A princely statealso called native statefeudatory state or Indian state for those states on the subcontinentwas a vassal state  under a local or indigenous or regional ruler in a subsidiary alliance with the British Raj. Though the history of the princely states of the subcontinent dates from at least the classical period of Indian historythe predominant usage of the term princely state specifically refers to a semi-sovereign principality on the Indian subcontinent during the British Raj that was not directly governed by the British, but rather by a local ruler, subject to a form of indirect rule on some matters.
The imprecise doctrine of paramountcy allowed the government of British India to interfere in the internal affairs of princely states individually or collectively  and issue edicts that applied to all of India when it deemed it necessary.
At the time of the British withdrawal, princely states were officially recognised in the Indian subcontinent,  apart from thousands of zamindari estates and jagirs. The most prominent among those — roughly a quarter of the total — had the status of a salute stateone whose ruler was entitled to a set number of gun salutes on ceremonial occasions.
InHyderabad had a population of over 16 million, while Jammu and Kashmir had a population of slightly over 4 million. The era of the princely states effectively ended with Indian independence in Byalmost all of the principalities had acceded to either India or Pakistan. As per the terms of accession, the erstwhile Indian princes received privy purses government allowancesand initially retained their statuses, privileges, and autonomy in internal matters during a transitional period which lasted until During this time, the former princely states were merged into unions, each of which was headed by a former ruling prince with the title of Rajpramukh ruling chiefequivalent to a state governor.
The states which acceded to Pakistan retained their status until the promulgation of a new constitution inwhen most became part of the province of West Pakistan ; a few of the former states retained their autonomy until when they were fully integrated into Pakistan.
The Indian Government formally derecognised the princely families infollowed by the Government of Pakistan in Though principalities and chiefdoms existed on the Indian subcontinent from at least the Iron Agethe history of princely states on the Indian subcontinent dates to at least the 5th—6th centuries C.
The widespread expansion of Islam during this time brought many principalities into tributary relations with Islamic sultanates, notably with the Mughal Empire. In the south, however, the Hindu Vijayanagara Empire remained dominant until the midth century; among its tributaries was the future Mysore Kingdom. The Turco-Mongol Mughal Empire brought a majority of the existing Indian kingdoms and principalities under its suzerainty by the 17th century, beginning with its foundation in the early 16th century.
The advent of Sikhism resulted in the creation of the Sikh Empire in the north by the early 18th century, by which time the Mughal Empire was in full decline. At the same time, the Marathas carved out their own states to form the Maratha Empire. Through the 18th century, former Mughal governors formed their own independent states.
In the north-west, some of those — such as Tonk — allied themselves with various groups, including the Marathas and the Durrani Empireitself formed in from a loose agglomeration of tribal chiefdoms that composed former Mughal territories. In the south, the principalities of Hyderabad and Arcot were fully established by the s, though they nominally remained vassals of the Mughal Emperor.
In its Interpretation Actthe British Parliament adopted the following definitions:.Coins of the Indian rupee INR were first minted in "". All of these are produced by four mints located across India,  in KolkataMumbaiHyderabad and Noida.
After Indian independenceBritish Indian coins were in use as a frozen currency until India became a republic in The first rupee coins of the Republic of India were minted in Under the anna series, one rupee was divided into 16 annas or 64 pice, with each anna equal to 4 pice. InIndia shifted to the decimal system, though for a short period of time, both decimal and non-decimal coins were in circulation.
Since rupees retained their pre-decimal value, pre-decimal coins of one, half and quarter rupees remained in circulation after decimalisation. The word "naya" was dropped in and a new denomination, the 3 paisa, was introduced into circulation. A 20 paisa coin was minted in Neither of these coins gained much popularity. The 1, 2 and 3 paisa coins were phased out gradually in the s.
Ina new 2 rupee coin was introduced experimentally to replace 2 rupee notes. The 2 rupee coin was not minted again tillafter which it was minted every following year.
