A currency symbol or currency sign is a graphic symbol used to denote a currency unit. Usually it is defined by a monetary authority, such as the national central bank for the currency concerned.
96-643: The Indian rupee ( symbol : ₹ ; code : INR ) is the official currency in India . The rupee is subdivided into 100 paise ( Hindi plural; singular: paisa ). The issuance of the currency is controlled by the Reserve Bank of India . The Reserve Bank manages currency in India and derives its role in currency management based on the Reserve Bank of India Act, 1934 . Pāṇini (6th to 4th century BCE) mentions rūpya ( रूप्य ). While Shankar Goyal mentions it
192-828: A Roman pound of silver. Newly invented currencies and currencies adopting new symbols have symbolism meaningful to their adopter. For example, the euro sign € is based on ϵ , an archaic form of the Greek epsilon , to represent Europe; the Indian rupee sign ₹ is a blend of the Latin letter ' R ' with the Devanagari letter र ( ra ); and the Russian Ruble sign ₽ is based on Р (the Cyrillic capital letter 'er' ). There are other considerations, such as how
288-677: A coin of silver, weighing 178 grains (or 11.53 grams), which was also termed the rupiya . During Babur 's time, the brass to silver exchange ratio was roughly 50:2. The silver coin remained in use during the Mughal period , Maratha era as well as in British India . Among the earliest issues of paper rupees include; the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–1775, established by Warren Hastings ), and
384-416: A days-long standoff at Camden Yards . In New York, striking workers began pelting arriving trains with thrown objects, prompting a response from local police. Pennsylvania saw perhaps the worst violence of the railroad strikes; see Pittsburgh railroad strike of 1877 , Reading Railroad massacre and Scranton general strike . In Chicago, Illinois , striking workers brought freight and passenger trains to
480-524: A gold currency. This goal, if it was their goal, the Government of India have never attained. In 1913, John Maynard Keynes writes in his book Indian Currency and Finance that during the financial year 1900–1901, gold coins (sovereigns) worth £6,750,000 were given to the Indian people in the hope that they would circulate as currency. But against the expectation of the Government, not even half of that
576-526: A gold standard should be adopted without delay...they recommended (1) that the British sovereign be given full legal tender power in India, and (2) that the Indian mints be thrown open to its unrestricted coinage (for gold coins only). These recommendations were acceptable to both governments and were shortly afterwards translated into laws. The act making gold a legal tender was promulgated on 15 September 1899, and preparations were soon thereafter undertaken for
672-603: A period sometimes referred to as the Long Depression , most European countries experienced a drastic fall in prices. Still, many corporations were able to reduce production costs and achieve better productivity rates with industrial production increasing by 40% in Britain and by over 100% in Germany. A comparison of capital formation rates in both countries helps to account for the different industrial growth rates. During
768-690: A permanent demand for expansion. The Suez Canal was opened in 1869. 1875–1890 became "the golden years" of Giovanni de Ciotta in Rijeka. The opening of the Suez Canal in 1869 was one of the causes of the Panic of 1873 because goods from the Far East had been carried in sailing vessels around the Cape of Good Hope and were stored in British warehouses. As sailing vessels were not adaptable for use through
864-677: A series of economic setbacks: the Black Friday panic of 1869 , the Chicago fire of 1871 , an outbreak of equine influenza and the Boston fire of 1872 , and the demonetization of silver in 1873 . The decision of the German Empire to cease minting silver thaler coins in 1871 caused a drop in demand and downward pressure on the value of silver, which, in turn, affected the US since much of
960-503: A single coinage for the EIC was introduced. It consisted of copper 1 ⁄ 12 , 1 ⁄ 4 and 1 ⁄ 2 anna , silver 1 ⁄ 4 , 1 ⁄ 3 and 1 rupee and gold 1 and 2 mohurs. In 1841, silver 2 annas were added, followed by copper 1 ⁄ 2 pice in 1853. The coinage of the EIC continued to be issued until 1862, even after the company had been taken over by
1056-452: A standstill, leading to an order from judge Thomas Drummond that such actions were illegal. The United States Marshals Service responded by arresting dozens of strikers. In Missouri, strikers also brought rail traffic to a halt, and at least 18 people died in conflicts. In July 1877, the market for lumber crashed, leading several Michigan lumber companies to go bankrupt. Within a year, the effects of this second business slump reached all
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#17327866011071152-543: Is placed in the decimal separator position, as in 2 [REDACTED] 50 . Older currency symbols have evolved slowly, often from previous currencies. The modern dollar and peso symbols originated from the mark employed to denote the Spanish dollar , whereas the pound and lira symbols evolved from the letter L (written until the seventeenth century in blackletter type as L {\displaystyle {\mathfrak {L}}} ) standing for libra ,
