Oversimplified: History Of Indian Currency | Story Of Indian Currency | Pawan Prakassh
Channel: Pawan Prakassh.
Date: 2020-09-27

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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.

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.

On August 15, 1950, the new ‘anna system’ was introduced – the first coinage of the Republic of India. The British King’s portrait was replaced with the engraving of Ashoka’s Lion Capital of Sarnath, and the tiger on the 1 rupee coin was replaced with a corn sheaf. One rupee now consisted of 16 annas.

The 1955 Indian Coinage (Amendment) Act, which came into force on April 1, 1957, introduced a ‘decimal series’. The rupee was now divided into 100 paisa instead of 16 annas or 64 pice.The coins were initially called naye paise, meaning new paise, to distinguish them from the previous coins.

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