Introduction of Token
Currency by Muhammad-bin-Tughluq
The age
of Muhammad-bin-Tughluq is considered a very significant epoch in the history
of Indian coinage. He introduced various reforms and improvements in manufacturing,
valuation and types of coinage. Edward Thomas has aptly called him the ‘Prince
of Moneyers’ because of his advanced measures in the field of coinage. The
introduction of token currency was a most significant innovation of
Muhammad-bin-Tughluq in the history of Medieval Indian coinage. Earlier, token
currency was issued by Kublai Khan (A.D. 1260-94) in China and Gai Khatu (A.D.
1393) in Persia. Sultan Muhammad-bin-Tughluq, therefore, also issued bronze
Tankas and declared their value at par with the silver Tankas.
Cause of Issue of Token Currency
(1) From the very date of his accession Sultan Muhammad-bin-Tughluq spent a lot of money for giving rewards, grants, charity and gifts. Besides, he devised some significant schemes and spent a huge amount on their execution. He also emptied his treasury in suppressing the rebels, conducting military campaigns and in facing famines and droughts. It shook the very foundation of the financial structure and the Sultan was forced to issue a token currency. But Dr. Ishwari Prasad does not agree with this opinion.
(2) The
description of Barani and Nizamuddin Ahmad indicate that the Sultan was in need
of immense wealth for the conquest of the entire world, hence he issued token
currency.
(3) The
sultan needed extra wealth for the execution of his other projects and for
suppressing the revolts in future, hence, it became inevitable for him to issue
token currency.
(4) Haji
Uddabir thinks that the Sultan wanted to confiscate the costly metals and issue
of token currency was one of his tricks to collect the costly metals, i.e. gold and silver but this opinion
does not hold against the fact that the Sultan later changed all the copper
coins into silver ones from the royal treasury.
(5) Ishwar Topa and others are of the opinion that the shortage of silver was the
root cause of the issue of token currency.
(6) Sultan
Muhammad-bin-Tughluq who was a man of fertile mind was fond of devising new
schemes and introducing them. The scheme of token currency was also a product
of his fertile mind. Taking inspiration from the paper currency prevalent in
China and Persia, he thought of issuing bronze coins in India. Though the
scheme was introduced with all the best intention, yet its wrong execution led
to its failure.
Execution of Scheme and its Consequence
In A.D.
1330 bronze coins were struck and it was declared that they should be treated
at par, in value with the silver coins. For some time the scheme of token
currency continued properly but soon people began to feel the difference between
the bronze coins and the silver coins. They doubted that the Sultan intended to
store the entire silver in his treasury. So everybody stored away the silver
and gold coins and the market was flooded with the bronze coins. The number of
counterfeit coins was even greater than the original ones issued from the royal
mint. Barani writes, “The houses of Hindus were turned into mints.” This
remark of Barani is not impartial. There seems to be no reason as to why the
contemporary Muslims were deprived of the greed of making counterfeit coins.
Every person began to hoard the gold and silver coins. The excess of the
counterfeit coins devalued the bronze coins, and it affected the trade and
commerce adversely. The feeling of revolt and dissatisfaction began to develop
in the hearts of the people against the Sultan.
The
sultan felt his intervention to be essential as his beloved scheme of token
currency was also leading towards failure. He declared the bronze coins illegal
and ordered the people to exchange their bronze coins with silver coins for the
royal treasury. Such a number of coins were exchanged that there was a huge
heap of bronze coins in Thghlukabad. Thus the royal treasury had to suffer
heavily as a result of this scheme of token currency.
Cause of Failure of the Scheme
(1) The people of the fourteenth century failed
to understand the utility of token currency which scheme was much in advance of
their times. Hence they did not cooperate with their Sultan.
(2) Muhammad-bin-Tughluq failed to take steps to make the mint the monopoly of the
state nor could he be successful in getting standard coins struck. Hence
everybody made artificial coins and thus led the scheme towards failure. Edward
Thomas observes, “There was no special to mark the difference of the fabric
of the royal mint and the handiwork of the moderately skilled artisan. Unlike
the precautions taken to prevent the imitation of the Chinese currency notes,
there was positively no check on the authenticity of the copper token and no
limit to the power of production by the masses at large.”
(3) Elphinstone
writes that unstable government and bankruptcy of the Sultan was also a
significant cause of the failure of his scheme of token currency. But this view
does not seem worthwhile.
(4) The
Sultan had no patience at all. He wanted immediate positive result and the
failures disturbed him so much that he rejected the schemes altogether. Thus
haste and impatience of the Sultan was also the root cause of the failure of
his various projects.
Criticism of the Project
It was an
original and new scheme ever planned by a Sultan. Its aim was not to befool the
people but to add to the prosperity of the kingdom and to ensure the public
welfare. The utility of issuing bronze coins was not doubtful but unfortunately
the people of the fourteenth century failed to understand its significance and
his ideal scheme ended in smoke. Wrong implementation of the scheme was the
main cause of its failure but he is praised by scholars of history for this
scheme. Dr. A.L. Srivastava has written, “The reign of Muhammad Tughluq is
an important landmark in the history of Indian coinage.” Dr. Ishari Prasad
also observes in this respect, “He wanted to found coins which might
facilitate exchange and from convenient circulating media.” To sum up, we
may say that the scheme of token currency was started with all the good
intentions, but it failed as the Sultan could not foresee the forgery and
fabrication in the making of coins.
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