CURRENCY USED IN INDIA

Punch Marked Coins

The Indus valley civilisation of Mohenjo-Daro and Harappa dates back between 2500 BC and 1750 BC. There, however, is no consensus on whether the seals excavated from the sites were in fact coins.

The first documented coinage is deemed to start with 'Punch Marked' coins issued between the 7th-6th century BC and 1^st century AD. These coins are called 'punch-marked' coins because of their manufacturing technique. Mostly made of silver, these bear symbols, each of which was punched on the coin with a separate punch.

Issued initially by merchant Guilds and later by States, the coins represented a trade currency belonging to a period of intensive trade activity and urban development. They are broadly classified into two periods : the first period (attributed to the Janapadas or small local states) and the second period (attributed to the Imperial Mauryan period). The motifs found on these coins were mostly drawn from nature like the sun, various animal motifs, trees, hills etc. and some were geometrical symbols.


   

Description	Obverse	Reverse
Seven Symbols
Five Symbols
Five Symbols

Silver Punchmarked Coins

Representative Symbols appearing on Punch Marked Coins

Description	Coin
Asmaka Janapada
Imperial Series
Imperial Series
Imperial Series

Imperial Punch Marked Coins



Mauryan Art Form

Dynastic Coins

Dating of regular dynastic coin issues is controversial. The earliest of these coins relate to those of the Indo-Greeks, the Saka-Pahlavas and the Kushans. These coins are generally placed between the 2nd century BC and 2nd century AD. Hellenistic traditions characterise the silver coins of the Indo-Greeks, with Greek gods and goddesses figuring prominently, apart from the portraits of the issuers. These coins with their Greek legends are historically significant, as the history of the Indo-Greeks has been reconstructed almost entirely on their evidence. The Saka coinage of the Western Kshatrapas are perhaps the earliest dated coins, the dates being given in the Saka era which commences in AD 78. The Saka era represents the official calendar of the Indian Republic.



Indo-Greek Coins

Kushan


Map of Kushan

Earliest Kushan coinage is generally attributed to Vima Kadphises. The Kushan coins generally depicted iconographic forms drawn from Greek, Mesopotamian, Zorastrian and Indian mythology. Siva, Buddha and Kartikeya were the major Indian deities portrayed. Kushan gold coins influenced subsequent issues, notably those of the Guptas.



Coins of the Kushans




Kushan Art Form, Statue of Kanishka, Mathura Museum

Satavahana
The Satavahanas were the early rulers of the region between the rivers, Godavari and the Krishna. They were also referred to as the Andhras. They soon brought under their control, both the Western-Deccan and Central India. The dates of their coming in to power are contentious and are variously put between 270 BC to 30 BC. Their coins were predominantly of copper and lead, however, silver issues are also known. These coins carried the motifs of fauna like elephants, lions, bulls, horses, etc. often juxtaposed against motifs from nature like hills, tree, etc. The silver coins of the Satavahanas carried portraits and bilingual legends, which were inspired by the Kshatrapa types.



Coins of the Satavahana

Western Kshatrapa
The term Western Kshatraps alludes to the set of rulers who ruled Western India between the 1^st and 4^th Century AD. The legends on the coins were generally in Greek and Brahmi. Kharoshti too was used. The Western Kshatrap coins are reckoned to be the earliest coins bearing dates. The common copper coins are the 'bull and hill' and the 'elephant and hill' types.

Description	Obverse	Reverse
Rudrasimha I, 180-196 AD
Viradaman, 234-238 AD

Coins of the Western Kshatrapas Other Coins
In the interregnum between the fall of the Maurayans and the rise of the Guptas various tribal republics in the Punjab and monarchies in the Indo-Gangetic plain issued coins. Most coins were issued in Copper. The coins of the Yaudheyas were influenced in design and motif by the coins of the Kushans. They followed the weights of the Indo-bacterian rulers.



Coin of the Yaudheyas

Gupta
Gupta coinage (4th-6th centuries AD) followed the tradition of the Kushans, depicting the king on the obverse and a deity on the reverse; the deities were Indian and the legends were in Brahmi. The earliest Gupta coins are attributed to Samudragupta, Chandragupta II and Kumaragupta and their coins often commemorate dynastic succession as well as significant socio-political events, like marriage alliances, the horse sacrifice, etc (King and queen type of coin of Chandragupta 1, Asvamedha type, etc.), or for that matter artistic and personal accomplishments of royal members (Lyrist, Archer, Lion-slayer etc.).   

Description	Obverse	Reverse
King as Horseman
King as Lion Slayer
King & Queen Type
Fan-Tailed Peacock

Coins of the Guptas

Post-Gupta Coinage
Post-Gupta coinage (6th-12th centuries AD), is represented by a monotonous and aesthetically less interesting series of dynastic issues including those of Harsha (7th century AD, Kalachuri of Tripuri (11th century AD) and early medieval Rajputs (9th-12th centuries AD). Gold coins struck between this period are rare. These were revived by Gangeyadeva the Kalachuri ruler who issued the 'Seated Lakshmi Coins' which were copied by later rulers both in gold as well as in debase form. The Bull & Horseman type of coins were the most common motif appearing on coins struck by the Rajput clans. In western India, imported coins like the Byzantine solidi were often used reflecting trade with the Eastern Roman Empire.  

Description	Obverse	Reverse
Seated Lakshmi
Bull & Horseman

  

South Indian Coinage

The symbols and motifs on South Indian coin issues were confined to dynastic crests such as the boar (Chalukya), bull (Pallava), tiger (Chola), fish (Pandya and Alupas), bow and arrow (Cheras) and lion (Hoysala) etc. The Yadavas of Devagiri issued 'Padmatankas' with an eight-petalled lotus on the obverse and a blank reverse. Coin legends refer to names or titles of the issuer in local scripts and languages. Decorative features are rare and divinities are almost absent till the medieval Vijayanagar period (14^th - 16^th centuries AD).

Description	Obverse	Reverse
Coins of the Cheras 11th - 13th Centuries
Coins of the Cheras 11th - 13th Centuries
Coins of the Cholas 9th - 13th Centuries
Coins of the Alupas of Udipi 11th - 13th Centuries
Padmatankas, Coins of the Yadavas of Devagiri 12th - 14th Centuries

 

 
Map of Ancient India, Courtesy Government of India

Foreign Coin Hoards found in India

Ancient India had considerable trade links with the Middle East, Europe (Greece and Rome) as well as China. This trade was carried out over land partly along what came to be alluded to as the silk route and partly through maritime trade. By the time of Pliny, the Roman historian, Roman trade with India was thriving, and indeed creating a balance of payments problem for the Roman Empire. In South India, which had a thriving maritime trade, Roman coins even circulated in their original form, albeit slashed at times as a gesture disclaiming intrusions of foreign sovereignty.


A slashed Roman Aureus of Augustus

Description	Obverse	Reverse
Roman Find in South India
Roman Find in South India
Byzantine Find in South India

 

Medieval India Coinage

Map of Medieval India, Courtesy Government of India

The Arabs conquered Sindh in 712 AD and ruled it as a province of the Caliphate. By the 9th Century AD, provincial governors established independent rule and struck their own coins. However, it was with the emergence of Turkish Sultans of Delhi in the 12th Century that a decisive break was made with the past and the existing motifs were gradually replaced by Islamic devices, largely calligraphy. The unit of account came to be consolidated and was referred to as the 'tanka' with the 'jittals' as the smaller value coins. With the Delhi Sultanate (1206-1526 AD) came the attempt at standardisation. This period was marked by a considerable expansion of the money economy. Coins were struck in gold, silver and copper. In the monetary system, the equation between gold and silver was probably at 1:10. The Khilji rulers issued coins in abundance with grandiloquent titles (Ala-ud-din Khilji struck coins assuming the title 'Sikandar al Sani', the second Alexander) as well as honorific epithets for mints (the Delhi mint bore titles 'Hazrat Dar-al-Khilafat, etc.).  

