A Glimpse into India's Market Prices- Updated 12-Feb-2025

 

Image courtesy: Indian Express Archives-1935

Silver Price Range: Rs. 56-8 to Rs. 56-15 per kilogram.
Gold Price Range: Rs. 42-5-3 to Rs. 42-8-3 per 10 grams.
Wheat Price: Rs. 4-4-6 to Rs. 4-5-9 per maund (37.3 kg).
Groundnuts Price: Rs. 40-7-6 per maund (37.3 kg).

Image courtesy: Indian Express Archives-1940

Image courtesy: Illustrated Weekly 1936

Currency Hierarchy in 1940s India

During the pre-independence era, the currency system in India followed a unique structure under British rule:

1. 1 Rupee = 16 Annas
   The rupee was divided into 16 parts, called "annas." Each anna could be further divided into smaller units.

2. 1 Anna = 4 Paisa
   An anna was split into four paisa, which were the smallest units in circulation.

3. 1 Paisa = 3 Pies
   The pie was the smallest denomination and was rarely used in significant transactions.

The format used to indicate prices, such as Rs. 56-8, represents:

• 56 Rupees and 8 Annas, where "8 annas" equals half a rupee.

Thus, Rs. 56-8 would mean Rs. 56.50, and Rs. 40-7-6 would translate to Rs. 40.46.