BANKING AFFAIRS

Detailed explanation-1: -Coins upto 50 paise are called ‘small coins’ and coins of Rupee one and above are called ‘Rupee Coins’. Coins can be issued up to the denomination of Rs. 1000 as per the Coinage Act, 1906.

Detailed explanation-2: -An Act to consolidate the laws relating to coinage and the Mints, the protection of coinage and to provide for the prohibition of melting or destruction of coins and prohibit the making or the possession thereof for issue and for matters connected therewith or incidental thereto.

Detailed explanation-3: -ACT NO. 3 OF 1906 1 [ 2nd March, 1906.] An Act to consolidate and amend the law relating to Coinage and the Mint. 1.

Detailed explanation-4: -The rise of one dominant power after over a hundred years of turmoil, enabled the enactment of the Coinage Act of 1835 and for uniform coinage to be issued. Newly designed coins with the effigy of William IV on the obverse and the value on the reverse in English and Persian, were issued in 1835.

Detailed explanation-5: -The Coinage Act of 1792 established the U.S. dollar as the nation’s currency and created a mint for national coinage. During the Revolutionary War, both Congress and the states had the right to coin money and issue debt in order to fund their war efforts.