Did the East India Company Make Coins?


Quick Answer

The British East India Company first minted coins through the Mughal mint in Surat. By 1672, the East India Company had established its own mint in Bombay to produce copper and tin coins. In 1717, they started minting silver rupees in the name of the Indian emperor.

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Full Answer

A mint in Madras later produced copper coins, silver rupees and gold pagodas. From 1835, the company began to impose western ideas on the region and issued the coinage for all its Indian possessions. This new coinage was minted on the English pattern, with the head of the ruler of England in place of the name of Mughal emperor. On the reverse side was the inscription “East India Company." After 1877, when Queen Victoria was declared Empress of India, new coins were minted with the words “Victoria Empress.”

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