Īrthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. The Kathasaritsagara calls the gold Dinar coins svarna-rupakas. In the Rajatarangini, the term rupakas is used for gold coins, they are called svarna-rupakas. The term was no longer in much use to refer to a coin in later eras. An early Pali scripture uses the term Mashaka-rupa, Mashaka being a token Karshapana. The term Rupataraka is mentioned by Patanjali in reference to one who checks the Karshapana coins. Kasikakara expands upon this, these coins that stamped were the Dinara, Kedara and Karshapana. Pāṇini used rūpya to mean beautiful or stamped ( ahāta). Rupiya issued by the Sher Shah Suri, 1540–1545 CE After a few years, the initial "naye" was dropped.įor many years in the early and mid-20th century, the Indian rupee was the official currency in several areas that were controlled by the British and governed from India areas such as East Africa, Southern Arabia and the Persian Gulf. So one rupee was equal to 64 pice (paisa) and 192 pies as 1 Pice was equal to 3 pies In 1957, decimalisation occurred and the rupee was divided into 100 naye paise (Hindi/Urdu for new paisas). During British rule, and the first decade of independence, the rupee was subdivided into 16 annas. The Indian rupee was a silver-based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the gold standard. Among the earliest issues of paper rupees include the Bank of Hindostan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings), and the Bengal Bank (1784–1791). The silver coin remained in use during the Mughal period, Maratha era, as well as in British India. The coins depicting Ram and Sita were issued in both silver and gold minting ended right after Akbar's death in 1605. The Mughal ruler issued coins honouring the Hindu deities in 1604–1605. Sher Shah Suri, during his five-year rule from 1540 to 1545, set up a new civic and military administration and issued a coin of silver, weighing 178 grains, which was also termed Rupiya. In the intermediate times there was no fixed monetary system as reported by the Dà Táng Xīyù Jì. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form. 340–290 BC), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are mentioned. It is derived from the noun rūpa "shape, likeness, image". As an adjective it means "shapely", with a more specific meaning of "stamped, impressed", whence "coin". The word "rupee" is derived from a Sanskrit word "rūpya", which means "wrought silver", and maybe also something stamped with an image or a coin. The term in Indian subcontinent was used for referring to a coin. The mention of rūpya by Pāṇini is seemingly the earliest reference in a text about coins. The history of the rupee traces back to ancient Indian subcontinent. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War.Silver coin of the Maurya Empire, known as Rūpyarūpa, with symbols of wheel and elephant. Since 1971, all links to gold have been repealed. ![]() From 1934, its equivalence to gold was revised to $35 per troy ounce. ![]() The Gold Standard Act of 1900 linked the dollar solely to gold. ![]() dollar was originally defined under a bimetallic standard of 371.25 grains fine silver or, from 1837, 23.22 grains fine gold, or $20.67 per troy ounce. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. The Coinage Act of 1792 introduced the U.S. The United States dollar is the official currency of the United States and several other countries.
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