The papers of the East India Company, fortunately, have preserved for
us a record of events typical of what was taking place in many parts
of India. They show that, besides coining the South Indian pagodas,
already noticed, and copper and silver coins in European style, the
English factories were early engaged in reproducing the rupees of the
Mug̱ẖal emperors. The first which can be fixed with any certainty
are those from the mint of Bombay, or Mumbai, as it appears on the
coins, opened in the reign of Farruḵẖ̱siyar (1713-19); and in 1742
the emperor, Muḥammad Shāh, granted the Company a _sanad_ permitting
them to coin Arkāt rupees. Gradually the Company assumed control of
all mints within its increasing territories. In 1765, for example,
after the battle of Buxar it took over the Bengal mints. Uniformity
of standard was maintained, first by engraving special marks on the
coins (Fig. 9, 4), and then by fixing the regnal year.[68] Thus the
gold and silver coins of the Banāras mint of the Hijrī years 1190 to
1229 all bear the same regnal date 17.[69] So also the year 19 was
fixed for the Murshidābād mint, the year 45 for Farruḵẖ̱ābād. These
coins, still inscribed with the Mug̱ẖal emperor’s name, became more
and more European in style (Pl. XII, 9), those of Farruḵẖ̱ābād being
even struck with a milled edge, until finally superseded by the British
Imperial currency of 1835.
[68] This was to stop peculation on the part of money-changers, bankers
and even revenue collectors, who made a rebate on all rupees not of the
current year.
[69] On the Banāras coins the actual regnal date, _i.e._ of Shāh ’Ālam
II, is added beneath the conventional date 17; this was not adopted for
other mints.
A similar evolution, but in the direction of deterioration, can be
traced in the issues of the Marāṭhās, Rājpūts, and other powers. The
Marāṭhās seized the important mint of Aḥmadābād in 1752; and the
coins struck there in the Mug̱ẖal style (until it was closed by
the British in 1835) all bear as a characteristic mark the “Ankūs,”
or elephant-goad. The Peshwa also had a mint at Pūna; and numerous
private mints in Mahārāsṭhra, some striking pagodas and fanams as well
as rupees, were worked with or without his permission. Other Marāṭhā
mints were those of the Bhonsla Rājas at Katak in Orissa and at Nāgpūr;
rupees of the latter bear the mint name Sūrat. So also the Gaikwār had
a mint at Baroda, Scindia at Ujjain and later on at Gwāliār, Holkār
at Indor. Jaśwant Rāo Holkār issued, in 1806, a notable rupee with
Sanskrit legends on both obverse and reverse (Pl. XII, 7).
Public-domain text, read in full here on John Shaqi.
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