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Encyclopedia Britannica



RUPEE (Hindustani rupiya, from Sanskrit rupya)

This article appears in Volume V23, Page 855 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: RON-SAC
RUPEE (Hindustani rupiya, from Sanskrit rupya) , the standard coin of the monetary
system
  in India. A silver coin of 175 grains Troy, called tanka, approximating to the
rupee
 , was struck by the
Mahommedan
  rulers of
Delhi
  in the 13th
century
 ; but the
rupee
  itself, of 179 grains, was introduced by Sher Shah in 1542. The
English
  at first followed various indigenous
standards
 ; but since 1835 the rupee has uniformly weighed 18o grains, containing 165 grains of pure silver. The
weight
  of the rupee (one tola) is also the unit upon which the Indian standard of weights is based. Down to about 1873 the gold value of the rupee was 2s., and ten rupees were thus equal to 1; but after 1873, owing to the depreciation of silver, the rupee at one time sank as low in value as Is. In order to provide a remedy the government of India decided in 1893 to close the mints, and in 1899 to make the rupee legal
tender
  at fifteen to 1. This policy proved successful, and since 1899 the exchange value of the rupee has practically remained at is. 4d. Therefore a lakh of rupees, which before 1873 was worth Io,000, is now only worth 6666, and a crore of rupees, which was formerly a million
sterling
 , now only amounts to 666,666. The rupee is divided into sixteen annas, now worth Id. each, and the anna is subdivided into 12 pies. (See INDIA, and MONEY.)


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