Coins In Lucknow Mus. Vol 01 [56 MB - IndianCoins.org

51" the Board have referred particularly to the letter from theHonorable Court, dated the 25th of April 1806, which containsthe ground work of all their subsequent orders concerning it. Inthat letter the Honorable Court explained their object to be toestablish a general currency for the whole of India. They statedthat the standard currency forming the money of account oughtto be of one of the precious metals only, but not to the exclusionof the other ;that the metal ought to be silver ;and that no ratioought to be fixed between the standard silver coin and the goldcoin, but that gold should be left to find its own value. TheCourt further desired that the gold coin should be denominated agold rupee, 1and that the gold and silver rupees should be the samein weight, fineness, form and inscription. They also desired thathalf and quarter gold and silver rupees, and annahs should becoined, and stated that a copper coinage of six-pice, three-pice,and one-pice pieces would be sent from England." The Mint Committee report that they are aware of no objectionto the immediate execution of the arrangements proposedby the Honorable Court, and they accordingly recommend that,with the exception of single annahs, the gold and silver coinageshould forthwith commence in pursuance of the Honorable Court'sorders. They propose also that the rupee should become themoney of account, and that the accounts of Government should beconverted from gold into silver at the present ratio of 1 to 13'875,or one pagoda for three rupees and a half. The money of accountat Madras has heretofore been the gold pagoda, which used also toform the actual currency. When the silver rupee was introducedinto the currency,it was settled that three rupees and a halfshould represent one pagoda. In consequence of the pagodabeing undervalued at that rate, it has gradually disappeared fromcirculation, and the rupee now forms the actual currency, and,though not the money of account, has become the standard ofvalue." With respect to the form and impression of the new goldand silver coins, these will finally be settled either in Bengalor in England. As the currency is intended for general usethroughout India, it will be deserving of consideration whetherthe impression ought not to be in English, and whether the formought not to resemble that of English rather than of Indian coins."A proclamation, dated Fort St. George, 9th December 1817,states that " The Right Honorable the Governor in Council, infurtherance of the orders of the Honorable the Court of Directors,is pleased to publish for general information, that hereafter thestandard circulating medium is to be the Madras silver rupee, inwhich all issues of pay and allowances, civil and military, and allpublic contracts are to be reckoned, made, and executed, and thatthe coinage of star pagodas will hereafter be discontinued.1There is in the Madras Museum a single specimen of the little coin (pi.xi-10), which iscommonly called the Bombay gold rupee, concernirg whichMarsclen says (Num. " Or., 1825, pt. ii., p. 696): Of the same year of the reign(of Shah Alum, 1218 or 1219), and evidently from the same mint, are some veryemail gold coins, weighing each about 12 grs., and which must be considered aagold fivri.s or sixteenth parts of a mxhr. In appearance they resemble rather thegold fanams of the Karnatik, than fractional denominations of Hindustani coins."