1248-531: Is rarely seen in circulation. The coins are minted at the four locations of the India Government Mint . The ₹ 1, ₹ 2, and ₹ 5 coins have been minted since independence. The Government of India is set to introduce a new ₹ 20 coin with a dodecagonal shape, and like the ₹ 10 coin, also bi-metallic, along with new designs for the new versions of the ₹ 1, ₹ 2, ₹ 5 and ₹ 10 coins, which was announced on 6 March 2019. The Government of India has
1344-611: Is unclear whether Panini was referring to coinage, other scholars conclude that Panini uses the term rūpa to mean a piece of precious metal (typically silver) used as a coin, and a rūpya to mean a stamped piece of metal, a coin in the modern sense. The Arthashastra , written by Chanakya , prime minister to the first Maurya emperor Chandragupta Maurya ( c. 340–290 BCE ), mentions silver coins as rūpyarūpa . Other types of coins, including gold coins ( suvarṇarūpa ), copper coins ( tāmrarūpa ), and lead coins ( sīsarūpa ), are also mentioned. The immediate precursor of
1440-452: Is using blockchain distributed-ledger technology . British East India Company (EIC) was given the right in 1717 to mint coins in the name of the Mughal emperor Farrukhsiyar on the island of Bombay. By 1792 the EIC demonetised all other coins till they were reduced to only 3 types of coins, i.e. EIC, Mughal & Maratha coins. After EIC expanded its control over India, it brought the "Coinage Act of 1835" and started to mint coins in
1536-585: The Baltimore and Ohio Railroad (B&O) cut workers' pay for the third time in a year. West Virginia Governor Henry M. Mathews sent the militia, under Colonel Charles J. Faulkner , to restore order but was unsuccessful, largely because the militia sympathized with the workers. The governor called on US President Rutherford B. Hayes for federal assistance, and Hayes dispatched federal troops. That restored peace to Martinsburg but proved controversial, with many newspapers critical of Mathews' characterization of
1632-472: The Bank Charter Act of 1844 would be suspended as they had been in the crises of 1847, 1857, and 1866. The ensuing economic downturn in Britain seems to have been muted – "stagnant" but without a "decline in aggregate output". However, there was heavy unemployment in the basic industries of coal, iron and steel, engineering, and shipbuilding, especially in 1873, 1886, and 1893. From 1873 to 1896,
1728-571: The Brihadeeswarar Temple , respectively. In 2012, a ₹ 60 piececoins was also issued to commemorate 60 years of the Government of India Mint, Kolkata. ₹ 100 coin was also released commemorating the 100th anniversary of Mahatma Gandhi 's return to India. Commemorative coins of ₹ 125 were released on 4 September 2015 and 6 December 2015 to honour the 125th anniversary of the births of Sarvepalli Radhakrishnan and B. R. Ambedkar , respectively. The three Presidencies established by
1824-614: The Grant administration to develop a coherent policy on the Southern states, and the North began to steer away from Reconstruction . With the depression, ambitious railroad building programs crashed across the South, leaving most states deep in debt and burdened with heavy taxes. Retrenchment was a common response of the South to state debts during the depression. One by one, each state fell to
1920-481: The Latin Monetary Union in 1873 to suspend the conversion of silver to coins. The American Civil War (1861–1865) was followed by a boom in railroad construction. 33,000 miles (53,000 km) of new track were laid across the country between 1868 and 1873, with much of the craze in railroad investment being driven by government land grants and subsidies to the railroads. The railroad industry
2016-630: The Reserve Bank in terms of the RBI Act . After independence, the Government of India Mint , minted numismatics coins imprinted with Indian statesmen, historical and religious figures. In the years 2010 and 2011, for the first time ever, ₹ 75, ₹ 150 and ₹ 1000 coins were minted in India to commemorate the Platinum Jubilee of the Reserve Bank of India , the 150th birth anniversary of the birth of Rabindranath Tagore and 1000 years of
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#17327866011072112-411: The Reserve Bank of India (RBI). In 1997 the 20 paise coin was discontinued, followed by the 10 paise coin in 1998, and the 25 paise in 2002. Between 2005 and 2008 new, lighter fifty-paise, one-, two-, and five-rupee coins were introduced, made from ferritic stainless steel. The move was prompted by the melting-down of older coins, whose face value was less than their scrap value. The demonetisation of
2208-580: The Royal Mint in Sydney . In an 1864 attempt to make the British gold sovereign the "imperial coin", the treasuries in Bombay and Calcutta were instructed to receive (but not to issue) gold sovereigns; therefore, these gold sovereigns never left the vaults. As the British government gave up hope of replacing the rupee in India with the pound sterling , it realised for the same reason it could not replace