Stainless steel coinage of 10, 25 and 50 paisa was introduced in Ina new stainless steel rupee coin, smaller and lighter than the older rupee, was minted, alongside a 5 rupee Cupronickel coin. Inthe 10 rupee coin was minted for the first time. Higher denomination coins were introduced due to an increasing demand for change and the increasing cost of printing 2, 5 and 10 rupee banknotes. On 30 Juneall coins in denominations of 25 paisa and below were officially demonetised. Commemorative coins in circulation can be found in various denominations.
The new Dominion or Union of India retained the previous imperial currency with images of British monarchs. The basic unit of currency was the Indian rupee, which was itself divided into annas 16 annas to a rupee and pice the old spelling of paisa - 64 pice to a rupee.
Untilthe rupee was worth 1s. This represented the currency arrangements during the transition period up to the establishment of the Indian Republic. The British India coins which were mostly in circulation from to until the first Republic of India Pre-decimalization Series coins were introduced as follows:.
On 26 JanuaryIndia became a sovereign republic. This series was introduced on 15 August and represented the first coinage of Republic India.American inventor Elisha Graves Otis built the first safety elevator in In the s, Otis entered Europe. In the early s, the Buckingham and the Mysore Palaces were also home to Otis elevators. Bombay Burmah Trading Corp. Gradually, it expanded its trading all over Asia.
Init turned to tea plantations, its current business. It is a leading company of the Wadia Group. The oldest joint stock bank in India, Allahabad Bank was founded on 24 Aprilby three Europeans in the city after which it is named.
Allahabad Bank and corporate India grew side by side. Init was one of the 14 banks to be nationalized. World War I brought good business because of demand for its condensed milk. Britannia Industries was founded with Rs to cater to British officers and their families. Operations were mechanized in and industrial ovens installed in Init pioneered high-quality sliced and wrapped bread.
InBritannia was among the top small firms on the Forbes global list. Incorporated in as a public limited company, Century Textiles and Industries had only one unit until —a cotton textile mill. Since then it has made rapid progress in yarn, denim, and pulp and paper industries, among others. InArdeshir Godrej decided to make locks, safes and security equipment.
Inthe company launched Chavi, the first soap in the world to be made from vegetable oil. Being the British capital tillCalcutta now Kolkata was the first Indian city to be entirely electrified.
Turner and A. The company has pioneered aviation coatings, marine paints and the painting of thermal power plants. The Indian Hotels Co. Initially, it preferred a regional role and adopted an agency model, and opened its first branch in Its name was changed to City Union Bank in Ramnarain Ruia, then head of the Ruia business family, acquired Phoenix Mills and two other mills in to begin his textiles business.
Now known as Corporation Bank, this bank opened its first branch only in Nationalized init became the second public sector bank in India to enter the capital market, with its initial public offering being oversubscribed 13 times in It was renamed Canara Bank in after nationalization.British trading posts in India were first established by the East India Company EIC early in the seventeenth century, which quickly evolved into larger colonies covering a significant part of the subcontinent.
Early settlements or factories included Masulipatnam and Madras in the south, Surat in the west, and modern-day Kolkata —99 in the east.History of Indian Currency - Old Currency to Till Date
Inthe EIC adopted a unified system of coinage throughout all British possessions in India and the older Presidency system was discontinued. There was a transition period after India gained independence on 15 Augustand the first set of republic India coins were issued in Coinage under the British can be divided into two periods: East India Company EIC issues, pre; and Imperial issues struck under direct authority of the crown.
The EIC issues can be further subdivided into two subcategories: the Presidency issues, which comprise separate Madras PresidencyBombay Presidencyand Bengal Presidency issues; and uniform coinage for all British territories from to The territories governed by the East India Company were divided into three major administrative regions: Madras Presidency in the south, Bombay Presidency in the west, and Bengal Presidency in the east.
Most of the north, however, for a long time continued to remain under the control of the Mughal emperor, and later, local rulers including the Marathas and Rajputs. Each of the three presidencies under East India Company governance issued their own coins until a unified coinage throughout all territories was introduced in Early European style coins were not popular outside jurisdiction of their respective settlements.
