Volume 4

^{^[1]}Bengal Consultations. IOR P/162/86, July 1835, No 3

Resolution of 1^st July 1835

Resolved that no more copper coins be struck at the Calcutta mint in the name of Shah Alum; and that an English device be adopted for the copper, as well as the other, currencies.

The Governor General in Council does not contemplate the general introduction immediately of a new copper currency. The pyce of the present Calcutta coinage will be supplied to the treasuries in the provinces as long as there are stores available for that purpose, or until further orders, but when the mint is required to provide for a deficiency and to prepare new coins, they shall be struck and issued with an English device…

^{^[2]} Bengal Consultations. IOR P/162/86, October 1835, No 4

Letter from The Mint Committee to Government, dated 10^th October 1835

We have the honor to acknowledge the receipt of Mr Secretary Bushby’s letters No 415 and 589, dated the 20^th May and the 1^st July last, our reply to which has been unavoidably delayed by the preparation of the new device for the copper coin therein called for, the engraved dies or matrices having in four successive instances failed for various causes.

We have at last, however, the honor to submit specimens of a device which we think will be suitable for the new copper money of the Bengal Presidency. It is in fact the same as was recommended in the note submitted with our first address on the proposed change of device dated the 8^th November 1833, having on the obverse the Honourable Company’s arms, as on the pyce of Bombay and Madras, and on the reverse the denomination of the coin, in English and Persian, enclosed in a wreath, and the title of the Honourable Company on the margin in correspondence with the device of the new rupee.

Should this device meet with the approbation of your Honor in Council, the mint will be ready to issue the new pyce whenever the presses can be spared from the coinage of silver which is at present more urgent.

[There then follows a long discussion about receiving old and worn pice at the treasury and about the maximum sum for which pice should be accepted. The letter ends with the following recommendations:]

1. That a pictorial device be adopted for the coin henceforward to be struck at the Calcutta mint, as the 64^th of the new or “Company’s” rupee.

2. That the Calcutta mint pyce of former issues shall be receivable in payment of 64^th of the late sicca rupee, until 1^st February 1836 after which date it shall be a legal tender only for fractions of the new rupee.

3. That for the convenience of the public the mint shall be open for exchange of old into new pyce at numerical par, for sums above 20 rupees, and for a fixed period (to 1^st January 1837).

4. That the Pyce of the Benares, Farruckabad and Sagur mints shall henceforth be taken only as fractions of the rupees of those mints or of the Company’s rupee (rescinding section 5 of regulation XXV of 1817).

5. That the late Calcutta pyce (as at present) shall be receivable in the upper provinces as 64^th of the Farruckabad or new rupee and after the 1^st February next in Bengal also.

6. That the pyce currency of the three presidencies shall circulate at par together while they retain the proposed distinguishing impress of the mints at which they were struck.

7. That spurious and entirely obliterated coin shall not be receivable at the Government treasuries.

8. That Collectors shall not refuse copper coin which appears to be unfit by its wear or defacement for circulation but shall remit such coin to the mint for recoinage.

9. It is unnecessary to add that copper shall remain a legal tender up to the value of one rupee or that the weight of the pysa shall be 100 grains, as on these two points we have suggested no change

^{^[3]} Bengal Consultations. IOR P/162/86, November 1835, No 21

Letter to the Calcutta Mint Committee, from Government, dated 11^th November 1835

In reply to the letter of 10^th October above:

…The copper pice issued from the Calcutta Mint circulate in the Lower Provinces as the 64^th part of a sicca rupee, but in the Western they are at present received and issued at the rate of 1/64^th of the Farruckabad rupee, which is of equal value with the Company’s rupee.

If a new pice of the same weight were to be issued as the 64^th part of the new rupee, it would be impossible to give it currency immediately as of equal value with the pice in circulation, which being received at 64 to the sicca rupee bear an exchangeable value of 60 to the new rupee. On the other hand, the old pice having been issued as fractional parts of the sicca cannot equitably be at once declared to be only equal to the same fraction of the Company’s rupee. Thus the measure proposed by the Committee would have the effect of increasing the confusion of the present state of transition from the sicca to the new currency by involving the copper in the same predicament as the silver, Viz that of having two sets of coins of the same metal and denomination but of different value both current at the same time.

