Curated By: Business Desk
Last Updated: November 22, 2023, 10:46 IST
The East India Company produced silver cash from 1757 to 1835.
As per historic information, the primary silver coin, valued at Re 1, was issued in 1757 by the East India Company.
Today, silver cash are sometimes used as a valuable present or token, highlighting their worth. But silver cash as presents usually are not quite common. But there was a time in historical past when silver cash have been used all over the place and have been in possession of just about everybody. However, at one level, their circulation abruptly stopped because of a big cause. Do you already know what it was?
As per historic information, the primary silver coin, valued at Re 1, was issued in 1757 by the East India Company. This coin featured the portrait of King George II and weighed roughly 11.5 grams. Minted in Kolkata, beforehand generally known as Calcutta, this primary one-rupee coin marked its debut on August 19, 1757.
From 1757 to 1835, the East India Company continued producing these cash. Even after the British authorities strengthened its foothold in India, the manufacturing of silver cash continued. It’s reported that these cash have been extensively utilized in day by day transactions, with day by day wage labourers receiving funds starting from Rs 3 to Rs 4, sometimes receiving 4 cash per day for his or her labour.
But in 1917, the primary was issued and that led to a decline in circulation of cash. This new be aware featured the picture of King George V. During the First World War, silver additionally grew to become scarce because of its intensive use, resulting in a scarcity of this helpful metallic. Consequently, the British authorities confronted difficulties in minting cash because of its rising prices and shortage. As a end result, they shifted to printing notes as an alternative, depicting the picture of the prevailing one-rupee coin.
Mumbai-based collector Girish Veera mentioned, “Silver prices surged during World War I, prompting the printing of notes bearing the image of the prevalent one-rupee coin.” He added, “Since then, every Re 1 note has depicted the one-rupee coin of that year.” Eventually, the silver coin was reintroduced however with lowered silver content material and circulation.
