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47-581: On 27 January 1950, Italy was given financial administration of the Territory (of former Italian Somalia). As early as 1948 Italy had been considering the options for currencies in Somalia, in anticipation that the territory would be returned to its control. After rejecting the idea of re-introducing the Italian lira, or a currency linked to the lira, it was decided to introduce a new currency. The new currency

94-512: A "Decimal series". The rupee was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. The "Naye Paise" coins were minted in the denominations of 1, 2, 5, 10, 20 and 50 Naye Paise. Both the Anna series and the Naye Paise coins were valid for some time. From 1968 onwards, the new coins were called just Paise instead of Naye Paise because they were no longer naye(new). With high inflation in

141-480: A coin of silver", in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rūpa ( रूप ) "shape, likeness, image". The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world, along with the Lydian staters , several other Middle Eastern coinages and

188-760: A common currency that the East African Community plans to introduce. The shilling was divided into 100 cents , and twenty shillings were 1 pound . Unlike elsewhere in the possessions of the British Empire that used the sterling , in British East Africa the shilling instead of the pound was the primary unit of account, with the pound being a superunit mainly used for recording government and business transactions whose totals would be needlessly large if quoted solely in shillings. This anomalous state of affairs arose because

235-495: A half Rupees. The silver coins of smaller denominations were issued in cupro-nickel. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins. The Monetary System remained unchanged at One Rupee consisting of 64 pice, or 192 pies. In India,

282-533: A new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold. The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic stability. The Straits Settlements were originally an outlier of the British East India Company . The Spanish dollar had already taken hold in

329-511: A new florin coin, hence bringing the currency into line with sterling. Shortly after that, the florin was split into two East African shillings . This assimilation to sterling did not, however, happen in British India itself. In Somalia, the Italian colonial authority minted 'rupia' to exactly the same standard and called the pice 'besa'. The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created

376-585: A quarter of a rupee), and eight annas (an athanni , or half a rupee) were widely in use until decimalization in 1961. (The numbers adha , do , chār , ātha mean respectively half, two, four, eight in Hindi and Urdu. ) Two paisa was also called a taka , see below. Decimalisation occurred in India in 1957 and in Pakistan in 1961. Since 1957 an Indian rupee is divided into 100 paise. The decimalised paisa

423-865: A rate of $ 1 = 2 shillings. Eritrea was captured from the Italians in 1941, and began using the East African shilling, as well as the Egyptian pound. The lira was demonetised in 1942. When Eritrea formed a federation with Ethiopia in 1952, the dollar, which was already in use in Ethiopia, was also adopted in Eritrea. It has been rumoured that the East African Shilling will be revived by the East African Community , which consists of Kenya , Tanzania , Uganda , Rwanda , Burundi , South Sudan ,

470-420: Is often abbreviated with the grapheme for the first syllable, optionally followed by a circular abbreviation mark or a Latin abbreviation point: रु૰ (Devanagari ru. ), રૂ૰ (Gujarati ru. ), රු ( Sinhala ru ), రూ ( Telugu rū ). Punjabi The history of the rupees can be traced back to Ancient India around the 6th century BC . Ancient India had some of the earliest coins in the world, along with

517-626: Is the common name for the currencies of India , Mauritius , Nepal , Pakistan , Seychelles , and Sri Lanka , and of former currencies of Afghanistan , Bahrain , Kuwait , Oman , the United Arab Emirates (as the Gulf rupee ), British East Africa , Burma , German East Africa (as Rupie/Rupien ), and Tibet . In Indonesia and the Maldives , the unit of currency is known as rupiah and rufiyaa respectively, cognates of

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564-468: The Chinese wen and Lydian staters . The rupee coin has been used since then, even during British India , when it contained 11.66 g (1  tola ) of 91.7% silver with an ASW of 0.3437 of a troy ounce (that is, silver worth about US$ 10 at modern prices). Valuation of the rupee based on its silver content had severe consequences in the 19th century, when the strongest economies in the world were on

611-560: The Chinese wen . The term is from rūpya , a Sanskrit term for silver coin , from Sanskrit rūpa , beautiful form. Arthashastra , written by Chanakya , chief adviser to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa , other types including gold coins ( rūpya-suvarṇa ), copper coins ( tāmrarūpa ) and lead coins ( sīsarūpa ) are mentioned. Rūpa means form or shape, example, rūpyarūpa , rūpya  – wrought silver, rūpa  – form. This coinage system continued more or less across