2304-485: The Vienna Stock Exchange crashed since it was unable to sustain the bubble of false expansion, insolvencies, and dishonest manipulations. A series of Viennese bank failures ensued, causing a contraction of the money available for business lending. One of the more famous private individuals who went bankrupt in 1873 was Stephan Keglevich of Vienna, a relative of Gábor Keglevich, who had been the master of
2400-877: The demonetization of silver in Germany and the United States, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870–1871), and major property losses in the Great Chicago Fire (1871) and the Great Boston Fire (1872) helped to place massive strain on bank reserves , which, in New York City , plummeted from $ 50 million to $ 17 million between September and October 1873. The first symptoms of
2496-760: The silver dollar in the Straits Settlements with the Indian rupee (as the British East India Company had desired). Since the silver crisis of 1873 , several nations switched over to a gold exchange standard (wherein silver or banknotes circulate locally but with a fixed gold value for export purposes), including India in the 1890s. In 1870, India was connected to Britain by a submarine telegraph cable. Around 1875, Britain started paying India for exported goods in India Council (paper) Bills (instead of silver). If, therefore,
2592-482: The 1870s, embracing many economic interventionist policies, including high tariffs, nationalization of railroads, and compulsory social insurance. The political and economic nationalism also reduced the fortunes of the German and Canadian classical liberal parties. France, like Britain, also entered into a prolonged stagnation that extended to 1897. The French also attempted to deal with their economic problems by
2688-401: The 25-paise coin and all paise coins below it took place, and a new series of coins (50 paise – nicknamed athanni – one, two, five, and ten rupees with the new rupee sign) were put into circulation in 2011. In 2016 the 50 paise coin was last minted. Coins commonly in circulation are one, two, five, ten, and twenty rupees. Although it is still legal tender, the 50-paise ( athanni ) coin
2784-545: The Bengal Bank (1784–91). –1900) Historically, the rupee was a silver coin . This had severe consequences in the nineteenth century when the strongest economies in the world were on the gold standard (that is, paper linked to gold). The discovery of large quantities of silver in the United States and several European colonies caused the panic of 1873 which resulted in a decline in the value of silver relative to gold, devaluing India's standard currency. This event
2880-647: The British East India Company ( Bengal , Bombay and Madras ) each issued their own coinages until 1835. All three issued rupees and fractions thereof down to 1 ⁄ 8 - and 1 ⁄ 16 -rupee in silver. Madras also issued two-rupee coins. Copper denominations were more varied. Bengal issued one- pie , 1 ⁄ 2 -, one- and two- paise coins. Bombay issued 1-pie, 1 ⁄ 4 -, 1 ⁄ 2 -, 1-, 1 1 ⁄ 2 -, 2- and 4-paise coins. In Madras, there were copper coins for two and four pies and one, two and four paise, with
2976-476: The Committee of 1898 by Mr. A. M. Lindsay, in proposing a scheme closely similar in principle to that which was eventually adopted, has been largely fulfilled. "This change," he said, "will pass unnoticed, except by the intelligent few, and it is satisfactory to find that by this almost imperceptible process, the Indian currency will be placed on a footing which Ricardo and other great authorities have advocated as
Indian rupee - Misplaced Pages Continue
3072-593: The Crown . In 1862, coins were introduced (known as "regal issues") which bore the profile of Queen Victoria and the designation "India". Their denominations were 1 ⁄ 12 anna , 1 ⁄ 2 pice , 1 ⁄ 4 and 1 ⁄ 2 anna (all in copper), 2 annas, 1 ⁄ 4 , 1 ⁄ 2 and one rupee (silver), and five and ten rupees and one mohur (gold). The gold denominations ceased production in 1891, and no 1 ⁄ 2 -anna coins were issued after 1877. In 1906, bronze replaced copper for
3168-532: The Democrats in the South, and the Republicans lost power. The end of the crisis coincided with the beginning of the great wave of immigration to the United States , which lasted until the early 1920s. After the 1873 depression, agricultural and industrial groups lobbied for protective tariffs . Conservative politicians such as Otto von Bismarck shifted from classical liberal economic policies in
3264-503: The First World War. In the early 1940s, several changes were implemented. The 1 ⁄ 12 anna and 1 ⁄ 2 pice ceased production, the 1 ⁄ 4 anna was changed to a bronze, holed coin , cupro-nickel and nickel-brass 1 ⁄ 2 -anna coins were introduced, nickel-brass was used to produce Mintsomeone- and two-annas coins, and the silver composition was reduced from 91.7 to 50 per cent. The last of
3360-466: The Government as to have precipitated an internal crisis, which would have been fatal to British success in the war. From 1931 to 1941, the United Kingdom purchased large amounts of gold from India and its many other colonies just by increasing price of gold, as Britain was able to pay in printable paper currency. Similarly, on 19 June 1934, Roosevelt made Silver Purchase Act (which increased
