Minting
Also called: mint · Topic: Money: From Barter to Digital Currency · NCERT: Class 7, Ch 11 "From Barter to Money"
Meaning
Minting is the process of producing coins. A mint is the facility where a nation's coins are made. In ancient India, rulers fully controlled minting and the issue of coins. Today, under the Coinage Act 2011, the Government of India issues coins. They are made at government mints and reach the public only through RBI.
Example
India's coins are minted at Mumbai, Hyderabad, Kolkata and Noida. These mints are run by SPMCIL, a company owned by the Government of India.
Don't confuse with
- Printing of banknotes: coins are minted at mints for the Government of India. Banknotes are printed at note presses in Nashik, Dewas, Mysuru and Salboni, and RBI issues them.
- Coinage: minting is the process. Coinage is the coins produced.