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

Friday, August 19, 2011

Rupee coin will be the smallest unit

The National Assembly Standing Committee on Finance on Thursday approved the Pakistan Coinage Amendment Bill 2010 which replaces the paisa denominated coins with one rupee coin as the smallest unit. The approval brings to an end 105 years old system of calculating currency on paisa.



The state Bank of Pakistan (SBP) would exchange within six months Rs600 million worth paisa coins. One per cent of these coins would be preserved with SBP and in museums, the committee was informed. A committee chaired by Fouzia Wahab was told by Finance Secretary Waqar Masood that the decimal coins were no more relevant and have become out dated. He said that the coins of denominations of 1 rupee, 50 paisa, 25 paisa, 10 paisa etc were in circulation since 1906. SBP Deputy Governor Kamran Shahzad told the committee that on January 1, 1961, Pakistan introduced decimal Coinage System by launching coins of denominations of 10, 5, and 1 paisas and decimal coins of higher denominations of 50 and 25 paisas were put into circulation subsequently.

Tuesday, July 26, 2011

Demonetization of Rs. 5 and Rs. 500 Bank notes

Rs 500 old design banknote and Rs 5 banknote will stand demonetized with effect from 1st October 2011 and 1st January 2012 respectively. The State Bank of Pakistan (SBP) has, therefore, advised the general public to exchange Rs 500 bigger size old design banknote latest by September 30, 2011 and Rs 5 banknote by 31st December, 2011 from the field offices of SBP Banking Services Corporation (BSC) and branches of commercial banks operating throughout the country.

Tuesday, June 14, 2011

Coins of Pakistan appearing in the Pirates of the Caribbean movies

In the film released in 2003 - Pirates of the Caribbean (The curse of the black pearl), Capt. Jack Sparrow seen wearing a bead strip hanging from his hair. Attached at the end of strip is the Pakistani 50 Paisa Coin which was issued during the period 1963 - 1969.


Also in the film released in 2011 - Pirates of the Caribbean (On Stranger Tides), Capt. Jack Sparrow seen wearing a bead strip hanging from his hair. Attached at the end of strip is the Pakistani Coin of Half Rupee which was issued during the period 1948 - 1951.

                          


Friday, June 03, 2011

Commemorative Coin - 150 Year Celebrations – Lawrence College, Ghora Gali, Murree (20 Rs)

The Government of Pakistan has decided to issue a Rs 20 Commemorative Coin with effect from May 28. Coin has been launched from May 28 (Saturday) to mark the occasion of 150th Anniversary of Lawrence College Murree. 
 
 150 Years of Lawrence College Murree
20 Rupees (May 28, 2011)
Dimension - 30.00 mm, Weight - 9.50 gms
Material - Cupro Nickel (Copper 75% & Nickel 25%)
Mintage - 100,000