Friday, January 6, 2017

Currency - India - 100 Rupees - Year 1977

Item code : 105/IN-28


Year
1977
Obverse
Lion Capital of Ashoka on the right side.
Reverse
Dam at center with thirteen value text lines at left on back
Watermark
Lion Capital of Asoka
Size
158 x 73 mm
Signature
M. Narasimham (Governor, 4 May 1970 -15 June 1970)

About the Governor
Maidavolu Narasimham




Maidavolu Narasimham (born 1927) was the thirteenth governor of the Reserve Bank of India (RBI) from 2 May 1977 to 30 November 1977. He hails from Mydavolu village of Guntur District in Andhra Pradesh. 

Signature of narasimham

RBI follows a policy of in-house promotions, where all staff persons are promoted internally. The only two jobs where this is not done is for the governor and one deputy governor. In Narasimham's case, in house promotion was upheld even for the governor's post. Hence he was the first Reserve Bank cadre officer to be appointed as governor. He had joined the bank as a research officer in the Economic Department. He later joined the government, and prior to his appointment as governor he served as additional secretary of the Department of Economic Affairs. 

After his short term as RBI governor, he served as India's executive director at the World Bank and later at the International Monetary Fund. Narasimham also served as secretary in the Ministry of Finance. He was awarded Padma Vibhushan award in 2000.

What materials are used to make currencies (Paper currency)?

  • In India, Currency paper is composed of cotton and cotton rag. Technically, it is not a paper but a cloth with look and feel of paper.
  • The exact composition of the paper/cloth is classified, as is the formula for the ink.
  • The ink and paper combine to create a distinct texture, particularly as the currency is circulated.
  • The paper and the ink alone have no effect on the value of the note until post print.

What materials are used to make currencies (Coin)?

When selecting a metal for coins there are several considerations:
  1. The metal needs to be hard enough to withstand many years of rubbing and scratching, yet not be so hard as to crack when dropped.
  2. The metal needs to be comparably cheap and abundant, so that the value of the metal is far less than the value of the coin.
  3. It needs to be safe to touch, so it must be non-toxic, non-allergenic, non-corrosive, and of course, non-radioactive.
  4. The metal needs to be chemically stable, and ideally it should avoid rusting, even after prolonged exposure to moisture.
  5. Finally, there is a certain aesthetic advantage to including colour to the coin.
Since it's hard to comply with all these requirements, modern coins are usually an alloy mixture of several metals (e.g. bronze, brass, Sterling silver, etc.) and/or have layering, with one metal encased in another.

Here's a list of elemental metals used in circulating coins (in alphabetical order):
  • Aluminium (First issued 1907 for circulation by East Africa & Uganda Protectorates, though earlier patterns exist)
  • Antimony (Used in Guizhou, China 10 cents coin of 1931. Used in medallion medal alloy)
  • Arsenic (used in alloy with copper in coins circulating in Ancient India)
  • Chromium (Used for plating coins and in some rare hard stainless steel coins)
  • Copper
  • Gold
  • Iron
  • Lead
  • Manganese (Some Mn used in U.S. wartime "silver nickels" and the new US dollar coin for similar reasons—attempts to match magnetic and electrical properties of previous nickels, and previous Susan B. Anthony dollars, for vending machines)
  • Magnesium (Magnesium-aluminum coins were issued in 1943 for the Łódź (Litzmannstadt) Ghetto in Poland, and are used in India)
  • Nickel (Used in alloys since antiquity. The first pure nickel coin was the Swiss 20 Rappen of 1881)
  • Palladium (The 1967 Tonga 3-coin set celebrating the coronation of King Taufa Ahau Tupou IV is often called a "circulation issue" although it was issued in a presentation case and had a very limited issue of 1500 sets)
  • Platinum (Russia 3, 6, and 12 ruble coins of Nicholas I issued 1828–1845)
  • Silver
  • Tin





No comments:

Post a Comment