The word Rupee has evolved from the Sanskrit word “Raupya” which means wrought silver.
Although the date of the origin of coinage in India is not certain, coins as currency began to be widely used during the Mauryan and the Gupta periods. But it was Sher Shah Suri who issued coins in silver by the names of ‘rupiya’ and made them standard currency throughout his empire. He also issued copper paisas.
Throughout the Mughal period, the “rupiya” remained the standard unit of currency.
Among the Indo-Europeans, the Portuguese, who were the first to establish a mint in Goa, adopted the word “ropia” for their coins in 1775.
When the English introduced their own coins they changed the word “rupiya” to “rupee”. They issued one rupee, half rupee and quarter rupee coins in silver.
With the advent of freedom, the rupee continued to be divided along the old pattern of quarters. But with the introduction of the decimal system on April 1st, 1957, the rupee became equivalent to 100 paisa.
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