India was one of the earliest issuers of coins (circa 6th century BC). The first "rupee" is believed to have been introduced by Sher Shah SuriBank of Hindustan (1770-1832), the General Bank of Bengal and Bihar (1773-75, established by Warren Hastings) and the Bengal Bank (1784-91), amongst others. (1486-1545), based on a ratio of 40 copper pieces (paisa) per rupee. Among the earliest issues of paper rupees were those by the
During British rule, and the first decade of independence, 1 damidi(pie)=0.520833paise 1 kani(pice) =1.5625paise 1 paraka =3.125paise 1 anna =6.25paise 1 beda =12.5paise 1 pavala =25paise 1 artharupee =50paise 1 rupee =100paise
Until 1815, the Madras Presidencyfanam, with 12 fanams equal to the rupee. also issued a currency based on the
Historically, the rupee, derived from the Sanskrit word raupya, which means silver, was a silver coin. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the U.S.relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the rupee." and various European colonies resulted in a decline in the
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