Pakistan, First Coinage, 1948 very fine Copper-Nickel 1948 2 Annas Tughra VF

£28.00

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First Coinage of Pakistan 2 Anna. Year: 1948. Weight: 5.80g. Metal: CuNi. (Cu=75% + Ni=25%). Diameter: Flat: 22.3 mm, Corner: 25.4 mm. Edge: Plain. Alignment: Medal. Mint: Probably Lahore, Bombay or Calcutta. Obverse: “Government of Pakistan” with date above tughra, flanked by two stars and sprigs at bottom, all within dotted circle. One star in each corner. Reverse: Crescent on right, three stars and value above sprigs within dotted circle. One star in each corner. Mintage: 55,930,000. Minted Years: 1948-1951 (except 1950).

Speech on the occasion of the opening of the State Bank of Pakistan by Muhammad Ali Jinnah on 1st July, 1948: “Mr. Governor, Directors of the State Bank, Ladies and Gentlemen, The opening of the State Bank of Pakistan symbolises the sovereignty of our State in the financial sphere and I am very glad to be here today to perform the opening ceremony. It was not considered feasible to start a bank of our own simultaneously with the coming into being of Pakistan in August last year. A good deal of preparatory work must precede the inauguration of an institution responsible for such technical and delicate work as note issue and banking. To allow for this preparation, it was provided, under the Pakistan Monetary System and Reserve Bank Order, 1947, that the Reserve Bank of India should continue to be the currency and banking authority in Pakistan till the 30th September, 1948. Later on it was felt that it would be in that best interest of our State if the Reserve Bank of India were relieved of its functions in Pakistan, as early as possible. The date of transfer of these functions to a Pakistan agency was consequently advanced by three months in agreement with the Government of India and the Reserve Bank. .

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