2016-01-22 Fri

Did you know that the State of Hyderabad had its separate currency till 1959?

Hyderabad was the only Indian princely state that was permitted to continue issuing its own notes after joining the Indian Federation in 1948 and the Republic of India in 1950. The banknotes of Hyderabad were issued from 1918 until 1953 under the ruling Nizam of Hyderabad, Mir Osman Ali Khan.

Like the Indian rupee, it was divided into 16 annas, each of 12 pai. Coins were issued in copper (later bronze) for denominations of 1 and 2 pai and ½ anna, they were in cupro-nickel (later bronze) for 1 anna and in silver for 2, 4 and 8 annas and 1 rupee.

Notes issued as early as 1916 have been reported. The notes are dated in the Fasli Era and were printed till 1939 by Waterlow & Sons, and then onwards by the Security Press at Nasik. The notes are printed entirely in Urdu and other languages which were current in the state, like Kannada, Telgu and Marathi.

In 1950, the Indian rupee was introduced along with the local currency. In 1951, the Hyderabad rupee ceased to be issued and the Indian rupee became the main circulating currency, although the Hyderabad rupee was not demonetized until 1959.