Indian Coins

The importance of studying coins

The great feature of coins is that they shed light on many closed chapters of history, beyond their value as money. In other words, coins are also the links that connect the past and the present. When many cultures disappeared without leaving any evidence, their metal coins were found intact. Valuable information about the ancient culture that existed there was obtained from these coins. An ancient coin tells us about the period in which it existed and the technological knowledge of the people of that time. If the year is written on the coin, it is the clearest evidence of that period. From the inscriptions and images on the coin, the language, customs and lifestyle of the society that handled it can be almost understood. In short, coins provide invaluable information to historical researchers.

Coins of ancient India

India has a great tradition in terms of money. Ancient texts say that coins existed in India even before the minting of coins in Lydia and China. The Mahajanapadas, the kingdoms of ancient India, had coins minted as early as the 6th century BC. There are references to coins minted in India in Panini's grammar books and Chanakya's Arthashastra. The coins that were in circulation in the provinces of Gandhara, Kuntala, Kuru, Panchala, Surasena, and Saurashtra were known by names like 'panam' and 'karshapanam'. Silver coins of fixed weight and no specific shape were used in India in the early days. These were of various shapes such as circles and ovals. The images minted on the coins also differed according to the provinces. The images were engraved on only one side of the coin. The coins of Saurashtra had a bull, and those of Dakshina Panchala had a swastika symbol. These coins are on display at the National Museum in Delhi.

Indian Coin History

In 326 BC, a coin depicting the Purus-Alexander war was issued in Babylonia to commemorate the historic victory over the Purus king. It depicted a fight between a horseman and an elephant. This may have been the first coin issued by any foreign country in connection with India. Subsequently, Greek influence was evident in Indian coins.

Mauryan period

During the Mauryan period, which lasted from 322 BC to 185 BC, coins were issued in precise sizes and weights. There were coins in the form of rupees (silver), gold (gold), and copper (copper). Coins were made by combining silver and copper. With the fall of the Mauryan dynasty, various groups of people made their own coins. Among them, the Gandharas began the practice of making coins in molds. Their method was to melt metal in molds and pour it into molds to make coins. Before that, coins were cut from a sheet of metal to a precise weight and then stamped on the sides.

Bactrian coin

Unlike the Indian tradition of minting coins in various shapes, the Bactrians began minting coins in only the round and square shapes. The Bactrians were the first to record both the Greek language and the indigenous language of India, Prakrit, on the same coin.

The Kushana period

The Kushans were the first to mint coins with the image of kings and gods. They issued coins with the image of the king on one side and the image of the king's favorite god on the other. The Bactrian kings ( 200 BC - 100 BC ), who were the dominant power in Asia, issued coins with their images on them, following the Greek model. The Kushans followed it. They minted images of Greek and Indian gods on their coins. Images such as Krishna with a wheel and Balarama with a plow appeared on their coins. The Kushan kings also issued gold coins similar to those of the Indo-Bactrian period. The prominent Kushan king Kanishka was the first to use the image of the Buddha on coins. It is believed that writing on coins began during this period.

Gupta period

The Guptas made a great contribution to the history of Indian coinage. During the Gupta period, coins that were excellent in terms of their stamp and appearance were produced. The Guptas completely eliminated the foreign influence that was seen in the existing coins and produced unique Indian coins. The reign of Samudragupta, the son of Chandragupta I ( 336 - 380) is known as the 'Golden Age of India'. Since gold was abundant during this period, various types of gold coins were made. Inscribed coins were also in existence during this period. The inscriptions on these were in Sanskrit. The Gupta period can be considered as the golden age of Indian coinage as well.

Coins of medieval India

Mughal period

The Mughals were the rulers who made many changes to the existing coinage system. They inscribed Islamic verses on coins instead of the portraits of the kings. They also tried to create a scientific economy by giving different values ​​to coins made of gold, silver and copper. It was during the Mughals in 1526 AD that the best coins were issued in India after the Gupta period. These coins, which had inscriptions in Persian and Urdu languages, depicted the zodiac and other things. The coins issued by the Mughal emperor Akbar depicted legendary characters beyond religious thoughts. He issued coins with the portraits of Rama and Sita. Later, when Aurangzeb became emperor, all these coins were revised again.

