Commemorative Coin

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Context

• On July 12, 2024, the Union Ministry of Finance issued a commemorative coin to mark the birth centenary of former Tamil Nadu Chief Minister M. Karunanidhi.
• The coin of one hundred rupees denomination shall be coined at the Mint for issue under the authority of the Central Government.

Who was Karunanidhi?

• Muthuvel Karunanidhi (June 3, 1924 - August 7, 2018) was a renowned writer and politician who served as the Tamil Nadu Chief Minister for nearly two decades, spanning over five terms between 1969 and 2011.
• Popularly known as Kalaignar ("the artist"), he was one of the key figures of the Dravidian movement. His party, the DMK, continues to hold power in Tamil Nadu under his son, Stalin.

Features of the Coin Issued in His Honour

The Rs 100 denomination coin issued in honor of M. Karunanidhi:

• Weighs 35 grams.
• Has a diameter of 44 millimeters.
• Features 200 serrations on its edge.
• Is composed of an alloy comprising 50% silver, 40% copper, 5% nickel, and 5% zinc.
• On its reverse side, it bears a portrait of Karunanidhi with his signature below the image.
• “The Birth Centenary of Kalaignar M Karunanidhi” is inscribed in English on the coin’s right periphery, with “1924-2024” written at the bottom.

What are Commemorative Coins?

Definition and Purpose

• Commemorative or ceremonial coins are issued to commemorate specific events, celebrate notable individuals, or promote certain messages.
• These coins feature distinctive designs that reference the occasion for which they were issued.
• They are often minted in denominations larger than regular coins.

Circulation

• Typically, commemorative coins are produced in limited quantities and retained by the Reserve Bank of India (RBI) as collectors’ items.
• Some commemorative coins may be released for mass circulation depending on the government's intent.

Why are Commemorative Coins Issued?

Historical Significance

• Coins have historically been used to propagate the rulers' messages and enhance their image.
• Philologist Thomas R. Martin noted the effectiveness of coins for publicity due to their mobility and durability.

Government Publicity

• Commemorative coins highlight themes or issues that the government wishes to emphasize.
• Example: In 1974, the Indira Gandhi government issued a coin with the theme 'Family Planning' to promote population control.

Remembrance and Honor

• Commemorative coins serve as tools of remembrance.
• The first commemorative coins in India were issued in 1964 after the death of Prime Minister Jawaharlal Nehru.
• In 1969, a coin series celebrated Mahatma Gandhi's birth centenary.

Notable Personalities and Institutions

• India has issued commemorative coins to honor luminaries like Rabindranath Tagore, B. R. Ambedkar, Bhagat Singh, Lal Bahadur Shastri, and Indira Gandhi.
• In 2017, coins were issued in memory of former Tamil Nadu Chief Minister and actor M. G. Ramachandran and Carnatic music maestro M. S. Subbulakshmi.
• Coins have also been minted to commemorate institutions (e.g., State Bank of India) or significant occasions (e.g., the 75th anniversary of Indian Independence).

Who issues commemorative coins?

• The sole authority to print or mint any Indian currency lies with the Reserve Bank of India (RBI), operating under the Union Finance Ministry.
• Therefore, it is the Union Finance Ministry that ultimately decides whether to issue commemorative coins or not.
• State governments, government-run cultural institutions, or even private organizations can request the government to issue commemorative coins. For instance, in the case of M. S. Subbulakshmi, the request came from the Sri Shanmukhananda Fine Arts & Sangeetha Sabha. Similarly, the commemorative coins for M. Karunanidhi were requested by the Tamil Nadu government.

PRACTICE QUESTION Q. Which of the following statements about commemorative coins in India is/are correct? 1. The first commemorative coins in India were issued in 1964 after the death of Prime Minister Jawaharlal Nehru. 2.The Reserve Bank of India has the sole authority to decide whether to issue commemorative coins or not. 3.Private organizations cannot request the issuance of commemorative coins. Select the correct answer using the codes given below: A. 1 only B. 1 and 2 only C. 2 and 3 only D. 1, 2, and 3 Answer:  A. 1 only Option A is correct  Option B is incorrect Option C is incorrect

SOURCE: INDIAN EXPRESS