Indian pie

A Bhopal State postage stamp worth 1 anna and three pies

A pie (abbreviated as Ps) was a unit of currency in India, Burma and Pakistan until 1947. It was the smallest currency unit, equal to 1/3 of a paisa, 1/12 of an anna or 1/192 of a rupee. During the mid-nineteenth century, one pie was worth 12 cowry.

Minting of the pie ended in 1942, though it remained in circulation for a further five years. The pie was demonetised in 1947 as it had become practically worthless due to inflation.[note 1]

Notes

  1. ↑ Until 1966, India was a member of the sterling area, with the rupee pegged to the British pound sterling and having a value of £0.1s.6d, or 18d. (old); a pie was therefore worth 0.09 old British pence in 1947. In 1947, however, a single old British penny had an estimated purchasing power of 14 pence (in 2014 values). Therefore, a pie had a value of 1.3 pence in 2014. (Schedule of Par Values, Currencies of Metropolitan Areas, The Statesman's Year Book 1947, pg xxiii, Macmillan & Co.; measuringworth.com/ppoweruk/)


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