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5 naye paise

Indian unit of currency

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History

Prior to 1957, the Indian rupee was not decimalised and the rupee from 1835 to 1957 AD was further divided into 16 annas. Each anna was further divided to four pices and each pice into three pies till 1947 when the pie was demonetized. In 1955, India amended the "Indian Coinage Act" to adopt the metric system for coinage. Paisa coins were introduced in 1957, but from 1957 to 1964 the coin was called "Naya Paisa" (English: New Paisa. Plural: Naye paise). On 1 June 1964, the term "Naya" was dropped and the denomination was simply called "One paisa" (or paise for denomination greater than one). Paisa coins were issued as a part of "The Decimal Series".

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