Why are coins still relevant?
Do you feel that coins have no relevancy nowadays and it is best to have only paper currency? Discuss the pros and cons of doing away with coins altogether.
As our rupee value is plunging and inflation is rising, our lower denomination coins should go out of circulation. But why did coins persist even after arrival of banknotes. Banknotes came into circulation first when the British ruled over us. In those days coins had a huge value (rupee), because we had coins with values lesser than a rupee. But as governments and economies shifted these lower denominations became obsolete.
But why do we use coins now anymore? We are losing valuable metal ores in process. Why can't we print banknotes with lower denominations instead? Or even better, let's start using synthetic materials like plastic and nanomaterials to make banknotes, which offer much more security against counterfeiting.