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The Coinage of Republic India by Arpit Gupta

[6th April 2020- Updating this post on the book's first release anniversary]

With the beginning of Hindu Nav-Varsh (Vikram Samvat 2076), on 6th April 2019 my book - The Coinage of Republic India, Coins after British Raj (1950-2018) stepped into the Indian Numismatic World. It was indeed a proud moment for me and my family. Through this article, I will be sharing my journey of becoming an author.
[6th April 2019] Book Release Ceremony at All India Coin Exhibition-Coinex Jaipur 2019 held in BM Birla Auditorium, Jaipur in the presence of Senior Numismatist Prof. Shashikant Bhatt, Mr. Ashok Singh Thakur, Dr. Dilip Rajgor, Mr. Prakash Chandra Kothari (Right to Left) and other dignitaries. 
The Journey:
I have been collecting coins since 2012. My collection had been recognised by various World and National records. Later, I was awarded the Young Collector’s Award at Indore Mudra Utsav, 2015 and Yuva Mudra Ratna in 2016. I always had a great interest in RI coinage and had been researching actively on the Republic India series for seven years. I always felt that this subject of Indian Coinage was always neglected and not much literature was available to study this series. Neither the mintage nor the particulars like hidden facts, die varieties, making of coins, etc which always fascinated collectors, were missing from books and all available resources.
And I therefore, decided to pen down a book after four years of labour-intensive research. I started with understanding how an ideal book should be and how it should be framed. I received guidance from Mr. Nilaish (who is an author himself) who helped in various ways. Next, I started searching for someone who can help me with images of the coins, thanks to Mr. Joseph Kunnappally from Texas USA who readily agreed to permit the use of his fantastic images in this book. Then, I contacted Mr. Sanjay Kansal, who is a well-known expert in RI coinage, whose guidance can be corresponded as, that of Lord Krishna to Arjun. The people who helped me in die varieties were Mr. Raja Biswas and Mr. Ponpandi Perumal whom I refer as the "Die Variety Kings".
Since I stepped into being a law student in the second year of my journey, I started exploring legal aspects to widen my approach and as a result, various RTI, letters, applications, emails, and study of the Coinage Act brought in a turning point. I was now ready to share what I had gained so far.
Many people, directly and indirectly, helped me with this catalog especially my family, Mr. Sanjay Kansal, Mr. Joseph Kunnappally, Mr. BK Kar, Mr. Nilaish, Mr. Jayadevan M Jayadevan, Mr. Sudhir Lunawat, Mr. Rajesh Bhat, Mr. Raja Biswas, Mr. Ponpandi Perumal, Mr. Mukul Priyadarshil, Dr. Arthur Needham, Mr. Prem Kumar Pandey, Mr. Ravi Jaiswal, Mr. Vaikunta Chary R, Mr. Tejas H Shah, Mr. Patrick Glassford and many more. Many many thanks to all of them, it would not have been possible without you all! Also special thanks to Mr. Girish Sharma for always inspiring me. The support I got from Indian Govt Mints, Right to Information Department and Govt of India is also worth mentioning.

