Monday, June 09, 2014

Cowrie? Damri? Pie? Dhela? Anna?

Do you ever wondered about the currency units found in old Urdu proverbs? Like;

“Chamri jae Damri na jae” - چمڑی جاۓ دمڑی نہ جاۓ

“Cowrion ke mol bikna” - کوڑیوں کے مول بکنا

“Is ke paas to aik Phooti Cowri bhi nahi hai”  - اس کے پاس تو ایک پھوٹی کوڑی بھی نہیں ہے

“yeh to ek Dhelay ka kaam bhi nahi hai” -  یہ تو ایک دھیلے کا کام بھی نہیں ہے


 
Today I will take you to the journey where these currency units were used in daily routine. 

The continent of India was one of the first issuers of coins (circa: 6th Century BC), and as a result it has seen a wide range of monetary units throughout its history. There is some historical evidence to show that the first coins may have been introduced somewhere between 2500 and 1750 BC. However, the first documented coins date from between the 7th/6th century BC to the 1st century AD. These coins are called 'punch-marked' coins because of their manufacturing technique.

Over the next few centuries, as traditions developed and empires rose and fell, the country's coinage designs reflected its progression and often depicted dynasties, socio-political events, deities, and nature. This included dynastic coins, representing Greek Gods of the Indo-Greek period followed by the Western Kshatrapa copper coins from between the 1st and the 4th Century AD.

In 712 AD, the Arabs conquered the Indian province of Sindh and brought their influence and coverage with them. By the 12th Century, Turkish Sultans of Delhi replaced the longstanding Arab designs and replaced them with Islamic calligraphy. This currency was referred to as 'Tanka' and the lower valued coins, 'Jittals'. The Delhi Sultanate attempted to standardize this monetary system and coins were subsequently made in gold, silver and copper.

In 1526, the Mughal period commenced, bringing forth a unified and consolidated monetary system for the entire Empire. This was heavily influenced by the Afghan Sher Shah Suri (1540 to 1545) who introduced the Gold Mohur, Silver Rupayya or Rupee and Copper Dam coins. The princely states of pre-colonial India minted their own coins, all which mainly resembled the Gold Mohur, Silver Rupee and Copper Dam, but held regional distinctions depending on where they were from. During the late 18th Century when political unrest occurred, agency houses developed banks such as the Bank of Bengal and Bihar, The Bank of Hindustan, Orient Bank Corporation and The Bank of Western India. These banks also printed their own paper currency in the Urdu, Bengali and Nagri languages.

It was only in 1858 when the British Crown gained control of the one hundred Princely states, and subsequently ended the Mughal Empire, that the coin's native images were replaced by portraits of the Monarch of Great Britain to indicate British Supremacy. In 1866, when the financial establishments collapsed, the control of paper money also shifted to the British Government. This was subsequently passed to the Mint Masters, the Accountant Generals and the Controller of Currency. In 1867, the Victoria Portrait series of bank notes was issued in honor of Queen Victoria.

As Rupee was the standard unit for currency, many smaller denomination currency units were also used since the era of Mughal Empire till the British rule. Following is the chart of the distribution of these currency units.


 
Further to the chart 1 Damri roughly equals to 10 Cowries and 1 Cowrie is equal to 3 Phooti (damaged) Cowries. 

Phooti Cowrie

Cowrie

Damri - 1782

Pie - 1831

Dhela - 1782

Paisa - 1782

Thursday, June 05, 2014

Don’t forget to exchange decimal coins

State Bank of Pakistan (SBP) has reminded the general public to exchange the decimal coins of 1,2,5,10,25 & 50 paisas from the field offices of SBP BSC and commercial and microfinance banks branches by last working day of September 30.


For awareness of general public, SBP has advised the Commercial /Microfinance Banks to display posters/banners at visible places of their branches for exchange of decimal coins.


It may be recalled that the federal government has already notified that coins of Paisa 1,2,5,10,25 & 50 will cease to be legal tender on October 1, 2014. However, it can be exchanged from the field offices of SBP BSC and branches of banks till September 30, 2014.

Monday, June 02, 2014

Commemorative Coin - Golden Jubilee of Navy Submarine Force (25 Rs)


To celebrate the Golden Jubilee of Navy Submarine Force, the Government of Pakistan has decided to issue a Rs 25 Commemorative Coin with effect from June 02. Coin has been launched from June 02 (Monday) on the occasion of 50th Anniversary of establishment of Pakistan Navy Submarine Force.


50 Years of Pakistan Navy Submarine Force
25 Rupees (June 02, 2014)
Dimension - 30.00 mm, Weight - 12 gms
Material - Cupro Nickel (Copper 75% & Nickel 25%)
Mintage - 50,000