.

Higher denomination coins (exclusively for collections) must, however, be ordered directly from any of the Indian Government Mints during a set period. These collectors’ coins, in addition to mints, can be found at coin dealers for inflated prices. Bookings for commemorative coins typically begin 3-6 months in advance. Individuals can even purchase the coin in person at the mint. The mints normally publish a list on their notice board that lists the coins that are for sale and their prices. Before any commemorative coins are released or distributed, advertisements for such bookings begin to emerge in publications, and there is a time limit for booking them.