Currency - Sri Lankan rupee

Currency  >  Sri Lankan rupee

Sri Lankan rupee

Rs රු or ரூ
The rupee (රුපියල්, ரூபாய்) (signs: රු, ரூ, Rs; code: LKR) is the currency of Sri Lanka, divided into 100 cents. It is issued by the Central Bank of Sri Lanka. The abbreviation is generally Rs., but "LKR" is occasionally used to distinguish it from other currencies also called rupee.

The British pound became Ceylon's official money of account in 1825, replacing the Ceylonese rixdollar at a rate of 1 pound = 1 1⁄3 rixdollars, and British silver coin was made legal tender. Treasury notes denominated in pounds were issued in 1827, replacing the earlier rixdollar notes. Rixdollar notes not presented for exchange were demonetized in June 1831.

The Indian rupee was made Ceylon's standard coin on 26 September 1836, and Ceylon reverted to the Indian currency area. Pound-denominated treasury notes continued to circulate after 1836, along with the rupee. The legal currency remained British silver and accounts were kept in pounds, shillings and pence. However, payments were made in rupees and annas at the "fictitious par" (fixed accounting rate) of 2 shillings per rupee (i.e., 1 pound = 10 rupees).

The Bank of Ceylon was the first private bank to issue banknotes on the island (1844) and Treasury notes were withdrawn in 1856.

The Indian rupee was formally established as the unlimited legal tender 18 June 1869. The rupee was decimalized 23 August 1871. Thus, the rupee of 100 cents became Ceylon's money of account and sole legal tender effective 1 January 1872, replacing British currency at a rate of 1 rupee = 2 shillings 3 pence.

In 1872, copper 1⁄4, 1⁄2, 1 and 5 cents coins dated 1870 were introduced, followed in 1892 by silver 10, 25 and 50 cents. Production of the 1⁄4 cent ceased in 1904. The large, copper 5 cents coin was replaced in 1909 by a much smaller cupro-nickel coin which was square with rounded corners. In 1919, the fineness of silver used was reduced from .800 to .550.

Between 1940 and 1944, a wholesale change in the coinage was carried out. Production of the 1⁄2 cent ceased in 1940, with bronze 1 cent introduced in 1942 with reduced weight and thickness. Nickel-brass replaced cupro-nickel in the 5 cents in the same year and replaced silver in the 25 and 50 cents in 1943. In 1944, nickel-brass, scalloped shaped 2 and 10 cents coins were introduced. The scalloped 10 cents coin replaced the silver 10 cents coin. Later 2 cent coins issued in 1957 were the only coins from this period to ever depict Queen Elizabeth II. Coins with the portrait of King George VI continued to be issued despite his death. In 1957, cupro-nickel 1 rupee coins and .925 silver 5 rupee coins commemorating 2500 years of Buddhism were issued.

In 1963, a new coinage was introduced which omitted the British monarch's portrait, depicting instead The Armorial ensign of Ceylon. Coins issued were aluminium 1 and 2 cents, nickel brass 5 and 10 cents and cupro-nickel 25 and 50 cents and 1 rupee. These coins had the same shapes and sizes of the previous series but were composed of different materials. In 1976, commemorative seven-sided 2 rupee and ten-sided 5 rupee coins were introduced in limited numbers. In 1978, devaluation prompted aluminum to be the replacement of nickel-brass in the 5 and 10 cents, while shortly after 1 and 2 cents were discontinued. Cupro-nickel 2 rupees and aluminium-bronze 5 rupees coins were introduced in 1984 fully replacing the corresponding banknotes. In 1987, commemorative 10 rupees were released which like the 5 cent coin was square with round edges. In 1998 a bimetallic commemorative 10 rupee coin was released. Like earlier forerunner rupee denominations, these were again only issued in limited supply, not intended to replace the corresponding banknotes.

The obverse of the coins issued since 1972 carry the Armorial Ensign of the Republic of Sri Lanka. The reverse of the coin the value in numerals and in Sinhala, Tamil and English below and year of issue at the bottom with SRI LANKA in Sinhala on top. On 14 December 2005, the Sri Lanka central bank issued a new series of coins in the denominations of 25 and 50 cents, 1, 2 and 5 Rupees. The lower denominations of 1, 2, 5 and 10 cents, although legal tender, are not seen in circulation and not in general issued by banks. Furthermore, the minting of these denominations has been discontinued due to associated costs of production and lack of commercial demand.

The observe and reverse designs of the new coins remained identical to the existing circulating coins of the same denominations. However their weights and compositions have been changed to smaller sizes and electroplated steel as opposed to a solid alloy for easier identification purposes and to save on production expense.

Country

Sri Lanka

Sri Lanka (, ; ශ්‍රී ලංකා '; இலங்கை Ilaṅkai), officially the Democratic Socialist Republic of Sri Lanka''', is an island country in South Asia, located in the Indian Ocean to the southwest of the Bay of Bengal and to the southeast of the Arabian Sea. The island is historically and culturally intertwined with the Indian subcontinent, but is geographically separated from the Indian subcontinent by the Gulf of Mannar and the Palk Strait. The legislative capital, Sri Jayawardenepura Kotte, is a suburb of the commercial capital and largest city, Colombo.

Sri Lanka's documented history spans 3,000 years, with evidence of pre-historic human settlements dating back to at least 125,000 years. It has a rich cultural heritage and the first known Buddhist writings of Sri Lanka, the Pāli Canon, date back to the Fourth Buddhist council in 29 BC. Its geographic location and deep harbours made it of great strategic importance from the time of the ancient Silk Road through to the modern Maritime Silk Road.

Language

Sri Lankan rupee (English)  Rupia singalese (Italiano)  Sri Lankaanse roepie (Nederlands)  Roupie srilankaise (Français)  Sri-Lanka-Rupie (Deutsch)  Rupia do Sri Lanka (Português)  Шри-ланкийская рупия (Русский)  Rupia de Sri Lanka (Español)  Rupia lankijska (Polski)  斯里蘭卡盧比 (中文)  Lankesisk rupee (Svenska)  スリランカ・ルピー (日本語)  Рупія Шрі-Ланки (Українська)  Шриланкийска рупия (Български)  스리랑카 루피 (한국어)  Sri Lankan rupia (Suomi)  Rupee Sri Lanka (Bahasa Indonesia)  Šri Lankos rupija (Lietuvių)  Srilankanske rupee (Dansk)  Sri Lanka rupisi (Türkçe)  Шриланчанска рупија (Српски / Srpski)  Srí Lanka-i rúpia (Magyar)  Šrilanska rupija (Hrvatski)  Rupee Sri Lanka (Tiếng Việt) 
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