 

Description	Obverse	Reverse
Coin of Nasiru-d-din Mahmud 1246 - 1266 AD
Coin of Ghiyasu-d-din Balban 1266 - 1287 AD

Coins of the Delhi Sultanate  


Coins of the Khiljis The coins of the Tughlaqs (1320-1412 AD) were superior in design and execution to those of the Khiljis. Muhammed bin Tughlaq (1325-1351 AD), took personal interest in his coinage, however, his monetary experiments were a failure and the cause of much misery. The first experiment was to make his coinage reflect the gold/silver price ratio prevailing in the free market. When this experiment failed the old gold and silver coins of about 11 grams were reintroduced. The next experiment was inspired by Chinese paper currency which had spurred the development of trade and commerce. Tughlaq attempted to establish a fiduciary system of coinage between 1329 to 1332 AD. He attempted to issue tokens of brass and copper. These tokens bore the legends such as : 'Sealed as a tanka of fifty ganis' together with appeals such as 'He who obeys the Sultan, obeys the Compassionate'. Mass forgeries rendered the experiment a total disaster and Tughlaq, to his credit, redeemed all tokens, forged or genuine, in specie. It may be noted that the experiments of Tughlaq were genuine experiments: while they were forced on the populace, they were not dictated by a bankrupt treasury. Gold coins were issued in very large numbers during the reign of Muhammed bin Tughlaq, thereafter gold coins became scarce. By the time of the Lodhis, coins were struck almost exclusively of copper and billon. In the provinces, the Bengal Sultans, the Jaunpur Sultans, the Bahamanis of the Deccan, the Sultans of Malwa, the Sultans of Gujarat, etc. struck coins. In the South, however, the Vijayanagar Empire evolved coinage of different metrology and design which was to remain as a standard in the region and influence coin design up to the 19th Century.


Silver Coin, Malwa

The Vijayanagar Empire
In the South, the Vijayanagar contemporaries of the Delhi Sultanate and Mughals, were the other dynasty whose currency presents a rare example of a standardised issue which later provided a model for the European and English trading companies. The Kingdom of Vijayanagar was founded around 1336 AD by Harihara and Bukka in the region south of the River Krishna. The Vijayanagar period saw the advent of European traders especially the Portuguese. Krishnadevaraya encouraged foreign trade and this necessitated wider use of currency. Coins of the Vijayanagar kingdom was largely struck in gold and copper. Most Vijayanagar gold coins bore a sacred image on the obverse and the royal legend on the reverse. Amongst the significant gold coins of the Vijayanagar Empire were those bearing the image of the deity of Tirupati, i.e., Lord Venkatesvara represented either singly or with his two consorts. These coins inspired the 'Single Swami' Pagodas of the Dutch and French and the 'Three Swami' Pagodas of the English East India Company.

Coins of the Vijayanagar Empire


Pagoda, East India Company inspired by the coins of the Vijayanagar Empire

Mughal Coinage

Technically, the Mughal period in India commenced in 1526 AD when Babur defeated Ibrahim Lodhi, the Sultan of Delhi and ended in 1857 AD when the British deposed and exiled Bahadur Shah Zafar, the last Mughal Emperor after the great uprising. The later emperors after Shah Alam II were little more than figureheads.
The most significant monetary contribution of the Mughals was to bring about uniformity and consolidation of the system of coinage throughout the Empire. The system lasted long after the Mughal Empire was effectively no more. The system of tri-metalism which came to characterise Mughal coinage was largely the creation, not of the Mughals but of Sher Shah Suri (1540 to 1545 AD), an Afghan, who ruled for a brief time in Delhi. Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20^th Century. Together with the silver Rupiya were issued gold coins called the Mohur weighing 169 grains and copper coins called Dam.
Where coin designs and minting techniques were concerned, Mughal Coinage reflected originality and innovative skills. Mughal coin designs came to maturity during the reign of the Grand Mughal, Akbar. Innovations like ornamentation of the background of the die with floral scrollwork were introduced. Jehangir took a personal interest in his coinage. The surviving gigantic coins, are amongst the largest issued in the world. The Zodiacal signs, portraits and literary verses and the excellent calligraphy that came to characterise his coins took Mughal Coinage to new heights.


Coins of the Mughal Empire

	Mohur-Humayun
	One Rupee-Sher Shah Suri(Afghan)
	Mohur-Akbar

Mohur-Aurangzeb

Mohur-Farrukhsiyar

The early years of Shah Jehan's reign brought forth a large variety of types; coin design was standardised towards the latter part of his reign. Aurangzeb, the last of the Grand Mughals was austere in his ways and orthodox in his beliefs. He did away with the Kalima, the Islamic Article of Faith from his coins, and the format of coins was standardised to incorporate the name of the ruler, the mint and the date of issue.

Pre-Colonial India & Princely States: Coinage

The decline of the Mughal Empire commenced soon after the death of Aurangzeb. For a while, the military successes of the Marathas gave rise to the feeling that they would fill the vacuum left by the Mughals and don the imperial mantle. This was not to be. In the anarchy that followed, regional forces tended to reassert themselves and states with ancient antecedents, many of which had been independent during Medieval times, like the states of Rajputana, re-emerged. The dilution of central authority prompted Provincial Governors of the Mughals, to assume independence (e.g., the states of Avadh and Hyderabad). The turbulence of the times also gave rise to Military Adventurers who through force carved out kingdoms for themselves, like Scindia (Gwalior), and Hyder Ali (Mysore). Finally, there were 'states of convenience', - titular states whose ruling dynasty was supported either by the British (e.g., the Wodeyars) or the regional hegemon in the interest of high politics. When the British Crown took over the administration from the East India Company in 1858 there were over a hundered Princely States which were issuing coins nominally in the name of the Mughal Emperor. With the deportation of the last Mughal Emperor Bahadur Shah to Rangoon, the native rulers gradually replaced the Mughal superinscriptions on their coins with the name or portrait of the Queen of England as an expression of acceptance of British supremacy. Some coins like those of Mewar inscribed the word 'Dosti London' i.e. 'Friends of London' on their coins. The British over time curtailed the rights of the the Native States to strike their own coins. Representative Coinage of some of the States are depicted below.
The Maratha Confederacy
While the Marathas have had a long history, they came into the limelight in the seventeenth century led by the charismatic leader Shivaji. The Maratha Confederacy consolidated itself after Aurangzeb's death in 1707 AD. Their military successes saw them overrun most of India by 1738 AD. The Marathas were set to be the only power in India to take on the Imperial mantle and build an Indian empire. Their fortunes suffered a setback with the battle of Panipat in 1761 AD. They, however, retained their hegemony over the Deccan till the end of the century. With the decline of central power, Maratha families established the states of Baroda, Gwalior, Indore, etc. As regards coinage, Shivaji first issued coins in 1664 AD when he assumed the title of Raja. Coins were again issued to commemorate his coronation at Raigadh in 1674 AD. These coins are rare. Maratha Mints and coinage were consolidated around the middle of the eighteenth century. Three types of Rupees were in circulation during this period, viz., the Hali Sicca, the Ankushi rupee which was the standard rupee of Pune, and the Chandori rupee which was on par with the Ankushi.


Coins of the Marathas
 

Copper
Copper
Silver, Pune Mint
Silver, Pune Mint

Awadh
The Province of Awadh, situated in Northern India, was governed by Nawab-Wazirs on behalf of the Mughal Emperor from around 1720 AD. With the decline of the Mughal Empire, the British Governor General, the Marquis of Hastings, persuaded Ghaziuddin Haidar, the Nawab-Wazir of Awadh, to cast off Mughal suzerainty and declare himself independent. Ghaziuddin was crowned in 1819, but the State of Awadh whose capital Lucknow, laid claimed the title of the cultural capital of India, did not survive even four decades. Despite Ghaziuddin's proclamation of independence, the first issues continued in the name of the Mughal Emperor, with the Awadh coat of arms on the reverse, before independent coins were issued. The coat of arms was imitative of the English and marked a departure from the traditional Mughal designs. Nasiruddin Hyder, Muhammed Ali, and Wajid Ali succeeded Ghaziuddin. The monetary system consisted of the gold ashrafi, (half, quarter, eighth and sixteenth of an ashrafi), the silver rupee with similar five denominations and the copper fulus. The defeat of the Nawab of Awadh at the Battle of Buxar (1764), precipitated the decline of the Kingdom. Wajid Ali Shah, the last Nawab was forced to abdicate in 1856 by Lord Dalhousie. During the 1857 uprising, the battle of Lucknow was one of the most bitterly fought battles. The revolutionaries are said to have minted coins in the name of the Nawab-Wazarat.