It seems to the Governor General in Council that the change to the desired condition in respect to the copper currency, and the establishment of the the pice as an even fraction of the new rupee and of its anna will be made with less difficulty after the sicca rupee shall have been withdrawn in some degree from circulation, and the new have obtained general currency. Unless your committee sees any strong objection to this course, which does not at present occur to His Honor in Council, it is proposed to suspend the issue of any orders in respect of the copper. I am accordingly desired merely to direct that the committee take steps to prepare the necessary dies for commencing a coinage of copper, with the device of the Company’s arms, whenever ordered.

^{^[4]} Bengal Consultations. IOR P/162/86, November 1835, No 22

Letter from the Mint Committee to the Mint Master (Saunders), dated 23^rd November 1835

The Committee having submitted to Government the specimens of new copper coin lately prepared with the Company’s arm device at the same time with your report of the the 11^th instant, on the possibility of complying with the indent from Madras for small silver and copper coin, I am directed to communicate in extract the orders just received postponing the issue of a new copper currency but desiring that a stock of dies may be prepared to be ready whenever the measure may be determined on…

^{^[5]} Bengal Consultations. IOR P/162/86, December 1835, No 14 & 15

Letter from Government to the Mint Committee, dated 2^nd December 1835

Since my letter under date the 11^th ultimo was dispatched the Honorable the Governor of Bengal has seen reason to think that the existing difficulties in respect to the general circulation of the New or Company’s rupee will be lessened by providing as quickly as possible a copper currency to circulate at par in even fractions with that rupee.

I am accordingly directed to desire that the Mint Committee will cause a supply of pice, double pice and pies to be immediately struck with the device of the Company’s arms on the obverse and the name of the coin on the reverse as already approved.

It is desirable that the first issue of this coin should be made as soon after the fifteenth instant as possible. An Act to give circulation to this coin will be immediately laid before the Legislative Council. It has not been deemed necessary to include at present in the draft of this act any provision respecting the existing copper currency.

Letter from the Mint Committee to the Mint Master, dated 9^th December 1835

I am directed by the Mint Committee with reference to my former letter of the 23^rd ultimo, to acquaint you that the Government now deems it desirable to prepare for the immediate issue of a new copper coinage of the device lately sanctioned to provide fractional parts of the Company’s rupee without interfering for the present with the existing rates of the sicca pice currency.

As it is stated to be of essential importance that an issue of the new copper coin should commence with the fifteenth instant, I am directed to request that you will use every exertion to expedite their preparation. Single pice for the present will be sufficient, the double and pie pieces not being so immediately required.

^{^[6]} Bengal Consultations. IOR P/162/87, September 1836, No 7 enclosure

Resolution

The Right Honorable the Governor of Bengal having again taken into his consideration the condition of the copper currency, observes that the coinage of pice is for the present suspended for want of copper, the price of which having risen to about 47 Company’s rupees for the Government maund is considerably beyond the limit at which it would be advisable to make further purchases. The Governor of Bengal has notice of a supply of this metal being available in the Government stores of the Madras Presidency and that Government has already been requested to expedite the transmission of all that can be spared of a kind adapted for coinage into pice. On its arrival, which may be expected very shortly, or upon the purchase of copper at Calcutta if it can be obtained at a price not too extravagant, the coinage of new or Company’s pice will be recommenced.

But the Right Honorable the Governor observes that the inconvenience and difficulties experienced are in no way ascribable to the want of sufficient copper coin to perform the operations of exchange in the bazaars of Calcutta but to a successful combination of shroffs to depreciate and exclude from circulation the old Calcutta pice which are by law a legal tender and are received and issued from all public treasuries of Bengal and Behar equally with the new pice. By confining the operations of exchange to sicca pice of the new mint and to the new pice, these coins have been brought to be in demand so as greatly to enhance their value relatively to the rupee to the injury and distress of the poorer classes of the community who find difficulty in passing the old coin in their hands. There appears the Governor of Bengal to be two methods by which this combination may be broken. First by increasing the supply of the new coin till through its abundance it shall come to bear an equal value in exchange to that at which it is a legal tender, and secondly by re-establishing the old coin as that of petty dealing in the bazaars whereby the demand for new would be diminished.

