233) Currency and Coinage of the Republic of Maldives – Rufiyaa and Laari:

233) Currency and Coinage of the Republic of Maldives – Rufiyaa and Laari:

The Rufiyaa is the currency of the Maldives sub-divided into 100 Laari. The term Rufiyaa derives from the Sanskrit word “Raupiya” meaning “wrought silver” or the Hindi word “Rupiya”. The Maldives Monetary Authority (MMA) supervises the issue of Maldivian Currency & Coinage.

The location and derivation of the County’s name – “Maldives”:

The Republic of Maldives (or “Dhivehi Raa’jeyge Jumhooriyya” in Maldivian) is an island country and Archipelago in the Indian Ocean. It is located South-West of India and Sri Lanka in the Laccadive Sea. Maldives consists of 1192 coral islands grouped in a double chain of 26 atolls. Only 185 islands are inhabited by the Maldivians. The chain of twenty six atolls stretches from Ihavandhippolhu Atoll to the Addu Atoll. The capital and largest city is Male traditionally called the “King’s Island”.

The name “Maldives” derives from the Tamil “Maalai” (meaning “Garland”) and “Theevu” or “Maala Divaina” (“Necklace Islands”) in Sinhala. The Maldivian people are called “Dhivehin” (the word “Dhives” or “Dhivehin” means “Islander”. The name may also derive from the Hindi word “Maal” (meaning “Garland”) & “Dweep” (meaning “Island”), together meaning the “Garland of Islands”. In Malayalam, “Maladweepu” and in Kannada “Maaledweepa” also stands for the “Garland of Islands”.

The Islands encompass a territory covering about 90,000 sq. kms or about 35,000 sq. miles. The Archipelago is located atop the Chagos – Maldives – Laccadive Ridge, a vast submarine mountain range in the Indian Ocean, which also forms a terrestrial eco-region, together with Chagos and the Lakshadweep.

Geographically, the Maldives is rather diverse, in that, it is the lowest country on the globe, having an average ground level elevation of 1.5 metres or about 4 ft. 11 inches above sea level, while its natural highest point is at 2.4 metres or 7 ft.10 inches, which is, again, the lowest Natural highest point in the World.

Interestingly, although Maldives is one of the World’s most geographically dispersed countries, it is today the smallest Asian country in both terms of land area and population of around 350,000.

Recent chronological history of the Maldives:

From the mid-16^th Century onwards, Maldives was dominated by colonial powers – Portugal, the Netherlands and Britain.

From 1887-1965, the Islands became a British Protectorate. The British promised to provide military protection and non-interference in local administration in exchange for an annual tribute.

In 1965, the Islands gained independence from the British, the last colonial power to occupy the Islands.

In 1968, Maldives became a Republic.

Presently, Maldives is ruled by a President whose Government is Authoritarian.

The Government is aiming to make Maldives a carbon-neutral country by 2019 amidst concerns of rising sea levels.

Sectors which Maldivian economy traditionally depended on:

In ancient times, the Maldives were renowned for cowry shells, coir rope, dried tuna fish (Maldive fish), Ambergris (Maaavaharu) and Coco de Mer (Tavakkaashi) with trade extending to Arabic countries, Sri Lanka and Tamil Nadu and other parts of India.

Maldivian economy depends primarily on tourism and fishing industry. To a lesser extent, Agriculture, cottage industry (such as mat weaving, lacquer work, handicrafts and coir rope making) and manufacturing industry also contribute to the economy.

 The above is an image of a dhoani fishing boat without its sails

The mechanisation of the traditional fishing boat called “dhoani” in 1974, and a fish canning plant set up on Felivaru in 1977, led to a boost in the fishing industry among other measures taken for development of the fisheries sector.

Evolution of money in Maldives:

Historically, money has had very different forms in the Maldives.

From the 2^nd century onwards, Maldives was known as the “Money Isles” by the Arabs.

Initially, Cowry shells which were used as money were collected in huge quantities. Maldives was widely using Cowry shells (“Cypraea Moneta”) as a form of currency and this shell money was in great demand. Ibn Batuta, the well known Arab Traveller, has recorded that every year more than 40 ships loaded with Cowry shells were fitted out to several countries by the Maldives. Interestingly, a single gold dinar was worth about 400,000 cowry shells.

