2016-08-22 Mon

Did you know that coins were struck by the East India Company? Yes, the Indian subcontinent was under several colonial rulers who issued their own coins. The British Raj was established in India after East Indian Company strengthened its foothold by venturing into lucrative trade activities.

Background of East India Company

The East India Company was a British joint stock company created to carry out trade with countries in the east, but it mainly traded with Indian subcontinent. By the mid 1600, the company had a strong footing in India and had over 23 factories by 1643.

Mints and Coinage of East India Company

India, then, was under the rule of Mughals, Marathas and the Rajputs and had different coinage under each rule. As East India Company gained trade monopoly in India, the three presidencies of the company issued coins namely Bombay Presidency, Madras Presidency and Bengal Presidency. Initially coins (gold mohurs and silver rupees) were minted at Surat mint but as the need increased, a mint was established first at Ahmadabad (Silver coins) and later at Bombay (European style gold, silver and copper coins).

Later in 1835, a new mint was established at Calcutta as the need for a uniform coinage was felt. Early Coins of East India Company can be classified into two groups, the ones issue during the reign of Queen Victoria and the ones that were struck in 1835 with the effigy of King William V on it. The other important mints in India were in Bombay and Madras, though they did not produced coins till 1837. The reigns of administration passed on to the British Parliament after the revolt of 1857 and the coins were struck in the name of the British monarch.

To know more about the Presidency coinage and history click here. To know more about East India Company coinage and history click here. To know more about British India coinage and history click here.