Were the Right Honorable the Governor of Bengal to resolve on the adoption of the first measure it would have the effect of entirely discrediting the old Calcutta pice, to the great injury of all the holders of such coin and this discredit spreading into the interior would produce distress generally to the lower orders. The measure moreover would lead to a repetition of the same evils, for so soon as the new pice with the device of the Company’s arms might be issued in sufficient quantity to perform the purposes of exchange, a similar combination would take place to drive out of circulation the last description of sicca pice, Viz those coined at the Calcutta new mint which now circulate at par with the new pice. It seems therefore to the Right Honorable the Governor of Bengal to be a preferable course to endeavour to remove existing difficulties by restoring the old pice which are still equally a legal coin with the new to credit and circulation in the Calcutta bazaars. The large issue of pice which has taken place in the last ten years as pointed out in the report of the Mint Committee contributes to the depreciation of the coin of the worst description and the Government has long been prepared for the return of much of this copper coin through the offices whose receipts are realised in small sums Viz through the Post Office in the vend of stamps and through the assessment collections of Calcutta. The excess of coin that has thus been put into circulation must, as it appears to the Governor of Bengal, sooner or later be returned upon the Government in reduction of the profit made originally upon the issue, and if, as stated by the Post Master General (and the information is confirmed from other quarters), one of the causes of the depreciation of the old coin is that it has been collected in the interior and imported in large quantities and is held by speculators who find difficulty in getting rid of it, the necessary remedy will be to recall the superfluity more promptly than would be effected through the tardy receipt of the offices of petty dealing above referred to.

On the whole it appears therefore to the Right Honorable the Governor of Bengal that the proper principle to follow in respect to the copper coin of the Presidency is to issue to the extent of the demand of the public (using the mint however only so far as the facilities for the purchase of copper and the demands of the silver and gold currency may permit) and for the correction of the effects of combination, as well as in order to prevent great fluctuations, to receive back when the coin so issued falls to depreciation.

Resolved that public notice be given in the Gazette (and copies of the same in Bengalee be circulated through the police of Calcutta and of the neighbouring districts) to the following effect:

Notice is hereby given that until further orders pice of any description coined at the mint of

Calcutta will be received in exchange for silver at the mint of Calcutta at the rate of 66 single pice for the Company’s rupee provided the same be brought for exchange in sums of not less that 20 rupees worth at one time. Pieces tendered that may be found not genuine will be returned defaced. Payment for pice so tendered and received at the mint of Calcutta will be made by bill to be drawn by the Mint Master on the General Treasury payable at sight.

^{^[7]} Bengal Consultations. IOR P/162/87, April 1836, No 32

Letter from the Calcutta Mint Master (Forbes) to the Mint Committee, dated 7^th April 1836

I have the honor to acknowledge the receipt of your letter of the 12^th ultimo, calling upon me for a statement of the quantity of copper pice received for examination, and in furnishing such a statement. I beg to annex the following recapitulation of the correspondence which has passed upon the subject of the copper currency.

On the 28^th June 1832 the sub-Treasurer forwarded to the Mint for recoinage a quantity of old worn copper pice, but as the Mint Master had no authority for breaking up the copper currency, he addressed that gentleman on the 2^nd July 1832 declining to receive the copper coin at 64 pice to the rupee without authority from Government. Consequently on the 16^th July 1832 the sub-Treasurer addressed the Government through the proper authorities and recommended that, as copper so defaced could not be reissued, it would be expedient to call it in, and solicited the sanction of Government for a measure to this effect. The Government referred the question to your committee on the 17^th July 1832 and previous to reply the Committee [in their letter of the 23^rd July 1832] called upon the Mint Master for a statement of the expense which would attend the recall of the worn out pice, which Mr Barwell’s letter of the 16^th July had estimated to amount, in the Calcutta market, at that period, to about 2 lacks of rupees worth, the same letter having further stated that it would be desirable to relieve the market of a currency which was completely defaced, and from which the circumstance of there having been thrown into circulation a new coinage of copper (Viz the New-Mint Raised-Rim (sicca) pice had ceased to circulate at par.