3456-563: The India Council in London should not step in to sell bills on India, the merchants and bankers would have to send silver to make good the (trade) balances. Thus a channel for the outflow of silver was stopped, in 1875, by the India Council in London. The great importance of these (Council) Bills, however, is the effect they have on the Market Price of Silver: and they have in fact been one of the most potent factors in recent years in causing
3552-653: The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following the independence of India in 1947 and the accession of the princely states to the new Union , the Indian rupee replaced all the currencies of the previously autonomous states (although the Hyderabadi rupee was not demonetised until 1959). Some of
3648-590: The Suez Canal (because the prevailing winds of the Mediterranean Sea blow from west to east), the British entrepôt trade suffered. When the crisis came, the Bank of England raised interest rates to 9 percent. Despite this, Britain did not experience the scale of financial mayhem seen in America and Central Europe, perhaps forestalled by an expectation that the liquidity-constraining provisions of
3744-461: The United States and several European colonies caused the panic of 1873 and thus a decline in the value of silver relative to gold, devaluing India's standard currency. This event was known as " the fall of the rupee ". In the Cape Colony , the panic caused bankruptcies, rising unemployment, a pause in public works, and a major trade slump that lasted until the discovery of gold in 1886. In
3840-530: The Vienna Stock Exchange crash. In Berlin, the railway empire of Bethel Henry Strousberg crashed after a ruinous settlement with the government of Romania , bursting the speculation bubble in Germany. The contraction of the German economy was exacerbated by the conclusion of war reparations payments to Germany by France in September 1873. Two years after the foundation of the German Empire,
3936-575: The accumulation of capital not only in Germany but also in England, the Netherlands, Belgium, France, and Russia. Recovery from the crash occurred much more quickly in Europe than in the United States. Moreover, German businesses managed to avoid the sort of deep wage cuts that embittered American labor relations. There was an anti-Semitic component to the economic recovery in Germany and Austria, as small investors blamed Jews for their losses in
Indian rupee - Misplaced Pages Continue
4032-423: The best of all currency systems, viz., one in which the currency media used in the internal circulation are confined to notes and cheap token coins, which are made to act precisely as if they were bits of gold by being made convertible into gold for foreign payment purposes. The committee concurred in the opinion of the Indian government that the mints should remain closed to the unrestricted coinage of silver and that
4128-404: The coinage of gold sovereigns in the mint at Bombay. Silver, therefore, has ceased to serve as, and standard; and the Indian currency system of to-day (that is 1901) may be described as that of a "limping" gold standard similar to the systems of France, Germany, and Holland, and the United States. The Committee of 1898 explicitly declared themselves to be in favour of the eventual establishment of
4224-468: The country's economic leadership. In the United States , the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance. American inflation , rampant speculative investments (overwhelmingly in railroads ),
4320-637: The crash. The Neuer Social-Demokrat newspaper of the ADAV published several articles blaming Gerson von Bleichröder for the stock market crash. An October 29 article called Bleichröder "Bismarck's Jew". Soon, more luxury hotels and villas were built in Opatija , and a new railway line was extended in 1873 from the Vienna– Trieste line to Rijeka (Fiume), making it possible to go by tram from there to Opatija. The strong increase of port traffic generated
4416-597: The crisis were financial failures in Vienna , the capital of Austria-Hungary , which spread to most of Europe and to North America by 1873. The panic and depression hit all of the industrial nations. A similar process of overexpansion took place in Germany and Austria-Hungary, where the period from German unification in 1870 and 1871 to the crash in 1873 came to be called the Gründerjahre ("Founders' Years"). A liberalized incorporation law in Germany gave impetus to
4512-547: The currency of India through the British Raj and beyond. In 1835, British India adopted a mono-metallic silver standard based on the rupee coin; this decision was influenced by a letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism. Following the First War of Independence in 1857, the British government took direct control of India. From 1851, gold sovereigns were produced en masse at
4608-463: The depression, the British ratio of net national capital formation to net national product fell from 11.5% to 6.0%, but the German ratio rose from 10.6% to 15.9%. During the depression, Britain took the course of static supply adjustment, but Germany stimulated effective demand and expanded industrial supply capacity by increasing and adjusting capital formation. For example, Germany dramatically increased investment of social overhead capital , such as in
