The Coinage of India began anywhere between early 1st millennium BCE to the 6th century BCE, and consisted mainly of copper and silver coins in its initial stage. The coins of this period were Karshapanas or Pana. A variety of earliest Indian coins, however, unlike those circulated in West Asia, were stamped bars of metal, suggesting that the innovation of stamped currency was added to a pre-existing form of token currency which had already been present in the Janapadas and Mahajanapada kingdoms of the Early historic India. The kingdoms that minted their own coins included Gandhara, Kuntala, Kuru, Magadha, Panchala, Shakya, Surasena, Surashtra and Vidarbha.

The tradition of Indian coinage in the 2nd millennium evolved with Indo Islamic rule in India. and the British Raj in the 19th century. 

In independent India, one rupee coins was first minted in 1950 and is currently in circulation.

The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 'paisa' instead of 16 annas or 64 pice. Effective from 30 June 2011, all coins in denominations of 25 paisa and below were officially demonetized.

Satyameva Jayate (सत्यमेव जयते) Truth alone triumphs', is a part of a mantra from the Hindu scripture Mundaka Upanishad, following the independence of India the scripture was adopted as the national motto of India on 26 January 1950, the day India became a republic. It is inscribed in the Devanagari script at the base of the Lion Capital of Ashoka and forms an integral part of the Indian national emblem. The emblem and the words "Satyameva Jayate" are inscribed on one side of all Indian currency and national documents.

OBVERSE:  National Emblem of India the Ashoka Lion Capitol 

Lettering: भारत INDIA सत्यमेव  जयते 

Translation भारत सत्यमेव जयते : Bharat Satyamev Jayate - Truth Alone Triumphs

REVERSE:  Value flanked by corn stalks and the denomination in Devanagari above

Lettering: रुपया 1 RUPEE 1998

Translation: Rupee 1 Rupee 1998

EDGE: Smooth 

Mint : "MK" in circle - Kremnica, Slovakia 

Mintage in 1998 MK      Unknown

Country          India 

Period                        Republic (since 1950)

Type                         Standard circulation coin

Years                        1992-2004

Value                        1 Rupee

Currency                     Rupee (decimalized since 1957)

Composition                Stainless steel

Weight                       4.82 g

Diameter                         25 mm

Thickness                   1.4 mm

Shape                         Round

Orientation                   Medal alignment ↑↑

References                   KM# 92, Schön# 216