In spite of having their own mints, the EIC either sent its bullion to the Mughal mints or forged the common coins of the contemporary Mughal Emperor. Inthe EIC obtained rights to strike coins in the name of the Mughal emperor Farrukhsiyar on the island of Bombay. From tillthe English sent their precious metal bullion to the Surat mint, controlled by the Nawabto be coined into local gold mohurs and silver rupees. As the Surat mint was unable to meet the required production rate, silver was also sent to the Ahmadabad mint in In Decemberthe East India Company started a mint in Bombay and European style gold, silver, copper, and tin coins were struck.
The gold coin was named Carolinathe silver coin Anglinathe copper Copperoonand the tin coin called the Tinny. The exchange rate was set at 11 Tiduckone Copperoon and 48 Copperoons to one Anglina.
Pre-1947 Silver Coins; Pre-1920 Silver Coins
No gold coins Carolinas were struck until After issuing coins for the East India Company for a number of years, the Surat mint finally came under direct control of the Company in Gold mohurs, silver rupees, and fractional values were struck in the name of the Mughal emperor Shah Alam II bearing the frozen regnal year The rupee which we keep in our pocket has a strange or perplexing past.
There was a long history of struggle, exploration and wealth which can be traced back to the ancient India of the 6 th Century BC. In 19 th century the Britishers introduced paper money into the subcontinent. The Paper Currency Act of gave the Government the monopoly of note issued throughout the vast expanse of British India.
Below are the interesting facts about how Indian currency notes have evolved over the ages into the rupee of today. The earliest issuers of coins in the world are the Ancient Indians along with Chinese and Lydians from the Middle East. These coins have irregular shapesstandard weight and are made up of silver with different markings like Saurashtra had a humped bullDakshin Panchala had a Swastika and Magadha had several symbols. Source: www.
Then Mauryas came up with the Punch Marked Coins minting of silver, gold, copper or lead and Indo-Greek Kushan kings introduced the Greek custom of engraving portraits on the coins. The currency was made up of Gold, silver and copper known as Tanka and lower valued coin known as Jittals. The Mughal Empire from AD consolidated the monetary system for the entire empire.
In this era evolution of rupee occurred when Sher Shah Suri defeated Humayun and issued a silver coin of gms known as rupiya and was divided into 40 copper pieces or paisa and during the whole Mughal period silver coin remained in use. During the British East India Company i. Then British gold coins were termed as Carolina, the silver coins as Angelina, the copper coins as cupperoon and the tin coins as tinny.
With the Coinage Act ofuniform coinage throughout the country comes. And inMughal empire subsequently ended and British crown gained control over one hundred princely states and so, the images on the coins were replaced by portraits of the Monarch of Great Britain Supremacy. The king George VI replaced the native designs on banknotes and coins but after the revolt ofhe made the Rupee as the official currency of colonial India. In the honour of Queen Victoria inseries of bank notes and coins were issued with the Victoria portrait.
Finally, the Reserve Bank of India was set up in and empowered to issue Government of India notes. It had also printed 10, rupee notes and was later demonetised after Independence. The symbol chosen for the paper currency was the Lion capital at Sarnath which replaced the George VI series of bank notes. So, the first banknote printed by the Independent India was a 1 rupee note.Obverse is also called head. It is the main side of a coin carrying the portrait head of the ruler or a Symbol and name of the country.
Reverse is the back side of a coin and is called Tail. It depicts the denomination or issue price of the coin with year and mint mark underneath.
However in all the commemorative coins issued in India, the denomination is given under the Ashoka Lion Capital. How do you know which Side is the Obverse of a Foreign Coin? When coins used to be struck by hand, the side of the coin that was on the anvil die was always the obverse. The side that took the hammer strike was the reverse. Nowadays, with machine struck coins, there is no longer an "anvil die" at all.
So which side is which? This checklist will help you determine the obverse and reverse of less familiar coins. If neither side has portraits, try to apply condition 2.
In other words, the obverse side doesn't have the "common type". A good example of this is the Euro coin, which doesn't have a portrait. However, each country has its own design on one side, with a design common to all countries on the other side. The coins are said to share the same "reverse," more or less by mutual assent among collectors. This rule would also apply to coins of East India Company or any other country that has, say, a coat of arms or some other common device on its coinage but no portrait.