4704-495: The deteriorating financial conditions created solvency problems for life insurers. The common factor of the surviving companies was that all marketed tontines . The failure of Jay Cooke's bank and soon afterward of Henry Clews ' set off a chain reaction of bank failures and temporarily closed the New York Stock Exchange . Factories began to lay off workers as the country slipped into depression. The effects of
4800-571: The diminution in the Value of Silver as compared to Gold. The Indian and Chinese products for which silver is paid were and are, since 1873–74, very low in price, and it therefore takes less silver to purchase a larger quantity of Eastern commodities. Now, on taking the several agents into united consideration, it will certainly not seem very mysterious why silver should not only have fallen in price The great nations had recourse to two expedients for replenishing their exchequers, – first, loans, and, second,
4896-573: The dollar. The railroad industry in the United States had seen major growth in the decades before 1873, driven in part by strong European interest in bonds issued by railroad companies. The failure of Jay Cooke & Co., heavily invested in railroad bonds, triggered a crisis in the railroad industry. In 1877, steep wage cuts led American railroad workers to launch the series of protests and riots later dubbed Great Railroad Strike . Initial protests broke out in Martinsburg, West Virginia , after
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#17327866011074992-410: The domestic money supply , raising interest rates and hurting farmers and others who normally carried heavy debt loads. The resulting outcry raised serious questions about how long the new policy would last. The perception of US instability in its monetary policy caused investors to shy away from long-term obligations, particularly long-term bonds . The problem was compounded by the railroad boom, which
5088-542: The events of that year were in themselves comparatively unimportant. Buda , the old capital of Hungary, and Óbuda were officially united with Pest , thus creating the new metropolis of Budapest in 1873. The difference in stability between Vienna and Berlin had the effect that the French indemnity to Germany flowed into Austria and Russia, but the indemnity payments aggravated the crisis in Austria, which had benefited by
5184-670: The first two denominated as 1 ⁄ 2 and one dub (or 1 ⁄ 96 and 1 ⁄ 48 ) rupee. Madras also issued the Madras fanam until 1815. All three Presidencies issued gold mohurs and fractions of mohurs including 1 ⁄ 16 , 1 ⁄ 2 , 1 ⁄ 4 in Bengal, 1 ⁄ 15 (a gold rupee) and 1 ⁄ 3 (pancia) in Bombay and 1 ⁄ 4 , 1 ⁄ 3 and 1 ⁄ 2 in Madras. In 1835,
5280-503: The following year, both the quantity and the price rose further: net exports totalled 8.4 million ounces, valued at INR 65.52 crore. In the ten years ended March 1941, total net exports were of the order of 43 million ounces (1337.3 tons) valued at about INR 375 crore, or an average price of INR 32-12-4 per tola. In the autumn of 1917 (when the silver price rose to 55 pence ), there was danger of uprisings in India (against paper currency) which would handicap seriously British participation in
5376-469: The foundation of new enterprises, such as Deutsche Bank , and the incorporation of established ones. Euphoria over the military victory against France in 1871 and the influx of capital from the payment by France of war reparations fueled stock market speculation in railways, factories, docks, steamships; the same industrial branches that expanded unsustainably in the United States. In the immediate aftermath of his victory against France , Bismarck began
5472-407: The gold that was sold. However, the price of gold in India, on the basis of the official exchange rate of the rupee around 1 s. 6 d ., was lower than the price prevailing abroad practically throughout; the disparity in prices made the export of the metal profitable; and this continued for almost a decade. Thus, in 1931–32, there were net exports of 7.7 million ounces , valued at INR 57.98 crore . In
5568-592: The location of the symbol varies by language. For currencies in English-speaking countries and in most of Latin America, the symbol is placed before the amount, as in $ 20.50 . In most other countries, including many in Europe, the symbol is placed after the amount, as in 20,50€ . Exceptionally, the symbol for the Cape Verdean escudo (like the Portuguese escudo , to which it was formerly pegged )
5664-414: The lowest three denominations; in 1907, a cupro-nickel one-anna coin was introduced. In 1918–1919 cupro-nickel two-, four- and eight-annas were introduced, although the four- and eight-annas coins were only issued until 1921 and did not replace their silver equivalents. In 1918, the Bombay mint also struck gold sovereigns and 15-rupee coins identical in size to the sovereigns as an emergency measure during
5760-427: The management of electric power transmission lines, roads, and railroads, thereby stimulating industrial demand in that country, but similar investment stagnated or decreased in Britain. The resulting difference in capital formation accounts for the divergent levels of industrial production in the two countries and the different growth rates during and after the depression. The discovery of large quantities of silver in
