The one-rupee coin might not hold much monetary significance, but it is of substantial sentimental value in Indian households. But, have you ever wondered how much it might take to mint a one-rupee coin. Well, it is more than its value! Responding to an RTI request the Reserve Bank of India (RBI) revealed that the average cost to manufacture a one-rupee coin is Rs 1.11, more than its own worth.
The one-rupee coin, which has been in circulation since 1922, is crafted from stainless steel and has a diameter of 21.93 mm, a thickness of 1.45 mm, weighing 3,76 grams.
It was found through the RTI that minting of coins significantly in 2018. It was revealed that between 2015 and 2016 the highest number of coins were minted which came to 2151 million coins.
In comparison to last year, the number of one rupee coins manufactured this year also declined substantially from 903 million to 630 million.
Notably other denominations including the two-rupee coin, the five-rupee coin and the 10-rupee coin cost much less to manufacture. The Rs 2 coin costs Rs 1.28 to mint, Rs 5 coin costs Rs 3.69, and Rs 10 coin costs Rs 5.54 to manufacture.
The RBI holds ownership of two currency presses through its wholly-owned subsidiary, Bharatiya Reserve Bank Note Mudran Private Ltd. These presses are responsible for the production of the Indian currency notes excluding the one-rupee notes and coins.
The one rupee coins are minted by the Indian Government Mint (IGM) in Mumbai and Hyderabad.
What is the production cost of a currency note?
The cost of printing currency notes depends on their denominations. For example, a Rs 2,000 currency note could take Rs 4 to print while printing 1,000 notes of Rs 10 costs around Rs 960.
