The rupee was the currency of Bhutan until 1974. It was equivalent to the Indian rupee. Until 1957, it was subdivided into 64 paisa. Bhutan then followed India in decimalizing, with the rupee subdivided into 100 naya paisa. The rupee was replaced by the ngultrum at par.

Coins
Until its closure in 1789, the coins of the Cooch Behar mint circulated in Bhutan. Following this, Bhutan began issuing its own coins, mostly silver ½ rupees. Hammered silver and copper coins were the only types issued until 1929, when modern style silver ½ rupee coins were introduced, followed by bronze 1 paisa in 1931 (dated 1928). Nickel ½ rupee coins were introduced in 1950. Indian coins circulated alongside Bhutan's own coins to such an extent that, following decimalization in 1957, nine years passed before Bhutan's first issue of coins denominated in naya paisa. These 1966 issues were 25 and 50 naya paisa, together with 1 rupee coins, all struck in cupro-nickel.

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