Coins of Avadh

Mysore
The Kingdom of Mysore was situated in Southwest India and was ruled by various Hindu dynasties. In 1761, Haider Ali a military adventurer deposed the Wodeyar ruler and proclaimed himself King. In the region, coins of both the Mughal and Vijayanagar standards were current. His coin issues coins of the pagoda types continued to carry the motifs and iconographic forms of the Vijayanagar period (e.g., Hara-Gauri) with his initial, the letter 'He' on the reverse. Tipu, his son, succeed him and assumed the title of Sultan. He introduced various innovations and new varieties in his coinage, continuing with the pagodas, the mohurs, and introduced his own standards. An interesting feature of his coins is that they do not bear his name. Tipu Sultan, a progressive ruler, was one of the few Indian princes to perceive the imperial designs of the British and oppose them; he, however, was slain in the battle of Srirangpatanam in 1799 after which the British reinstated Krishna Raja Wodeyar as King of Mysore. Krishna Raja Wodeyar continued to issue coins of the Vijayanagar and Mughal standards. The gold coins carried the Hara-Gauri motif and the King's name on the reverse. The silver coins were in the Mughal tradition, bearing the name of the Mughal Emperor, Shah Alam II on the obverse and the name of the mint on the reverse. Some of the smaller fraction coins carried the image of the deity Chamunda, the family deity of the Wodeyar family; other coins carried motifs drawn from nature and inscriptions in Nagri, Persian, Kannada, and English at various points of time.


Coin of Hyder Ali

  
Rupee of Tipu Sultan

Coins of the Sikhs
Guru Nanak laid the foundations of a religious community, which gradually metamorphised into the Sikh Empire, a formidable military power in North Western India. This transformation was brought about on account of continued Mughal oppression. Constant harassment by the Mughal forces because of the failure of the Sikhs to embrace Islam, led to the emergence of Sikh militarism. However it was with the defeat of Ahmad Shah Durrani at Sirhind in 1710, that the Sikh league also known as Khalsa, came into its own. The whole tract of land between Jhelum and Sutlej was divided among the Sikh chieftains. Around 1777 AD, coins were issued from Amritsar without the name of the Mughal Emperor and were called 'Nanak Shahi'. These coins bore the name of Guru Gobind Singh, the tenth and the last Guru of the Sikhs. The most distinguished statesman amongst the chieftains was Ranjit Singh who successfully recaptured Amritsar, Ludhiana, Multan, Kashmir and Peshawar. The treaty of 1809, with the British, confirmed his right to rule the tracts he had occupied south of Sutlej. However, after his death, the Sikh Empire began to deteriorate and was finally annexed to the British Empire in 1849. Most coins struck during the reign of Ranjit Singh bear a large leaf on one side and bear Persian legends. He also introduced coins with Gurumukhi legends, mostly of the copper variety.


Coins of the Sikhs

Hyderabad
The Princely State of Hyderabad was founded around 1724 when Mir Qamar-ud-Din, the Mughal Viceroy of the Deccan, assumed independence under the title of Asaf Jah and founded the dynasty of the Nizams of Hyderabad. In the post 1857 era, the State of Hyderabad was one of the largest Princely States in India and later came to be known as the 'Dominion of His Exalted Highness, the Nizam'. The State which covered territories presently included in Andhra Pradesh, Maharashtra, and Karnataka was assimilated into the Indian Union in September 1948. In matters of currency and coinage, the coins of the Nizams were issued in the name of the Mughal Emperor till 1858 when a coin legend was introduced with the name of the founder of the state, Asaf Jha. Thereafter, they were struck independently and the new coins were termed the 'Hali Sicca', i.e., the current coins. In 1903-04 coins were machine struck for the first time. These coins featured the Charminar on the obverse with Persian inscription Nizam-ul-mulk Bahadur Asaf Jah around it. The reverse carried the value. These coins confirmed to the British coins in denominations and metals.


Coins of Hyderabad

Denomination	Obverse	Reverse
Ashrafi
Rupee
8 Annas
4 Annas
2 Annas

Some Representative Coins of other Princely States
  
Coins of Datia State


  
Coins of Faridkot State

  
Coins of Udaipur

Denomination	Obverse	Reverse
Rupee
Half Rupee
One Fourth Rupee
One Eight Rupee
One Sixteenth Rupee

 

British India Coinage

Early English settlements in India had three broad grouping: those in Western India (Bombay & Surat), those in South India (Madras) and those in the Eastern Province of Bengal (Calcutta). Early English coins accordingly developed along three broad strands in consonance with the local acceptability of the coins for the purposes of trade.
The coins of Bengal were developed along the Mughal pattern, those of Madras were struck along South Indian lines both in design and metrology (Pagoda) as well as along Mughal designs. The English coins of Western India developed along Mughal as well as English patterns. It was only in 1717 AD that the English obtained permission from the Emperor Farrukhsiyar to coin Mughal money at the Bombay mint. English pattern coins were struck at the Bombay Mint. The gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. By the early 1830, the English had become the dominant power in India. The rise of one dominant power after over a hundred years of turmoil, enabled the enactment of the Coinage Act of 1835 and for uniform coinage to be issued.
Newly designed coins with the effigy of William IV on the obverse and the value on the reverse in English and Persian, were issued in 1835.
The coins issued after 1840 bore the portrait of Queen Victoria. The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India.
Edward VII succeeded Queen Victoria and the coins issued bore his effigy. The Indian Coinage Act, 1906 was passed which governed the establishment of Mints as well as the coins that would be issued and the standards that would be maintained (Rupee 180 grains, Silver 916.66 standard; Half Rupee 90 grains, Quarter Rupee 45 grains). George V succeeded Edward VII. Acute shortage of silver on account of World War I, led the British Government to issue paper currency of One Rupee and Two and a half Rupees. The silver coins of smaller denominations were issued in cupro-nickel. George V was in turn succeeded by Edward VIII. However no coins were issued during his short reign. Geroge VI ascended the throne in 1936. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins.
India attained freedom on 15^th August 1947. However the existing coinage was continued as the frozen series till January 26^th 1950 when India became Republic

British India Coinage

Early Issues

 

Description	Obverse	Reverse
Mohur struck in the name of Shah Alam II, Murshidabad Mint
Two Pagodas in vogue in Madras Presidency
The Surat Rupee

British India Coinage

Coins of William IV

 

Description	Obverse	Reverse
Rupee One, Silver
Half Rupee, Silver
Quarter Rupee, Silver
Half Anna, Copper
Quarter Anna, Copper
Half Pice, Copper

Coins of Queen Victoria (Young Bust)

 

Description	Obverse	Reverse
Two Annas, Silver
Quarter Rupee, Silver
Half Rupee, Silver
One Rupee, Silver
One Mohur

  

Coins of Queen Victoria (Mature Bust)

 

Description	Obverse	Reverse
One Twelfth Anna, Bronze
Half Pice, Bronze
Quarter Anna, Bronze
Half Anna, Bronze
Two Annas, Silver
One Fourth Rupee, Silver
Half Rupee, Silver
One Rupee, Silver
One Mohur

  

Coins of Queen Victoria (Empress)

 

Description	Obverse	Reverse
One Twelfth Anna, Bronze
Half Pice, Bronze
Quarter Anna, Bronze
Half Anna, Bronze
Two Annas, Silver
One Fourth Rupee, Silver
Half Rupee, Silver
One Rupee, Silver

  

Coins of Edward VII

 

Description	Obverse	Reverse
One Twelfth Anna, Bronze
Half Pice, Bronze
One Quarter Anna, Bronze
One Anna, Copper-Nickel
Two Annas, Silver
One Fourth Rupee, Silver
Half Rupee, Silver
One Rupee, Silver

Coins of George V

  

Denomination	Obverse	Reverse
1/12 Anna (One Pie)
1/2 Pice
1/4 Anna (1 Pice)
One Anna
Two Annas
Quarter Rupee
Half Rupee
One Rupee
Fifteen Rupees

  

Major Design Change

  

Two Annas
Four Annas
Eight Annas

Coins of George VI

  

Denomination	Obverse	Reverse
1/12 Anna (One Pie)
1/2 Pice
1/4 Anna (1 Pice)
Half Anna
One Anna
Two Annas
Quarter Rupee
Half Rupee
One Rupee, Silver

  

Major Design Changes

  

One Pice
One Rupee, Quaternary
One Rupee, Nickel

 

Republic India Coinage

  India won its independence on 15^th August, 1947. During the period of transition India retained the monetary system and the currency and coinage of the earlier period. While Pakistan introduced a new series of coins in 1948 and notes in 1949, India brought out its distinctive coins on 15^th August, 1950.

