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  • Category: Miscellaneous

    What old coins are still legal tender?

    Some years ago, when I served for a short time at Ranchi, I was stumped when I found traders in the vegetable market happily accept twenty paise and even ten paise coins from customers. This was a routine. Some years later, our great Finance Minister, Mr Chidambaram, officially banned the twenty five paise.

    Still, the twenty paise and even ten paise can be rarely found in villages. Even the fifty paise, though officially not banned, is still accepted in some quarters. This is of course, very rare to find. The Times of India, is sometimes priced at Rs.2.50 and when you ask for balance, you will be given a small toffee, very grudgingly.

    What is the legal position? Are the twenty paise and the ten paise coins and even fifty paise, coins, legal tender today?
  • #639279
    Now only 1 rupee and 2 rupee coins besides 5 and 10 rupee coins are valid and other old coins have become the collection units to coin collectors and no validity.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #639281
    These days we are not getting 50 paise coins and 25 paise coins even. Now the minimum denomination available is rs.1/- only. All others coins are not accepted anywhere these days. I don't the official position but they are not at all in circulation. I used to one chocolate for 5 paise in my childhood. A cool drink was casting about 25 paise when I was in my high school. So those days these coins are in circulation. These days you will not get anything for one rupee also. Hence it is of no use of these coins and even RBI stopped minting these coins.
    drrao
    always confident

  • #639307
    RBI has stopped minting these 20 and 50 paise coins. As per your experience, you saw few vendors taking these ancient coins. I've been to Ranchi. There are a lot of tribal people there. They live in the outskirts of the city and only come in to sell vegetables and stuff. Maybe they didn't know the news that 20 paise was going to be banned.

    Just curious. I remember you telling me that you knew only Tamil and English. How did you survive in Ranchi then?

    The stronger a light shines the darker are the shadows around it.

  • #639324
    I worked in a management institute. I was alone. I had friends who knew English Hindi and Tamil. So I was able to manage. Even now i can speak broken Hindi. I used to mug up some phrases and manage. Now, I know it far better. However, the small coins were freely exchanged. I dont know if they really knew the legal position.

  • #639337
    Good point & this is irritating too but I am of the opinion that considering those small coins, we may be in loss one time but could be on profitable side the other day. So look at the bigger picture.

    But I do have a concern here that if the twenty five paisa have been officially declared as not for use for money transactions by the then Finance Minister, Mr Chidambaram, then how come that they were not made aware of this & that this still being in use in few parts of our country.


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