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Charles Canning, 1st Earl Canning first introduced paper currency in Indian subcontinent in 1861 officially. India has a rich tradition of financial instruments and hundi. In the modern sense, paper currency was introduced in India in the last half of the eighteenth century when private and semi-public banks began to introduce currency.
The Revised Standard Reference Guide to Indian Paper Money’’ includes high resolution colour images of notes from Semi-Government and Presidency Banks, which functioned until 1861. The Government of India ( British Raj ) then undertook the issue of banknotes in 1861, and that is when all Early, Private, and Presidency Banks’ currency ...
Just a few years before the Independence of India, the Reserve Bank of India Act, 1934 was passed which effectively repealed The Paper Currency Act, 1861. From now onwards, the Reserve Bank of India became the sole issuer of banknotes in India. [4]
Before the Civil War, the United States used gold and silver coins as its official currency. Paper currency in the form of banknotes was issued by privately owned banks, the notes being redeemable for specie at the bank's office. Such notes had value only if the bank could be counted on to redeem them; if a bank failed, its notes became worthless.
A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money other than the currently issued Federal Reserve Note.
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The Paper Currency Act,1861 gave the Government the monopoly of note issue throughout the vast expanse of British India, which was a considerable task. Eventually, the management of paper currency was entrusted to the Mint Masters, the Accountant Generals and the Controller of Currency.
This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts. [5] The oldest surviving bill bears the date "February 3, 1690" [6] and was for 20 Massachusetts shillings, equivalent to one pound ...