oldest indian currency history in india 1933 to 2017_history of indian currency



The rupee in your pocket has a mysterious past. Behind Mahatma Gandhi’s smiling face lies a long history of struggle, exploration, and wealth that can be traced back to the ancient India of the 6th century BC. Let’s demystify this history by bringing you the interesting stories about how Indian currency has evolved over the ages into the rupee of today. Rupee-11 Advertisement Photo Source Ancient Indians were the earliest issuers of coins in the world, along with the Chinese and Lydians (from the Middle East). The first Indian coins – punch marked coins called Puranas, Karshapanas or Pana – were minted in the 6th century BC by the Mahajanapadas (republic kingdoms) of ancient India. These included Gandhara, Kuntala, Kuru, Panchala, Shakya, Surasena, and Saurashtra. Made of silver of a standard weight but with irregular shapes, these coins had different markings – for example, Saurashtra had a humped bull, Dakshin Panchala had a Swastika, and Magadha had several symbols. GH048-115.02 Photo Source Then came the Mauryas who punch marked their coins with a royal standard. Chanakya, prime minister to the first Mauryan emperor Chandragupta Maurya, mentions the minting of coins such as rupyarupa (silver), suvarnarupa (gold), tamararupa (copper) and sisarupa (lead) in his Arthashastra treatise. The Indo-Greek Kushan kings who came next introduced the Greek custom of engraving portrait heads on coins. Their example was followed for eight centuries. The extensive coinage of the Kushan empire also influenced a large number of tribes, dynasties, and kingdoms, which began issuing their own coins. Kushan coins had the diademed, helmeted bust of the king on one side, and the king’s favourite deity on the reverse. Huvishka-G305Av-513.04 Photo Source The Gupta Empire produced large numbers of gold coins depicting the Gupta kings performing various rituals. This tradition of intricately engraved coins continued till the arrival of the Turkish Sultanate in North India. The Gupta coins, with their many varieties and inscriptions in Sanskrit, are among the finest India has produced. Chandra-4814.2Ev-503.20 Photo Source By the 12th century AD, the Turkish Sultans of Delhi had replaced the royal designs of Indian kings with Islamic calligraphy. The currency – made in gold, silver and copper – was now referred to as tanka, with the lower valued coins being called jittals. The Delhi Sultanate also attempted to standardise the monetary system by issuing coins of different values. The commencement of the Mughal Empire from 1526 AD brought forth a unified and consolidated monetary system for the entire empire. 4-M1023-Jahangir-mohur-176.01 Photo Source But the defining moment in the evolution of the rupee occurred when, after defeating Humayun, Sher Shah Suri set up a new civic and military administration. He issued a coin of silver, weighing 178 grains, which was termed the rupiya and was divided into 40 copper pieces or paisa. The silver coin remained in use during the remaining Mughal period. GG-D809-SherShah-MH02.62 Photo Source By the time the British East India Company set itself up in India in the 1600s, Sher Shah’s silver rupiya had already become the popular standard currency in the country. Despite many attempts to introduce the sterling pound in India, the rupaiya grew in popularity and was even exported as a currency to other British colonies. You May Also Like: 14 Fascinating and Perplexing Unsolved Mysteries of Indian History In 1717 AD, the English obtained permission from Mughal emperor Farrukh Siyar to coin Mughal money at the Bombay Mint. The British gold coins were termed carolina, the silver coins angelina, the copper coins cupperoon, and the tin coins tinny. Paper money was first issued in British India in the 18th century, with the Bank of Hindostan, General Bank in Bengal and the Bengal Bank becoming the first banks in India to issue paper currency. The oldest surviving banknote in India was issued by the Bank of Bengal – a Two Hundred and Fifty Sicca Rupees note dated September 3, 1812. Scan0001 Photo Source After the 1857 revolt, the British made the rupee the official currency of colonial India, with the head of King George VI replacing native designs on banknotes and coins. 7.3-B Photo Source In 1862, the Victoria portrait series of bank notes and coins were issued in honour of Queen Victoria and later, many emperors followed suit. For security reasons, the notes of this series were cut in half; one half was sent by post and upon confirmation of receipt, the other half was sen

Comments


    Additional Information:

    Visibility: 59

    Duration: 3m 12s

    Rating: 1