So, I think I have I understood it now. Thanks a lot :)
So here is what I have understood. There are three axis of rotation.
One, where the coin is taking a turn inside a circular path.
Second, where the coin rotates across its centre.
Third, the bottom of the coin where the axis is added when an external force is applied (Which can be assumed to act on the Centre of mass of the system)
Now, another question is, if it is balanced by the centrifugal torque right, because mv^2/r always acts outwards. (This is what I am learning, in my Physics classes, so please correct me if I am wrong) Now let the radius of the circular loop being carried out at one instant be at -x direction, so the centrifugal force will be acting in the x direction. Suppose I chose apply an external force(In the x direction, by blowing the coin slowly, it should be enough to turn the coin). The centre of gravity(COG/COM)will shift, causing the coin to again collapse by itself in the outward direction, as now two torques act outward. But some how they seem to be going inward as soon as the coin slows down. (And the radius decreases enormously. Why does that happen would be an added question)