Chronologically, the main considerations influencing the coinage policy of Republic India over time have been:

• The incorporation of symbols of sovereignty and indigenous motifs on independence;
• Coinage Reforms with the introduction of the metric system;
• The need felt from time to time to obviate the possibility of the metallic value of coins rising beyond the face value;
• The cost-benefit of coinisation of currency notes

Independent India Issues could broadly be categorised as

The Frozen Series 1947-1950
This represented the currency arrangements during the transition period upto the establishment of the Indian Republic. The Monetary System remained unchanged at One Rupee consisting of 192 pies.
1 Rupee = 16 Annas
1 Anna = 4 Pice
1 Pice = 3 Pies
The Anna Series
This series was introduced on 15^th August, 1950 and represented the first coinage of Republic India. The King's Portrait was replaced by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger on the one Rupee coin. In some ways this symbolised a shift in focus to progress and prosperity. Indian motifs were incorporated on other coins. The monetary system was largely retained unchanged with one Rupee consisting of 16 Annas.

Denomination	Metal	Obverse	Reverse
Rupee One	Nickel
Half Rupee	Nickel
Quarter Rupee	Nickel
Two Anna	Cupro-Nickel
One Anna	Cupro-Nickel
Half Anna	Cupro-Nickel
One Pice	Bronze

The Decimal Series The move towards decimalisation was afoot for over a century. However, it was in September, 1955 that the Indian Coinage Act was amended for the country to adopt a metric system for coinage. The Act came into force with effect from 1^st April, 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. For public recognition, the new decimal Paisa was termed 'Naya Paisa' till 1^st June, 1964 when the term 'Naya' was dropped.

Naya Paisa Series 1957-1964  

Denomination	Metal Weight Shape Size	Coin
Rupee One	Nickel 10 gms Circular 28 mm
Fifty Naye Paise	Nickel 5 gms Circular 24 mm
Twenty Five Naye Paise	Nickel 2.5 gms Circular 19 mm
Ten Naye Paise	Cupro-Nickel 5 gms Eight Scalloped 23 mm (across scallops)
Five Naye Paise	Cupro-Nickel 4 gms Square 22 mm (across corners)
Two Naye Paise	Cupro-Nickel 3 gms Eight Scalloped 18 mm (across scallops)
One Naya Paisa	Bronze 1.5 gms Circular 16 mm

With commodity prices rising in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and Aluminium-Bronze were gradually minted in Aluminium. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity.

Aluminium Series 1964 onwards

Denomination	Metal Weight Shape Size	Coin
One Paisa	Aluminium-Magnesium 0.75 gms Square 17 mm (Daigonal)
Two Paise	Aluminium-Magnesium 1 gm Scalloped 20 mm (across scallops)
Three Paise	Aluminium-Magnesium 1.25 gms Hexagonal 21 mm (Diagonal)
Five Paise	Aluminium-Magnesium 1.5 gms Square 22 mm (Diagonal)
Ten Paise	Aluminium-Magnesium 2.3 gms Scalloped 26 mm (across scallops)
Twenty Paise	Aluminium-Magnesium 2.2 gms Hexagonal 26 mm (diagonal) 24.5 mm (across flats)

Over a period of time, cost benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the seventies; Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Re 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s.

Contemporary Coins

Denomination	Metal	Weight	Diameter	Shape
	Cupro-Nickel	9.00 gms	23 mm	Circular
	Cupro-Nickel	6.00 gms	26 mm	Eleven Sided
	Ferratic Stainless Steel	4.85 gms	25 mm	Circular
	Ferratic Stainless Steel	3.79 gms	22 mm	Circular
	Ferratic Stainless Steel	2.83 gms	19 mm	Circular
	Ferratic Stainless Steel	2.00 gms	16 mm	Circular

                           others

This page proposes to carry information which may not fall into the formal structure of our coinage pages e.g. Indo-French Coins, Indo-Portuguese Coins etc., information related to coin designs, motifs, minting techniques as well as various facets of the history of Coinage.

Couplet Coins

Throughout history, despite protestations of artists to the contrary, there has been a close though uneasy and tenuous nexus between the Muses and Money. Coins have been a very powerful medium for projecting the art of contemporary engravers to the populace in general. The motifs have varied from portraits of royalty, personalities, heroic deeds, fauna and flora motifs, to allegories, etc. In an interesting innovation, ancient Indian coinage dovetailed poetry with the engraver's art, thus embellishing the visual message with verbal art.
Poetic legends (largely eulogistic) were introduced on coins by the Guptas (3^rd to 6^th Century AD). For instance, the horseman type coins of the Guptas carried the following legend in poetic meter:

Guptakulamalachnadro Mahendrakarmajito
i.e. 'The Spotless Moon in the firmament of the Gupta family,
invincible, valorous as Mahendra, conquers the enemy'.
  Similarly, the gold coins of Chandragupta II, carried the legend in the Vamsthavila meter:

Narendra chandrah prathita rano rane
jayatyajayyo bhuvi sinhavikramah
'The Moon amongst Kings, famous for his warfare,
valorous like a lion, invincible and victorious on the battle-field'
  The Medieval period saw the gradual phasing out of pictorial and iconic motifs which were replaced by abstract designs and calligraphy. These art forms were especially conducive to making coins a medium for carrying the Poetic Muse. The messages, however, remained eulogistic - towards the greater glory of the King. Coins of Muhammed Shah II (AD 1442-1451), the Sultan of Gujarat carried the following couplet is an early example.

Sikka-e-Sultan Ghiyas-ud-din Muhammed Shah bad
Ta ba-dar-uz zarb gardun qurs-e-mihir-o-mah
May the coins of Sultan Ghiyas-ud-din Muhammed Shah remain
As long as the Mint of Heaven, the sun and the moon remain
  Such poetic traditions were carried forth by the Mughals and by the time of Aurangzeb couplets became an intrinsic part of coin design. The Emperor Jehangir, struck coins in the name of the Empress, Noor Jehan, (the Light of the World) and the couplet quaintly read:

Ba hukma Shah Jehangir yafta sad zevar
Ba nam-e- Noor Jehan badshah begam zer
[Coin struck] by the order of Shah Jehangir, [This] gold hath a hundred beauties gained
with the inscription of the name of Noor Jehan, the Badshah Begum (Empress)
  The East India Company carried on the tradition of poetic couplets. This mohur struck in the name of Shah Alam II at Mursheedabad carried the following couplet

Sicca zad bar haft kishwar saya fazle ilah
Hami deen-e- Muhammed Shah Alam Badhshah
Coins struck by the defender of the faith, Shah Alam by the Grace of God,
May it be current throughout the seven climes
  With the issuance of the English type of coins in 1835, this tradition gradually came to an end.



Couplet Coin
 

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India Paper Money A Retrospect : 1770-1998

Financial Instruments and 'Hundies' in India have a venerable history. Paper Money, in the modern sense, traces its origins to the late eighteenth century with the issues of private banks as well as semi-government banks (the Bank of Bengal, the Bank of Bombay and the Bank of Madras alluded to as the Presidency Banks).

Click on the images below to see the larger picture.

