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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 def ...
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 List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
until 1947. It was the smallest currency unit, equal to of a paisa
Paisa (also transliterated as ''pice'', ''pesa'', ''poysha'', ''poisha'' and ''baisa'') is a monetary unit in several countries. The word is also a generalised idiom for money and wealth. In India, Nepal, and Pakistan, the ''Paisa'' currently equa ...
, of an anna
Anna may refer to:
People Surname and given name
* Anna (name)
Mononym
* Anna the Prophetess, in the Gospel of Luke
* Anna (wife of Artabasdos) (fl. 715–773)
* Anna (daughter of Boris I) (9th–10th century)
* Anna (Anisia) (fl. 1218 to 1221)
...
or of a rupee
Rupee is the common name for the currencies of
India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...
. 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, ocean, marine Gastropoda, gastropod Mollusca, mollusks in the family Cypraeidae, the cowries.
The term ''porcelain'' derives from the old Italian language, Italia ...
.
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 reductio ...
.Until 1966, India was a member of the sterling area
The sterling area (or sterling bloc, legally scheduled territories) was a group of countries that either pegged their currencies to sterling, or actually used sterling as their own currency.
The area began to appear informally during the ear ...
, 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 t ...
and having a value of 1s 6d, or 18 (old) pence; a pie was therefore worth 0.09 old pence
A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is th ...
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
A pie is a baked dish which is usually made of a pastry dough casing that contains a filling of various sweet or savoury ingredients. Sweet pies may be filled with fruit (as in an apple pie), nuts ( pecan pie), brown sugar ( sugar pie), swe ...
Historical currencies of India
{{India-hist-stub