658-771: The Democratic Republic of the Congo , and Somalia , as part of the community's monetary union . The monetary union's target date has been set to 2031 following delays caused in part due to the Covid-19 Pandemic and the admission of new member states, including the DRC and Somalia. Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins : 1901–Present . Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN   0873495934 . In 1921, notes were issued by

705-812: The East African Currency Board in denominations of 5/-, 10/-, 20/-, 100/-, 200/-, 1,000/- and 10,000/-, with the notes of 20 shillings and above having their denominations expressed also in pounds (£1, £5, £10, £50 and £500). In 1943, 1/- notes were issued, the only occasion that such notes were produced. 1,000/- notes were only issued until 1933, with 10,000/- notes last issued in 1947. The remaining denominations were issued until 1964. Shilling denominations were written on banknotes in English , Arabic , and Gujarati , while values in pounds were written in English only. Rupee Rupee

752-724: The Latin character sequence "Rs" or "Rs.". The symbol रू represents the Nepalese rupee . Currency signs exist for other countries that use the rupee but not this sign: their usage is also described at the main article . The codepoints for these symbols are: U+3353 ㍓ SQUARE RUPII is a square version of ルピー rupī , the Japanese word for "rupee". It is intended for CJK Compatibility with earlier character sets. No other rupee symbols or abbreviations have dedicated code points. Most are written as ligatures using

799-826: The Mughal style and those of Madras mostly in a South Indian style. The English coins of Western India developed along Mughal as well as English patterns. It was only in AD 1717 that the British obtained permission from the Emperor Farrukh Siyar to coin Mughal money at the Bombay mint. By early 1830, the British had become the dominant power in India and started minting coinage independently. The Coinage Act of 1835 provided for uniform coinage throughout India. The new coins had

846-684: The Zanzibari rupee was replaced at a rate of 1/ 50 to 1 Zanzibari rupee. It was replaced by local currencies ( Kenyan shilling , Ugandan shilling , and Tanzanian shilling ) following the territories' independence. In 1951, the East African shilling replaced the Indian rupee in the Aden colony and protectorate, which became the South Arabian Federation in 1963. In 1965, the East African Currency Board

893-676: The combining diacritic technique: For example, the Nepalese rupee रू is written using U+0930 र DEVANAGARI LETTER RA with U+0942 ू DEVANAGARI VOWEL SIGN UU . In Latin script , "rupee" (singular) is abbreviated as 'Re'. and "rupees" (plural) as '₨'. The Indonesian rupiah is abbreviated 'Rp'. In 19th century typography, abbreviations were often superscripted: R ⋅ s {\displaystyle R_{\cdot }^{s}} or R s _ {\displaystyle R^{\underline {s}}} . In Brahmic scripts, rupee

940-608: The scellino (Somali shilling). Following independence in 1960, the somalo of Italian Somaliland and the East African shilling (which were equal in value) were replaced at par in 1962 by the Somali shilling . Names used for the denominations were cent (singular: centesimo; plural: centesimi) and سنت (plural: سنتيمات and سنتيما) together with shilling (singular: scellino; plural: scellini) and شلن. In 1950, coins were introduced in denominations of 1, 5, 10 and 50 centesimi and 1 somalo. The three lower denominations were minted in copper, with

987-560: The "Anna Series" was introduced on 15 August 1950. This was the first coinage of the Republic of India . The King's Portrait was replaced by the Ashoka's Lion Capital. A corn sheaf replaced the Tiger on the one Rupee coin. The monetary system was retained with one Rupee consisting of 16 Annas. The 1955 Indian Coinage (Amendment) Act, that came into force with effect from 1 April 1957, introduced

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1034-493: The 1970s. Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Rs 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s. In East Africa, Arabia , and Mesopotamia , the rupee and its subsidiary coinage was current at various times. The usage of the rupee in East Africa extended from Somaliland in

1081-405: The 50 paise coin (half a rupee) is the lowest valued legal tender coin. Coins of 1, 2, 5, and 10 rupees and banknotes of 5, 10, 20, 50, 100, 200, 500, and 2000 rupees are commonly in use for cash transaction. Large denominations of rupees are traditionally counted in lakhs , crores , arabs , kharabs , nils , padmas , shankhs , udpadhas, and anks. Terms beyond crore are not generally used in

