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A pie (abbreviated as Ps) was a unit of
Rs 1/8/3 = Rs 1.546
Rs 1/4 = Rs 1.25
A pie (abbreviated as Ps) was a unit of currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general ...
in India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, Burma
Myanmar, ; UK pronunciations: US pronunciations incl. . Note: Wikipedia's IPA conventions require indicating /r/ even in British English although only some British English speakers pronounce r at the end of syllables. As John Wells explai ...
and Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...
until 1947. It was the smallest currency unit, equal to of a paisa, of an anna or of a rupee. During the mid-nineteenth century, one pie was worth 12 cowry
Cowrie or cowry () is the common name for a group of small to large sea snails, marine gastropod mollusks in the family Cypraeidae, the cowries.
The term ''porcelain'' derives from the old Italian term for the cowrie shell (''porcellana'') d ...
.
Minting of the pie ended in 1942, though it remained in circulation for a further five years. The pie was demonetised in 1947 as it had become practically worthless due to inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduct ...
.Until 1966, India was a member of the sterling area, with the rupee pegged to the British pound sterling
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and ...
and having a value of 1s 6d, or 18 (old) pence; a pie was therefore worth 0.09 old pence in 1947. In 1947, however, a single old penny had an estimated purchasing power of 14 new pence (in 2014 values). Therefore, a pie had a value of 1.3 pence in 2014. (Schedule of Par Values, Currencies of Metropolitan Areas, ''The Statesman's Year Book 1947,'' pg xxiii, Macmillan & Co.; measuringworth.com/ppoweruk/)
Notation
The first number is the number of rupees, the second is the number of annas (1/16), the third is the number of paise (1/64), and the fourth is the number of pies (1/192). Examples are below. Rs 1/15/3/2 = Rs 1.9947Rs 1/8/3 = Rs 1.546
Rs 1/4 = Rs 1.25
Notes
References
Pie Historical currencies of India {{India-hist-stub