The way the money came

Sher Shah is the person who gave the name of the Indian currency the rupee. He was the ruler who ruled Delhi in the 16th century. Sher Shah, who defeated Humayun and captured Delhi, issued a silver coin weighing 178 grams in 1542 called 'Rupaya'. This name was modified to 'Rupaya'. It is believed that Sher Shah called it 'Rupaya' meaning 'beautiful' and that the rupee came from 'rupa', which means silver in Indo-Aryan languages. Some say that the rupee came from the Sanskrit word for silver, rupyakam. The present-day rupee was first minted in Mumbai in 1672. That silver coin, made by the British, weighed 180 grams. The East India Company, which took over the administration of the Mumbai province from the Portuguese, established a mint there in 1671 . A one-rupee coin issued by the British in 1672, as well as other coins issued by them in 1675, 1677, and 1678, are still in the British Museum in London.

Coins of British India

The British, who came to India for trade in 1601, had conquered all the princely states here by 1853. The British, who came for trade, needed our country's money to trade with India. First, they acquired Indian coins through direct means. Later, they printed and issued them artificially. In 1639, the British, who acquired a monopoly over the Madras province, also obtained permission to mint coins at the Madras mint (Kammattam). Thus, they minted the coin of the Madras province. There was a ruler who forbade the British from minting their coins. The Mughal ruler Aurangzeb! But the East India Company secretly issued Aurangzeb's coins. When the local rulers opposed these coins, the British tried to get these coins approved. Finally, in 1717, the East India Company obtained permission from the Mughal emperor, farrukhsiyar to mint Mughal coins at the Bombay mint.

In 1764, after taking over the rule of Bengal, the East India Company also obtained the right to mint coins in the mint of Calcutta. Thus, the company, which obtained permission to mint coins in the three provinces of Madras, Bombay, and Calcutta, minted the existing coins. Later, a uniform coin was introduced throughout the country. Subsequently, the British chose the Arcot Rupee, which was in circulation in South India, as the national currency of the country with some changes. The coin bore the image of the British King William IV and was stamped with the name East India Company. The system of uniform currency throughout India came into being according to the Coinage Act passed in England in 1835. In 1840, gold and silver coins with the image of Queen Victoria were issued in India. In 1862, currency notes and coins with the image of Queen Victoria were issued. Later, coins with images of Edward VI and George V were also issued.

Coinage of Independent India

Although India became independent on 15 August 1947, British coins and notes were used here until it became a democratic republic on 26 January 1950. Our own coins and notes were first issued in 1950. Coins that were very similar to the coins of British India were also first minted in independent India. The value and weight of the coins and the metal used to make them were all the same. The main difference was that the picture of the British king was replaced by the Ashoka Pillar and the inscription Government of India was replaced by the name of the king. Two ears of wheat were depicted on both sides to indicate the value of the coin in denominations of one rupee, half rupee and quarter rupee. Current circulating coins in India are issued by the Reserve Bank of India (RBI) in denominations of 50 paise, ₹1, ₹2, ₹5, ₹10, and ₹20.

The beginning of the decimal system

1957 is an important year in the history of Indian currency. It was the year when the monetary system was reformed to the decimal system. India also switched to this system when the decimal system, which had started in France and later spread to other countries, was introduced. The Indian Currency (Amendment) Act, 1955, came into force on 1 April 1957. Thus, one rupee was divided into 100 paise. Coins of one, two, five and ten paise were introduced. Later, coins of 25 and 50 paise were also issued.

