It's end of the journey for the 25 paisa coin

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Shrabani Mukherjee

30 June, 2011

It is official. The 25 paise coin would no longer be in use from today. The last of the coin saw many people making a bee line for the bank in order to exchange it for its face value.

REMEMBER THE school days when grandmother used to press two small coins in our hands and whisper, "this is for your candy." That simple gesture and those small little coins would not only bring a smile but also a packet of orange candies.

Days were simpler and so were the people, and sadly everything has come to pass, even those coins. Those 25 paisa coins, which became almost obsolete, have been officially were put to rest on June 29. The four annas, which would get us so much even 20 years ago will no longer be in use from now on. Although the demise of the 25 paisa coin is not sudden (5, 10, and 20 paisa coins were also gradually phased out as 5 and 10 rupee coins came into the economy due to inflation) but it somehow feels as if we are racing into the future very fast.

A few months back, considering the raise in the price of the coin metal, the government decided that minting the small 25 paisa coins were actually resulting in loss. That led them to decide to phase out lower denominations, and they issued a notification that from June 30, 2011, the 25 paisa coin will not be used as a legal tender.

Inspite of the notice, for many months, 25 paisa coins were in circulation, especially in the smaller cities but eventually shopkeepers started declining them.

With this decision, people fond of, or in the the habit, of saving in piggy banks, will no longer be able to deposit 25 paisa coins. On Wednesday, the Indian Overseas Bank, Cathedral Road branch in Chennai, saw a rush among such savers who wanted to exchange these coins for face value. According to senior branch manager Ganesh K, “"People have been coming in the whole month but on Wednesday, before we closed for the day, we exchanged Rs 275 in 25 paise coins (1,100 coins).”

The biggest loss being face by a community is the Jain community, as they place a 1.25 paise in every puja thali on every occasion. They are holding on to their beliefs for the moment. According to a Jain, “In our community, for every auspicious occasion we place Rs 1.25 in the puja thali. Every family keeps a good supply of 25 paise coins because we keep using them. These coins are more precious than any other denomination."