Tuesday, 22 November 2011

History of coinage in Pakistan

In the ancient times metals like gold, silver, iron, pots and axes were used as a medium of exchange in the old India. We find in the history that gupats, King Altamash and Mohammad Bin Tughlaq tried their best to introduce coins in the country. Sher Shah Suri introduced the silver rupee and copper coin. Akbar and Aurangzeb also contributed in this process.
After the fall of Mughal Empire the state was divided in to small states. Every state has its own coins. There were more than 1000 different coins of various types in the subcontinent when English came in the India, they introduced the standard coins in 1818. The coinage of gold standard remained continued. The ratio of exchange one gold coin was equal to 15 silver rupees. People started hoarding and melting the silver coins during the world war second because its face value was equal to the original value of metal. The British Government demonetized silver rupee in 1941 and 1943. A pure nickle rupee was introduced in 1946. Later on the independence reserve bank of India issued the coins till June 30, 1948. Which were used as a legal tender money upto one year. Now a days two rupee, one rupee, two rupee and five rupee coins are circulating in the country. Govt of Pakistan had finished the two rupee and one rupee note in circulation from 1st January 2002.


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