History of the rupee:-India has been one of the earliest issuers of coins in the world and the coin is called paisa. The first "rupee" is believed to be introduced by Sher Shah Suri, based on a ratio of 40 copper-coin pieces (paisa) per rupee. Among the earliest issues of paper rupees were those by the Bank of Hindostan, the General Bank of Bengal and Bihar established by the Bengal Bank amongst others.
Historically, the rupee, derived from the Sanskrit word raupya, which means silver, was a silver coin. This had severe consequences in the nineteenth century when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the US and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the Rupee.
Historically, the rupee, derived from the Sanskrit word raupya, which means silver, was a silver coin. This had severe consequences in the nineteenth century when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the US and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the Rupee.
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