“Monteria moneta” (meaning Shell Money) was used for centuries as a currency in Africa and huge amounts of Maldivian cowries found their way into African countries.

At least until the 13^th Century, the locals traded with Cowry shells which were slowly abandoned for silver.

Presently the Cowry is the symbol of the Maldives Monetary Authority symbolising the country’s financial heritage.

During the 17^th and 18^th Century, straps of silver wires folded in half and dyed with Arabic and Persian inscriptions  in the shape of folded straps, with which, in turn, were later replaced by coins minted in the Maldives. These parallel straps of wire were called “Larin” and were traded as a currency in countries such as Ceylon (present day Sri Lanka), India, the Far East and the Persian Gulf.

Sultan Ghazee Mohamed Thakurufaanu Al Azam was the first Sultan to have his own seal imprinted on these silver straps. The prints could not be understood clearly, as the seal was much bigger than the wires.

In the middle of the 16^th Century, the first coins were minted in silver during the reign of Sultan Ibrahim Iskandar. These coins were minted in the Capital city of Male. These coins were a lot neater and legible compared to the previous kinds of money and were also made of pure silver and bore the legend “King of Land and Sea, Iskandar the Great” on their periphery. These coins circulated together with the silver straps money until the 18^th century.

Towards the late 17^th Century (1787), silver coins were replaced by gold coins during the reign of Sultan Hassan Nooruddin. He used two different qualities of gold in his coins – one was called “Mohoree” and the other was called “Baimohoree”. The “Baimohoree” had a higher value than the “Mohoree”.

In the early 19^th Century, machine struck Bronze coins came into circulation which were also called “Laari”.

In 1900-1904, during the reign of Sultan Mohamed Imaadhudheen IV, coins were being minted in large scale and the quality of the engravings were fine, sharp and superb.

His successor, Sultan Mohamed Shamshudeen III (1904-1935) issued coins in the denominations of 1 and 4 Laari minted in the Heaton Mint, Birmingham, United Kingdom in 1913.These were the last of the bronze coins minted for Maldives. (The Heaton Mint has minted one rupee coins for India in 1985 which bear the “H” mint mark of the Heaton mint under the numeral “5’ of the year of issues “1985”. I have a few of these coins in my collection).

       Notice the Ornamental "H" below the "5" here.

                A clearer picture of the mint mark "H"
In 1945, coins in the denominations of 1, 2, 5 and 10 Rufiyaa were circulated. Also, during this year it was enacted by the “People’s Majlis” (Parliament) that, Banknotes denominated in Rufiyaa equal in value to the Ceylonese Rupee should be got printed and put into circulation on 05.09.1948.

In 1947, Maldives was using the Ceylonese (present day Sri Lanka) rupee, the first paper Currency/Banknotes introduced in the country.

In 1960, coins denominated in Laari were circulated. In this year, Sultan Mohamed Fareed I got coins minted from the Royal Mint, U.K. The denominations circulated were 1, 2, 5, 10, 25 and 50 Laari. These coins were minted having the National Emblem on the Reverse and the traditional title of the State “State of Maldives” spelt in Arabic and the denominational value of the coin on the Obverse.

When these coins were put into circulation, all previously circulated coins were demonetised on 17.06.1966, with the exception of Shamsudeen III’s 1 and 4 Laari coins.

On 22.01.1983, the newly established Maldives Monetary Authority (MMA) circulated the 1 Rufiyaa coins made of steel clad copper nickel were introduced. These coins were minted in West Germany.

Presently, coins in the denominations of 1, 5, 10, 25, and 50 Laari and 1 and 2 Rufiyaa are in circulation.

The Maldives Monetary Authority (MMA):

The Maldives Monetary Authority logo has a Cowry shell in the centre which symbolises the Country’s financial heritage.

Established on 01.07.1981, through the provisions of the MMA Act – 1981”, the Maldives Monetary Authority (MMA) acts as the Central Bank of the Republic of Maldives.

