Have you ever considered the manufacturing cost of a one rupee coin in India? Interestingly, it costs INR 1.11 to produce a single coin, surpassing its face value. The government-minted one rupee coins are crafted from stainless steel and measure 21.93 millimeters in diameter, 1.45 millimeters in thickness, and weigh 3.76 grams. These coins have been in circulation since 1992, showcasing their long-standing presence in the Indian economy.
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The Origins of Coinage: A Journey Through Time
The concept of coins as a form of payment emerged around the 6th or 5th century BCE, but the exact origins remain somewhat enigmatic. Historical accounts suggest that the Lydians were the first to mint coins, as noted by Herodotus. In contrast, Aristotle attributes this invention to Demodike of Kyrme, the wife of King Midas of Phrygia. Numismatists often point to the Greek island of Aegina as the birthplace of coinage, where local rulers or King Pheidon of Argos are believed to have initiated minting.
The spread of coinage continued as Greek cities like Aegina, Samos, and Miletus minted coins for Egyptians through the trading post of Naucratis in the Nile Delta. Following Lydia’s conquest by the Persians in 546 BCE, coins were introduced into Persia. Although the Phoenicians began minting coins only in the mid-5th century BCE, this innovation quickly influenced the Carthaginians in Sicily. The Romans eventually began their own minting practices around 326 BCE. In India, coins arrived through the Achaemenid Empire and the successor kingdoms of Alexander the Great, with Indo-Greek kingdoms producing bilingual coins in the 2nd century BCE. Notably, the coins of Samudragupta (335-376 CE) are celebrated for their artistic beauty, depicting him as both a conqueror and a musician.