india was one of the earliest issuers of coins (circa 6th century bc). the first "rupee" is believed to have been introduced by sher shah suri (1486–1545), based on a ratio of 40 copper pieces (paisa) per rupee. among the earliest issues of paper rupees were those by the "bank of hindustan" (1770–1832), the "general bank of bengal and bihar" (1773–75, established by warren hastings) and the "bengal bank" (1784–91), amongst others. until 1815, the madras presidency also issued a currency based on the fanam, with 12 fanams equal to the rupee.