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RUPEE (Hindustani rupiya, from Sanskr...

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Originally appearing in Volume V23, Page 855 of the 1911 Encyclopedia Britannica.
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RUPEE (Hindustani rupiya, from See also:Sanskrit rupya) , the See also:standard See also:coin of the monetary See also:system in See also:India. A See also:silver coin of 175 grains See also:Troy, called tanka, approximating to the rupee, was struck by the See also:Mahommedan rulers of See also:Delhi in the 13th See also:century; but the rupee itself, of 179 grains, was introduced by Sher Shah in 1542. The See also:English at first followed various indigenous See also:standards; but since 1835 the rupee has uniformly weighed 18o grains, containing 165 grains of pure silver. The See also:weight of the rupee (one tola) is also the unit upon which the See also:Indian standard of weights is based. Down to about 1873 the See also: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 See also:time sank as See also:low in value as Is. In See also:order to provide a remedy the See also:government of India decided in 1893 to See also:close the mints, and in 1899 to make the rupee legal See also:tender at fifteen to £1. This policy proved successful, and since 1899 the See also:exchange value of the rupee has practically remained at is. 4d. Therefore a See also:lakh of rupees, which before 1873 was See also:worth £Io,000, is now only worth £6666, and a See also:crore of rupees, which was formerly a million See also:sterling, now only amounts to £666,666. The rupee is divided into sixteen annas, now worth Id. each, and the See also:anna is subdivided into 12 pies.

End of Article: RUPEE (Hindustani rupiya, from Sanskrit rupya)

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