If the common device appears on multiple denominations, the side without that device is the obverse. If you have access to a special mint-issued set, such as a proof set, you can determine which side the mint considers to be the obverse because this side will be face up in the proof coin holder. During the periodcoins with first three types of edges have been issued. However Madras Mint was closed in There were four mints, namely at Bombay, Calcutta, Lahore and Madras.
Post partition of India. There are four mints, namely Bombay, Calcutta, Hyderabad and Noida. Noida mint was set up in and started minting ferritic stainless steel coins from Indian coins since have the following Mint Marks which are found under the date year of issue of the coin.
Indian coins bear the distinctive marks of these mints but some coins were minted abroad and imported in,and these bear the mint marks of their origin. These coins are imported with the approval of Reserve Bank of India.
Production started on 5th October A. Production Started in Since nineteenth century, the die-struck milled method is being followed in every country. Machine minted coins have better finish, the labour cost is much reduced and output is manifold. Inthe above machines were brought from England, and manufacturing of Milled Coins started at Calcutta.
The coins should be cleaned as under : a Silver Coins may be cleaned with soap or tooth-paste and rubbed between the thumb and the index finger.Do you have some old shillings and half crowns stashed away in boxes or bottles? They might be worth rather more than you thought. The rocketing price of silver it has doubled over the past year means that coins minted before — which had real silver in them — are now worth 40 times their face value.
Unfortunately, "silver" coins minted after contain no silver and are worth no more than their face value. A reader recently contacted us after helping an elderly friend declutter her home and coming across a 2kg box of pre-decimal English coins, mostly small denomination coppers and silver coins from the 50s and 60s.
In an age where we are encouraged to recycle, and where thousands of "more mature" people are likely to have old coins gathering dust, what, she asked, can be done with them?
The first bit of good news is that, though pre-decimal coins are no longer legal tender, some banks will still exchange them for their decimal equivalent face value. The coins are then returned to the Royal Mint for melting down. NatWest also exchanges all pre-decimal coins rounding off to the nearest pence, while Barclays will exchange pre-decimal shilling and two shilling florin coins.
But it's best to contact a dealer first to see if they will offer more than the face value of the bank — and, crucially, whether there are any pre coins in your haul. Coin dealer Chris Perkins, who runs Predecimal.
But many are still worth more than face value. Pre silver coins contain real silver and are treated as bullion. And the bullion value of pres silver coins is almost double that because they are sterling silver. So they are worth selling rather than exchanging for face value at a bank, particularly if you have a few.
But, as Perkins is only able to collect large amounts of coins from customers in London and the south-east, and advises others to post them via Royal Mail special delivery, you need a substantial amount to make it worth the postage costs. Perkins pays just under face value for post silver coins which actually contain no silver — "they are among the most difficult coins to get rid of and I usually try to avoid them" — so people are better off exchanging them at a willing bank.
If you are going to a coin dealer, make sure they are a BNTA member and be aware that the deal will be largely down to trust. And if I find something unexpectedly valuable when they arrive, I will tell the customer and make an offer. If you are willing to give the benefit of any value your old coins may have to a good cause, then most major charities will accept pre-decimal coins. Age UK, for example, which sells on old coins for scrap value, says people are best off bringing them into the charity's high street shops.
Oxfam, which also accepts donations in its stores, says it will sell any rare coins it receives at its online collectables store and sell standard coins via currency exchange and conversion company Coincoplc. Though less likely than finding old coins in the back of a drawer, if you are lucky enough to come across a stash of English banknotes, however old, you will have no problem exchanging them for face value. Genuine Bank of England notes that have been withdrawn from circulation retain their face value for all time and can be exchanged fee-free at the Bank of England in Threadneedle Street, London open Monday to Friday, 9am-3pm in person or by post.
You can find a downloadable banknote exchange form, details of how to post off notes safely and what, if any, identification documents you'll need to supply on its website. This article contains affiliate links, which means we may earn a small commission if a reader clicks through and makes a purchase. All our journalism is independent and is in no way influenced by any advertiser or commercial initiative. By clicking on an affiliate link, you accept that third-party cookies will be set.
More information. Topics Alternative investments. Investments Consumer affairs features. Reuse this content. Order by newest oldest recommendations. Show 25 25 50 All. Threads collapsed expanded unthreaded. Loading comments… Trouble loading?