Denomination
Topic: Money: From Barter to Digital Currency · NCERT: Class 7, Ch 11 "From Barter to Money"
Meaning
A denomination is the face value in which coins and notes are issued, such as ₹1, ₹5 or ₹100. Having many denominations lets people make both small and large payments easily. Coins are used for small values and notes for large values.
- Current coins: 50 paise, ₹1, ₹2, ₹5, ₹10 and ₹20.
- Current notes: ₹10, ₹20, ₹50, ₹100, ₹200 and ₹500.
Example
- The ₹1000 note was demonetised in November 2016.
- The ₹2000 note was introduced in November 2016. On 19 May 2023, RBI announced it would be withdrawn from circulation, but it remains legal tender.
- Before decimalisation on 1 April 1957, the old units were 1 rupee = 16 annas = 64 pice = 192 pies.
Don't confuse with
- Divisibility: divisibility is the property of being split into small parts. Denominations are the actual units that make money divisible.