The special coin was issued in denominations of Rs. This could be a first in the history of Indian coinage," Ravi Shankar Sharma, coin collector and secretary of Numismatics Society of Kolkata, said. "While there have been errors on several occasions earlier, a coin without denomination has never been heard of. With no denomination on them, each such 5-rupee coin is now selling for Rs. Coins circulate in values of 1, 2, and 5 rupees, though higher-value commemorative coins are also legal tender.Minted for a special occasion, the 2010 Commonwealth Games in Delhi, some coins have become special, collector's item. The obverse of each note contains a picture of Mohammed Ali Jinnah, the founder of Pakistan. The State Bank of Pakistan exclusively issues banknotes and coins in Pakistan. Coins are issued in denominations of 25 and 50 paisa, and there are also 1-, 2-, and 5-rupee coins. Banknotes, all of which are adorned on the obverse with images of Mohandas Gandhi (1869–1948), the leader of the 20th-century movement against British colonization, are issued in denominations ranging from 10 to 1,000 rupees. The Reserve Bank of India has the sole authority to issue banknotes and coins in that country. Ceylon (now Sri Lanka) in 1872 adopted a decimal system based on the Indian rupee it adopted an autonomous monetary system in 1929 and an independent system in 1949. Pakistan began creating its independent money in 1948 and adopted the decimal system in 1961. The value of the rupee varied from region to region, however, depending on the minter, and not until 1835 was the rupee made uniform by law.Īfter independence in 1947, India retained the rupee and decimalized it in 1955. In 1671 the British East India Company minted coins copied from local types, using the rupee as the basic unit of account. In the late 16th century the rulers of the Mughal dynasty of central and northern India established the silver rupee, which was divided into 16 annas. The rupee is also the name of the monetary unit used in Mauritius, Nepal, and Seychelles. The name derives from the Sanskrit rupya (“silver”). The modern unit is divided into 100 paisa in India and Pakistan. Rupee, monetary unit of Muslim India from the 16th century and the modern monetary unit of India and Pakistan.
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