The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world, along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen. The term is from rūpya, a Sanskrit term for silver coin, from Sanskrit rūpa, beautiful form. During the Mughal Empire, ruler Akbar created the agricultural tax system which became the foundation of Mughal wealth. The taxes were paid in regulated silver currency – Mughals adopted and standardized the rupee (silver) and dam (copper).

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