End of an era – 25 paisa or 4-Anna or Chawanni

All the living/non-living things have got a life cycle; some has longer survival period and some has shorter existence. Imagine the time when we were bound by “Barter System”. People used to exchange their belongings to get things of their choice – so some of the transactions used to be rice-animal, vegetables-wheat and many more. Then came the era of coin system which streamlined the trading activity and people understood the power of money circulation. The initial coins in India used to be 1-paisa, 1-anna, 2-anna, 4-anna, 8-anna and many other denominations. While 1-anna and 2-anna became inexistent with the passage of time, 4-anna is still in circulation.

Now go back to your early school life or ask your grandparents how important coins used to be in our life; the kind of achievement, fulfillment and purpose it used to serve. In fact it evoked nostalgia among old timers. The power of 4-anna – hire a bicycle for an hour, a breakfast of idlis, postal envelopes, postcards, stamps and many more for not much old timers; however, ask an old timer in late 60s or early 70s who will tell how a 4-anna coin used to bring a long day planning with their friends – watching movie in nearby theatre in the front rows and making delightful comments in the theatre, a full party with delicious meals and many more.

But this 4-anna is going to be a history; may be it would find place among hobbyists. From June 30 onwards, the RBI has banned the circulation of 4-anna and it would no longer be legal tender. It is being phased out as it is unviable to produce coin because of rising metal costs. The metal scrapper nerds had been hoarding the coins to melt and sell it in scrap to earn arbitrage on the metals used in coins.

The era has come to an end; the chavanni era which many must have cherished would find solace in collectors’ item. All thanks to rising metal costs, global inflation and big demand out of industrialization which increased the demand for metals making them unviable for making small denomination coins.

Miss you naal-anna!