The Bank of Bengal	The Bank of Bombay	The Bank of Madras

Among the earliest issues were those by the Bank of Hindostan (1770-1832), the General Bank in Bengal and Bahar (1773-75, established by Warren Hastings), the Bengal Bank (1784-91), amongst others. Few of these notes survive.
The Paper Currency Act of 1861 conferred upon Government of India the monopoly of Note Issue bringing to an end note issues of Private and Presidency Banks. Paper currency in India owed much to the intellectual stimulus and personal dynamism of Sir James Wilson, the first Finance Member in the Executive Council of the Viceroy of India. With the early death of Sir James, the task of issuing Government Paper Money in India devolved upon his successor Samuel Laing who substantially modified Wilson's original proposals.
Government of India continued to issue currency notes till the Reserve Bank of India was established on 1st April, 1935. When the one rupee note was reintroduced as a war time measure in August, 1940, it was issued by Government of India with the status of a coin. Government of India continued to issue Rupee one notes till 1994.
The motifs appearing on Indian currency notes reflect the changing socio-cultural ethos and the world-view of the times: buccaneering mercantilism, colonial consolidation, domineering imperialism, the grandeur of empire, to the symbols of National Independence followed up by allegories of progress and finally in the latest series, reminiscing Gandhian values.

Early Issues

Paper Money, as we know it today, was introduced in India in the late Eighteenth Century. This was a period of intense political turmoil and uncertainty in the wake of the collapse of the Mughal Empire and the advent of the colonial powers. The changed power structure, the upheavals, wars, and colonial inroads led to the eclipse of indigenous bankers, as large finance in India moved from their hands to Agency Houses who enjoyed state patronage. Many agency houses established banks.
Among the early issuers, the General Bank of Bengal and Bahar (1773-75) was a state sponsored institution set up in participation with local expertise. Its notes enjoyed government patronage. Though successful and profitable, the bank was officially wound up and was short lived. The Bank of Hindostan (1770-1832) was set up by the agency house of Alexander and Company was particularly successful. It survived three panic runs on it. The Bank of Hindostan finally went under when its parent firm M/s Alexander and Co. failed in the commercial crisis of 1832. Official patronage and the acceptance of notes in the payment of revenue was a very important factor in determining the circulation of bank notes. Wide use of bank notes, however, came with the note issues of the semi-government Presidency Banks, notably the Bank of Bengal which was established in 1806 as the Bank of Calcutta with a capital of 50 lakh sicca rupees. These banks were established by Government Charters and had an intimate relationship with the Government. The charter granted to these banks accorded them the privilege of issuing notes for circulation within their circles.
Notes issued by the Bank of Bengal can broadly be categorised in 3 broad series viz: the 'Unifaced' Series, the 'Commerce' Series and the 'Britannia' Series. The early notes of the Bank of Bengal were unifaced and were issued as one gold mohur (sixteen sicca rupees in Calcutta) and in denominations deemed convenient in the early 19^th Century, viz., Rs. 100, Rs. 250, Rs. 500, etc.


Unifaced Notes of the Bank of Bengal The Bank of Bengal notes later introduced a vignette represented an allegorical female figure personifying 'Commerce' sitting by the quay. The notes were printed on both sides. On the obverse the name of the bank and the denominations were printed in three scripts, viz., Urdu, Bengali and Nagri. On the reverse of such notes was printed a cartouche with ornamentation carrying the name of the Bank. Around the mid nineteenth century, the motif 'Commerce' was replaced by 'Britannia'. The note had intricate patterns and multiple colours to deter forgeries.
 


Commerce Series

Brittania Series The second Presidency Bank was established in 1840 in Bombay, which had developed as major commercial centre. The Bank had a checkered history. The crisis resulting from the end of the speculative cotton boom led to the liquidation of Bank of Bombay in 1868. It was however reconstituted in the same year. Notes issued by the Bank of Bombay carried the vignettes of the Town Hall and others the statues of Mountstuart Elphinstone and John Malcolm.


Note issued by the Bank of Bombay The Bank of Madras established in 1843 was the third Presidency Bank. It had the smallest issue of bank notes amongst Presidency Banks. The notes of the Bank of Madras bore the vignette of Sir Thomas Munroe, Governor of Madras (1817-1827).
The other private banks which issued bank notes were the Orient Bank Corporation established in Bombay as the Bank of Western India in 1842. Its notes featured the Bombay Town Hall as vignette. The Commercial Bank of India established in 1845 in Bombay (also an Exchange Bank) issued exotic notes with an interblend of Western and Eastern Motifs. The bank failed in the crash of 1866. The paper currency Act of 1861 divested these banks of the right to note issue; the Presidency Banks were, however, given the free use of Government balances and were initially given the right to manage the note issues of Government of India.

British India Issues

British India Issues commence with the Paper Currency Act of 1861 which gave the Government the monopoly of note issue in India. The management of paper currency across the geographical expanse of the Indian sub-continent was a task of considerable proportions. Initially the Presidency Banks were appointed as agents to promote the circulation of these notes in view of their existing infrastructure. The Act of 1861 authorised the Presidency Banks to enter into agreements with the Secretary of State for becoming agents for the issue, payment and exchange of promissory notes of the Government of India. The problem of redemption of these notes over vast expanses of the Indian sub-continent led to the concept of 'Currency Circles', where these notes were legal tender.
These Currency Circles increased in number as the Government progressively took over the work. The agency agreements with the Presidency Banks were finally terminated in 1867. The Management of Paper Currency was subsequently, in turn, entrusted to the Mint Masters, the Accountant Generals and the Controller of Currency.
Victoria Portrait Series
The first set of British India notes were the 'Victoria Portrait' Series issued in denominations of 10, 20, 50, 100, 1000. These were unifaced, carried two language panels and were printed on hand-moulded paper manufactured at the Laverstock Paper Mills (Portals). The security features incorporated the watermark (GOVERNMENT OF INDIA, RUPEES, two signatures and wavy lines), the printed signature and the registration of the notes.



Rupees Ten

Rupees Twenty

Rupees Hundred British India Notes facilitated inter-spatial transfer of funds. As a security precaution, notes were cut in half. One set was sent by post. On confirmation of receipt, the other half was despatched by post.



Half note Underprint Series
The Victoria Portrait series was withdrawn in the wake of a spate of forgeries and replaced by the unifaced 'Underprint Series' which were introduced in 1867. In deference to public demand, notes in the denomination of Rupees Five were introduced. Initially, notes were legally encashable only in the Currency Circle in which they were issued; however, between 1903 an 1911, notes of denomination 5, 10, 50 and 100 were 'universalised', i.e. were legally encashable outside the Currency Circle of Issue.
The Underprint Series notes were printed on moulded paper and carried 4 language panels (Green Series). The languages differed as per the currency circle of Issue. Language panels were increased to 8 in the Red Series. The improved security features included a wavy line watermark, the manufacturer's code in the watermark (the source of much confusion in dating), guilloche patterns and a coloured underprint.
This series remained largely unchanged till the introduction of the 'King's Portrait' series which commenced in 1923.


Green Underprint - Rupees Five Hundred

Green Underprint - Rupees Five

Red Underprint - Rupees Fifty Small Denomination Notes
The introduction of small denomination notes in India was essentially in the realm of the exigent. Compulsions of the first World War led to the introduction of paper currency of small denominations. Rupee One was introduced on 30th November, 1917 followed by the exotic Rupees Two and Annas Eight. The issuance of these notes was discontinued on 1st January, 1926 on cost benefit considerations. These notes first carried the portrait of King George V and were the precursors of the 'King's Portrait' Series which were to follow.


Rupee One - Obverse

Rupee One -Reverse

Rupees Two and Annas Eight - Obverse King's Portrait Series
Regular issues of this Series carrying the portrait of George V were introduced in May, 1923 on a Ten Rupee Note. The King's Portrait Motif continued as an integral feature of all Paper Money issues of British India. Government of India continued to issue currency notes till 1935 when the Reserve Bank of India took over the functions of the Controller of Currency. These notes were issued in denominations of Rs 5, 10, 50, 100, 500, 1000, 10,000.