Its primary functions are to issue currency, regulate the availability of the Maldivian Rufiyaa, promote its stability, manage licenses, supervise and regulate institutions in the financial sector, formulate and implement monetary policy and to advise the Government on issues relating to the economy and financial systems.

Historical development of Banknotes in Maldives:

In 1945, the People’s Majlis or Parliament enacted that Banknotes in the denominations of ½, 1, 2, 5 and 10 Rufiyaa be got printed and put into circulation on 05.09.1948.

In 1983, Banknotes in the denominations of 2, 5, 10, 20, 50 and 100 Rufiyaa were introduced which are presently in circulation.

In 1990, 500 Rufiyaa Banknotes were put into circulation.

In 1995, the 2 Rufiyaa Banknotes were replaced by coins of the same denomination.

The 1947-1980 issue of Banknotes:

Six denominations were introduced in this Series – 1, 2, 5, 10, 50 and 100 Rufiyaa Banknotes.

On the Front of all these Denominations of Banknotes, there were two vignettes – to the left was a vignette of a lateen rigged “Mas Dhoani” (a small sailing vessel used for fishing) with a palm tree, while to the right was a vignette of a square rigged vessel known as a “Mas Odi” (or a “Fishing Odi”) which is an older style of fishing vessel.

On the Back of the 1 Rufiyaa Banknote was depicted a two-storeyed building. This building was the Customs House at the time of printing of these Banknotes, and was later a Post Office and then again the Office of the Prime Minister. To the left of this building was the main bastion of the town wall. The bastion was called the “Bodu Koattey Buruzu”. There was a flagstaff on the “Bodu Koattey”, which flew the State ensign if there was a foreign vessel in port. The bastion has since been demolished as part of the harbour redevelopment, while the Old Customs House has been demolished to give way for a Park.

On the Back of the 2 Rufiyaa Banknote was depicted the Royal Jetty. This elaborately carved wooden construction was demolished as part of the harbour redevelopment.

On the Back of the 5 Rufiyaa Banknote was depicted the “Sakkarannya Gate” which was one of the principal entrances to the Court of “Eterekoilu”, the Sultan’s Palace. The scene is facing west from a street called “Meduziyaaraiy Magu”. Beyond the Gate was the watch-house on the “Aa-Koattey Buruzu” (New Fort Bastion) from which the Royal standard was flown. Over the wall, to the right, is “Veyodorhu Ganduvaru Mathige”.

On the Back of the 10 Rufiyaa Banknote was depicted the “Veyodorhu Ganduvaru Mathige” which was a 3-storeyed house that was adjacent to the Sultan’s Palace. Now demolished, the building at one time was the “Sifainge” or the Defence Headquarters of the militia. The aspect of the illustration on the Banknote was from the “Aa-Koattey Buruzu” or the “New Fort Bastion”. To the left of the building was “Medhumaa Gate” flanked by lamp-posts. To the left of the gate was the very low “Kilege Buruzu” (Fort bastion) from which gun salutes were fired.

On the Back of the 50 Rufiyaa Banknote was depicted the “Ibrahimiyya Building”, a two-storeyed construction by the wharf in Male harbour. Used for many purposes over the years, including the Customs House, it has since been razed to the ground. To the left of this building is the “Dhathurah Araavadaigannavaa” Gate (the Royal Embarkation Gate), the entrance to the “Court of Eterekoilu” from the harbour.

On the Back of the 100 Rufiyaa Banknote were depicted Buildings and gardens of the “Court of Eterekoilu” looking from the North. The tallest building on the right was the “Aa-Koattery Buruzu” (New Fort Bastion). The tall building on the left was the “Veyodorhu Ganduvaru Mathige”. Most of the Sultan’s palace and gardens were demolished in 1968.

 The area now includes the “Sultan’s Park” which surrounds the National Museum, while the Islamic Centre and Mosque have been built on the grounds in the foreground of this depiction.

Presently Circulating Currency/Banknotes (first issued in 1983):

There are presently six different denominations of Banknotes in circulation which have been issued by the Maldives Monetary Authority which are in the 5, 10, 20, 50, 100 and 500 Rufiyaa denominations. A 2 Rufiyaa Banknote was also issued under this Series but it was replaced with a 2 Rufiyaa coin in 1995.