Finding a Publisher: 
Finding a publisher is always a tough task and getting your work published at such a young age makes it a bit more complicated. Initially, I wanted some renowned numismatic publisher to publish my work (which author won't!). But neither I knew how to approach them nor I had the background to present my skills, therefore after wasting months and blindly trusting a few made me lose faith which finally made me realize the game!
It was February or March (2019) when Mr. Anil Sharma told my father about Indra Publishing House and its MD Mr. Manish Gupta. He showed confidence in my work and readily accepted to publish it. I owe him and his entire team including Mr. Pramod Singh, Mr. Sanjeev Rai, and Mr. Sumit Jadon thanks in several regards.
Introduction to the book:
India is a land of diverse cultures and traditions. In the last seventy-one years since its independence, India has issued coins on a diverse range of subjects in a diverse range of denominations and metals. India has four mints at Mumbai, Noida (near New Delhi), Kolkata and Hyderabad. In 2015- 16, India produced a staggering 9254 million pieces of coins. There are many excellent books on British India coinage, Moghul coinage and coinage of earlier periods. Unfortunately, modern and Republic coins of India have not been subjected to serious and standardised research and extensive studies. The coin collectors of India as well as abroad are waking up to the true potential of Republic India coinage. Last few years have seen more and more interest in Republic India coinage. This book is first book of its kind covering whole gamut of Republic India coinage including reported and unreported die varieties. The author hopes that this book will act as single point reference guide and catalogue for beginners as well as experienced collectors.
This book can be referred as the encyclopedia of coins circulating in republic India. The book contains beautifully organised images of coins along with their historic intellectual information. Based on the information collected by 2nd year Law student Arpit Gupta by his four years labour-intensive research has been presented in a scientific form. The book contains information which stands unpublished prior to his work such as the quantity of coins minted and different die variety used to mint a coin.
Key Features:
1. The book contains circulating series of RI coinage - Definitive and Commemorative
2. The book contains official mintage figures.
3. Die varieties well illustrated with images.
4. Condition wise market estimates included.
5. Includes other articles (like error coins etc)
6. Not just a checklist but a book for collectors who are really interested in collecting..!!
The book cover.

ISBN : 978-93-88338-37-0
MRP : ₹995 / $50 Limited Edition, 302 paged perfectly hard bound, fully colored printed on 80 GSM high quality paper; dimension 8.5 x 11

The book starts with greetings from Madhya Pradesh RTI Commissioner Vijay Manohar Tiwari highlighting the use of RTI Act in such a unique way followed by a letter from Mr. Girish Sharma, Convener Rashtriya Mudra Parishad, India. The book gets its forewords from Nilaish, Author - From Rupees to Paper Promise – A History of Indian Paper Money, where he recalls various discussions with the author.

Grand Finale Day:
The release function was organized in BM Birla Auditorium on the 2nd day of Coinex Jaipur 2019, the biggest and largest Exhibition and; Trade Fair in Rajasthan of Coins, Paper Money, Autographs and Stamps Co-Sponsored by - Mintage World, Mumbai, in co-operation with Rajasthan Mudra Parishad, Philatelic Society of Rajasthan, and Jaipur Philatelic Society.

At 11:30 AM, the book was released in the hands of Senior Numismatist Mr. Prakash Chandra Kothari and others. it was followed by a speech by Mr. Ashok Singh and later, I shared my experience along with a vote of thanks. The event was allover conducted by Dr. Dilip Rajgor. The event was followed by the release of another book -“Bhartiya Sikkon ka Itihas” by Dr. Neelkamal Maheshwari and other academic sessions.


I was literally honoured to see buyers asking for my autograph on the book!
Media Coverage:
 Reviews and Response:

The book got a quite satisfactory response from the numismatic fraternity. Being my very first attempt and the first edition of this book, the possibility of errors cannot be ruled out. Here are some reviews-


"इंदौर के तरुण संग्राहक चिर, अर्पित गुप्ता की प्रस्तुत पुस्तक भारतीय गणराज्य के सिक्कों का महत्वपूर्ण प्रकाशन है." - Girish Sharma (President - Rashtriya Mudra Parishad)

"One of a kind book on Republic India coins which not only covers definitive and commemorative coins but also Die varieties, Minting technique, Errors and details about coinage Act with good quality Photos and illustrations.Good book not only to beginners but also to professional collectors and general public interested in history of Indian coins." - Rajesh Bhat

"Book covers both reported and unreported die varieties. Very handy reference guide for beginners as well as experience collectors." - Sanjay Saraf

"Good book with details description on Republic India coins" - Garg Kamal Kishore

"Almost all reported and unreported Die and mint varieties mentioned in this book. I think the best reference guide book for all coin collectors and beginners." - Jayadevan

"पहली बार किसी युवा ने सिक्कों के शौकीनो को इतनी सिद्दत से बेहतरीन जानकारी उपलब्ध करवाने क़ी कोशिश क़ी हैं ! अपने संग्रह से जुड़ी हर बारीकी औऱ उम्दा जानकारियां प्राप्त करने के लिए यह Book जरूर खरीदे! " - Sudhir Lunawat

