Hyderabad rupee
The Hyderabad rupee (HRp.) Was a currency in circulation in the Indian princely state of the same name until 1953 , the silver content of which - and thus its value - was lower than that of the standardized rupee (Rp) circulating in British India . The exchange rate of this independent currency was pegged to the Indian rupee after strong fluctuations between 1900-02 at a ratio of 116/10/8 for 100, corresponding to the difference in silver content (HR: 818/1000, British: 11/12 fine). So there were 13 Anna 9 pies British for one HR . The exchange rate was allowed to fluctuate between 115/10/0 and 118/12/0, in fact it fluctuated in general traffic between 114 and 119. The approximate conversion ratio 7 to 6 was used for everyday business.
After the final conquest of Hyderabad by troops of the Indian Union in 1948, the Indian rupee became the sole currency in this state in 1953.
Coins
Little is known about the manufacture of the coins under the first two nizams . Handcrafted rupees were probably made in Delhi by order and design of the Mughal emperor. The third of the Asaf Jah III dynasty . (r. 1803–1829) was the first to have its own mark and year of reign affixed to the minted Sikkah rupees , locally called Barkati Sicca or Lakshmi Sicca in Urdu . His successors continued this practice.
After the founding of the state, the monetary system was comparatively unorganized, the finances were transferred from the divan to bankers ( sahukar ) selected , who also controlled the production of coins. The first reforms of the Diwan Salar Jung I began in 1853 . For 1856 eight state mints and 16 as fiefs operated by Jagirs are still recorded , which were abolished in the course of time. The more important, apart from Hyderabad (mint mark Persian S) where the term Farkhanda Bunyad (mint mark Persian M, from 1803) was used, were Amarvati (around 1824/25), Khujista Bunyas in Aurangabad (around 1762-1822) and Daulatabad .
After the Sepoy uprising , the reference to the Mughal was removed from the new rupees , now called Halli Sicca . Their weight was set at 11 masha, corresponding to 172.5 grain Troy and 818.1 / 1000 fine weight . A first state bank was founded in 1868. Until 1893, as in all of India, anyone could supply the corresponding coinage metal from it in state mints and have it minted free of charge. Especially the coins minted by the jagirs deteriorated noticeably. The period from the late 1870s to 1896 was a time when the value of the silver-based rupee fell against the gold standard that has become common worldwide .
The first attempts to mint by machine were made in Hyderabad in 1894-96, but the production remained purely manual work until 1900, which made forgeries and especially forgeries easier. Without the latter, however, there would probably have been a cash shortage. The first series machine - now Charminar - (after the monument on the back) and Charki welcomed -Rupien - minted coins in 1901 was that they were melted down by the Government of India of such poor quality. It was not until the State Finance Minister Casson Walker ( ICS ) that it was possible to produce high quality coins from 1903/4 onwards - in a specially built mint in Saifabad . Denominations of ½, ¼ and one eighth HR. were pronounced.
The finances - and thus the coinage - of Hyderabad, which were completely shattered by the famines in 1897 and 1899–1901, were largely reformed from 1903 onwards, a process that was concluded with the Currency Act 1911. The state finances of the Nizam, which restricted itself in its autocratic form of government relatively late, were reorganized under the finance ministers Sir Richard Glancy (until 1919) and Sir Akbar Hydari (1937-41).
The coins minted after the enthronement of Osmani Ali Khan (r. 1911–48, † 1967) were called Osmania Sicca (initial: 'Ain). A second series with minor changes in the appearance of the coins was made from 1942 onwards.
Small change made of copper or bronze, the paisa was initially irregularly elongated (called: dub ). Round ½ annas were also made of copper. From 1903 round, machine-minted coins in denominations of 1 (until 1911), 2 and 6 pie were issued. The coins from 2 to 8 Anna (5.589 g fine) contained 818/1000 silver. In the same year, the value of 1 Anna was first produced in the form of nickel coins. These first, round ones, were soon replaced by rounded square ones because of the risk of confusion with the ¼ HR coin of the same size.
Gold coins, the Asharafi based on the pattern of the kings of Oudh , were not legal tender, but were intended as an investment, for jewelry production or medals. They were minted in Hyderabad only during the rule of the last two nizam. There are denominations of 1/16 (0.698 g), 1/8 (1.3970 g), ¼ (2.794 g), ½ (5.59 g), and whole pieces (11.87 g), all of which The inscription "Asaf Jah, Nizam-al-Mulk, founder of the Nizami family" and the Persian mintmark "M" for the mint mahboob.
