The history of the Indian rupee traces back to ancient India in circa 6th century BCE: ancient India was one of the earliest issuers of coins in the world,[12] along with the Chinese wen and Lydian staters.[13]
Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. Rūpa means 'form' or 'shape'; for example, in the word rūpyarūpa: rūpya 'wrought silver' and rūpa 'form'.[14]
The Gupta Empire produced large numbers of silver coins clearly influenced by those of the earlier Western Satraps by Chandragupta II.[15] The silver Rūpaka (Sanskrit: रूपक) coins were weighed approximately 20 ratis (2.2678g).[16]
In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji.[17]
During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains (or 11.53 grams), which was also termed the rupiya.[18][19] During Babur's time, the brass to silver exchange ratio was roughly 50:2.[20] The silver coin remained in use during the Mughal period, Maratha era as well as in British India.[21] Among the earliest issues of paper rupees include; the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–1775, established by Warren Hastings), and the Bengal Bank (1784–91).[citation needed]
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