1st Edition

Monetary Foundations of the Raj

Edited By Sanjay Garg Copyright 2019

    In the administration of colonial finances, the monetary policy of the Imperial power relating to their dependencies has tremendous impact on the colonial economy. The British East India Company, therefore, adopted a policy of gradually subsuming the local currencies of India and replacing them with a uniform imperial currency. After passing a series of regulations, in 1835 the Company was able to introduce a universal currency in all its Indian possessions. This proved to be a landmark in the economic consolidation of the British rule in India.

    In this unique anthology published studies and unpublished archival records have been integrated into an overall theme. Together with a comprehensive bibliography-cum-list for further readings this volume is aimed to serve as a veritable reference tool.

    PART I: STUDIES 1. Monetary Policy of British Imperialism 2. Economic Theorists among the Servants of  John Company (1766-1806) 3. Growth of Money Economy and Some Questions of Transitions in Late Pre-Colonial India 4. Currency in Early British Days  5. From a Double Standard to a Silver Standard 6. Note on the History of East India Company Coinage from 1753-1835 7. The Changing Monetary System in Bengal during the British Rule 8. Observations on the Copper Coinage Wanted for the Circars 9. The Substitution of Silver for Gold in the  Currency of South India 10. Madras Currency under the Early British Rule 11. The Coinage of the East India Company at Bombay, under the Charters of Charles II, with a Note on the Indian Exchanges of the Period 12. The Monetary System of British India 13. James Prinsep and the Currency Reform 14. First Uniform Currency for India 15. Imperial and Colonial Coinage. PART II: RECORDS 1. Regulation XXXV of 1793 2. Despatch Addressed by the Court of Directors to the Governments of Bengal and Madras Dealing with the Coinage of India, 1806 3. Letter from H. Scott, Assay Master, Bombay Mint, to F. Warden, Secretary to Bombay Government,  dated 7 December 1806 4. Notes by James Prinsep  5. Acts, Proclamations, Declarations and Notifications of the Government of India Concerning the Coinage, Currency and its Legal Tender (1835-56)


    Sanjay Garg is a numismatist and economic historian of international repute. He has extensive research experience in history of South Asia, with specialization in economic and monetary history, currency and coinage, historical architecture, and archival studies.

    At present Dr. Garg is posted as the Director, Swami Vivekananda Cultural Centre, Astana (Kazakhstan).