HISTORY OF THE CURRENCY OF SRI LANKA

Beginning of the Currency...

Barter System 

A barter system is an old method of exchange. This system has been used for centuries and long before money was invented. People exchanged services and goods for other services and goods in return. The necessity of the currency was mainly occurred due to the disadvantages of this barter system. 

Disadvantages of Barter System

• Double Coincidence of Wants
• Absence of Common Measure of Value
• Lack of Divisibility
• The Problem of Storing Wealth
• Difficulty of Deferred Payments
• Problem of Transportation

Due to these reasons people who were live in the past had to find a alternative to overcome this advantages. As a result, Currency was introduced to the world.

Let's see the Currency-used in Sri Lanka... 

Sri Lanka is a country that has a long history as well as its History of the currency also very long history. So Sri Lanka’s currency-used can be divided into following periods.

1.      Anuradhapura Era

Kahapana , Swastika coins, Maneless Lion coins, Lakshmi Plaques, Kahavanu or Lankeshvara coin, Foreign Coins.    

 2.      Polonnaruwa to Kotte Era

Massa Coins, Dambadeni Coins / Coins of the Middle Ages, Lion Coins, Cetu Coins

3.    Kandy Era

Angutu Massa/Koku Coins/ Laarin, Dambadeni kasi, Salli, Indian ‘Waragama’, Tuttu, Panama, Tangama

4.      Colonial Era

Even though we divided Sri Lanka’s past into eras such as Anuradhapura, Polonnaruwa and Kandy; in all those eras, the entirety of Sri Lanka was never governed by one King. In different instances, the island was invaded by foreign powers. As a result, Sri Lanka was colonized by the Portuguese, the Dutch and the English respectively.

Coins used in Portuguese period: 

Saint type coins – Gold, Malakka – Silver, Ginimassa – Silver, Panam (Gold/Silver), Gold Pagodi.

Coins used in Dutch period: 

Rix Dollar, Coin From Zeeland, Duits, Coins from Utrecht, Coins from Guilderland, Stuivers.

Coins used in British period:

Tharaka Pagodi, British Stuiver, Rix Dollar, Rupee (Indian Rupee), Duits, Farthing, Fanams, Half Rupee, Quarter Rupee.

5.      Post-Independence Period since Establishment of the Central Bank of Ceylon

The notes issued by the British were used in Ceylon up to 1951 and the coins were used up to 1963. The first Sri Lankan coin series was introduced in 1963. 

·         One cent (aluminium)

·         Five cents (brass)

·         Ten cents (brass)

·         Twenty-five cents (copper / nickel)

·         Fifty cents (copper / nickel)

·         One rupee (copper / nickel)

Rupees 5 (nickel / brass) and Rupees 2 (copper / nickel) circulation coins were introduced in 1984 instead of the five rupee and two rupee notes. 

Coins & Notes which are using present...

Current Note Series (Eleventh Note Series) 

                    Rs.20 Note

                    Rs.50 Note

                    Rs. 100 Note

                    Rs. 500 Note

                    Rs. 1000 Note

                    Rs. 5000

Coins in Circulation

                    Rs. 10

                    Rs. 5

                    Rs. 2

                    Rs. 1

                    50 Cents

                    25 Cents

                    10 Cents

                    5 Cents

                    2 Cents

                    1 Cents