Hyderabad rupee
Encyclopedia
The rupee was a separate currency of Hyderabad State
, different from the Indian rupee
. Like the Indian rupee, it was divided into 16 annas, each of 12 pai. Coins were issued in copper (later bronze) for denominations of 1 and 2 pai and ½ anna, in cupro-nickel (later bronze) for 1 anna and in silver for 2, 4 and 8 annas and 1 rupee.
s to issue paper currency. The acute shortage of silver during the First World War and the contributions of Hyderabad to the British war effort led them to accept, in 1918, paper currency in denominations of Rs.10/- and Rs.100/- issued under the Hyderabad Currency Act.
The currency was designated the Osmania Sicca (OS). One and five rupee notes were subsequently issued in 1919 and one thousand rupee notes were issued in 1926. After the setting up of the India Currency Notes Press at Nasik, Hyderabad notes came to be printed there.
In 1942, the Government of Hyderabad established the Hyderabad State Bank
, with the responsibility, inter alia, of managing the OS. Hyderabad continued to mint its own coins until 1948, when India conquered the state after the Nizam refused to cede it to the new republic.
In 1950, the Indian rupee was introduced alongside the local currency, with the relationship of 7 Hyderabad rupees = 6 Indian rupees being used. In 1951, the Hyderabad rupee ceased to be issued and the Indian rupee became the main circulating currency, although the Hyderabad rupee was not demonetized until 1959.http://users.erols.com/kurrency/asia.htm
Hyderabad State
-After Indian independence :When India gained independence in 1947 and Pakistan came into existence in 1947, the British left the local rulers of the princely states the choice of whether to join one of the new dominions or to remain independent...
, different from the Indian rupee
Indian rupee
The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....
. Like the Indian rupee, it was divided into 16 annas, each of 12 pai. Coins were issued in copper (later bronze) for denominations of 1 and 2 pai and ½ anna, in cupro-nickel (later bronze) for 1 anna and in silver for 2, 4 and 8 annas and 1 rupee.
History
The Government of Hyderabad made several efforts to organise private bankers to set up a banking company which could issue paper money. The British, however resisted the attempts of Indian princely statePrincely state
A Princely State was a nominally sovereign entitity of British rule in India that was not directly governed by the British, but rather by an Indian ruler under a form of indirect rule such as suzerainty or paramountcy.-British relationship with the Princely States:India under the British Raj ...
s to issue paper currency. The acute shortage of silver during the First World War and the contributions of Hyderabad to the British war effort led them to accept, in 1918, paper currency in denominations of Rs.10/- and Rs.100/- issued under the Hyderabad Currency Act.
The currency was designated the Osmania Sicca (OS). One and five rupee notes were subsequently issued in 1919 and one thousand rupee notes were issued in 1926. After the setting up of the India Currency Notes Press at Nasik, Hyderabad notes came to be printed there.
In 1942, the Government of Hyderabad established the Hyderabad State Bank
State Bank of Hyderabad
State Bank of Hyderabad is an associate bank of State Bank of India , and is one of the scheduled banks in India. The Bank's Head Office is situated at Gunfoundry Area, in Hyderabad, India. SBH has over 1200 branches and about 12,800 employees. Assets are in excess of Rupees 767 billion...
, with the responsibility, inter alia, of managing the OS. Hyderabad continued to mint its own coins until 1948, when India conquered the state after the Nizam refused to cede it to the new republic.
In 1950, the Indian rupee was introduced alongside the local currency, with the relationship of 7 Hyderabad rupees = 6 Indian rupees being used. In 1951, the Hyderabad rupee ceased to be issued and the Indian rupee became the main circulating currency, although the Hyderabad rupee was not demonetized until 1959.http://users.erols.com/kurrency/asia.htm
Literature
- Chenoy, P. B. (*1878); Rare Coins of Hyderabad State; Numismatist, Vol. 83 (July 1970), p. 945-63