Power of Rupee
In my last posting which luckily or unluckily happen to my first one also, I mentioned about Rs 2.00 and how much that is worth. Talking about worth I had often heard my grandparents and parents say how much you could get in 1 Re in their era. My mom used to tell me before her marriage she used to drink coke for 4 Anna or 25 piase.
Once I asked my mom how is 25 paise equal to 4 anna and how much was 1 Anna as 25 was not divisible by 4. Thru her I came to know that earlier 1 Re did not have 100 paise, rather it had 64 paise which was equal to 16 anna. So 1 Anna was equal to 4 paise. So I wanted to know when did the change from 1 Re = 64 paise to 1 Re = 100 paise happen. Here are some interesting facts about our own currency Rupee that I gathered.
India introduced new coinage post independence on 15 Aug 1950 while Pakistan was much quicker as they introduced new coins in 1948 and currency bills in 1949.
Have you heard the dialog "Mein khoon pasinaa baha ke tumhari pie pie chuka donga"? So is pie equal to one paise? I thought so but that is not true. Actually pre-independence and till 1950, 1 Rupee had 192 pies. So Pie was actually one third of 1 paisa.
Till - 1950 the value was as below. The period from 1947 to 1950 was frozen period when we maintained old currency.
1 Re = 16 Anna
1 Ana = 4 Pice
1 Pice = 3 Pies
On Aug 15 1950 Govt of India introduced a new coinage. Kings potrait on coins was replaced by Lion Capital and Indian motifs where introduced in coins but value essentially remained the same, 1 rupee still had 16 Annas.
So when did we introduce the metric system in our currency.
In sept 1955 The Indian coinage act was passed to adopt metric system of coinage. The act came into force on Apr 1 1957 and 1 Rupee was now divided into 100 Paisa. To make shift to new term "naya" was added to Paisa and it was called "Naya Paisa". On June 1 1964, "Naya" was dropped.
At that time most coins were copper, nickel or bronze. To keep down the cost of coins Govt started aluminum coins in 1964 and the first aluminum coin was 3 paisa coin.
In 1968 20 Paisa coin was introduced for the first time but it did not become popular.
1970's saw discontinuation of 1, 2 and 3 paisa coins
In 1988 10, 25 and 50 paisa coins, cast in Stainless steel were introduced. In 1992 1 Rupee coin was also cast in Stainless steel.
Managing 1, 2 and 5 Rupee notes was very expensive and hence were discontinued and coins were introduced for these value in 90s
Can you tell which note does not have signatures of Governor of Reserve Bank of India?