"Very interesting and valuable information content in the book." - Noushad Mansuri

"किताबें तो बहुत पढ़ी, लेकिन ये किताब सच में नयाब है। अभी तक किसी भी पुस्तक में ,कोई भी सिक्का कितना बना है इसकी सटीक जानकारी नहीं दी गई है। लेकिन ये संभव किया तुमने,इसके लिए बधाई के पात्र हो। सूचना के अधिकार का प्रथम बार उपयोग, हमारी शौखो को आकाश की अनंत उचाई पर ले जाने के करना ,उसके किये कोटि कोटि अभिनंदन। Die varieties , Mint Varieties, Lion variety हो या other varieties की जानकारी चित्रों के माध्यम से बहुत ही सही तरीके से दी गई है । किताब सच में बहुत अच्छी है,मैं इसे सभी को लेने के लिये अपना सुझाव देता हूं।" - Prem Kumar Pandey

A comprehensive review by Prof SK Bhatt, was published in The Journal of Academy of Indian Numismatics and Sigillography Vol XXXII (2018) pg

Eminent Buyers:
  1. Stephen Album Rare Coins Inc., USA
  2. Marudhar Arts
  3. Classical Numismatic Gallery
On 22/02/2020, the Govt. of Madhya Pradesh through its Department of Public Relations recognized my work and placed an order to put a copy in all public State and Central Libraries.

Aftermath and Concluding-note:
After the book was published my social media accounts were flooded with wishes and blessings. People started bringing in questions and queries they encounter about the RI coinage and this particular book.
"Learning is a lifelong continuous process", so true, isn't it? Learning never stops, these fruitful conversations always teaches me something or the other. New die varieties are reported frequently and the research never stops. People often ask me, when are you planning the next edition... and probably I don’t have an answer at the moment.

Some Links


Commemorative Coins in India - Guidelines & Procedure of Release

Introduction

Republic India Coinage is known for its "commemorative coins", and by saying that I mean, every collector probably had started with being a RI coin collector. So, basically it forms the base of every person's journey as a real coin collector.
Now or then, you would have wondered - Who proposes themes for these coins? How are these coins released? Who decides their mintage? Who decides the denomination and shape of coin? Can I as a numismatist suggest a theme and design of a coin? etc... But, either non-availability of information or scattered information left these questions unanswered. 

This article will answer all your questions regarding "Commemorative Coins of India".

  • What is a Commemorative coin?

S. 2(b) of the Coinage Act, 2011 defines "commemorative coin" as any coin stamped by the Government or any other authority empowered by the Government in this behalf to commemorate any specific occasion or event and expressed in Indian currency.
Therefore, the GoI issues commemorative coins to commemorate the birth anniversary of great leaders, or to remember any particular event with great historical significance (Dandi March-Kuka Movt etc) or others. All such issuance take place according to guidelines approved by the Govt.
During the last 1 year, the Government issued Gazette Notifications for release of 8 Commemorative Coins viz. 125th Birth Anniversary of Yogananda Paramhansa, 100 years of Jallianwala Bagh Massacre, 200th Birth Anniversary of Satguru Ram Singh ji, 550th Parkash Purab of Sri Guru Nanak Dev ji, 100th Birth Anniversary of Smt. Vijaya Raje Scindia , 100th Anniversary of Vikram Sarabhai, 150th Birth Anniversary of Mahatma Gandhi and 250th Session of Rajya Sabha. And since 2014, the Government has issued as much as 42 commemorative coins. 