In the 19th century, mohure in denominations between 1/16 and 1 (10.7–11.4 g) was also beaten in Hyderabad .
Vassals of the Nizam, the jagir mentioned, minted rupees and the like. a. in Aurangabad (the so-called Toka -Cash, around 1830), Kalayan (= Kallian, 1811–36), Dilshadabad (= Nayaranpett, 1772–87) and Wanparti (mint: Nasirabad, only ¼ HR 1819). Only small change was minted in Elichpur (approx. 1830–50) and Shorapur (1845/46).
Private coins in the 19th century by the banker Pestonji Meherji from Bombay (1829–57) have been documented, whether there were any more is unclear.
Banknotes
First banknotes, 10 and 100 HR., Were issued under the provisions of the Paper Currency Act (1918). However, there are already notes with a date from previous years. The year was initially given according to the Fasli calendar; the Christian date has been used since 1938. The first 1-HR notes, from 1919, were unpopular because of their black color and were soon replaced. Two thirds of the notes issued had to be covered by metal.
The banknotes were printed in London by the Waterlow company until 1925 without signatures. The numbers were multilingual, the rest of the text in Urdu . The signatures were printed on site. A total of 15 different series were issued, which differ in the signatures. Notes of 1, 5, 10 and 100 HRs were issued, but not all values in each of the series. A 1000 HRs.-note was first issued in 1929/30. The ship SS Egypt sank near Ushant (near Brest ) in 1922 with notes printed in England in the denominations of 5, 10 and 100 HRs. Some of the damaged notes recovered were stamped and sold in 1932 for collector's purposes. Since 1936 the production of the 1 and 5 HR.-notes took place at the company Security Press in Nasik , a task which the printing works of the central prison of Hyderabad took over soon afterwards.
Central bank
Seven years after the establishment of the Reserve Bank of India , the Hyderabad State Bank (law of August 8, 1941) began its operations as a reserve central bank at the beginning of the financial year on April 5, 1942, with no rediscount for commercial banks being offered. The share capital of 7½ million HRs. 51% was owned by the state, the rest was given to private investors who were guaranteed a 3% dividend. The Currency Department was designed as a state and central bank , while the Banking Department was responsible for ordinary banking transactions. The total assets, including reserve funds, of the Currency Department at the end of the founding year amounted to HRs 230 million.
literature
- Chenoy, PB; Rare Hyderabad Coins; [American] Numismatist, July 1970, p. 945
- Gupta, PL; Coins; New Delhi 2000, ISBN 81-237-1887-X
- Iyengar, S. Kesava; Central Banking in Hyderabad; Economic Journal, Vol. 53, No. 210/211 (Jun-Sep, 1943), pp. 274-280.
- Leonard, Karen; Banking Firms in Nineteenth-Century Hyderabad Politics; Modern Asian Studies, Vol. 15, No. 2 (1981), pp. 177-201.
Individual evidence
- ↑ The state comprised about 1/15 of India, its share in the total population was about 5% (1931 approx. 16 million), the state income of £ 160 million was higher than that of Ireland. Although over 84% of the population were Hindu, it was considered a "Muslim" state. Kooiman, Dick; The Nizam's Last Victory: Hyderabad on Eve of Second World War; Economic and Political Weekly, Vol. 33, No. 12 (Mar. 21-27, 1998), pp. 645-660
- ↑ In office from 1853 until his death in 1883. 1871-77 he skillfully manipulated the bookkeeping so that the tributes to the British were lower. Leonard (1981), p. 196
- ↑ a b Chenoy (1970)
- ↑ a b Iyengar (1943)
- ↑ complete Lt.-Gen. HEH Asaf Jah Muzaffar-ul-Mamalik Nizam-ul-Mulk Nizam-ud-Daula Nawab Mir Sir OSMAN ALI KHAN Bahadur Fath Jang ASAF JAH VII
- ↑ Standard Catalog of World Coins: 1801-1900; Iola Wisc. sn [approx. 1996], ISBN 0-87341-427-6
- ^ Krause, Mishler, Colin: 2003 Standard Catalog of World Coins: 1901-Present; Iola Wisc. 2002, ISBN 0-87349-401-6 .
- ↑ ? 1926, Chenoy, p. 959