Top 10 oldest currencies still in circulation today—Know the history of Indian Rupees (INR)

In contrast to traditional markets, the forex market operates without a centralised location and lacks oversight from any single government authority.

Despite being widely used, the value and purchasing power of these currencies can vary significantly.

There are approximately 180 different global currencies recognised as legal tender by the United Nations.

While many are familiar with today’s major global currencies, the oldest currencies still in circulation might not be as well known.

The U.S. dollar, despite its widespread acceptance and influence, is not the oldest currency.

Notably, originating in the 12th century during the reign of King Henry II, the British Pound Sterling, the official currency of the United Kingdom and its territories, is the oldest currency and continues to be in circulation today.

Following the British pound, the Serbian dinar and the Russian ruble are some of the oldest currencies still in use today, both introduced in the 13th century.

The world’s top 10 oldest currencies that are still used to date:

Source: Visual Capitalist

The history of Indian Rupee (INR):

The history of the Indian rupee dates back to around the 6th century BCE when ancient Indian kingdoms began issuing coins.

During the Mauryan Empire (322–185 BCE), standardised punch-marked coins were minted, enhancing trade and commerce. These coins were made from metals like silver, gold, and copper, with the first official mention of the term “Rūpyarūpa” appearing during this period.

Silver coin during the Maurya Empire, known as Rūpyarūpa in the 3rd century BC. (Source: Wikipedia Commons)

With the establishment of the British East India Company, the British government introduced paper currency in the 18th century. The Paper Currency Act of 1861 granted the government a monopoly on issuing notes, from the Victoria Portrait series to the King Portrait series.

Currency notes used during the British Raj; George VI profile portrait, RBI, 1937 (source: Wikipedia Commons)

The British continued to control the currency system until India’s independence in 1947. Upon gaining independence, the Indian rupee was adopted as the national currency. The decimal system was introduced in 1957, dividing the rupee into 100 paise.

Later, in October 1987, the rupee 500 note was introduced with the portrait of Mahatma Gandhi. The watermark continued to be the Lion Capital, Ashoka Pillar.

Paper Currency of Republic India; Mahatma Gandhi Series in 1987 (Source: RBI)

New updated ‘Mahatma Gandhi Series,’ introduced in 1996 (Source: RBI)

In November 2016, Prime Minister Modi announced the demonetisation of ₹500 and ₹1000 notes to combat black money and corruption. Following that, a new series and colours of INR notes were launched.

Currently used INR Notes, 2016 onwards (Source: Reddit)

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