The History and Features of Pakistani Money
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SBP’S TWEET ABOUT THE ISSUANCE OF THE ALL-NEW 75 RUPEES NOTE
The SBP’s official tweet states that all of its Banking Services Corporation (BSC) locations across the nation now accept the PKR 75 note for use by the general population. The second commemorative currency note in the nation’s history was released by the central bank following the introduction of the first, a 50-rupee note, in 1997 to mark the nation’s 50th anniversary of independence.
Depiction and colour
The currency note’s primary colour is emerald green, but some of its components also include light green, white, and grey tones, as shown in the video up top. The images of Sir Syed Ahmad Khan, Mohtarma Fatima Jinnah, Quaid-e-Azam Muhammad Ali Jinnah, and Allama Muhammad Iqbal are on the front side of the note (from left to right).
The image of Markhor on the note’s reverse highlights the significance of environmental preservation. The commemorative currency note, which was unveiled on August 14, 2022, is currently circulating online and drawing varied reviews from internet users.
HISTORY OF PAKISTANI CURRENCY
Official Currency Name
The official currency of Pakistan is the rupee. The State Bank of Pakistan, the nation’s central bank, has authority over currency issuance. The rupee is most frequently represented by the letter Rs, which is written on receipts for products and services.
The rupee is also known as “rupees,” “rupaya,” or “rupaye” in Pakistan. As is customary in Pakistani English, huge amounts of rupees are expressed in terms of thousands, lakhs (100,000), crores (10,000,000), one Arab (1,000,000,000,000), and one Kharab (100 billion).
Wordly meaning
The word “rpiya” comes from the Sanskrit word “rpya,” which means “worked silver, a coin of silver,” and which was originally an adjective with the meaning “shapely” and later took on the meaning “stamped, impressed,” from whence the word “coin” was formed. It comes from the term rpa, which means “form, likeness, or image.” The Sher Shah Suri currency, introduced between 1540 and 1545 CE, was referred to as “rpaya.”
After the British Raj was abolished in 1947, the Pakistani rupee entered circulation in that country. Pakistan initially used British Indian currency that was merely over stamped with the word “Pakistan.” In 1948, brand-new coins and banknotes were released. It was initially divided into 16 annas, each of 4 or 12 pie, just like the Indian rupee. On January 1st, 1961, the currency underwent decimalization, dividing the rupee into 100 pence, which was afterwards renamed (in English) paise (singular paisa). Paise-denominated coins, however, have not been produced since 1994.
Coins
Coins with the following denominations were issued in 1948: 1 pice, 12, 1 and 2 annas, 14, 12 and 1 rupee. In 1951, 1 pie coins were added. Coins for 1, 5, and 10 cents were first released in 1961, and 1 paisa, 5 cents, and 10 paise coins were released later that same year. Two-paise coins were launched in 1964 after the introduction of the 10- and 25-paise coins in 1963. In 1979, 1 rupee coins were once again issued, then 2 rupees in 1998, and 5 rupees in 2002. The last 2 paise coin was produced in 1976, while the last 1 paisa coin was produced in 1979. Production of the 5, 10, 25 and 50 paise all ended in 1996. Two types of 2 rupee coins exist; the majority feature clouds in the sky.
Currency changes
The new designs were released by the State Bank of Pakistan (SBP) in order to enhance the bank notes’ security, toughness, and aesthetic appeal. Since November 30, 2016, no bank will accept old-style banknotes.
The older-style 10, 50, 100, and 1000 rupee notes are affected by this. It is important to note that SBP will continue to accept these notes until December 31, 2021, despite the fact that other banks have stopped doing so as of November 30th, 2016.
Here are some examples of previous currency that has been phased out as of December 2016.
You are quite unlikely to still have old bank notes around, and it is difficult to find them in normal transactions.
In 2008, new designs for the rupees 5, 10, 20, 50, 100, 500, 1000, and 5000 were released. Since then, a 5 rupee coin has gradually taken the place of the 5 rupee note. The new 5 rupee coin, which is composed of copper, nickel, and zinc and has a golden tint and smaller size and weight, was introduced by the Pakistani government on October 15, 2015. Additionally, it is smaller than the previous coin.
A Rs. 10 coin entered circulation in 2016. The already-issued 10 rupee coin will shortly replace the 10 rupee note. It is smaller than the previous coin as well.
Generally speaking, coins are more difficult to trace down than cash. Some people believe that the new coins would actually support the devaluation of the currency because the notes are somewhat easier to see. The coin will last longer and be more difficult to counterfeit than the note.
You still have until December 31, 2021, at State Bank of Pakistan, to replace your old notes if you neglect to exchange them before the deadline.
PAKISTAN CURRENCY MUSEUM, KARACHI
In one of its oldest structures in Karachi, close to its head office, the State Bank of Pakistan has established the nation’s first currency museum for anyone who are interested in learning more about the history of Pakistani money. The museum, which situated on I. I. Chundrigar Road, is home to a wealth of information about financial history. Old coins and banknotes are also on show. There are six galleries in the museum:
- History of State Bank of Pakistan
- Coins Gallery – I & II
- Currency Gallery
- SBP Governors
- Art Gallery
- Stamp Gallery