5856-498: The money supply and thus raising interest rates made matters worse for those in debt. Businesses were expanding, but the money they needed to finance that growth was becoming scarcer. Cooke and other entrepreneurs had planned to build the second transcontinental railroad, the Northern Pacific Railway. Cooke's firm provided the financing, and ground for the line was broken near Duluth, Minnesota , on 15 February 1870. The railroad had borrowed more than $ 1.5 million from Cooke & Co, but
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#17327866011075952-440: The more convenient forced loans of paper money۔ The Indian Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India. They collected a wide range of testimony, examined as many as forty-nine witnesses, and only reported their conclusions in July 1899, after more than a year's deliberation. The prophecy made before
6048-633: The name of the British king. EIC rule was replaced by British Crown raj which brought the "Paper Currency Act of 1861" and the "Uniform Coinage Act of 1906". After 2021, the government of independent India amended "The Coinage Act, 2011", the " Foreign Exchange Management Act (FEMA), 1999," the " Information Technology Act, 2000 " and the "Crypto-currency and Regulation of Official Digital Currency Bill, 2021". India's first coins after independence were issued in 1950 in denominations of 1 pice , 1 ⁄ 2 , one and two annas, 1 ⁄ 4 , 1 ⁄ 2 and one-rupee . The sizes and composition were
6144-430: The names of currencies in Japanese katakana . They are intended for compatibility with earlier character sets. Panic of 1873 The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain . In Britain, the Panic started two decades of stagnation known as the " Long Depression " that weakened
6240-406: The nation's railroads had failed, and another 60 had gone bankrupt by the first anniversary of the crisis. Construction of new rail lines, formerly one of the backbones of the economy, plummeted from 7,500 miles (12,100 km) of track in 1872 to just 1,600 miles (2,600 km) in 1875, and 18,000 businesses failed between 1873 and 1875. Unemployment peaked in 1878 at 8.25%. Building construction
6336-422: The only right to mint the coins and one rupee note. The responsibility for coinage comes under the Coinage Act, 1906 which is amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai , Kolkata , Hyderabad , and Noida . The coins are issued for circulation only through
6432-403: The panic came and became known as the Gründerkrach or "Founders' Crash". In 1865, Keglevich and Strousberg had come into direct competition in a project in what is now Slovakia. In 1870 the Hungarian government, and in 1872 the Emperor-King Franz Joseph of Austria , resolved the question of the competing projects. Although the collapse of the foreign loan financing had been predicted,
6528-493: The panic were quickly felt in New York (where 25% of workers became unemployed) and more slowly in Chicago, Virginia City, Nevada (where silver mining was active), and San Francisco. In New Hampshire, state coffers were so depleted by lost tax revenue the state government turned to private interests including tea and gunpowder manufacturer D. Ralph Lolbert for financial support. The New York Stock Exchange closed for ten days starting on 20 September. By November 1873, some 55 of
6624-476: The periphery, the Ottoman Empire 's economy also suffered. Rates of growth of foreign trade dropped, external terms of trade deteriorated, declining wheat prices affected peasant producers, and the establishment of European control over Ottoman finances led to large debt payments abroad. The growth rates of agricultural and aggregate production were also lower during the Long Depression than the later period. The general demonetization and cheapening of silver caused
6720-433: The price of silver) and purchased about 44,000 tons of silver, paying with paper silver certificates . In 1939, Dickson H. Leavens wrote in his book Silver Money : "In recent years the increased price of gold, measured in depreciated paper currencies, has attracted to the market (of London) large quantities (of gold) formerly hoarded or held in the form of ornaments in India and China". In their respective former colonies,
6816-403: The process of silver demonetization. The process began on 23 November 1871 and culminated in the introduction of the gold mark on 9 July 1873 as the currency for the newly united Reich, replacing the silver coins of all constituent lands. Germany was now on the gold standard . Demonetization of silver was thus a common element in the crises on both sides of the Atlantic Ocean . On 9 May 1873,
6912-590: The public into silver coins , but it would still mint silver dollars for export in the form of trade dollars . The Act had the immediate effect of depressing silver prices, hurting Western mining interests, who labeled the Act "The Crime of '73", but its effect was offset somewhat by the introduction of a silver trade dollar for use in Asia and the discovery of new silver deposits at Virginia City, Nevada , that resulted in new investment in mining activity. The Act also reduced