  • Authority

The Currency and Coin Division of Department of Economic Affairs, Govt. of India is concerned with policy matters relating to production and designs of banknotes and coins, introduction of new banknotes and coins, demonetisation of any existing banknotes and coins, currency and coin related legislations, etc. Further, the matter relating to security features of Banknotes are handled by C&C Division. Security Printing and Minting Corporation of India Ltd. (SPMCIL) is under the administrative control of this Division.
The work profile of Coin section inter alia includes policy formulation regarding design, shape and size of circulation coins including fixation of fair prices of coins, coins related legislations and issuance of Commemorative Coins. Others include production planning of coins and determination of indent of coins. The production and indent of coins is strictly and regularly monitored by this section through the Meetings of Strategic Planning Committee (SPC) and Production Planning Committee (PPC).

  • Guidelines
The Guidelines being followed for issue of a commemorative is not static, but a dynamic one. The revision of Guidelines was carried out on the basis of lessons learnt from the examination of proposals received by C&C Division, DEA. 
The Old Guidelines for issue of commemorative coins/currency dt. 29.03.1991 was revised on 06.01.2017 by making the Guidelines more specific to coins but elaborate in nature. 
The Guidelines were further revised on 25.02.2019 to incorporate a Proforma/Format for submission of proposal for commemorative coin, this was done as lots of proposals which were not as per Guidelines were received. 
The most recent revision of the Guidelines was made on 27.03.2019 to incorporate "Commiserative Coins" viz. Commemorative Coins to be issued on occasion to express sympathy/grief/exhibit respect for the sacrifice while examining the proposal for issue of a commemorative coin to mark 100th Anniversary of the Jallianwala Massacre on April 13, 2019, which was received from the Ministry of Culture. The existing Guidelines are further re-examined in consultation with the Ministry of Culture to make it more comprehensive.

Revised Guidelines-

The Central Government may issue commemorative coins of appropriate denominations by notification on eminent persons/ personalities/ institutions/ events/ programmes that have a national or international nature or have made lasting contribution or impact or reflect national/ international contribution/ impact. The contribution made by the individual organisations/ institution/ programme/ event should have transcended the barriers of partisan politics, region, community, language or religion.
However, on an occasion to express sympathy/grief/exhibit respect for the sacrifice, ‘Commiserative Coins’ would be issued.

Proforma for Commemorative Coins.

In case of subject being an Individual:
Proposal for commemorative coins shall be considered and approved subject to following guidelines:- 
  1. The individual should be an Indian citizen or a person belonging to the Indian diaspora. The Government may commemorate an occasion related to a foreign individual, only where his or her contribution for the Indian society or humanity at large has been exceptional. 
  2. The occasion related to the individual should be commemorated only posthumously. 
  3. The individual should have attained excellence in public life, in areas such as science, literature, arts including performing arts of must have made intellectual contribution of an exceptional order 
  4. The individual’s contribution should be a lasting and durable nature. A test of such durability should normally be the observance of the anniversary or birth centenary of the individual as a national occasion.
In case of subject being an Organization/Institution/Programme/ Event

  1. The occasion should normally relate to a specific/ significant day of the Organization/ Institution/ Programme/ Event. 
  2. The institution/ organization/ programme/ event should have national or international stature with significant and well recognized contribution in their field or to the Nation’s social-economic development.

  • Procedure 
  1. After examining the proposals in the light of above guidelines, a final decision in each case would be taken by the Finance Minister in consultation with the Prime Minister. 
  2. The Government shall normally issue commemorative coins selectively and will try to issue only a minimum number of Commemorative Coins in a calendar year. 
  3. Commemorative Coins shall conform to the dimension, designs, composition, standard weight and remedy allowed as may be specified in the notification issued by the Government prior to the release of the Commemorative Coin. 
  4. Security Printing and Minting Corporation of India Ltd. (SPMCIL)/specified agency will mint and supply within 1 year at least 100 million pieces (mpcs) of circulation commemorative coins after release of the commemorative coin by the Govt. of India. 
  5. Minting and distribution of Commemorative Coin will be done by SPMCIL/specified agency within a period of 1 year from the date of release

  • Minting capacity

SPMCIL has a combined installed capacity of manufacturing commemorative coins in the range of 3,00,000-5,00,000 pcs per annum. Over last 5 years, on an average, SPMCIL manufactured approximately 1, 50,000 commemorative coins and medallions (per annum) for fulfilling domestic demand. This leaves sufficient spare capacity for catering to global demand.
Production Capacity - Commeorative Coins