The Front of a 2 Rufiyaa Banknote issued under this Series in 1990, (but this denomination was replaced in 1995 with a 2 Rufiyaa coin) is identical to the presently circulating Banknote designs and depicts a bunch of coconuts and a "Dhivehi Odi" (a sailing boat).

 The Back of the  2 Rufiyaa Banknote issued by the Maldives Monetary Authority shows boats anchored off an island in Maldives.

On the Front of all presently circulating Banknotes are depicted a bunch of coconuts and the “Dhivehi Odi” (a sailing boat). The coconut is widely used in the Maldives and the “Dhivehi Odi” built of coconut timber was used for inter island transport by water. “”Dhivehi Odi” is also a reference to “Kalhu’oh’fummi” (the ship used by Muhammed Thakuruffanu and his brothers Ali and Hassan when they were fighting to liberate Maldives).

All the six denominations of Banknotes are identical in size measuring 70 mm x 150 mm.

On the Back of the 5 Rufiyaa Banknote the theme is Fishing. As such, Fishing Boats are depicted. Fishing is a means of sustenance for the Nation since time immemorial.

The predominant colour on this Banknote is Violet. It was first issued in 1983.

 The Front of a 10 Rufiyaa Banknote issued by the Maldives Monetary Authority.  On this face of the Banknote are depicted a bunch of coconuts and the “Dhivehi Odi”. As mentioned above, the coconut is widely used in the Maldives and the “Dhivehi Odi” built of coconut timber was used for inter island transport by water.

 The Back of the 10 Rufiyaa Banknote issued by the Maldives Monetary Authority.

On the Back of the 10 Rufiyaa Banknote the theme is Island Life.  A garland of widely scattered tiny Islands has evolved a life of subsistence for the Islanders.

The predominant colour on this Banknote is Brown. It was first issued in 1983.

The Front of a 20 Rufiyaa Banknote issued by the Maldives Monetary Authority.  On this face of the Banknote are depicted a bunch of coconuts and the “Dhivehi Odi”. As mentioned above, the coconut is widely used in the Maldives and the “Dhivehi Odi” built of coconut timber was used for inter island transport by water.

The Back of the 20 Rufiyaa Banknote issued by the Maldives Monetary Authority.

On the Back of the 20 Rufiyaa Banknote the theme is Inner Harbour, Male which is the centrifuge of commercial activity in the country.

The predominant colour on this Banknote is Indigo/Pink. It was first issued in 1983.

 The Front of a 50 Rufiyaa Banknote issued by the Maldives Monetary Authority.  On this face of the Banknote are depicted a bunch of coconuts and the “Dhivehi Odi”. As mentioned above, the coconut is widely used in the Maldives and the “Dhivehi Odi” built of coconut timber was used for inter island transport by water.

 The Back of the 50 Rufiyaa Banknote issued by the Maldives Monetary Authority.

On the Back of the 50 Rufiyaa Banknote the theme is a Bazaar (Market) in Male which is buzzing with activity all day long.

The predominant colour on this Banknote is Blue. It was first issued in 1983.

The Front of a 100 Rufiyaa Banknote issued by the Maldives Monetary Authority. 

The Back of the 100 Rufiyaa Banknote issued by the Maldives Monetary Authority.

On the Back of the 100 Rufiyaa Banknote the theme is “Medhuziyaaraiy” which is a revered symbol of Maldive’s proud history.

The predominant colour on this Banknote is Green. It was first issued in 1983.

On the Back of the 500 Rufiyaa Banknote the theme is Islamic Centre and Mosque.  These are symbolic of Maldive’s predominantly Islamic faith and the unity of the country.

The predominant colour on this Banknote is Red.

Presently circulating coins:

There are presently seven denominations of coins in circulation. 