7008-571: The regal issues were cupro-nickel 1 ⁄ 4 -, 1 ⁄ 2 - and one-rupee pieces minted in 1946 and 1947, bearing the image of George VI , King and Emperor on the obverse and an Indian lion on the reverse. Currency symbol A symbol may be positioned in various ways, according to national convention: before, between or after the numeric amounts: €2.50 , 2,50€ and 2 [REDACTED] 50 . Symbols are neither defined nor listed by international standard ISO 4217 , which only assigns three-letter codes. When writing currency amounts,
7104-406: The royal treasury (1842–1848) and in 1845 had cofounded a financial association to fund the expansion of Hungarian industry and to protect the loan repayments, similar to the 1870 Kreditschutzverband , an Austrian association for the protection of creditors and the interests of its members in cases of bankruptcy. That made it possible for a number of new Austrian banks to be established in 1873 after
7200-534: The rupee is the rūpiya —the silver coin weighing 178 grains minted in northern India, first by Sher Shah Suri during his brief rule between 1540 and 1545, and later adopted and standardized by the Mughal Empire . The weight remained unchanged well beyond the end of the Mughals until the 20th century. The history of the Indian rupee traces back to ancient India around the 6th century BCE: ancient India
7296-475: The same as the final regal issues, except for the one-piece (which was bronze, but not holed). The first decimal-coin issues in India consisted of 1 , 2 , 5 , 10, 25 and 50 naye paise , and 1 rupee . The 1 naya paisa was bronze; the 2, 5, and 10 naye paise were cupro-nickel, and the 25 naye paise (nicknamed chawanni ; 25 naye paise equals 4 annas ), 50 naye paise (also called athanni ; 50 naye paise equalled 8 old annas) and 1-rupee were nickel. In 1964,
7392-568: The states had issued rupees equal to those issued by the British (such as the Travancore rupee ). Other currencies (including the Hyderabadi rupee and the Kutch kori ) had different values. The values of the subdivisions of the rupee during British rule (and in the first decade of independence) were: In 2010, a new rupee sign ( ₹ ) was officially adopted. As its designer explained, it
7488-516: The strikes as an "insurrection", rather than an act of desperation and frustration. One notable paper recorded a striking worker's perspective that he "had might as well die by the bullet as to starve to death by inches". Within a week, similar protests had erupted in other cities. In Baltimore, Maryland where strikers set fire to buildings owned by B.& O. Railroads and an outnumbered militia guard division opened fire when they were surrounded by rioters, killing 10 and injuring 25 more leading to
7584-523: The supply of silver was mined there . As a result, the US Congress passed the Coinage Act of 1873 , which changed the national silver policy. Before the Act, the US had backed its currency with both gold and silver and minted both types of coins. The Act moved the United States to a de facto gold standard , which meant it would no longer buy silver at a statutory price or convert silver from
7680-509: The symbol is rendered on computers and typesetting. For a new symbol to be used, its glyphs needs to be added to computer fonts and keyboard mappings already in widespread use, and keyboard layouts need to be altered or shortcuts added to type the new symbol. For example, the European Commission was criticized for not considering how the euro sign would need to be customized to work in different fonts. The original design
7776-545: The symbols for multiple rupees and one rupee, respectively, and these symbols are still used in situations where the official symbol is unavailable. The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee , issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. Digital Rupee
7872-509: The then Chancellor of the Exchequer (finance minister) of the United Kingdom, Winston Churchill , restored it to pre-war levels. As a result, the price of gold fell rapidly. While the rest of Europe purchased large quantities of gold from the United Kingdom, there was little increase in her gold reserves. This dealt a blow to an already deteriorating British economy. The United Kingdom began to look to its possessions as India to compensate for
7968-413: The war. Inconvertibility (of paper currency into coin) would lead to a run on Post Office Savings Banks . It would prevent the further expansion of (paper currency) note issues and cause a rise of prices, in paper currency, that would greatly increase the cost of obtaining war supplies for export; to have reduced the silver content of this historic [rupee] coin might well have caused such popular distrust of
8064-664: The way to California. The depression ended in the spring of 1879, but tension between workers and the leaders of banking and manufacturing interests lingered on. Poor economic conditions also caused voters to turn against the Republican Party . In the 1874 congressional elections , the Democratic Party assumed control of the House for the first time since the Civil War. Public opinion made it difficult for
