The Indian rupee was a silver-based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the gold standard. Among the earliest issues of paper rupees include the Bank of Hindostan (1770вЂ“1832), the General Bank of Bengal and Bihar (1773вЂ“75, established by Warren Hastings), and the Bengal Bank (1784вЂ“1791). The silver coin remained in use during the Mughal period, Maratha era, as well as in British India.

The coins depicting Ram and Sita were issued in both silver and gold minting ended right after Akbar's death in 1605. The Mughal ruler issued coins honouring the Hindu deities in 1604вЂ“1605. Sher Shah Suri, during his five-year rule from 1540 to 1545, set up a new civic and military administration and issued a coin of silver, weighing 178 grains, which was also termed Rupiya. In the intermediate times there was no fixed monetary system as reported by the DГ TГЎng XД«yГ№ JГ¬.

RЕ«pa means form or shape, example, rЕ«pyarЕ«pa, rЕ«pyaВ вЂ“ wrought silver, rЕ«paВ вЂ“ form. 340вЂ“290 BC), mentions silver coins as rЕ«pyarЕ«pa, other types including gold coins (suvarб№‡arЕ«pa), copper coins (tДЃmrarЕ«pa) and lead coins (sД«sarЕ«pa) are mentioned. ДЄrthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. It is derived from the noun rЕ«pa 'shape, likeness, image'. As an adjective it means 'shapely', with a more specific meaning of 'stamped, impressed', whence 'coin'. The word 'rupee' is derived from a Sanskrit word 'rЕ«pya', which means 'wrought silver', and maybe also something stamped with an image or a coin. The term in Indian subcontinent was used for referring to a coin. The mention of rЕ«pya by PДЃб№‡ini is seemingly the earliest reference in a text about coins. The history of the rupee traces back to ancient Indian subcontinent. Silver coin of the Maurya Empire, known as RЕ«pyarЕ«pa, with symbols of wheel and elephant.

Dollar vs rupee