“Coin” defined

Coin is metal used for the time being as money, and stamped and issued by the authority of some State or Sovereign Power in order to be so used.

Indian coinIndian coin is metal stamped and issued by the authority of the Government of India in order to be used as money; and metal which has been so stamped and issued shall continue to be Indian coin for the purposes of this Chapter, notwithstanding that it may have ceased to be used as money.

Illustrations

• (a) Cowries are not coin.

• (b) Lumps of unstamped copper, though used as money, are not coin.

• (c) Medals are not coin, inasmuch as they are not intended to be used as money.

• (d) The coin denominated as the Company’ rupee is 3Indian coin.

• (e) The “Farukhabad rupee”, which was formerly used as money under the authority of the Government of India, is 3Indian coin although it is no longer so used.