Grains and salt as money? The RBI Museum tells that story. Welcome to a journey through the history of currency and banking. This isn’t just any museum. The RBI Museum in Kolkata opened on March 11 2019. It followed the Mumbai headquarters museum by 21 years.
Located at 8 Council House Street, it’s near the RBI Kolkata office. This very building saw the Reserve Bank of India formed in 1935. Sir Osborne Smith was the governor then. The first shareholder meeting happened here in 1936. Before the RBI this building housed the Alliance Bank of Shimla. RBI leased it in 1935. In 1943, RBI acquired the property after Alliance Bank closed.
Initially, the RBI’s central office was here. The issue department worked from the Currency Building. Later, in the mid 1950s, a new RBI building replaced the Old Custom House. Some departments stayed at 8 Council House Street. Martin and Co built this red and white landmark. Sir Rajen Mokherjee and Sir Thomas Acquin Martin owned it. Today, the RBI Museum sits on the ground floor.
RBI officials and Creative Museum Designers designed it together. This Kolkata-based company falls under the National Council of Science Museums. The museum’s reception has a registration desk. There’s a souvenir shop too. It sells RBI items, many from shredded notes. Walls boast shredded note designs. Pillars show collages of discarded coins. Drawings illustrate the Indian currency note journey from paper to destruction. Enter through a self-opening glass door. It features a one rupee coin design. A mezzanine floor offers a game area.
A short documentary starts the visit to the RBI Museum. This 20-minute film covers RBI’s history. It also introduces finance and banking. Exhibits include audio-visual displays and touch screen monitors. Interactive sections enhance learning. The museum uses storytelling to boost financial literacy. Its goal is to explain the history and evolution of RBI.
At the ground floor’s center, a 12-foot art piece shows money’s evolution. It goes from coins and notes to online transfers and cryptocurrency. The ground floor features three sections. They cover the history of money, gold, and RBI.
The history of money begins in prehistoric times. It moves through the barter system. Grains served as currency then. Metals came next, then coins and paper money. Finally, plastic money and cryptocurrency emerged. Display boards offer Bengali and Hindi translations. A replica of a Yap Stone stands out. This giant stone disc was used as money on Yap Island.
The history of money section includes models and video clips. They explain gold standards and inflation. High-value currency notes from countries with high inflation are displayed. This includes a ten billion dollar note from Zimbabwe. A 10000 dinar note from Iraq is also present. It was Saddam Hussein’s last note.
The gold section features a recreated gold vault. Visitors can lift a 12.5 kg gold bar. The vault displays locks used to secure the gold. A touch screen shows gold reserves of different countries. A chart tracks gold prices over the years. A weighing scale lets you compare your weight to gold bars. Displays explain complex issues like the 1991 financial crisis.
The last section explores the history of the Reserve Bank of India. It offers facts, figures, and vintage photographs. There’s a section on the RBI logo’s evolution. It changed from a lion and palm tree to a tiger. The tiger came from the National Library gate statue. Machinery used by the RBI is on display. This includes note stitching machines. The RBI Museum has a sensor-powered display. It shows RBI’s history through the decades.
Another exhibit features a printing press. Visitors can get certificates with their names printed. The mezzanine floor’s game area centers around an old bioscope. It shows a video on RBI’s history. The adjacent wall has an illusion of bank notes. Games like carrom and snake and ladder come with a financial twist. Pocketing a carrom coin flashes a financial message. Landing on a ladder or snake triggers positive or negative financial messages. A touch screen offers a financial quiz.
The museum is open Tuesday to Sunday. Hours are 10 am to 5 pm. Entry is free. The vintage printed certificate is also free. Before leaving, check out the souvenir shop. Take home a piece of RBI memorabilia.