Rupees Fifty

Rupees One Thousand

Rupees Ten Thousand With the establishment of the Currency Note Press at Nasik in 1928, currency notes came to be progressively printed in India. By 1932 the Nasik Press was printing the entire spectrum of India currency notes. The improved security features were changed watermarks, intricate portrait designs and multicoloured printing.

British India: Reserve Bank Issues

The Reserve Bank of India was formally inaugurated on Monday, April 1, 1935 with its Central Office at Calcutta.


The first Central Office of the Reserve Bank of India It began operations by taking over from the Government the functions hitherto performed by the Controller of Currency and from the Imperial Bank the management of Government Accounts and Public Debt. The existing Currency Offices in Calcutta, Bombay, Madras, Rangoon, Karachi, Lahore and Cawnpore became the branches of the Issue Department of the Bank. (It was not then considered necessary to have an office in Delhi.).
Section 22 of the RBI Act, 1934, empowered it to continue issuing Government of India notes till its own notes were ready for issue. The Central Board of the Bank recommended that the Bank notes retain the general size, appearance and design of the existing notes, albeit with modifications.
Notes with the portrait of Edward VIII were scheduled for release in the summer of '37. But Edward's heart had its reasons and his abdication, at levels mundane, delayed the Bank's issues to January 1938 when the first Five Rupee note was issued bearing the portrait of George VI.



Rupees Five - First Note issued by Reserve Bank of India This was followed by Rs 10 in February, Rs 100 in March and Rs 1,000 and Rs 10,000 in June 1938.


Rupees One Hundred

Rupees One Thousand

Rupees Ten Thousand The first Governor, Sir Osborne Smith did not sign any bank notes; the first Reserve Bank issues were signed by the second Governor, Sir James Taylor.

Sir Osborne Smith	Sir James Taylor

In August 1940, the one-rupee note was reintroduced, once again as a war time measure, as a Government note with the status of a rupee coin, in terms of the Currency Ordinance of 1940 (IV of 1940). The issuance of Rs 2 and Annas 8 was contemplated but Rs 2 was introduced instead on 3rd March , 1943.


Rupee One Obverse

Rupee One Reverse

Rupees Two During the war, Japanese Operations to destabilise Indian currency involved high quality forgeries, largely of Re 10 notes signed by Governor C.D. Deshmukh.


Sir C. D. Deshmukh This necessitated a change in the watermark and obverse design from the profile portrait of George VI to his full frontal portrait. As an added security feature, the security thread was introduced for the first time in India.


George VI Profile

George VI Frontal The George VI series continued till 1947 and thereafter as a frozen series till 1950 when post independence notes were issued.

Republic India Issues

Throughout history, the right to Coinage and Currency and issues of sovereignty have been curiously conjoined, emotionally if not rationally; these issues stimulate debate even today.
The transition of currency management from colonial to independent India was a reasonably smooth affair. Midnight, August 15, 1947 heralded Indian independence from colonial rule. The Republic, however, was established on 26th January, 1950. During the interregnum, the Reserve Bank continued to issue the extant notes.
Government of India brought out the new design Re 1 note in 1949.


Government of India - Rupee One Symbols for independent India had to be chosen. At the outset it was felt that the King's portrait be replaced by a portrait of Mahatma Gandhi. Designs were prepared to that effect. In the final analysis, the consensus moved to the choice of the Lion Capital at Sarnath in lieu of the Gandhi Portrait. The new design of notes were largely along earlier lines.



Rupees Ten - King's Portrait

Rupees Ten - Ashoka Pillar In 1953, Hindi was displayed prominently on the new notes. The debate regarding the Hindi plural of Rupaya was settled in favour of Rupiye. High denomination notes (Rs 1,000, Rs. 5,000, Rs. 10,000) were reintroduced in 1954.


Rupees One Thousand - Tanjore Temple

Rupees Five Thousand - Gateway of India

Rupees Ten Thousand - Lion Capital, Ashoka Pillar The lean period of the early sixties led to considerations of economy and the sizes of notes were reduced in 1967. In 1969 a commemorative design series in honour of the birth centenary celebrations of Mahatma Gandhi was issued depicting a seated Gandhi with the Sevagram Ashram as the backdrop.


Rupees One Hundred - Commemorative Design Cost benefit considerations prompted the Bank to introduce Rs. 20 denomination notes in 1972 and Rs. 50 in 1975.


Rupees Twenty

Rupees Fifty High denomination notes were once again demonetised in 1978 for the same reasons as the 1946 demonetisation. The 1980s saw a completely new set of notes issued. The motifs on these notes marked a departure form the earlier motifs. The emphasis lay on symbols of Science & Technology (Aryabhatta on the Rs 2 note), Progress (the Oil Rig on Re 1 and Farm Mechanisation on Rs 5) and a change in orientation to Indian Art forms on the Rs 20 and the Rs 10 notes. (Konark Wheel, Peacock).
Management of Currency had to cope with the rising demands of a growing economy, together with a fall in purchasing power. The Rupee 500 note was introduced in October 1987 with the portrait of Mahatma Gandhi. The water mark continued to be the Lion Capital, Ashoka Pillar.


Rupees Five Hundred Mahatma Gandhi Series
With the advancement of reprographic techniques, traditional security features were deemed inadequate. It was necessary to introduce new features and a new 'Mahatma Gandhi Series' was introduced in 1996. A changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped are amongst the new features.


Rupees Ten : Size 137 x 63 mm

Rupees Fifty : Size 147 x 73 mm

Rupees One Hundred : Size 157 x 73 mm

Rupees Five Hundred : Size 167 x 73 mm

Rupees One Thousand : Size 177 x 73 mm

Others

By the end of the Nineteenth Century, India could broadly be divided into British India, the Princely States, the Portuguese Territories (Goa, Daman & Diu), and the French Territory of Pondicherry.
While many Princely States were issuing their own coinage, only two viz., Jammu & Kashmir and Hyderabad actually issued Paper Currency. Both the Portuguese and French Territories issued Paper Money. Burma, where the Reserve Bank had an office at Rangoon, was politically separated from India on April 1, 1937. The Indo-Burma Monetary Arrangements provided for the RBI to continue to manage the currency of Burma.
During the Second World War many petty Princely States issued emergency tokens which are alluded to as 'Cash Coupons' in lieu of coins. Emergency Money was also issued in Burma after the end of the Japanese occupation to facilitate exchange.
Traditionally Indian money had enjoyed wide circulation in the Persian Gulf Region. India had also issued notes for circulation in the Persian Gulf region as well as special notes for Haj Pilgrims.

Burma Issues

One of the curiosities of Note issue history is that the Reserve Bank of India issued notes that were not legal tender in India. Rangoon, the capital of Burma, was one of the original currency circles of the Office of the Controller of Currency. Burma separated from India in 1938; however, the Reserve Bank of India acted as Banker to the Government of Burma and was responsible for note issue in terms of the Burma Monetary Arrangements Order, 1937. In May 1938 the Bank issued distinctive Burma notes which were not legal tender in India. June 1942 saw the occupation of Burma by Japanese which lasted till 1945. Thereafter, monetary matters were looked after by the British Military Administration of Burma. The Reserve Bank recommenced its Rangoon Office in 1945 and carried on functioning as banker to the Government of Burma till April 1, 1947.



Reserve Bank of India, Rangoon Office




Notes issued by Reserve Bank of India for Burma

Emergency Issues Princely States : Cash Coupons

The Second World War led to a diversion of resources into the war effort. The Mints were no exception and their capacity was increasingly used to mint coins for "Imperial Purposes". By 1942, an acute scarcity of small coins was felt throughout India. While British India managed with postal surrogates, petty princely states in Western India like Balvan, Bikaner, Bundi, Gondal, Indergadh, Junagadh, Jasdan, Kutch Mengni, Muli, Morvi, Mangrol, Nawanagar, Nawalgarh Palitana, Rajkot, Sailana, Sayla, Vithalgadh, issued what are alluded as Cash Coupons to meet the shortage. Most Cash Coupons were printed crudely on press board. Their place in the history of Indian Paper Money is in the realm of exigent money (Emergency issues). Incidentally, only two princely states had issued paper currency - Jammu & Kashmir in 1876 and Hyderabad commencing from 1918. While the Government of Kutch had prepared specimens of currency notes, these were not issued.


