The history of the Taka
When the Bangabandhu government came to power in 1971, they faced a serious crisis. Without a recognised currency, it became hard to conduct economic activities
While taka notes of different denominations are now easily available, the launch of Bangladesh's currency after independence proceeded with much difficulty.
When the Bangabandhu government came to power in 1971, they faced a serious crisis. Without a recognised currency, it became hard to conduct economic activities. For a while, Pakistani rupees stamped with a Bangladeshi seal were used. But it wasn't enough.
In the same year, the Security Printing Press of India was approached to print Tk1 and Tk100 notes on an emergency basis, which were finally released in the market on March 4 1972.
These were Bangladesh's first own money. Commemorating the country's independence, the notes were designed with the map of Bangladesh.
Around two months later, Tk10 notes were released, followed by Tk5 notes a month later.
A new problem, however, arose a while later. As the notes were printed in India, they came with security risks. Counterfeit currency began to spread, raising alarms in Bangladesh Bank. Acting swiftly, the central bank scrapped the notes on May 1 1973. The Tk1 note was cancelled a year later on March 30 1974.
At the time, one US dollar was worth around Tk8. The government then decided to introduce new notes. The new notes could be printed in any developed country, including the United Kingdom and the United States.
But what about its design? Who would take up the task of designing a newly-independent country's currency?
A three-member committee, made up of famed painter Zainul Abedin, Potua Quamrul Hassan and painter Qayyum Chowdhury, was asked to commission an artist for designing the new notes.
Qayyum Chowdhury was tasked with designing the notes, but as the work did not progress, an advertisement was taken out in a local newspaper seeking another designer.
At one stage, Quamrul Hassan heard of an artist from Charukola, K G Mustafa, who worked at the Security Printing Press in Karachi as a designer. The search for him began and in the end Quamrul got this man.
He immediately took Mustafa to meet the then governor of Bangladesh Bank ANM Hamidullah. It was there that Mustafa was given the responsibility of designing the new notes.
Mustafa began by tackling two versions of the Tk5 note first. After two weeks, he submitted his designs to the central bank governor. Hamidullah was very pleased with the design and he showed it to the prime minister and the then first finance minister of Bangladesh Tajuddin Ahmed. Finally, the designs were taken to Bangabandhu himself.
In his memoirs, KG Mustafa recounted the day he presented the design to Bangabandhu. "Bangabandhu was overjoyed when he saw the designs. Did you make these from abroad, he asked me," Mustafa wrote.
On the same day, Bangabandhu gave permission to print the notes and the contract for this was given to a British company, Thomas de la Rue.
The design for the two five taka notes began in February 1972 and it was printed in London by August. On February 4 of the next year, the two new notes of Bangladesh were finally introduced.
And what was this captivating design? On one side was a portrait of Bangabandhu and on the other was the Adamji Jute Mill of Narayanganj. To the mill's left was a jute plant.
For the other note, the artist depicted a blooming water lily and macrame jute hangers on the corners. In his memoirs, KG Mustafa mentioned that both the notes had a floral pattern, along with the security pattern in the background. Behind the currency value was a variety of traditional folk motifs of Bangladesh.
Mustafa then took about three months designing two Tk1 notes, two Tk10 notes and one Tk100 note. The Tk1 note sported a hand holding stalks of paddy on the front side and the national emblem on the right on the back side.
For the other version, Mustafa opted for a woman holding a bunch of paddy and the national emblem on the other side.
Both the notes were slightly dark blue.
Then the two notes of Tk10 were introduced and eventually the Tk100 notes entered the market. "The design of all the notes reflected the nature of Bangladesh and public life, bearing the folk traditions of the country. There is an English saying that 'Currency of a country is the ambassador of that country'," Mustafa later said.
Then came the infamous August 15 1975. On that day, Bangabandhu and most members of his family were killed during a coup in the morning at the president's house in Dhanmondi-32.
As the reins of the country changed hands, the new order marked its presence by removing Bangabandhu's pictures from the notes. Each of the notes began to change and the rural depictions began to disappear.
Brand new notes began to enter the market one after another. Denominations of Tk2, Tk20, Tk50, the newly-designed Tk100 and Tk500 signalled the beginning of a different era.
Paper notes weren't the only way of making transactions. There were coins too in use.
One paisa coin first came to the market on September 15 1973, followed by the five paisa coin, 10 paisa in 1974 and more. The Tk5 coins would make its debut on October 1, 1995.
On the other hand, commemorative notes and coins have also been issued in memory of various historical events, including the language movement, Liberation War and for other momentous occasions and figures.
For example, commemorative coins have been issued on important events including International Mother Language Day, the Silver Jubilee of Independence, the 150th birth anniversary of poet Rabindranath Tagore, on the 90th year of national poet Nazrul's rebellious poetry and much more.
At the same time, there are commemorative notes of different quality marking forty years of independence, 60 years of the language movement and other events.
In the present day, another revolution is happening through mobile financial services such as Bkash, which has spread all over the country. Bkash started its journey about a decade ago in 2011 and has not looked back since.
Money can now be easily sent to the remotest corners of the country with the push of a button. Other companies have begun following Bkash's example.
While paper money continues to dominate, a new era is being ushered in.
