It's been a while since India could produce coins in this small denomination. Currently the Indian rupee is worth around $0.02 which doesn't leave a lot of room for lesser denominations. This coin is copper-nickel and holed, the latter being done outside the mint. I don't know who put the hole in or why, but it was probably worn on a necklace or bracelet to make carrying money easier or as just a decoration. This coin isn't worth much with the hole but $0.05 or whatever the metal price is should cover it.
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