Bundi (Now in Rajasthan)


Bikaner (Now in Rajastan)

Junagadh State (Now in Gujarat)

Mengni (Now in Gujarat )

Nawanagar (Now in Gujarat)

Sailana State (Now in Madhya Pradesh)

Sayla State (Now in Gujarat)

Haj Issues

The Indian Government also issued notes for the use of the Haj Pilgrims from India in Saudi Arabia. These notes were issued in denominations of Rupees Ten and Hundred, and had the word HAJ inscribed on the obverse. The Serial Number of the notes was prefixed with the letters 'HA'. The notes were discontinued when the notes meant for circulation in the Gulf States were withdrawn.


 

Hyderabad Issues

The Princely State of Hyderabad was founded around 1724 when Mir Qamar-ud-Din, the Mughal Viceroy of the Deccan, assumed independence under the title of Asaf Jah and founded the dynasty of the Nizams of Hyderabad. In the post 1857 era, the state of Hyderabad was one of the largest Princely States in India and later came to be known as the 'Dominion of His Exalted Highness, the Nizam'. The State which covered territories presently included in Andhra Pradesh, Maharashtra, and Karnataka was assimilated into the Indian Union. In matters of currency and coinage, the coins of the Nizams were issued in the name of the Mughal Emperor till 1858. Thereafter, they were struck independently and the new coins were termed the 'Hali Sicca', i.e., the current coins. Where paper currency was concerned, the Government of Hyderabad had made several state led efforts to organise private bankers and local 'saukars' in the Dominion to set up a banking company which could issued paper money, amongst other activities. These attempts to issue paper currency proved abortive, in the wake of British resistance to Indian States issuing paper currency. The exigency of the First World War, the Indian and Hyderabad contributions to British war effort, and an acute shortage of silver on the subcontinent led the Dominion to get its way in 1918 and paper currency was issued under the Hyderabad Currency Act. Notes were issued in denominations of Rupees 100 and Rs 10. The currency was designated the Osmania Sicca and the notes were printed by Messrs Waterlow and Sons. Rupee One and Rupees Five notes were issued subsequently in 1919 and Rupees One Thousand notes were issued in 1926. After the setting up of the India Currency Notes Press at Nasik, Hyderabad notes came to be printed there for reasons of economy and security. Hyderabad acceded to the Indian Union after police action. The Osmania Sicca was demonetised in 1959. With the reorganisation of states on a linguistic basis the State of Hyderabad ceased to exist.


Rupee Five Note (Obverse & Reverse)




Rupee Ten Note (Obverse & Reverse)

Indo-French Issues

The Portugese thwarted early French designs to establish trade interests in India and the East. In 1664, Jean-Baptiste Colbert, the French Minister of Finance succeeded in establishing the first viable French Company (the French East India Company) during the reign of Louis XIV. The company established its factory at Surat in Western India and acquired a foothold in Southern India by acquiring Pondicherry in 1674. The disintegration of the Mughal Empire and the rivalry of local powers that strove to fill the vacuum, provided fertile ground for the English and the French to precipitate the Anglo-French struggle in India. As a result, the French lost most of their territories. The French territories were transferred to the Indian Union. De facto transfer of Pondicherry took place on 1st November, 1954 and de jure transfer on 28th May, 1956. Banque De l'Indochine issued paper money for the French in India, under decrees, which find mention on the notes. The earliest 'Roupie' denominated notes were issued in 1898. The Roupie consisted of 8 Fanons and one Fanon was equivalent to two annas. These were in the denomination of 50 and 10. Notes of One Roupie were issued immediately after the First World War. New notes of 50 Roupies carried the bust of Dupleix, who founded the French Empire in India. These notes continued to be in circulation till they were replaced by Indian currency in 1954.



 

 

 

Indo-Portuguese Issues

India had extensive links with the Hellenic and Roman civilisations between the 4th century BC and the 4th Century AD. Alexander's invasion of the Punjab gave rise to the Hellenic links and very considerable maritime trade established links with the Roman Empire. Renewed contact with the West began with the arrival of the Portuguese navigator Vasco da Gama at Calicut in 1498. Francisco de Almeda and Afonso de Albuquerque helped establish and consolidate Portuguese power in India and the East. The territory of Goa in western India was seized in 1510. The Portuguese enjoyed virtual monopoly of trade with India for more than a century till the arrival of the Dutch and the English. They, however, retained the territories of Goa, Daman and Diu till 1961. The first Indo-Portuguese issues of paper currency were the 'Rupia' denominated notes put into circulation around 1883. These notes incorporated the portrait of the King of Portugal. These were issued in denominations of 5,10,20,50,100 and 500. In 1906, 'Banco Nacional Ultramarino' was entrusted with the responsibility of issue of paper money in India for the Portuguese held territories. The early notes issued by the bank carried the seal of the bank. New denominations of 4 Tangas, 8 Tangas and One Rupia and 21/2 Rupias were introduced in 1917. Most issues carried the Commerce and Sailing Ships motifs common to many colonial issues. Indian symbols and motifs (architectural and exotic fauna) were adopted on some notes. Later notes carried the portrait of Afonso De Albuquerque. The monetary system in vogue in Goa consisted of the Reis, the Tanga and the Rupia with one Rupia consisting of 16 Tangas. In 1959, the denominational unit was changed from Rupia to Escudos with one Escudo consisting of 100 Cent avos. New notes with the denominations of 30, 60, 100, 300, 600 and 1000 were introduced. These remained in circulation till 1961. When Goa was annexed to the Indian Union, these notes were replaced by Indian currency.



 

 

Jammu & Kashmir Issues

On the decline of the Mughal Empire, Kashmir was annexed by the Afghans and later in 1819 by the Sikhs and in 1845 by the British. In 1846, Gulab Singh was confirmed the Feudatory Chief of Jammu & Kashmir by the British. In 1947, the Maharaja opted to Merge with the then Dominion of India.
Paper Money was issued sometime in 1877 in the reign of Maharaja Ranbir Singh on watermarked paper. The notes were not very popular and were in circulation for a very short period. The notes carried the 'Sun' motif of the Dogra family.

Persian Gulf Issues

The Indian Rupee and consequently the paper money issues traditionally enjoyed wide currency in the Persian Gulf. On presentation by banks in these areas to the Reserve Bank, these notes were redeemable in foreign currency equivalent.
On achieving independence, India started of with a comfortable foreign exchange position. The quest for development and the demands of 'catching up' laid considerable stress on the foreign exchange position. The scarcity situation that ensued led to possibilities of exploiting the traditional currency arrangements with the Gulf. To obviate or at least mitigate malpractices, which such an arrangement could give rise to, a separate series of notes exclusively for circulation in the Gulf (Kuwait, Bahrain, Qatar, and the Trucial States (now the UAE) were issued by the Indian Government and the Reserve Bank of India in the 1950's. The notes retained the contemporary design but were different in colour and carried the prefix 'Z'. The notes were issued in the denominations of Rupee One, Rupees Ten and Hundred and were redeemable only at the Bombay office of issue. As the Gulf States issued their own currency, these notes were withdrawn over a period of time from the early 1960's and ceased to be used around 197 0.

Miscellany

The information page on Traditional Banking, Financial Instruments, Personalities behind the events, Art Forms, Humour as well as exotic data.

Hundis

Hundis refer to financial instruments evolved on the Indian sub-continent used in trade and credit transactions. They were used

• as remittance instruments (to transfer funds from one place to another),
• as credit instruments (to borrow money [IOUs]),
• for trade transactions (as bills of exchange).

Technically, a Hundi is an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order. Hundis, being a part of the informal system have no legal status and are not covered under the Negotiable Instruments Act, 1881. Though normally regarded as bills of exchange, they were more often used as equivalents of cheques issued by indigenous bankers.

