GENESIS OF MINTING AND COINAGE IN MADRAS DURING THE BRITISH PERIOD – A STUDY. HISTORY

The aim of this paper is to highlight the origin of minting and coinage in Madras during the British period. The Directors insisted upon Fort St. George to procure a firman for minting rupees =, panams and pies so that some additional revenue might accrue to the company. In 1694 Madras rupees became current in Fort St. David and they were sent to Vizagapatam for circulation. The Directors commended highly for the reputation gained by the mint in keeping up the matt and weight of gold and silver coined there. The mint fell with the decay of trade. However this did not affect the revenue in any way, as Madras mint’s reputation was the best of all in the Mughal’s dominions. The managements of the mint claimed the prime attention of james Macrae, Governor of Fort St. George (1725-1730). He prohibited the export of silver in 1726 to prevent the competition from the mints of Arcot and santhome and he reduced the price of the company’s rupee. Also he appointed a committee to enquire into the baseness of the current pagoda and took measure to improve it. A great quantity of pagodas, coined at santhome and other places at a lower touch and less weight, had been brought into Madras cousing difficulties to the inhabitants of Madras. This had arison chiefly because of exporting gold out of Madras. It was ordered that no gold should be carried out of the English territories except coined or worked up into utensils. In 1726 all gold attempeted to be exported, was forfeited