10 Interesting Facts About Indian Currency

The literal meaning of currency is hardly ever searched for. The term “currency” is said to be derived from Middle English word “curraunt” which means “in circulation”. And in Latin, the word “currens” refers to money in any form when in actual use or circulation as a medium of exchange.

The foremost thing that existed in the market was 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. Amongst the earliest issuers of coins in the world were India and China. 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. Without going much into the details, let me share few unknown facts about the Indian currency that we believe to have seen.
Here are some unknown facts about Indian currency:

1. The first paper currency print started by the Government of India in the year 1861 with the Paper Currency Act.

2. Indian currency notes are not made up of papers. 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.

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.

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