Hundis: Specimens

British India Hundi

British India Hundi

Bank Memo to a Hundi

Foreign Bill

Opium Hundi

Princely State Hundi

Others

A Representative Darshani Hundi.
Early 20th Century

Nisani Hamare Gharu khate nam mandna.
Dastkhat Brijkishore Bhargava ke hundi likhe mujib sikar desi.
'SRI RAMJI
Sidh sri Patna subhastane chiranjeeva bhai Rikhabchand Bridhichan yog sri Jaipur se likhi Brijkishore Bhargava kee asis banchna, apranch hundi aik rupia 2,000 akshare rupia do hazar ke nime rupia aik hazar ka duna yahan rakha sah Sri Punamchandji Harakchandji pas miti Mangsir bad baras (12th) puga turat sah-jog rupia chalan ka dena. Sambat 1990, Miti Mangsir bad baras,
Rs.2,000
Neme Neme rupia panchsau ka chauguna pura do hazar kardejo.
'1' Chiranjeeva Rikhabchand Bridhichand, Patna.

Translation

Place it to the debit of our account.
Signature: Honour the Hundi written by Brijkishore Bhargava.
Greetings to Messrs. Rikhabchand Bridhichand, son of the fair city of Patna on whom the Hundi for Rs 2,000 (in words Rupees Two thousand only) is written by Brij Kishore Bhargava from Jaipur. Rupees one thousand if doubled make the sum of the hundi. The hundi has been drawn from here in favour of Messrs. Punamchand Harackchand on 12th Mangsir 1990, which please honour on presentation in the current money.

Rs.2,000
Four times of Rs. 500 make the sum of Rs. 2,000 for which the hundi is drawn.

Watermark on Hundis

Revenue Seals appearing on Hundis

British India

Embossed Seal: Queen Victoria

Embossed Seal: Queen Victoria

Adhesive Stamps used on Private Issues

Revenue form: Portrait of King Edward

GP Notes, Bonds & Shares

Click on the images below to see the larger picture.
Government of India Promissory Note



Government Promissory Note (Princely State)



The Bank of Bengal Share Certificate



Imperial Bank of India Share Certificate



Reserve Bank of India Share Certificate

Personalities

Governors of the Reserve Bank of India

	Sir Osborne A.Smith - April 1, 1935 to June 30, 1937
	Sir James Braid Taylor - July 1, 1937 to February 17,1943
	Sir Chintaman D.Deshmukh - August 11, 1943 to June 30, 1949
	Sir Benegal Rama Rau - July 1, 1949 to January 14, 1957
	K.G.Ambegaonkar - January 14, 1957 to February 28, 1957
	H.V.R.Iengar - March 1, 1957 to February 28, 1962
	P.C.Bhattacharyya - March 1, 1962 to June 30, 1967
	L.K.Jha - July 1, 1967 to May 3, 1970
	B.N.Adarkar - May 4, 1970 to June 15, 1970
	S.Jagannathan - June 16, 1970 to May 19, 1975
	N.C.Sen Gupta - May 19, 1975 to August 19, 1975
	K.R.Puri - August 20, 1975 to May 2, 1977
	M.Narasimham - May 2, 1977 to November 30, 1977
	Dr. I.G.Patel - December 1, 1977 to September 15, 1982
	Dr.Manmohan Singh - September 16, 1982 to January 14, 1985
	A.Ghosh - January 15, 1985 to February 4, 1985
	R.N.Malhotra - February 04,1985 to December 22, 1990
	S.Venkitaramanan - December 22, 1990 to December 21, 1992
	Dr. C.Rangarajan - December 22, 1992 to December 21, 1995 December 22, 1995 to November 22, 1997
	Dr.Bimal Jalan - November 22, 1997 onwards

The Advent of Modern Banking in India

1720 to 1850s

Established	Failed (F) or Merged (M)	Bank	Place
1720	1770	Bank of Bombay	Bombay
1770	F 1832	Bank of Hindostan	Calcutta
1773	F 1775	General Bank of Bengal and Bihar	Calcutta
1784	F 1791	Bengal Bank	Calcutta
1786	F 1791	General Bank of India	Calcutta
1788	Unknown	The Carnatic Bank	Unknovm
1806	M 1920	Bank of Calcutta Bank of Bengal, 1808	Calcutta
1819	F 1828	The Commercial Bank	Calcutta
1824	F 1829	The Calcutta Bank	Calcutta
1828	Unknown	Bank of India
1829	F 1848	The Union Bank	Calcutta
1833	Unknown	The Government Savings Bank	Calcutta
1833	F 1866	The Agra & United Service Bank Ltd. (Earlier The Agra Bank and later The Agra and Masterman's Bank, London)	Agra
1835	F 1837	The Bank of Mirzapore	Mirzapur
1836	Still Born	Bank of India (London)
1840	F 1859	North Western Bank of India	Mussoorie
1840	M 1920	Bank of Bombay: Re-formed in 1868
1841	1842	Bank of Asia	London
1841	M 1849	The Bank of Ceylon (Taken over by the Oriental Banking Corporation)	Colombo
1842	Still Born	The East India Bank, London
1842	F 1884	The Oriental Bank Corporation (Earlier, Bank of Western India)	Bombay
1842	1863	The Agra Savings Fund	Agra
1843	M 1920	Bank of Madras	Madras
1844	Unknown	Delhi Bank Corporation Ltd.	Delhi
1844	F 1850	The Benares Bank	Banaras
1844	F 1893	Simla Bank Ltd.	Simla
1845	F 1866	The Commercial Bank of India	Bombay
1845	F 1851	The Cownpore Bank	Kanpur
1846	M 1862	Dacca Bank (merged into Bank of Bengal)	Dacca
1846	F 1894	Uncovenanted Service	Agra Bank Ltd.
1852	Still Born	London Bank of Australia & India	Agra
1852	F 1855	Chartered Bank of Asia	London
1853		Chartered Mercantile Bank of India, London & China	London
1853		Chartered Bank of India, Australia and China	London
1854	F 1857	The London and Eastern Banking Corp.	London
1854		The Comptoir D'Escompte of Paris	Paris
Sources: Cooke, Brunyate, Tandon, Maharashtra State Archives and RBI

Anecdotes

The RBI Seal The selection of the Bank's common seal to be used as the emblem of the Bank on currency notes, cheques and publications, was an issue that had to be taken up at an early stage of the Bank's formation.
The general ideas on the seal were as follows:

1. the seal should emphasise the Governmental status of the Bank, but not too closely;
2. it should have something Indian in the design;
3. it should be simple, artistic and heraldically correct; and
4. the design should be such that it could be used without substantial alteration for letter heading, etc.

For this purpose, various seals, medals and coins were examined. The East India Company Double Mohur, with the sketch of the Lion and Palm Tree, was found most suitable; however, it was decided to replace the lion by the tiger, the latter being regarded as the more characteristic animal of India!
To meet the immediate requirements in connection with the stamping of the Bank's share certificates, the work was entrusted to a Madras firm. The Board, at its meeting on February 23, 1935, approved the design of the seal but desired improvement of the animal's appearance. Unfortunately it was not possible to make any major changes at that stage. But the Deputy Governor, Sir James Taylor, did not rest content with this. He took keen interest in getting fresh sketches prepared by the Government of India Mint and the Security Printing Press, Nasik. As a basis for good design, he arranged for a photograph to be taken of the statue of the tiger on the entrance gate at Belvedere, Calcutta. Something or the other went wrong with the sketches so that Sir James, writing in September I938, was led to remark:
...... s tree is all right but his tiger looks too like some species of dog, and I am afraid that a design of a dog and a tree would arouse derision among the irreverent. .....'s tiger is distinctly good but the tree has spoiled it. The stem is too long and the branches too spidery, but I should have thought that by putting a firm line under the feet of his tiger and making his tree stronger and lower we could get quite a good result from his design.
Later, with further efforts, it was possible to have better proofs prepared by the Security Printing Press, Nasik. However, it was eventually decided not to make any change in the existing seal of the Bank, and the new sketches came to be used as an emblem for the Bank's currency notes, letter-heads, cheques and publications issued by the Bank.
Source: 'History of the Reserve Bank of India'


Source: Wikipedia and many other website.