History of Indian currency
The Story of Indian Currency
The history of Indian currency is very fascinating and rich. It spans from the ancient times of the 6th century BC to the present day. Here are some of the highlights of how Indian currency has evolved over the ages:
- The first Indian coins were minted by the Mahajanapadas (republic kingdoms) of ancient India in the 6th century BC. They were made of silver and had different markings, such as a humped bull, a swastika, or a wheel.
- The Mauryan empire, which ruled from the 4th to the 2nd century BC, introduced a standard coinage system based on the Artha shastra treatise by Chanakya. The coins were made of gold, silver, copper, and lead, and had the royal emblem on them.
- The Kushan empire, which flourished from the 1st to the 3rd century AD, was the first to engrave portrait heads on coins. They also issued coins in various metals and denominations, depicting their Favorite deities and symbols.
- The Gupta empire, which ruled from the 4th to the 6th century AD, is considered the golden age of Indian coinage. They produced beautiful gold coins called dinaras, which had realistic portraits of kings and goddesses on them. They also introduced silver coins called rupaka, which gave rise to the name rupee.
- The medieval period saw the emergence of various dynasties and kingdoms, such as the Cholas, the Delhi Sultanate, the Vijayanagar Empire, and the Mughals. They all issued their own coins in different metals and styles, reflecting their cultural and religious influences. Some of the notable coins were the fanatics of the Cholas, the tankas of the Delhi Sultanate, the pagodas of the Vijayanagar Empire, and the rupees of the Mughals.
- The colonial period witnessed the arrival of foreign powers, such as the Portuguese, the Dutch, the French, and the British. They all brought their own currencies and tried to establish their dominance over the Indian market. The British East India Company gradually gained control over most of India and issued its own coins in silver and copper. They also introduced paper money in India for the first time in 1770.
- The modern period began with India’s independence in 1947. The Indian rupee became the official currency of India and was divided into 100 paise. In 1957, India adopted a decimal system of coinage and issued new coins in aluminum, nickel, and stainless steel. In 1996, India introduced its first polymer banknote in Rs 10 denomination. In 2016, India demonetized Rs 500 and Rs 1000 notes and introduced new Rs 500 and Rs 2000 notes. In 2019, India launched its first digital currency called e-RUPI.
- The museum was founded by Rezwan Razack, who is a passionate collector and expert on Indian banknotes.
- He has amassed over 2,000 rare and valuable notes, some of which are displayed in the museum.
- The museum has eight galleries, each dedicated to a different theme or period of Indian currency history.
Some of the highlights of the museum are:
- The gallery of pre-independence notes, features notes issued by various colonial powers, such as the Portuguese, the Dutch, the French, and the British. You can see notes with different languages, designs, and watermarks that reflect the diverse influences on Indian currency.
- The Gallery of Princely States Notes showcases notes issued by over 100 princely states that had their own currency systems before joining the Indian Union. You can admire the artistic and cultural diversity of these notes, which often depicted the portraits of the rulers, their coat of arms, or their religious symbols.
- The Gallery of the Republic of India notes, which exhibits notes issued by the Reserve Bank of India after independence. You can learn about the various series and denominations of notes that have been introduced over the years, as well as the security features and motifs that have been used to prevent counterfeiting and promote national identity.
- The gallery of errors and forgeries displays notes that have been printed with mistakes or have been forged by criminals. You can see examples of notes with missing or misaligned elements, wrong colors or sizes, or duplicate serial numbers. You can also see how forgers have tried to imitate genuine notes using various techniques and materials.
The museum also has galleries of world currency, commemorative currency, exotic currency, and currency trivia. You can also see a replica of a printing press that was used to print Indian notes in the past. The museum is a treasure trove of information and insights into the history and culture of India through its currency. If you are interested in visiting the museum, you can find more details on its official website here. I hope you enjoyed this brief introduction to the Indian Currency Museum.
I hope you enjoyed this brief overview of Indian currency history. If you want to learn more about it, you can check out some of these links:
- Indian Rupee - Corporate Finance Institute