Principle of banking

HISTORY OF THE CURRENCY OF SRI LANKA

Sri Lanka is a country that has long history. When studying these history, it is essential to study about the coins. In different eras people use different coins. Because in different period of time Sri Lanka is governed by different nations. Although small in size, a coin has the ability of giving information about the economic and cultural history of our country. We can take evidence about the coin from “vansa katha”, ancient texts and letters as well as in archeological evidence.

Sri Lanka’s currency can be categorize based on following eras.

Anuradhapura era
Polonnaruwa to kotte era
Kandy era
Colonial era
Post-independence period since establishment of the central bank of Ceylon.

0 01. ANURADAPURA ERA

Anuradhapura is the first kingdom of our country. In this era people use following coins.

Kahapana – the earliest unit of currency known in the island is referred to as a kahapana. They

are called puranas in Sanskrit and eldings in English. These kahapana had been in use in Sri Lanka from 3^rd century B.C to 1^st century A.D.

Swasthika coins – apart from the kahapana coins with its many markings, other type of coins were also used during this era. The trusker and swasthika coins are such a coins. It is a small copper coin.

Maneless lion coins – this is also a copper coin. There is an image of lion in one side and other side, there are three or four dotes. It like that these dotes are indicated the value of the coin. These cions can be found from Anuradhapura and northern regions of the island.

Maneless Lion coins

Lakshmi plaques- in the coins face, the goddess Lakshmi is standing on the lotus flower grasping two lotus stems that are protruding from either side of the flower. This coin can be found from Anuradhapura, Jaffna, Mulativu, Chilaw and also thissamaharama.

Lakshmi Plaques

Kahavanu or Lankeshvara coins – A Sinhalese gold coins called as kahavanu. On the face of the coin there is a human figure standing on a lotus stem.

Foreign coins to Anuradhapura - Sri Lanka was a functioning naval base in the past comes from the foreign coins used during the Anuradhapura era. A great number of Greek, Roman, Chinese, Arabic, Indian coins used in international trade were found in Anuradhapura, Mihintale, Sigiriya, Kurunegala, Matara, Akurugoda and Badulla.

Sasanian Shapur Coin

02. PLONNARUWA TO KOTTE ERA

Kings of Chola dynasty that ruled from 1017-1070 A.D issued a “Kahawanu” that was similar to a “Kahawanu” that was minted in the last half of the Anuradhapura era. It was made of copper. A unique characteristic of these coins was that each one bore the name of the king in power at the time of its production. This was the first coin produced in the country that bore the name of the ruler. In this era people use following coins.

Massa coins

In this coins’ face we can see the name of the king who were in that era. The practice of engraving the name of the King on coins continued from the beginning of the Polonnaruwa era until the end of the Dambadeni era.

Massa Coin - 1

03. DABADENI COINS

Lion coins- A special feature can be seen on coins bearing the name of King Parakramabahu VI. There is an image of a lion to the right of the human figure that appears on the face of the coin.

Cetu coins- This coins was issued in the 13th century under the rule of king Aryachakravarthi who ruled in Jaffna. This coins is mostly similar to the Dabadeni mssa coins. This coin is made of Copper. There is an image of a cow on one side and a standing figure on the other.
Lion Coin – Parakramabahu VI

04. KANDY ERA

Kandy was the last capital of the Sinhala monarchy. In this era people used Angutu Massa/Koku Coins/ Laarin, Dambadeni kasi, Salli, Indian ‘Waragama’, Tuttu, Panama, Tangama. By the end of the 16th century, two types of Silver coins ‘Ridi (Massa)’ and ‘Panama’ came into use. In this era “Ran panama” and “Ran masa” are also used. At the same time, the copper coin ‘Salli’ was also used for transactions.

Silver Larin - Waragama Coin

05. COLONIAL ERA

As a result of Sri Lanka was colonized by the Portuguese, the Dutch and the English respectively, we were able to make profits through international trade (via the Silk Road), win praise and maintain our splendid international reputation. Also in this era people used,

COINS USED IN PRUTHUGUESE PERIOD

Malakka - Silver

Ginimassa - Silver

Panam (Gold/Silver)

Gold Pagodi

CONS USED IN DUCH PERIOD

Rix dollar - Duits

from zeeland – Hollandise coins

Coins from Utrecht – coins from west freaseland

Coin from Guilderland – Stuivers

THE FIRST BANK NOTE

The first bank note was introduce by the Dutch in final year of the 1700s. The birth of the bank note took place against backdrop. On March 19, 1785 banknotes equivalent to 25,000 Pathaga were authorized for printing. Sri Lanka’s first series of banknotes was issued on the 10th of May, 1785. The first notes had values equivalent to 50, 100, 500 and 1000 Pathaga.

Banknote equivalent to one 'Pathaga'

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