1128-455: The East African shilling. Ethiopia regained independence in 1941, with British support, and began using the East African shilling. Maria Theresa thalers , Indian rupees, and Egyptian pounds were also legal tender at the beginning of this time, and it is unclear exactly when this status ended. Full sovereignty was restored in late 1944, and the Ethiopian dollar was reintroduced in 1945 at

1175-678: The Indian subcontinent well till 20th century. In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji . During his reign from 1538/1540 to 1545, Sher Shah Suri of the Sur Empire set up a new civic and military administration and issued a coin of silver, weighing 178 grains , which was also termed the Rupiya . Suri also introduced copper coins called dam and gold coins called mohur that weighed 169 grains (10.95 g). The use of

1222-571: The Straits Settlements by the time the British arrived in the 19th century. The East India Company tried to introduce the rupee in its place. These attempts were resisted by the locals, and by 1867 when the British government took over direct control of the Straits Settlements from the East India Company, attempts to introduce the rupee were finally abandoned. Until the middle of the 20th century, Tibet 's official currency

1269-565: The context of money; for example, an amount would be called ₨ 1 lakh crore (equivalent to 1 trillion) instead of ₨ 10 kharab. The symbol ₹ is the Indian rupee sign . The precomposed character ₨ is a currency sign used to represent the monetary unit of account in Pakistan , Sri Lanka , Nepal , Mauritius , Seychelles , and formerly in India . It resembles, and is often written as,

1316-461: The effigy of William IV on the obverse and the value on the reverse in English and Persian . The coins issued after 1840 bore the portrait of Queen Victoria . The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India. The gold silver ratio expanded during 1870–1910. Unlike India, Britain was on the gold standard. The 1911 accession to

1363-479: The first currency used by the British colonial authorities in British East Africa was the rupee , not sterling. The East African shilling was introduced to Kenya , Tanganyika , and Uganda in 1921, replacing the short-lived East African florin at a rate of 2 shillings to 1 florin. The florin had been introduced because of increasing silver prices after World War I . At that time, the Indian rupee

1410-507: The higher two being struck in silver. The Cassa per la Circolazione Monetaria della Somalia , headquartered in Rome , began operations 18 April 1950 and was authorized to issue 55 million shillings in paper money. It released notes in denominations of 1, 5, 10, 20 and 100 Somali on 22 May 1950. The banknotes were written in Italian and Arabic languages. A smaller version of the 5-Somali note

1457-670: The north to as far south as Natal . In Mozambique, the British India rupees were overstamped, and in Kenya, the British East Africa Company minted the rupee and its fractions, as well as pice. The rise in the price of silver immediately after the First World War caused the rupee to rise in value to two shillings sterling . In 1920 in British East Africa , the opportunity was then taken to introduce

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1504-532: The notes and coins were detailed in Ordinances No.15 of 18 May 1950 and No.44 of 22 July 1950. Peter Symes. The "Somalo" was authorized by Trusteeship Administration Ordinance No. 14 of 16 May 1950. A currency exchange was scheduled to last from 16 May until 22 July, but was eventually extended until 22 August. The somalo replaced the East African shilling at par and remained equal to it. It replaced

1551-500: The rupee coin continued under the Mughal Empire with the same standard and weight, though some rulers after Mughal Emperor Akbar occasionally issued heavier rupees. The European powers started minting coinage as early as mid-17th century, under patronage of Mughal Empire. The British gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. The coins of Bengal were developed in

1598-476: The rupee is known as a taka , and is written as such on Indian banknotes. In Odisha it is known as tanka . After its independence, Bangladesh started to officially call its currency " taka " (BDT) in 1971. The issuance of the Indian currency is controlled by the Reserve Bank of India , and issuance of Pakistani currency is controlled by State Bank of Pakistan . Currently in India (from 2010 onwards),

1645-701: The rupee is known as rupaya, rupaye, or one of several other terms derived from the Sanskrit rūpya , meaning silver. Ṭaṅka is an ancient Sanskrit word for money. While the two-paise coin was called a taka in West Pakistan , the word taka was commonly used in East Pakistan (now Bangladesh ), alternatively for rupee. In the Bengali and Assamese languages, spoken in Assam, Tripura , and West Bengal,

