Pretty soon, they began to put pictures of buildings on their coins. They were the first to add symbols like stars and eagles on their coins.
Some of their coins pictured current emperors. These coins were supposed to help make an emperor popular. Ancient India: In ancient India, people used money trees to store their coins. A money tree was a flat piece of metal, shaped like a tree, with metal branches. At the end of each branch was a round disk with a hole in the center. Each of these disks was an ancient Indian coin. When you needed money, you simply broke off a coin from your money tree. The ancient Indians often used pictures of dragons and other make-believe animals on their coins.
Ancient China: Ancient Chinese coins also had holes in the center. To keep their safe, and to be able to carry their wealth easily, coins were strung together on a string or rope. This was called a string of cash. Like the ancient Indians, the ancient Chinese also decorated their coins with pictures of mythical and magical creatures as well as designs.
They believed coins were lucky.
The History of Money | Economics
Coins were a popular present because they provided two gifts - the gift of wealth and the gift of luck. Ancient Counterfeit Coins: In ancient times, there were crooks who chipped away at the edges of coins to get extra metal. If you were caught "chipping" coins in ancient times, the punishment was usually death. In spite of the risks, one gang who lived in ancient England distributed over fake coins to the Roman legionnaires who invaded their country!
When coins began to made by machines, counterfeiting dropped off considerably. It was much more difficult to copy the machine made coins.
The History Of Money
Besides, paper money had started to be an important form of money. Paper Money: The ancient Chinese invented paper.
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Once paper was invented, the invention of paper money was predicable. It was light in weight, and could be colorfully decorated. The Mesopotamian shekel — the first known form of currency — emerged nearly 5, years ago. The earliest known mints date to and B. The discovery of hordes of coins of lead, copper, silver and gold all over the globe suggests that coinage — especially in Europe, Asia and North Africa — was recognized as a medium of commodity money at the beginning of the first millennium A.
The wide circulation of Roman , Islamic , Indian and Chinese coins points to premodern commerce B.
Coinage as commodity money owes its success largely to its portability, durability, transportability and inherent value. Additionally, political leaders could control the production of coins — from mining, smelting, minting - as well as their circulation and use. Money soon became an instrument of political control. Taxes could be extracted to support the elite and armies could be raised. However, money could also act as a stabilizing force that fostered nonviolent exchanges of goods, information and services within and between groups.
Throughout history money has acted as a record , a memory of transactions and interactions. For instance, medieval Europeans widely used tally sticks as evidence for remembering debt. In the past, as today, no society was completely self-sustaining, and money allowed people to interact with other groups. People used different forms of currency to mobilize resources, reduce risks and create alliances and friendships in response to specific social and political conditions.
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The abundance and nearly universal evidence of movement of exotic goods over diverse regions inhabited by people who were independent of each other — from hunter-gatherers to pastoralists, to farmers and city dwellers — points to the significance of currency as a uniting principle.
The Maritime Silk Road trade , which occurred between A.
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Chinese coins were small disks of copper and silver with a hole in the center so they could be worn on a belt. This coin was issued by Emperor Yongle of the Ming Dynasty. These coins have irregular shapes , standard weight and are made up of silver with different markings like Saurashtra had a humped bull , Dakshin Panchala had a Swastika and Magadha had several symbols. Source: www. Then Mauryas came up with the Punch Marked Coins minting of silver, gold, copper or lead and Indo-Greek Kushan kings introduced the Greek custom of engraving portraits on the coins.
The currency was made up of Gold, silver and copper known as Tanka and lower valued coin known as Jittals. The Mughal Empire from AD consolidated the monetary system for the entire empire. In this era evolution of rupee occurred when Sher Shah Suri defeated Humayun and issued a silver coin of gms known as rupiya and was divided into 40 copper pieces or paisa and during the whole Mughal period silver coin remained in use. During the British East India Company i.
Then British gold coins were termed as Carolina, the silver coins as Angelina, the copper coins as cupperoon and the tin coins as tinny. With the Coinage Act of , uniform coinage throughout the country comes. And in , Mughal empire subsequently ended and British crown gained control over one hundred princely states and so, the images on the coins were replaced by portraits of the Monarch of Great Britain Supremacy.
The king George VI replaced the native designs on banknotes and coins but after the revolt of , he made the Rupee as the official currency of colonial India. In the honour of Queen Victoria in , series of bank notes and coins were issued with the Victoria portrait. Finally, the Reserve Bank of India was set up in and empowered to issue Government of India notes.
The History of the Indian Currency Notes and its Evolution
It had also printed 10, rupee notes and was later demonetised after Independence. The symbol chosen for the paper currency was the Lion capital at Sarnath which replaced the George VI series of bank notes. So, the first banknote printed by the Independent India was a 1 rupee note. Do you know the history of 1 rupee note: One rupee note was issued on 30 November, under the British Raj.
During the first world war British domination was there. At that time one rupee coin was a silver coin.