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The first rupee coins of the Republic of India were minted in 1950. [3] These included ₹1/2, ₹1/4, 2 anna, 1 anna, 1/2 anna & 1 pice coins, and are referred to as the anna series or pre-decimal coinage. Under the anna series, one rupee was divided into 16 annas or 64 pice, with each anna equal to 4 pice.
The 1939 rupee is the most expensive rupee, as after 1939 all silver coins effectively became less pure, due to the shortage of silver during World War II. The 1947 rupee, half rupee, quarter rupee and anna coins are also of special interest to collectors, since that was the last year British issued coins were circulated in India.
There was a coin of one anna, and also half-anna coins of copper and two-anna pieces of silver. [2] With the rupee having been valued to 1s 6d [3] and weighing 180 grains as a 916.66 fine silver coin, [4] the anna was equivalent to 9/8 d (one penny and half a farthing). Hence the 2 anna silver coins were of low weight (22.5 grains = 1.46 g).
Prior to 1957, Indian rupee was not decimalised and the rupee from 1835 to 1957 AD was further divided into 16 annas. Each anna was further divided to four Indian pices and each pice into three Indian pies till 1947 when the pie was demonetized. In 1955, India amended the "Indian Coinage Act" to adopt the metric
At the time of independence (in 1947), India's currency was pegged to pound sterling, and the exchange rate was a shilling and six pence for a rupee — which worked out to ₹13.33 to the pound. [23] The dollar-pound exchange rate then was $4.03 to the pound, which in effect gave a rupee-dollar rate in 1947 of around ₹3.30.
From 1835 to 1957, the rupee was divided into 16 annas. Each anna was further divided into four Indian paises (pice) and each paise into three Indian pies till 1947 when the pice was demonetised. In 1955, the Parliament of India amended the " Indian Coinage Act " to adopt the decimal system for coinage.
The Indian paisa (plural: paise) is a 1 ⁄ 100 (one-hundredth) subdivision of the Indian rupee. The paisa was first introduced on 1 April 1957 after decimalisation of the Indian rupee. [1] In 1955, the Government of India first amended the Indian Coinage Act and adopted the "metric system for coinage".
The highest face value issued was the '1/2 rupee'. While there had been plans to introduce 'One Travancore Rupee', this was never done. [1] The half-rupee and the quarter-rupee remained the highest values issued for circulation. The Travancore Rulapee was issued until 1946 CE (1121 M.E. or Malayalam Era), remaining in circulation till 1949. It ...