Today money is everything, it is this Indian rupee which determines who gets to rule, who gets to survive in India, but do we really know it's history?, it's significance?, reason for its existence?, I am here to tell you that, so let me take you on a journey just sit back and read.
Where does it get its name?
The word Rupee comes from the Sanskrit word
Rupya meaning wrought silver.
The evolution
Before the British Colonial era.
India is a very old civilization, many mediums of exchanges have prevailed here before the "modern" rupee came in to being. One of them was the barter system, the problem with the barter system was that all the goods were not in demand in all seasons, for example - tomatoes were only in demand in summer season so the tomato farmers could eat their stomach full only during that season. So other mediums like peppers, rice, cows and gold replaced it, gold being one of the most widely and universally used currency before the coins showed up.
The use of coins as a medium of exchange is considered to have come in to being in India around fifth century BC, in Dwaraka at least that is the oldest know evidence we have. Then Greeks invaded us, gave a unique square shape and animal symbolism to our coins, though the square shape soon got left behind, but animal symbols stuck, significant roles were also played by Mauriya dynasty in giving denomination to the coins,
they made copper, silver, gold coins. The first king to have engraved dates on the coins was the Muhal emperor Akbar, these were called Alf coins.
During the British Colonial era-
The British introduced paper currency in the country during the middle of the 19 th century (1861), Bank of Hindusthan which was the first bank to be created in India issued these notes.
The values of the denomination of the rupee during British rule were:
1 rupee = 16 anna
1 ardharupee = 8 anna,
1 pavala = 4 anna, or ¼ rupee
1 beda = 2 anna,
1 anna = 1⁄16 rupee.
There were also many variations of the Indian rupee that existed during the sane time like the Danish rupee, the French rupee, the Hyderabad rupee.
Post Independence.
All the annas and andharupee were stripped off and each rupee was divided in to 100 paisa. Notes in circulation come in denominations of ₹1, ₹2, ₹5, ₹10, ₹20, ₹50,₹100, ₹500 and ₹1000. Rupee coins available in denominations of ₹1, ₹2, ₹5, ₹10.
Countries which use Indian rupee.
Previously the Indian rupee was an official currency of other countries, including Aden, Oman, Dubai, Bahrain, the Uganda, Kenya the Seychelles and Mauritius etc....But soon the countries replaced it with their own currency during the later periods of 20th century. Now it's still an official currency in Bhutan.
Design.
Currency notes are printed at the Currency Note Press in Nashik. The Indian currency has 17 of the official Indian languages in it's notes. The notes now in use called Mahatma Gandhi series of notes have an image of mahatma Gandhi in it. The symbol (₹)
designed by Mr. Udaya Kumar Dharmalingam is the official symbol of indian , which has its origins from the devanagari script. They were made with paper but the bank had rolled 10 crore 10 rupee notes made by polymer which is said to last longer and difficult to counterfeit.
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