25 paise coins to be history, exchange them now!

It's time to bid farewell to 25 paise coins and also coins below 25-paise denomination. From June 30, these coins will not be accepted for any transaction.

With this, 25 paise coins will join the family of 1, 2, 3, 5, 10 and 20 paise coins, phased out earlier. The lowest denomination will be the 50 paise coin from July 1.

Rise in metal prices and a drastic fall in usage are said to be the reasons for discontinuing the lower denominated coins.

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There were 54,738 million small coins in circulation at the end of March 2010. These small coins add up to a whopping Rs 1,455 crore (Rs 14.55 billion).

Millions of coins are expected to be deposited to the banks as these old coins will not hold any value except as a collector's item.

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The Reserve Bank of India said coins can be exchanged till June 30 at 41 banks across the country. The banks where such coins can be exchanged are:

Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Overseas Bank, Indian Bank, Oriental Bank of Commerce, Punjab and Sindh Bank, State Bank of India, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, IDBI Bank Ltd, ICICI Bank Ltd, Tamilnad Mercantile Bank Ltd, Dhanlaxmi bank Ltd, The Federal Bank Ltd, The Catholic Syrian Bank Ltd, The HDFC Bank Ltd, The Jammu and Kashmir Bank Ltd, The Karur Vysya Bank Ltd, The Laxmi Vilas Bank Ltd, ING Vysya Bank Ltd, Standard Chartered Bank, City Union Bank, Axis Bank Ltd and Karnataka Bank Ltd.

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Notes and coins returned from circulation are deposited at the offices of the Reserve Bank of India.

The Reserve Bank then separates the notes that are fit for reissue and those which are not fit for reissue.

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The notes which are fit for reissue are sent back in circulation and those which are unfit for reissue are destroyed after processing shredded.

The coins withdrawn are sent to the mints for melting.

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The printing of notes in the denominations of Re1 and Rs 2 has been discontinued as these denominations have been coinised. However, such notes issued earlier are still in circulation.

India has been one of the earliest issuers of coins in the world since the 6th Century BC.

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India introduced distinctive coins on August 15, 1950. Indian coins are known for their diversity in terms of minting techniques, motifs, sizes, shapes and metals used.

Indian coins have played a crucial role in documenting political and economic changes over time.

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The Anna Series represented the first coinage of Republic India. The King's Portrait was replaced by the Lion Capital of the Ashoka Pillar.

A corn sheaf replaced the Tiger on the one Rupee coin. In some ways this symbolised a shift in focus to progress and prosperity.

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Indian motifs were incorporated on other coins. The monetary system was largely retained with one Rupee consisting of 16 Annas.

Over a period of time, considering mounting costs, 1, 2 and 3 paise coins were discontinued in the seventies.

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Stainless steel coins of 10, 25 and 50 paise were introduced in 1988 and one rupee coin in 1992.

The costs of managing notes of Re 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s.