BANKING AFFAIRS

Detailed explanation-1: -Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.

Detailed explanation-2: -Money minting refers to the process of producing coins. A mint refers to a manufacturing facility that produces coins that are used as a nation’s currency. National currencies are generally minted by a country’s central bank or through an independent mint with authorization from the central bank.

Detailed explanation-3: -The Mint makes new coins each year, but they make up less than 20% of the total coins in circulation. More than 80% comes from people re-using coins to pay for goods and services. Coins are “in circulation” when we use them as money. They get passed around from banks, stores, and people over and over again (Circulate).

Detailed explanation-4: -I’ve noticed that the mint numbers for coins can vary a lot from year to year. How does the United States Mint determine how many coins of each denomination to produce in a year? In 2021, nearly 15 billion pennies, quarters, nickels, dimes and half dollars departed the U.S.

Detailed explanation-5: -The origin of the word “mint” is ascribed to the manufacture of silver coin at Rome in 269 BC at the temple of Juno Moneta. This goddess became the personification of money, and her name was applied both to money and to its place of manufacture.