Evolution of currency has passed through different phases. Chief among them are barter system, usage of coins, then paper currency and now the world is moving towards cashless economy. Pakistan started using coins and paper currency since its inception. Pakistani currency is known as rupiya/ rupee.
Rupiya is a Sanskrit word which means wrought silver/ a coin of silver. Pakistan’s first coin was issued in 1948 depicting crescent and star, until then and even for later some time Pakistan used Indian currency with some modifications including Pakistani stamp.
The first coin was made of nickel and designed by Brandley. The earlier coins used Toughra, a calligraphic monogram, which stated Hukumat-e-Pakistan (Government of Pakistan) in Urdu.
The government of Pakistan issued currency based on the traditional rupees, annas and pice of the sub-continent. Pakistan introduced decimal coinage on Jan 01, 1961, in line with the global decimal systems. This decimal coinage was based on rupee with division into paisas.
1, 5 and 10-paisa coins were issued in 1961, followed by 25 and 50 paisa coins in 1963. One Rupee coin was issued in 1977 on Dr. Allama Muhammad Iqbal’s 100th Birth Anniversary. Rs 2, Rs 5 and Rs 10 coins were issued in 1998, 2002 and 2016 respectively.
One Rupee = 16 Anna = 64 Pice = 192 Pie
First Generation of Banknotes
On Mar 01, 1949, the State Bank of Pakistan (SBP) issued its first generation of banknotes, initially in Rs2 denomination, printed by Bradbury Wilkinson and company. These notes were signed by first governor of the SBP Zahid Hussain. These notes were printed in three languages — English, Urdu and Bengali — and incorporated security features like a crescent moon watermark and security thread.
In this generation, Rs5 and Rs10 notes were printed by Thomas De La Rue & Company and issued in 1951. In 1953, Rs100 note, printed by Thomas De La Rue & Company and Pakistan Security Printing Corporation, was issued. All three denominations contained a watermark and security thread running through the note.
Here are some pictures of the coins issued in 1948: