Firstly, I lay down the following parameters : I will take the rate of Rs 60 INR to $1 USD. Also, I'm going by lowest market prices available for the metals in question.
As per the RBI website, the different coins in circulation today are either made out of Ferritic Stainless Steel (FSS), or Cupro-Nickel.
The link to the coins and their materials is below.
Reserve Bank of India
5 Rupee Coins
The new 5 rupee coins are made out of FSS and weigh 6 grams each, while the older ones are made out of Cupro-Nickel and weigh in at a whopping 9 grams each.
As per my research, the lowest price for FSS comes in at USD $1000 per metric ton.
Thus, for $1 USD, or Rs 60 INR, we get 100g of FSS; ergo, it costs Rs 3.60 INR worth of FSS for a new 5 rupee coin.
The present day worth of the metal of the old 5 rupee coins came as a bit of a shocker. As per my research, Cupro- Nickel sells today at prices no lower than $20 USD per kilogram.
This,of course, works out to $2 USD per 100g of the Cu-Ni alloy, meaning that theestimated worth of the metal in one 9 gram 5 rupee coin is an incredible Rs 10.80 INR, which no doubt lies chief among the reasons that the Indian government switched to FSS for all its coin minting.
2 Rupee Coins
Like the 5 rupee coins, the new 2 rupee coins are minted out of FSS and weight 5.62 grams, while the old eleven-sided coins were Cupro-Nickel, and weigh 6 grams.
Considering the market values of FSS and Cu-Ni,
Value of metal in new 2 rupee coin is Rs 3.37 INR
Value of metal in old 2 rupee coin is Rs 7.20 INR
1 Rupee Coins
Both old and new 1 rupee coins continue to be made out of FSS, and weigh in at 4.85 grams.
The value of the metal in a 1 rupee coin stands as Rs 2.91 INR
Lower Denomination Coins
50 paise coins are made out of FSS and weigh 3.79 grams; their value works out to Rs 2.27 INR
25 paise coins are also FSS based, weighing 2.83 grams, and their metal is worth Rs 1.70 INR
10 paise coins are still minted, although i have no idea why, and are made of FSS and weigh 2 grams; their value is Rs 1.20 INR
* 10 Rupee Coins
The newest coins on the block are the bimetallic 10 rupee coins, with an outer ring of Aluminium Bronze and a centrepiece of Cupro-Nickel. The coin weighs in at 7.71 grams, with the outer ring weighing 4.45 grams and centrepiece coming in at 3.26 grams.
Reserve Bank of India
Market research shows a minimum price of $8 USD per kilogram for Aluminium Bronze.
As per my calculations, the value of the metal in the outer ring would be Rs 2.14 INR.
The centrepiece value works out to Rs 3.91 INR.
As you can see, incredibly, the combined worth of the metals in the new 10 rupee coins, thnks to the cheap price of Aluminium Bronze in today's international markets, comes in at a meager Rs 6.05 INR.
As per the RBI website, the different coins in circulation today are either made out of Ferritic Stainless Steel (FSS), or Cupro-Nickel.
The link to the coins and their materials is below.
Reserve Bank of India
5 Rupee Coins
The new 5 rupee coins are made out of FSS and weigh 6 grams each, while the older ones are made out of Cupro-Nickel and weigh in at a whopping 9 grams each.
As per my research, the lowest price for FSS comes in at USD $1000 per metric ton.
Thus, for $1 USD, or Rs 60 INR, we get 100g of FSS; ergo, it costs Rs 3.60 INR worth of FSS for a new 5 rupee coin.
The present day worth of the metal of the old 5 rupee coins came as a bit of a shocker. As per my research, Cupro- Nickel sells today at prices no lower than $20 USD per kilogram.
This,of course, works out to $2 USD per 100g of the Cu-Ni alloy, meaning that theestimated worth of the metal in one 9 gram 5 rupee coin is an incredible Rs 10.80 INR, which no doubt lies chief among the reasons that the Indian government switched to FSS for all its coin minting.
2 Rupee Coins
Like the 5 rupee coins, the new 2 rupee coins are minted out of FSS and weight 5.62 grams, while the old eleven-sided coins were Cupro-Nickel, and weigh 6 grams.
Considering the market values of FSS and Cu-Ni,
Value of metal in new 2 rupee coin is Rs 3.37 INR
Value of metal in old 2 rupee coin is Rs 7.20 INR
1 Rupee Coins
Both old and new 1 rupee coins continue to be made out of FSS, and weigh in at 4.85 grams.
The value of the metal in a 1 rupee coin stands as Rs 2.91 INR
Lower Denomination Coins
50 paise coins are made out of FSS and weigh 3.79 grams; their value works out to Rs 2.27 INR
25 paise coins are also FSS based, weighing 2.83 grams, and their metal is worth Rs 1.70 INR
10 paise coins are still minted, although i have no idea why, and are made of FSS and weigh 2 grams; their value is Rs 1.20 INR
* 10 Rupee Coins
The newest coins on the block are the bimetallic 10 rupee coins, with an outer ring of Aluminium Bronze and a centrepiece of Cupro-Nickel. The coin weighs in at 7.71 grams, with the outer ring weighing 4.45 grams and centrepiece coming in at 3.26 grams.
Reserve Bank of India
Market research shows a minimum price of $8 USD per kilogram for Aluminium Bronze.
As per my calculations, the value of the metal in the outer ring would be Rs 2.14 INR.
The centrepiece value works out to Rs 3.91 INR.
As you can see, incredibly, the combined worth of the metals in the new 10 rupee coins, thnks to the cheap price of Aluminium Bronze in today's international markets, comes in at a meager Rs 6.05 INR.
No comments:
Post a Comment