Sunday, March 8, 2009
RUPEE value basket from silver to GOLD,musham,
MUSHAM BANKNOTES ANCIENTCOINS,STAMPS,POSTALHISTORY MY @ MUSHAM3@GMAIL.COM
Historically, the rupee, derived from the Sanskrit word raupya, which means silver, was a silver coin. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the U.S. and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the rupee."
In 1898, the rupee was tied to the gold standard through the British pound by pegging the rupee at a value of 1 shilling 4 pence In 1920, the rupee was increased in value to 2 shillings 10 rupees = 1 pound. However, in 1927, the peg was once more reduced,13⅓ rupees = 1 pound. This peg was maintained until 1966, when the rupee was devalued and pegged to the U.S. dollar at a rate of 7.5 rupees = 1 dollar at the time, the rupee became equal to 11.4 British pence. This period lasted until the U.S. dollar devalued in 1971.
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