Most of us don’t know the The literal meaning of currency . The term “currency” is said to be a derivative of Middle English word “curraunt” which means “in circulation”. Even in Latin, the word “currens” refers to money in any form when in actual use or circulation as a medium of exchange.
As most of us know the first form of exchange that existed was the Barter System. Later, currency got evolved from innovations which had happened during the 2000 BC. Before that, money was something of a receipt kind of thing. People used these receipts to buy and sell things.
The history of Indian currency or the Rupee traces back to the 6th century.India and China were one of the earlier issuers of coins. The word “rupiye” was taken from a Sanskrit word “rupa”, which meant “wrought silver i.e. silver coin.
Sher Shah Suri introduced the first “Rupee” as a silver coin. The coin was in use from the Mughal period till British rule in India. After that Indian currency has seen many phases of ups and downs. So lets see some interesting facts about Indian Currency through the generations.
1. The first paper currency print started by the Government of India in the year 1861 with the Paper Currency Act.
2. Do you think the Indian currency is made of paper?. NO!!. These are made from a pulp of cotton, balsam and some dyes blended with textile fibers.
3. In 1917, the value of 1 rupee was equal to $13 USD. Yes it is true.
4. The re-print of one rupee note started in the year 2014, after a gap of 20 years which was stopped in November 1994.
5. Rs 5000 and Rs 1000 notes are the highest denomination ever by the RBI which were in circulation between 1954 to 1978. Later they were demonetized in 1978.
6. After Independence, Pakistani Government used Indian Rupee notes stamped with ‘Pakistan’ until it could print its own currency.
7. The ‘one rupee note’ is issued by the Ministry of Finance and bears the signature of the Secretary instead of the Governor.
8. There was a time when, 5 rupee coins were smuggled to Bangladesh to manufacture razors out of it.
9. The cost of minting a 10 Rupee coin is approximately Rs 6.
10. If a person has more than 51% part of a torn note on Indian rupees, he can exchange at any bank for a new note of same denomination.