  • Pricing of Commemorative Coins
In the past, SPMCIL had been selling commemorative coins on the basis of 10% Profit Margin of the Total Cost Plus Postal Charges and Applicable GST Rate of the Total Cost. There was no policy as such for costing of commemorative coins and recovery of actual costs plus profits. To bring more clarity on the costing of commemorative coins, the Government has come out with a Policy for Costing of Commemorative Coins on 18.10.2019. This policy has been prepared in consultation with SPMCIL. 

Policy for Costing:
Once the gazette notification for issuance of a commemorative coin is issued, SPMCIL starts the production of the same and also simultaneously fixes their selling price. 
The sale price of a commemorative coin shall be worked out as under: 

(a) General Principle: The cost incurred on minting of commemorative coins shall be recovered on cost plus principle. A profit margin shall be added depending on type of commemorative coin. The price shall be finalised before commencing the sale. 

(b) Price Calculation

(1) Metal Cost (A): Metal cost, as per metal composition and weight of each metal component in the coin is recovered as per market rates. Metal rates are based on London Metal Exchange (LME) prices or any other neutral and fair sources of Indices. 
(2) Labour Cost (B): Labour cost is calculated on the basis of actual labour hours put in by workers in concerned sections of coin production by applying the actual per hour rate of labour. Design cost is also included in labour cost as per the standard costing practices. 
(3) Direct Expenses/Overheads (C): Direct expenses/overheads consisting of the following are directly allocated to cost, as per the standard costing practices, being direct expense of commemorative coins: a. Die cost b. Electricity cost c. Packing Material cost There are three types of sets for packaging - Executive, Proof and UNC (Uncirculated coin). In terms of cost, Executive is at the top followed by Proof and UNC. 
(4) Indirect Expenses/Overheads (D): Indirect expenses/overheads consisting of following is apportioned to cost of commemorative coins on the basis of total cost of production and units of production: a. Administration Expenses b. Security Expenses 
(5) Incidental Charges (E): Incidental charges @ 20% of total cost, equalling (A+B+C+D) is also charged to cover the expenses such as marketing expenses, including advertisement expenses and sales promotion expenses, process losses, depreciation on machinery etc. Increase in any of cost components, namely Metal rates, labour charges, direct/indirect expenses is also covered through incidental charges. Further, incidental charges would also cover other costs not explicitly covered in the cost sheet e.g. capital cost, opportunity cost of own funds, process losses and contingent expenses, etc.
(6) Total Cost (F) = Metal Cost (A) + Labour cost (B) + Direct Expenses (C) + Indirect Expenses/Overheads (D) + Incidental charges (E) 
(7) Profit Margin (G) = X% of Total Cost (F) 
Where X= 
(i) 10 for the commemorative coins minted for public personalities/events (sponsored by Ministry of Culture) 
(ii) 50 for the Commemorative coins minted for public sector entities/other public autonomous bodies 
(iii) 100 for private charitable sponsoring organisation 
(iv) 200 for private commercial sponsoring organisation. 
(8) Postal Charges (H) = Actual postal charges 
(9) GST (1) = 3% of (F + G + H) 

Selling Price = Total Cost (C) + Profit Margin (G) + Postal Charges (H) + GST (1).

(c) Minting of additional commemorative coins: Additional cost refers to the cost of production of additional lot over and above the initial planned quantity. There may not be any additional cost for minting of second and subsequent lots of commemorative coins and these coins are minted at essentially the same cost. However, to absorb the ramp up costs, and some other incidentals as well as to encourage single-go orders, each additional coin will be billed at 1.10 times the cost of initial lot.

I hope this article helps answering most of the common queries, feel free to share your views!

References:
  1. Department of Economic Affairs (DEA), GoI
  2. The Coinage Act, 2011
  3. The Coinage of Republic India by Arpit Gupta