A Brief History of the Currency of Sri Lanka

Kahapana - Earliest Coinage

The earliest coins in Sri Lanka are known as kahapanas or puranas. These are flat  pieces of silver cut from sheets or thin bars and trimmed to the correct weight and then stamped with various punch marks. They can be round, rectangular, square or multi-sided. Their weight had been adjusted by clipping the corners. The metal of the Kahapana has been found mostly to be silver. 

Kahapana Plaques

Swastika coins

These are rare and ancient Buddhist themed copper coins.It is a small Copper coin.On one side of the coin, there is an image of a walking tusker, a stupa drawn using three half moons, a swastika and a Bo tree with three branches inscribed in a square. On the flipside, there is a swastika, a trident and a stupa. However, when considering the coin as a unit of currency, it is probable that it was in the same category as a ‘Kahapana’.

Tusker and Swasthika Coin

Bodhi Tree and Swasthika Coin

Maneless Lion coins

This is a Copper coin. On one side, there is an image of a lion. On the other side, there are three or sometimes four dots. It is likely that these dots indicate the value of the coin.

Maneless Lion coins 

Lakshmi Plaques

Coins with a female figure carved into the face. These coins were produced in two ways: the coins were either plated or engraved pieces of Copper. They also came in different sizes. The plated kind were 1 ¼ inches in length and ½ inch in width.

Lakshmi Plaques

Kahavanu or Lankeshvara coin

These coins were either gold or gold-plated. They were distinguishable in terms of value as ‘Kahawanu’, ‘Ada Kahawanu’, ‘De Aka’ and ‘Aka’. On the face of the coin there is a human figure standing on a lotus stem.

Kahavanu

Roman Coins

Several types of Copper Roman coins were used in Sri Lanka. These coins were minted in Rome. The fact that these coins were found all over Sri Lanka.

Chinese Coins

These coins are made of Copper or Copper-rich alloys. Coins minted in different eras are different in size as well. There are no markings or images on the flipside of the coin.

Massa Coins

King Vijayabahu I added his name to the face of the coin. This coin was known as ‘Massa’. 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

Dambadeni Coins / Coins of the Middle Ages

The ‘Dambadeni Massa’ coin is in fact the same as the Massa minted in the Polonnaruwa era. It is also known as the ‘Sinhala Massa’.

Lion Coins

There is an image of a lion to the right of the human figure that appears on the face of the coin. These coins are known as ‘Lion coins’.

Cetu Coins

This coin is a close imitation of the Dambadeni Massa. There is an image of a cow on one side and a standing figure (similar to that on the Dambadeni Massa) on the other. This coin is made of Copper.

Coins used in Portuguese Period

• Saint type coins (St. Thome) - Gold

This series of coins bear the Portuguese Coat of Arms on one side (with GA imprinted on either side) and an image of a Saint on the flipside.

• Tanga

• Malakka – Silver

The Portugal Coat of Arms appears on one side of the Malacca coin. On either side of the seal the letters AM, MA or DM can be seen. AM is the abbreviation for Asian Malacca. Similarly, MA and DM are abbreviations for Malacca and De Malacca respectively.

• Cruzado

• Ginimassa – Silver

The coin ‘Gini Maessa’ is commonly known as ‘Gini Massa’. There is an inscription of a gridiron on its flipside. Therefore, this coin should be known as “Gini Maessa” which means gridiron in Sinhala.

• Cakram

• Panam (Gold/Silver)

• Laarins

• Gold Pagodi

Coins used in Dutch Period

• Rix Dollar 

• Duits

The coin that was most commonly used in transactions of this period is the Duit. This is a type of very small Copper coin.

• Coins from Zeeland

• Hollandaise coins

• Coins from Utrecht
• Coins from West freaseland

• Coins from Guilderland Stuivers

The first Bank Note

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. Afterwards, notes of 1,2,3,4,5,10 Pathaga were also printed.

Banknote equivalent to one 'Pathaga'

Coins used in British Period

• Tharaka Pagodi
• Farthing  
• British Stuiver
• Fanams
• Rix Dollar (Silver coin - 1825)
• Half Rupee
• Rupee (Indian Rupee)
• Quarter Rupee

Duits

There are two types of coins the English used for transactions in Sri Lanka. The first was a gold coin minted in Madras known as ‘Tharaka Pagodi’ or the Star Pagodi.The second type of coin was a Copper one.‘United East India Company’ was printed on one side with the year it was issued. The Royal Coat of Arms and the value of the coin could be seen on the other side of the coin.They also issued Thuttu coins in 1801.

During the British period, notes were issued by three authorities

1. Notes Issued by the General Treasury (1827 – 1855) - Pound Notes
2. Notes issued by the Private Banks, namely, (1844 – 1884) 

     The Oriental Bank Corporation 

     The Chartered Mercantile Bank of India, London and China. 

     Hong Kong and Shanghai Banking Corporation 

     Asiatic Banking Corporation 

    

  3. Notes issued by the Board of Commissioners of Currency (Under Government of Ceylon) (1884 – 1950) 

      The Board of Commissioners consisted of 

          The Treasurer 

          Colonial Secretary 

          Auditor General

Post Independence Period Since Establishment of the Central Bank of Ceylon

Coins issued by the Central Bank of Ceylon

The notes issued by the British were used in Ceylon up to1951 and the coions were used up to 1963. The first Sri Lankan coin series was introduced in 1963. The Emblem of Ceylon was introduced in the observe of this coin series. This series consisted of coins in the denominations of; 

One cent (aluminium)
Two cents (aluminium)
Five cents (brass)
Ten cents (brass)
Twenty-five cents (copper / nickel)
Fifty cents (copper / nickel)
One rupee (copper / nickel)
Rupees 5 (nickel / brass) and Rupees 2 (copper / nickel) circulation coins were introduced in 1984 instead of the five rupee and two rupee notes.

In 2005, the Central Bank issued a new series of circulation coins of Rs.5 and Rs.2 by changing their weight and alloy, while Re. 1, Cts 50 and Cts.25 coins were issued by changing the size, alloy, weight and colour.  These new coins are circulating along with the previous issued coins.

Eleven series of currency notes issued by the Central Bank of Sri Lanka since 1950 are as follows;

1. King George VI series -  1951
2. Queen Elizabeth II series - 1952
3. Armorial Ensign of Ceylon series - 1956
4. S W R D Bandaranaike Portrait series - 1962
5. King Parakramabahu the Great series - 1965
6. Armorial Ensign of Sri Lanka series - 1975
7. Fauna and Flora Series - 1979
8. Historical and Archaeological series - 1981
9. Historical and Development series - 1987
10. Sri Lanka Heritage series - 1991/2005
11. Development, Prosperity and Sri Lankan Dancers series - 2011