 The above is an image of the Obverse of the presently circulating coin denominations: 1, 5, 10, 25 and 50 Laari and 1 and 2 Rufiyaa. Notice that there is the sign of a Lemniscate - the Symbol of Infinity at the bottom of the 1 and 2 Rufiyaa coins  made by a rope in a kind of a knot like a side-ways figure of "8". This symbol is placed on coins by governments in the hope that their coinage would circulate in perpetuity. (For more on the Lemniscate please read this interesting post on our Tarot blog titled : Tarot symbolism: Lemniscate: Symbol of Infinity)

 The above is an image of the Reverse of the presently circulating coin denominations
On the Obverse of the 2 Rufiyaa coin is depicted the denomination “2 Rufiyaa” of the coin in the centre and the country name “REPUBLIC OF MALDIVES” on the outer periphery.

The above is an image of the Obverse of the 2 Rufiyaa coin showing the Lemniscate at the bottom. Below the Lemniscate are the letters "MMA" (standing for "Maldives Monetary Authority")

 The Reverse of the 2 Rufiyaa coin showing a conch shell. The year of issue of this coin is "2007"
On the Reverse of the 2 Rufiyaa coin is depicted a Conch Shell (Charonia tritonis).

The specifications of this coin are:

Metal Composition: Brass plated steel; Diameter: 25.50 mm; Weight: 11.70 gms; Edge: Milled; Edge Inscription: REPUBLIC OF MALDIVES.

This denomination was first issued in 1995.

On the Obverse of the 1 Rufiyaa coin is depicted the denomination “1 Rufiyaa” of the coin in the centre and the country name “REPUBLIC OF MALDIVES” on the outer periphery.

 The above is an image of the Obverse of the 1 Rufiyaa coin showing the Lemniscate at the bottom. Below the Lemniscate are the letters "MMA" (standing for "Maldives Monetary Authority")

 The Reverse of the 1 Rufiyaa coin showing the Emblem of Maldives. The year of issue of this coin is "2007"

On the Reverse of the 1 Rufiyaa coin is depicted the Emblem or the Coat of Arms of Maldives.

The specifications of this coin are:

Metal Composition: Nickel plated steel; Diameter: 25.91 mm; Weight: 6.41 gms; Edge: Milled.

This denomination was first issued in 1982.

On the Obverse of the 50 Laari coin is depicted the denomination “50 Laari” of the coin in the centre and the country name “MALDIVES” on the left to upper periphery (in English) and in Arabic on the right to upper periphery.

  The above is an image of the Obverse of the 50 Laari coin

 The Reverse of the 50 Laari coin showing a turtle. The year of issue of this coin is "2008". Notice that the Lemniscate is depicted on this face of the coin, below which are the letters "MMA" standing for "Maldives Monetary Authority".

On the Reverse of the 50 Laari coin is depicted a turtle.

The specifications of this coin are:

Metal Composition: Brass plated steel; Diameter: 23.60 mm; Weight: 5.15 gms; Edge: Milled.

This denomination was first issued in 1984.

On the Obverse of the 25 Laari coin is depicted the denomination “25 Laari” of the coin in the centre and the country name “MALDIVES” on the left to upper periphery (in English) and in Arabic on the right to upper periphery.

  The above is an image of the Obverse of the 25 Laari coin 

  The Reverse of the 25 Laari coin showing the Friday mosque and its minaret. The year of issue of this coin is "2008". Notice that the Lemniscate is depicted on this face of the coin, below which are the letters "MMA" standing for "Maldives Monetary Authority".

On the Reverse of the 25 Laari coin is depicted Friday mosque and its minaret.

The specifications of this coin are:

Metal Composition: Brass plated steel; Diameter: 20.19 mm; Weight: 3.75 gms; Edge: Milled.

This denomination was first issued in 1984.

Two variations of the 10 Laari coin were minted as under:

i)             On the Obverse of both 10 Laari coin variations is depicted the denomination “10 Laari” of the coin in the centre and the country name “MALDIVES” on the left to upper periphery (in English) and in Arabic on the right to upper periphery.

ii)           On the Reverse of the 10 Laari coin first issued in 1984, is depicted a sailing boat, the “Dhivehi Odi”.

