Indian Coinage

An Overview

India has been one of the earliest issuers of coins in the world (circa 6th Century BC). Few countries rival India for the sheer diversity of its coinage be it minting techniques, motifs, sizes, shapes, the metals used or for that matter the monetary history arising from the Monetary Standards India has experienced (Tri-metallism, Bi-metallism, the Silver Standard, the Gold Exchange Standard as well as fiat money).

In history, Indian coins have played a crucial role in documenting political and economic changes over time. Foreign coin hoards found in India throw light on Indian trade patterns in ancient, medieval, and late pre-colonial times. The Motifs on coins have been impacted upon by the cultural ethos of different regions at different time periods.

Our coinage pages attempt to give a sampler of Indian Coins down the ages and are by no means exhaustive. We propose to supplement the pages in the days to come. We welcome contributions of the public/viewers.

To identify these coins we invite you to browse through our pages.

Among the earliest issues were those by the Bank of Hindostan (1770-1832), the General Bank in Bengal and Bahar (1773-75, established by Warren Hastings), the Bengal Bank (1784-91), amongst others. Few of these notes survive.
 

The Paper Currency Act of 1861 conferred upon Government of India the monopoly of Note Issue bringing to an end note issues of Private and Presidency Banks. Paper currency in India owed much to the intellectual stimulus and personal dynamism of Sir James Wilson, the first Finance Member in the Executive Council of the Viceroy of India. With the early death of Sir James, the task of issuing Government Paper Money in India devolved upon his successor Samuel Laing who substantially modified Wilson's original proposals.
 

Government of India continued to issue currency notes till the Reserve Bank of India was established on 1st April, 1935. When the one rupee note was reintroduced as a war time measure in August, 1940, it was issued by Government of India with the status of a coin. Government of India continued to issue Rupee one notes till 1994.
 

The motifs appearing on Indian currency notes reflect the changing socio-cultural ethos and the world-view of the times: buccaneering mercantilism, colonial consolidation, domineering imperialism, the grandeur of empire, to the symbols of National Independence followed up by allegories of progress and finally in the latest series, reminiscing Gandhian values.
 

To understand these issues we invite you to browse through our pages.

India Paper Money A Retrospect : 1770-1998

Financial Instruments and 'Hundies' in India have a venerable history. Paper Money, in the modern sense, traces its origins to the late eighteenth century with the issues of private banks as well as semi-government banks (the Bank of Bengal, the Bank of Bombay and the Bank of Madras alluded to as the Presidency Banks).

Hundies

Hundis refer to financial instruments evolved on the Indian sub-continent used in trade and credit transactions. They were used

• as remittance instruments (to transfer funds from one place to another),
• as credit instruments (to borrow money [IOUs]),
• for trade transactions (as bills of exchange).

Technically, a Hundi is an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order. Hundis, being a part of the informal system have no legal status and are not covered under the Negotiable Instruments Act, 1881. Though normally regarded as bills of exchange, they were more often used as equivalents of cheques issued by indigenous bankers.