8160-563: The word rūpyarūpa : rūpya 'wrought silver' and rūpa 'form'. The Gupta Empire produced large numbers of silver coins clearly influenced by those of the earlier Western Satraps by Chandragupta II . The silver Rūpaka ( Sanskrit : रूपक ) coins were weighed approximately 20 rattis (2.2678g). In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji . During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued
8256-586: The words naya / naye were removed from all coins. Between 1957 and 1967, aluminium one -, two -, three -, five - and ten-paise coins were introduced. In 1968 nickel-brass 20-paise coins were introduced, and replaced by aluminium coins in 1982. Between 1972 and 1975, cupro-nickel replaced nickel in the 25- and 50-paise and the 1-rupee coins; in 1982, cupro-nickel two-rupee coins were introduced. In 1988 stainless steel 10-, 25- and 50-paise coins were introduced, followed by 1- and 5-rupee coins in 1992. Five-rupee coins, made from brass , are being minted by
8352-402: Was also exceptionally wide. These two factors have led to most type foundries designing customized versions that match the 'look and feel' of the font to which it is to be added, often with reduced width. & U+FFE6 ￦ FULLWIDTH WON SIGN Some of these symbols may not display correctly. The Unicode CJK Compatibility block contains several square versions of
8448-522: Was banned and the Japanese rupee (1942–44) was introduced. At the onset of the First World War , the cost of gold was very low and therefore the pound sterling had high value. But during the war, the value of the pound fell alarmingly due to rising war expenses. At the end of the war, the value of the pound was only a fraction of what it had been before the war. It remained low until 1925, when
8544-484: Was derived from the combination of the Devanagari consonant " र " ( ra ) and the Latin capital letter "R" without its vertical bar. The parallel lines at the top (with white space between them) are said to make an allusion to the flag of India , and also depict an equality sign that symbolises the nation's desire to reduce economic disparity . The first series of coins with the new rupee sign started in circulation on 8 July 2011. Before this, India used " ₨ " and "Re" as
8640-594: Was halted, wages were cut, real estate values fell, and corporate profits vanished. In 1874, Congress passed "the Ferry Bill" to allow for the printing of currency, increasing inflation and reducing the value of debts. The bill was vetoed by President Grant. The following year, Congress passed the Specie Resumption Act of 1875 , which would back United States currency with gold. Backing American currency with gold helped curb inflation and stabilize
8736-528: Was incapable of paying it back. An expanding funding gap became harder to resolve due to the Credit Mobilier scandal . Due to the financial crises in Europe, Cooke could not sell the securities abroad. Just as Cooke was about to swing a $ 300 million government loan in September 1873, reports circulated that his firm's credit had become nearly worthless. On 18 September, the firm declared bankruptcy. Many US insurance companies went out of business, as
8832-507: Was known as "the fall of the rupee". In Britain War, the Long Depression resulted in bankruptcies, escalating unemployment, a halt in public works, and a major trade slump that lasted until 1897. India was unaffected by the imperial order-in-council of 1825, which attempted to introduce British sterling coinage to the British colonies. India, at that time, was controlled by the British East India Company . The silver rupee coin continued as
8928-494: Was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters . Arthashastra , written by Chanakya , Prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa , other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. Rūpa means 'form' or 'shape'; for example, in
9024-477: Was returned to accounts. As this experiment failed spectacularly, the government abandoned the practice but did not abandon the narrative of the gold standard. Subsequently, much of the gold held by the Government of India was shipped to the Bank of England in 1901 and held there. During World War II , Colonial British control over parts of Nagaland was lost to Japanese forces , the British Indian rupee
9120-418: Was the largest employer outside agriculture in the US and involved large amounts of money and risk. A large infusion of cash from speculators caused spectacular growth in the industry and in the construction of docks, factories, and ancillary facilities. Most capital was involved in projects offering no immediate or early returns. A period of economic overexpansion arose from the northern railroad boom before
9216-631: Was then in its later stages. In September 1873, the US economy entered a crisis. In September 1873, Jay Cooke & Company , a major component of the country's banking establishment, found itself unable to market several million dollars in Northern Pacific Railway bonds. Jay Cooke 's firm, like many others, had invested heavily in the railroads. Some investment banks were then anxious for more capital for their enterprises, US President Ulysses S. Grant 's monetary policy of contracting
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