The specifications of this coin are:

Metal composition: Aluminium; Diameter: 23.11 mm; Weight: 1.95 gms; Edge: Plain; Shape: Twelve-sided.

iii)          On the Reverse of the 10 Laari coin first issued in 2012, is also depicted a sailing boat, the “Dhivehi Odi”.

     The above is an image of the Obverse of the 10 Laari coin (second variation)

      The Reverse of the 10 Laari coin showing a sailing boat - the “Dhivehi Odi” . The year of issue of this coin is "2012" (the first year of issue). Notice that the Lemniscate is depicted on this face of the coin, below which are the letters "MMA" standing for "Maldives Monetary Authority".

The specifications of this coin are:

Metal composition: Aluminium; Diameter: 16.85 mm; Weight: 0.62 gms; Edge: Milled. Shape: Round.

Two variations of the 5 Laari coin were minted as under:

i)             On the Obverse of both 5 Laari coin variations is depicted the denomination “5 Laari” of the coin in the centre and the country name “MALDIVES” on the left to upper periphery (in English) and in Arabic on the right to upper periphery.

ii)           On the Reverse of the 5 Laari coin first issued in 1984, is depicted a Tuna Fish.

The specifications of this coin are:

Metal composition: Aluminium; Diameter: 20.32 mm; Weight: 1.00 gms; Edge: Plain; Shape: Eight-sided.

iii)          On the Reverse of the 5 Laari coin first issued in 2012, are depicted two Tuna Fish.

     The above is an image of the Obverse of the 5 Laari coin (second variation)

      The Reverse of the 5 Laari coin showing Tuna Fish . The year of issue of this coin is "2012" (the first year of issue). Notice that the Lemniscate is depicted on this face of the coin, below which are the letters "MMA" standing for "Maldives Monetary Authority".

The specifications of this coin are:

Metal composition: Aluminium; Diameter: 16.85 mm; Weight: 0.62 gms; Edge: Milled; Shape: Round.

On the Obverse of the 1 Laari coin is depicted the denomination “1 Laari” of the coin in the centre and the country name “MALDIVES” on the left to upper periphery (in English) and in Arabic on the right to upper periphery.

 The above is an image of the Obverse of the 1 Laari coin

   The Reverse of the 1 Laari coin showing a coconut palm tree. The year of issue of this coin is "2012" (the first year of issue). Notice that the Lemniscate is depicted on this face of the coin, below which are the letters "MMA" standing for "Maldives Monetary Authority".

On the Reverse of the 1 Laari coin is depicted a coconut palm tree.

The specifications of this coin are:

Metal Composition: Aluminium; Diameter: 15.00 mm; Weight: 0.456 gms; Edge: Plain.

This denomination was first issued in 1984.

 Maldivian National Emblem or Coat of Arms:

The Maldivian National Emblem consists of a coconut palm, a crescent and two criss-crossing National Flags with the traditional Title of the State.

Armiger: Republic of Maldives.

Escutcheon: A crescent and star atop a coconut palm and the National Flag of Maldives on each side and a scroll with the name of the title of the State.

Motto: “Ad-Daulat Al-Mahaldheebiyaa” (meaning “State of the Mahal Dibiyat”)

The Coconut Palm represents the livelihood of the Nation according to Maldivian folklore and tradition. The Maldivians believe it to be the most beneficial tree to them as every part of the tree is utilised in various applications ranging from medicine to boat-building.

The Crescent, which is a universal Islamic symbol and its accompanying Star embody the Islamic Faith of the State and its Authority respectively.

The words on the scroll “Ad-Daulat Al-Mahaldheebiyya” written in the Arabic Naksh style were used by Sultan Al-Ghazee Mohamed Thakurufaanu Al-Azam, who was one of the most illustrious rulers of the Nation. The title “Ad Daulat Al-Mahaldheebiyya” mean the “State of the Mahal Dibiyat” which is the name, by which Ibn Batuta and other Medieval Arab travellers used to refer to the Maldives.

(The Banknotes shown above are from the collection of Jayant Biswas. The presently circulating coin series has been brought for my collection by Jayant from his recent trip to the USA. Banknotes and coins scanned and post researched and written by Rajeev Prasad)