Indian Currency

Currency notes, which were circulated in Europe and China, reached India in the 19th century. The General Banks of the British Presidencies of Bengal, Bombay, and Madras were the first to issue currency notes in India. These notes were valid only in their respective provinces. With the enactment of the Paper Currency Act in 1861, the power of private banks and presidency banks to issue currency notes was abolished. Later, the power to print currency notes was vested in the Government of India. The government first issued a 10 rupee note in 1864. Later, over the years, notes of 5, 10,000, 100, 50, 500, 1000, one rupee, and two and a half rupees were issued. From 1938, the Reserve Bank of India was responsible for printing all notes except one rupee. In 1938, the Reserve Bank of India first issued a 5 rupee note with the portrait of George VI . Later, notes of 1, 2, 10, 100, 1000, 5000 and 10000 rupees were issued. In the 1970s, 20 rupee notes and 50 rupee notes were issued. In 1978, all notes above 100 rupees were withdrawn. In 1987, 500 rupee notes were introduced and in 2000, 1000 rupee notes were introduced. In 1994-95, printing of one rupee and two rupee notes was stopped. In November 2016, the Reserve Bank of India withdrew 500 and 1000 rupee notes. Subsequently, new notes of 500 and 2000 values ​​were issued. The current notes in the Mahatma Gandhi series are 10, 20, 50, 100, 200, 500 and 2000 rupees.

New currencies - color and image

■ 2000 - Magenta - Mangalyaan

■ 500 - Stone Grey - Red Fort

■ 200 - Bright Yellow - Sanchi Stupa

■ 100 - Lavender - Rani ki Vav

■ 50 - Fluorescent Blue - Chariot in Hampi

■ 20 - Greenish Yellow - Ellora Caves

■ 10 - Chocolate Brown - Sun Temple at Konark

■ 1 - Pink Green - Sagar Samrat

Old money and pictures

■ Rs. 5 - Farmer, Tractor

■ 10 rupees - elephant, tiger, rhinoceros

■ Rs. 20 - Mount Harriet (Port Blair)

■ 50 rupees - Indian Parliament

■ 100 rupees - Himalayan mountain

■ Rs. 500 - Dandi Yatra

■ Rs. 1000 - Scientific and technological progress

Coin and currency manufacturing plants in India

The Security Printing and Minting Corporation of India ( SPMCIL), under the Ministry of Finance, is the regulatory and coordinating body for the minting of coins and currency in India . SPMCIL was established on 13 January 2006. SPMCIL is headquartered in New Delhi. SPMCIL regulates the minting of coins and currency as well as stamps, seals and other important government documents .

1. Government of India Mint, Mumbai: Established in Mumbai, British India between 1824 and 1830, the Government of India Mint printed currency notes in its early days.

2. Government of India Mint, Kolkata: The Government of India Mint, Kolkata, is one of the coin and currency manufacturing plants in India established in the 18th century . This establishment is also known as the Alinagar Mint and the Alipore Mint. The establishment was reformed in 1952 .

3. Government of India Mint, Hyderabad: The Nizam Mint was started by Nawab Sikandar Jah in 1803. Later, it started operations at Safiabad in 1903. The current one is located at Cheralappally near Hyderabad and was started in 1997 .

4. Government of India Mint, Noida ( UP): Established in 1988 in Noida, Uttar Pradesh.

5. Currency Note Press, Nashik: Established in 1928, Currency Note Press is located in Nashik, Maharashtra.

6. Bank Note Press, Dewas: Established in 1974, Bank Note Press is located in Dewas, Madhya Pradesh.

7. India Security Press, Nashik: Established in 1925, India Security Press is located in Nashik, Maharashtra. It also prints visas, passports, postal orders, Indira Vikas Patra, Kisan Vikas Patra, stamp papers, etc.

8. Security Printing Press, Hyderabad: Established in 1982, Security Printing Press is located in Hyderabad. It prints low-cost judicial/non-judicial stamp papers, postal stamps and postal stationery.

9. Security Paper Mill, Hoshangabad: Established in 1968, Security Paper Mill is located in Hoshangabad, Hyderabad. It mainly prints security papers.