1692-464: The shilling, at a rate of 1 shilling to 24 Lire. Italian Somaliland was returned to Italy in 1949 as a UN Trusteeship and soon switched to the somalo , which was at par with the shilling. British Somaliland gained independence in 1960, and joined what had been Italian Somaliland to create Somalia. In that year, Somalia began using the Somali shilling (replacing the Somali somalo) at par with

1739-420: The sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and aluminium - bronze were gradually minted in aluminium only. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity. Over a period, cost-benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in

1786-489: The small amount of Italian lire in circulation at 1 Somalo = L. 87.49. It was given an IMF parity of 124.414 mg fine gold, equal to one shilling sterling. Internationally, this currency became known as the Somali shilling when Somalia became independent on 1 July 1960. The Somalo/shilling was replaced at par on 15 December 1962 (along with the East African shilling circulating in British Somaliland ) by

1833-522: The throne of the King-Emperor George V led to the famous "pig rupee". On the coin, the King appeared wearing a robe with the imprint of an elephant. Through poor engraving, the elephant looked like a pig. The population was enraged and the image had to be quickly redesigned. Acute shortage of silver during the First World War , led to the introduction of paper currency of One Rupee and Two and

1880-459: The value of the East African shilling, it was also decided to utilize the same denominations in which the East African shillings were issued, although not all denominations issued by the East African Currency Board were adopted for the new currency. Notes were prepared in the denominations of 1, 5, 10, 20 and 100 Somali. (‘Somali’ being the plural of ‘Somalo’.) Coins were prepared in denominations of 1 Somalo, 50, 10, 5 and 1 "Centesimi". The designs for

1927-494: The word rupee. The Indian rupee and Pakistani rupee are subdivided into one hundred paise (singular paisa ) or pice. The Nepalese rupee (रू) subdivides into one hundred paisa (singular and plural) or four sukaas . The Mauritian , Seychellois , and Sri Lankan rupees subdivide into 100 cents. The Hindustani word rupayā ( रुपया ) is derived from the Sanskrit word rūpya ( रूप्य ), which means "wrought silver,

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1974-528: Was also known as the Tibetan rupee. The original silver rupee, .917 fine silver, 11.66 grams (179.9 grains; 0.375 troy ounces), was divided into 16 annas , 64 paise , or 192 pies . Each circulating coin of British India , until the rupee was decimalised, had a different name in practice. A paisa was equal to two dhelas , three pies , or six damaris . Other coins for half anna ( adhanni , or two paisas), two annas ( duanni ), four annas (a chawanni , or

2021-659: Was breaking up, and the South Arabian dinar replaced the shilling in the South Arabian Federation at a rate of 20 shillings to 1 dinar. The shilling was also used in parts of what is now Somalia , Ethiopia , and Eritrea when they were under British control. Before 1941, these areas, then known as Italian East Africa , used the Italian East African lira . In 1941, as a result of World War II , Britain regained control and introduced

2068-541: Was denominated the ‘Somalo’ and it was authorized by the Trusteeship Administration's Ordinance No.14 of 16 May 1950. The Somalo was valued at 0.124414 grammes of fine gold and was, significantly, the same value as the East African shilling. By making the Somalo equivalent to the East African shilling, it was anticipated that the transition to the new currency would be as painless as possible.In adopting

2115-411: Was originally officially named naya paisa meaning the "new paisa" to distinguish it from the erstwhile paisa which had a higher value of 1 ⁄ 64 rupee. The word naya was dropped in 1964 and since then it is simply known as paisa (plural paise ). The most commonly used symbol for the rupee is "₨". India adopted a new symbol ( ₹ ) for the Indian rupee on 15 July 2010. In most parts of India,

2162-504: Was put into circulation in May 1951. These notes were withdrawn beginning 15 December 1962 and ceased to be legal tender on 31 December 1963. East African shilling The East African shilling was the sterling unit of account in British -controlled areas of East Africa from 1921 until 1969. It was issued by the East African Currency Board . It is also the proposed name for

2209-487: Was the currency of the British East African states. The rupee, being a silver coin, rose in value against sterling. When it reached the value of two shillings, the authorities decided to replace it with the florin. From the florin thence came the East African shilling. The currency remained pegged to one shilling sterling and was subdivided into 100 cents . In 1936, Zanzibar joined the currency board, and

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