A seven-foot-wide yap stone (a large stone disc), whale's tooth, cigarettes and salt. What's common? Turns out, they were all used as forms of money!
For anyone with an interest in the history of money — a glimpse of the world before money, its evolution, its many interlinkages with gold, and India's monetary authority, visit the RBI Museum in Kolkata.
A trip to the RBI Museum might just be worth it before one even steps inside. India's monetary authority, the Reserve Bank of India, commenced its operations in 1935 from Kolkata and the heritage structure was its very first home.
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As one walks in, if the guard appears a tad bit surprised, that's because the museum does not appear to be entertaining too many visitors on a daily basis.
Let that not deter you though. Instead, watch out for the pillar decorated with invalid coins from the years gone by.
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Walking in, one first sees a 12-feet sculpture themed around… money of course!
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The Story of Money And Gold
Then begins the learning. What was the world like before money came into being? If you thought that yap stones, whale teeth, cigarettes and salt form an intriguing list, turns out there is more — bullets, boat-shaped money, even money in the shape of a tiger's tongue.
Yap stone (Source: NDTV Profit)
While money and its forms continue to evolve, gold remains a store of value through the ages. From its use as legal tender to how the Indian government airlifted gold as it negotiated its way out of the balance-of-payments crisis, the museum uses storytelling as a medium of financial literacy.
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(Source: NDTV Profit)
(Source: NDTV Profit)
The Reserve Bank of India's Genesis: A Timeline
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March 1934: The RBI commences operations
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August 1935: The Government of India Act, 1935
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January 1938: First RBI Bank notes issued
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January 1946: Demonetisation of high-value bank notes
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January 1949: Banking Regulation Act comes into force
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Gradually Moving Towards Markets
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July 1982: Establishment of Nabard
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November 1983: National Clearing Cell set up
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April 1985: Financial market reforms begin with Sukhamoy Chakravarty and Vaghul Committee reports
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April 1988-90: Institutions like SEBI set up
Other attractions at the museum include games to pique your interest in understanding money and finance. Don't forget to check your weight in gold bars, or a glimpse of what a gold vault looks like!
(Source: NDTV Profit)
(Source: NDTV Profit)
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