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British India’s monetary system of yore once contained a coin known as a “pie,” a small denomination that was worth 1/3rd a paisa, 1/12th an anna, or 1/192nd of a rupee. It was indeed a very small coin, much more akin to the United States half cent in terms of relative value to a dollar than, say, a “penny” or one cent coin.
The pie’s diminutive face value was enormously empowering, giving everyone – even those with smaller incomes – a medium of exchange with (at least in earlier times) meaningful economic value. In fact, in the mid-19th century, as India was moving away from shell currency toward an economy that utilized coins, a single pie was worth 12 cowry.
The pie was introduced in the early 19th century and produced in copper. The coin measured approximately 17 to 18 millimeters in diameter and was a small but significant player in India’s pre-decimal colonial currency system. It was most frequently used in facilitating smaller transactions across India’s rural and urban scenes, giving the humble coin a prominent place in circulation. However, as has been seen by other small-denomation coins, the pie was eventually outmoded by continual inflation. It was also rendered obsolete by India’s move to a decimal system in 1957 amid the wake of the nation’s independence a decade earlier.
As pie coinage saw such extensive use in commerce, many examples were worn to veritable oblivion. This leaves relatively few pies for collectors today; thus a nice-looking pie coin is a scarce thing indeed. Uncirculated examples regularly trade hands for hundreds of dollars apiece, though circulated specimens can be had for less. The key is locating pie coins that exhibit good strike, pleasing color, and overall desirable eye appeal.