Nov 01, 2024 02:48 PM IST
However, others like the ₹2, ₹5 and ₹10 coins have a cheaper production cost which doesn’t exceed their denominated value.
Producing the humble one-rupee coin costs the Indian government more than its face value. According to a 2018 report from India Today, which cited government responses to an RTI request, the coin, which has been in circulation since 1992, costs ₹1.11 to mint, surpassing its own value.
Recently, Google has rolled out an ad campaign called “Googlies on Google,” using the hashtag #DhoondogeTohJaanoge. The campaign invites users to dive into general knowledge by posing intriguing questions. When users search for the production cost of a one-rupee coin, they were greeted with a cheerful message: “Congrats! You’ve unlocked your first Googly!” This initiative aims to educate while entertaining, engaging users in a fun-filled quest for knowledge.
Made of stainless steel, the one-rupee coin measures 21.93 mm in diameter, 1.45 mm in thickness, and weighs 3.76 grams. Other coin denominations, however, cost slightly less to produce, with the ₹2 coin costing ₹1.28, the ₹5 coin ₹3.69, and the ₹10 coin ₹5.54 to mint.
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All these coins are minted by the Indian Government Mint (IGM) in Mumbai and Hyderabad. The Hyderabad Mint disclosed these production costs, but the Mumbai Mint refrained, citing confidentiality under Section 8(1)(d) of the RTI Act, 2005.
The government reported that 2.201 billion coins were minted in the 2016-17 fiscal year, with 2.151 billion minted the previous year. While recent data on production costs remain undisclosed, inflation between 2018 and 2024 likely increased the expense of minting each coin.
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