Mumbai: Did you know that newly independent India saved ₹44 lakh by reducing the size of currency notes? It’s an interesting factoid that you learn at when you visit one of the city’s lesser-known museums: the RBI Monetary Museum in Fort.
A ten-minute walk from Chhatrapati Shivaji Terminus will take those walking in the right direction to the museum. Perhaps lesser known compared to the grand institution it is affiliated with, the RBI museum opened its doors in 2004, giving a friendly leg-up to Mumbaikars and tourists who want to know more about the incredibly complex history of money in India.
The museum’s exhibits are laid out in six easy-to-navigate sections with helpful yellow arrows on the floor to guide visitors along. Meticulously chronicled on the wall are coins from historical trials and tribulations most of us have only read about in history textbooks: Muhammad bin Tughluq’s attempt to introduce brass and copper tokens in place of silver coins, only to be recalled due to mass forgeries, or Sher Shah Suri’s standardised silver coins that went on to be known as rupees. The museum’s collection of coins numbers over a thousand, starting from 500 B.C. to the present day. Walking around the space, one can’t help but be impressed by man’s ingenuity reflected in all the shapes, money has taken over the years: bracelet money from South East Asia, boat money from China, and porcelain gaming token money from Thailand, all of which make up only a small part of the exhibits.
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By laying out the coinage against the backdrop of a timeline, the museum succeeds in showcasing how the coins from each era indicate what the people of that era valued most. One learns, for example, that the coins from the Gupta era were minted to mark the achievements of the rulers.
Look out for the ‘Hundi exhibit’ in section four, which displays the bills of exchange used in the informal financial system at the time. Be warned that younger visitors may start feeling an overload of information at this point.
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Luckily, the museum has a kiosk where children – or anyone who likes computer games – can play games that attempt to put an interesting spin on learning about money. However, the endeavour is hampered by tilted screen, making it just above eye level for anyone of average height.
The final two sections of the museum showcase contemporary money and the role of the RBI as sole issuer of Indian currency.
The last section unfortunately is like a textbook, with the functions of the RBI and information on the government’s financial instruments solemnly bidding you farewell on your way out.
The show is on at RBI Monetary Museum, Amar Building, Sir P.M. Road, Fort, 10.45 a.m. to 5.15 p.m, Tuesdays to Sundays. It is closed on Mondays .