Take note: Rs 2.8 annas worth Rs 2.5 lakh

[Bimat]

Hi all,
Take a look at this article-a unique banknote with strange denomination (2 Rupees 8 Annas) was sold for 2.5 lakh!!
I saw this banknote in the last coin fair at Pune-really an awesome piece to have!

Aditya

[asm]

Aditya,
A strange denomination, yes. But I believe it was the equivlent of 1 pound in those days. Now it is not a strange denomination, is it?
Amit

[Bimat]

Aditya,
A strange denomination, yes. But I believe it was the equivlent of 1 pound in those days. Now it is not a strange denomination, is it?
Amit

Quite right,Amit.Even the dollar rate at that time was about 3 INR=1 Dollar.This particular note was issued in Madras Circle (If I am not wrong?)

Aditya

[translateltd]

Wouldn't be a pound - more likely a crown (5 shillings) at a guess.

[BC Numismatics]

Martin,
  The Pound Sterling was rated at 15 Rupees,so therefore, 2 Rupees & 8 Annas was worth 5 Shillings.

Aditya & Amit,what does the term 'Lakh' mean,apart from being an Indian traditional unit of measurement?

Aidan.

[asm]

Aidan,
Lakh is the Indian term for 100,000. In india we do not yet follow the universal numbering system of 3 zeroes for change in nomenclature like you have Units, Thousands, Million.... etc. In India we have the first Hundred, then thousand and thereafter Lakh, crore.... One Lakh is 100 thousand and Crore is 100 Lakh.
Amit

[translateltd]

Martin,
  The Pound Sterling was rated at 15 Rupees,so therefore, 2 Rupees & 8 Annas was worth 5 Shillings.

Aditya & Amit,what does the term 'Lakh' mean,apart from being an Indian traditional unit of measurement?

Aidan.

That maths doesn't work - 2.5 rupees (2 rupees 8 annas) is 1/6 of 15 rupees, which would be 1/6 of a pound or 40 pence (3 shillings, 4 pence).  I had it in my mind from somewhere that a rupee was roughly a florin, which would mean Rs 2.5 = 5/-.

[BC Numismatics]

Martin,
  Then why is the Indian 15 Rupees gold coin the same size & fineness as the Indian 1918I 1 Sovereign then? Of course,15 Rupees was equalled to 1 Mohur.

Aidan.

[translateltd]

Martin,
  Then why is the Indian 15 Rupees gold coin the same size & fineness as the Indian 1918I 1 Sovereign then? Of course,15 Rupees was equalled to 1 Mohur.

Aidan.

Not sure of the relevance of this question.  As I said in my previous post, taking 1 pound = 15 rupees: 2.5 rupees (2 rupees 8 annas) is 1/6 of 15 rupees, which would be 1/6 of a pound or 40 pence (3 shillings, 4 pence).

[Harald]

Martin,
  Then why is the Indian 15 Rupees gold coin the same size & fineness as the Indian 1918I 1 Sovereign then? Of course,15 Rupees was equalled to 1 Mohur.

Aidan.

When introduced in 1835 the Indian rupee was equal to 2 shillings sterling. the mohur was nominally equal to 15 rupees, but in a silver currency this was only nominal. the original mohur coins were demonetised by end 1852.

the sovereign was given legal tender status in 1868 at a value of 10¼ rupees (which reflects the weight difference). In 1876 the parity changed to 1 : 10,
which makes it hard to believe that the underrated 1877-1891 mohur issues ever circulated.
the parity was changed further in 1893 to 1 : 15 and in 1920 to 1 : 20.

[source: R. Chalmers: "History of Currency in the British Colonies" and Pridmore]


cheers
--
Harald