Mughal currency and mint system
The condition of Indian currency was very pathetic from the time of Tughlaq ruler Muhammad Tughlaq. Babur and Humayun, the early rulers of the Mughal dynasty, also did not do any remarkable work in relation to currency and mint.
Reforms in relation to currency and mint by Sher Shah Suri
Sher Shah, who ousted Humayun from the Mughal power, with his full power, raised the price of rupees 175-178 grains and copper. He left the task of reforming the currency to his successor Mughal Emperor Akbar.
Improvements in the currency and mint system by Akbar
Akbar appointed Khwaja Abdul Samad of Shiraz as the official of Delhi’s royal mint in 1577, in order of the Mughal currency and mint system. He subordinated the provincial mints to important royal officers.
Main staff details of mint
Abul Fazl says that the permanent employees of the Delhi Mint included a daroga, sarfi or assesr, an amin, musharif or scribe, a merchant who bought gold, silver, and copper for the mint, a cashier, a weigher, lead, and copper. There were smelters.
What metal coins
Akbar brought out coins of gold, copper, and silver. He issued 26 gold coins of various denominations and weights. The Shanshah was slightly heavier than 10 tola. Even low denomination gold coins were minted in only four mints viz. Delhi, Bengal, Ahmedabad, and Kabul.
The principal silver coin, the rupee, was 172-1/2 grains. The Jalali, a square silver coin was introduced in 1577. The major copper coin was the ‘Dama’. It was also called ‘paisa’. Its weight was 323.5 grains or about 21 grams. This coin was popular with both the rich and the poor. 10 ‘Dam’ were equal to 172-1/2 grains of rupees.
Gold and silver used to mint coins were imported. Terry tells that the Mughals liked foreigners who would bring gold and buy goods from here. Taking silver out of the country was a punishable offense. The East India Company used to send gold to India from the very beginning. The value of gold sent to India in 1601 was 22,000 pounds. In 1616 it was 52000 lbs. Between 1697 and 1702, 8 lakh pounds of gold were sent to India. In 1881, 320,000 pounds of gold was sent to Bengal alone. Copper was extracted from the mines of Rajputana. Copper was also imported in large quantities.
In this way, during the Mughal rule, there was a lot of progress on the subject of coins and mints. For a long time, the British also followed the Mughal currency system.