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History of Indian Currency from coinage to the new Indian rupee

FINANCIAL HISTORY OF INDIA

1. ANCIENT INDIA COINAGE

PUNCH MARKED COINS
The 1st documented coinage is deemed to start with 'Punch Marked' coins issued between the 7th-6th century BC and 1st century AD.

DYNASTIC COINS
Placed between the 2nd century BC and 2nd century AD, these coins reveal the history of the Indo-Greeks.

2. MEDIEVAL INDIA COINAGE
By the 9th Century AD, provincial governors established independent rule and struck their own coins.
With the emergence of Turkish Sultans of Delhi in the 12th Century, the royal designs of Indian kings were gradually replaced by Islamic devices, largely calligraphy,
3. MUGHAL COINAGE
The system of tri-metalism which came to characterise Mughal coinage was the creation of Sher Shah Suri. He issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee.

4. INDIA PAPER MONEY: A RETROSPECT
Paper Money traces its origins to the late 18th century, with the Bank of Hindostan, General Bank in Bengal and the Bengal Bank becoming the first banks in India to issue paper currency.

5. BRITISH INDIA ISSUES
VICTORIA PORTRAIT SERIES
The first set of British India notes that were issued in denominations of 10, 20, 50, 100, 1000.

SMALL DENOMINATION NOTES

Rupee One was introduced on 30th November, 1917 followed by the exotic Rupees Two and Annas Eight.

KING'S PORTRAIT SERIES

The portrait of George V was introduced in May, 1923 on a 10 Rupee Note and were issued in denominations of Rs 5, 10, 50, 100, 500, 1000, 10,000.

6. BRITISH INDIA: RESERVE BANK ISSUES
The RBI was formally inaugurated on April 1, 1935 and Rupees Five was the First Note issued by the body.

The George VI series continued till 1947 and thereafter as a frozen series till 1950 when post independence notes were issued.

7. REPUBLIC INDIA ISSUES
The Government of India brought out the new design Re. 1 note in 1949,

In 1950, the first Republic India banknotes were issued in the denominations of Rs. 2, 5, 10 and 100.

In 1953, Hindi was displayed prominently on the new notes.

8. MAHATMA GANDHI SERIES
In 1969, a commemorative design series in honour of the birth centenary celebrations of Mahatma Gandhi was issued.

The Rs. 500 note was introduced in Oct 1987.

Later, in 1996, the 'Mahatma Gandhi Series' was introduced with prominent new features.

The new series also witnessed the introduction of Rs. 1000 denomination on Oct 09, 2000.

9. THE NEW DECADE
In 2006, "Star Series" was introduced on the banknotes to avoid re-printing of the defective notes.

In 2011, the Rupee symbol (R) was introduced.

In 2015, 31 was re-introduced by the Govt.

In Nov, 2016, the new banknotes were introduced in the Mahatma Gandhi (New) Series with 2 new denominations viz. 2000 & 200.

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