India retained its monetary system, currency, and coinage during the transition to independence on August 15, 1947. According to reports from RBI, the country introduced a new distinctive series of coins on August 15, 1950, marking the establishment of the Indian Republic. The monetary system remained unchanged, with one rupee consisting of 192 pies or 16 annas, one anna consisting of four pice, and one pice being equal to three pies.
The Anna Series, introduced on August 15, 1950, represented the first coinage of the Republic of India. As reported by RBI, the King's portrait was replaced by the lion capital of the Ashoka Pillar, and a corn sheaf replaced the tiger on the one-rupee coin. On April 1, 1957, the amendment to the Indian Coinage Act 1906 came into force, paving the way for the country to adopt a metric system for coinage. Under the decimal series, the rupee remained unchanged in value and nomenclature, but was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice.
The Naya Paisa Series was introduced during the decimal period (1957-64) for public recognition of the new decimal system. According to RBI, the term 'Naya' was dropped on June 1, 1964, as commodity prices rose in the 1960s. Small denomination coins made of bronze, nickel-brass, cupro-nickel, and aluminium-bronze were gradually minted in aluminium. Over time, 1, 2, and 3 paise coins were gradually discontinued in the 1970s, and stainless steel coins of 10, 25, and 50 paise were introduced in 1988.
In the first decade of the 21st century, the surge in demand for metallic currency led to the introduction of several new series including Unity in Diversity, Nritya Mudra, and Connectivity and Information Technology. As reported by RBI, on June 30, 2011, coins of denominations of 25 paise and lower were officially withdrawn and demonetised via a directive from the RBI. On the same date, the Rupee symbol (₹), the identity mark of the Indian rupee, was introduced on coins of denominations of ₹1, ₹2 and ₹5.
