Coins

Early English coins in India have developed along the three broad groupings namely; Western India, which is, Bombay & Surat, those in South India (Madras) and those in the Eastern Province of Bengal i.e. (Calcutta). Early English coins accordingly developed in consonance with the local acceptability of the coins for the purposes of trade. The coins of Bengal were developed in sync with the Mughal pattern. The coins of South India i.e. Madras were struck along Pagoda lines both in design and metrology as well as along Mughal designs also.

Mughal as well as English patterns were used on the English coins of Western India.
Emperor Farrukhsiyar gave the permission to coin Mughal money at the Bombay mint late in 1717 AD. English pattern coins were struck at the Bombay Mint. ‘Carolina’ was the term used for gold coins, the silver coins were called the ‘Anglina’, the copper coins were termed as ‘Cupperoon’ and ‘Tinny’ was used for tin coins.
By the early 1830, the English had become the dominant power in India. The rise of one dominant power after over a hundred years of turmoil enabled the enactment of the Coinage Act of 1835 and for uniform coinage to be issued. 1835 was the year when newly designed coins with the effigy of William IV on the obverse and the value on the reverse in English and Persian were issued.

The portrait of Queen Victoria was inscribed on the Indian coins which were issued after 1840. The first coinage was issued in 1862 and in 1877 Queen Victoria assumed the title of the Empress of India. Later, when Edward VII succeeded Queen Victoria, the coins too that were issued bore his effigy.

In1906, the Indian Coinage Act was passed which governed the establishment of mints as well as the coins that would be issued and the standards that would be maintained that is the rupee weighing180 grains, silver standard being the 916.66; half rupee of 90 grains and quarter rupee of 45 grains.

Acute shortage of silver on account of World War I, led the British Government to issue paper currency of one rupee and two and a half Rupees. The silver coins of smaller denominations were issued in cupro-nickel during this period.
George V was in turn succeeded by Edward VIII but no coins were issued during his short reign. In 1936, George VI ascended the throne. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the quaternary silver alloy.

The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins. The existing coinage was continued as the frozen series till 26th of January 1950 when India became Republic. [Reference RBI India].