In replying to the Committee’s letter the Mint Master on 31^st July 1832 forwarded a statement showing that the probable expense of recalling the defaced pice alluded to, may be estimated at 18Rs 13As 9Pie per cent.

On the 5^th September 1832 your Committee transmitted to the Mint Master copy of a letter received from the Secretary to Government in which the Vice President in Council appears entirely to coincide in the opinion of the Committee that there can be no occasion to force out of circulation, or to discredit in any way, the old pice if of legible impression, and accordingly directs the sub-treasurer to forward to the mint for entire defacement and withdrawal from circulation only such pice as are much worn, and of which the stamp is nearly defaced.

On the 20^th October 1832 the late Mint Master again deemed it necessary to address the sub-Treasurer regarding old pice, he having found in the remittances sent to the mint, a great portion of a description that according to the wording of the instructions forwarded for his guidance he could not but deem fit for further circulation, and this address induced the sub-Treasurer to make another reference to Government on the 13^th November 1832.

In consequence the orders of Government dated 27^th November 1832 [communicated thro’ your Committee’s letter of 3^rd December 1832] were issued for all old pice to be sent to the mint to be cleaned and examined, and that afterwards those which had been found not to have their impressions defaced should be returned to the treasury for reissue.

On the 12^th September 1833 your committee addressed the late Mint Master respecting the mixed state of the copper currency and called for a statement of the expense that would be incurred by throwing open the mint to holders of Tirsoolie or Benares Pyce they paying in at the rate of 72 such pice and receiving in exchange 64 New Calcutta Sicca Pice, this under the supposition then entertained that the amount which perhaps would be brought to the mint for exchange might be estimated at the value of a lack of rupees. The statement furnished by him in reply [on the 13^th September 1833] showed that the probable expense attending the proposed measure might be estimated at sicca rupees Rs10 10As 10P worth.

Accordingly on the 30^th September 1833 the Governor General in Council authorized the Mint Master, through your committee, to receive Tirsoolie and Benares pice from individuals in exchange for Calcutta or Sicca pice at the rate of 72 of the former for 64 of the latter, this being an arrangement intended (as stated in Mr Secretary G A Bushby’s letter) to relieve the holders of the former description of pice from the loss which they were likely to sustain, or were actually then sustaining, through the great depreciation of the value of Trisoolie and Benares pice.

On the 7^th February 1834 your committee directed the late Mint Master to report whether the influx of Tirsoolie pice from individuals had yet ceased, and what was the expense and loss attending the measure. He replied [on the 7^th February 1834] that applications for such exchange had ceased from 15^th January 1834 and that 121,116:5:8 sicca rupees worth of pice had been received from the 9^th October 1833 down to that period; as further that the loss or expense to Government on the operation had amounted to sicca rupees 16,820:3:10.

On 29^th May 1834 the late Mint Master, in addressing the committee stated that he had reason to believe that a great portion of Tirsoolie pice coined at native mints in the district of Saugor were likely to find their way into Calcutta, and be sent to the mint. In consequence of which, and the then paucity of applications for sicca pice in exchange for Tirsoolie at the rate sanctioned, he recommended that the receipt of Benares and Tirsoolie pice at the mint should be discontinued.

On the 9^th June 1834 Government, agreeably to the above recommendation, authorized the suspension and discontinuance of the receipt of Benares and Tirsoolie pice at the mint.

Having observed that (apart from the pice tendered by individuals) the far greater portion of the remittances of copper coin made to the mint by the public departments consisted of Tirsoolie pice, the late Mint Master deemed it advisable to forward to the Committee [on the 22^nd April 1835] a statement of the total loss and expense attending the recall of pice up to that period.

The 6^th and 7^th paragraphs of the representation he then made, still (under similar circumstances) appears especially worthy of consideration:

Paragraph 6

The native mints in the neighbourhood of Saugor are said to be engaged in preparing copper coins similar to those struck at the Benares and Saugor mints and as neither the Poldars and others who examine them, when paid into Government treasuries, or the mint officers, have the power of absolutely detecting counterfeits of a coin itself so rudely executed, there is no certainty that the quantity sent in will be confined even to the amount originally issued from Government mints.

Paragraph 7

Under these circumstances the Committee will, I hope, meet to discuss the question, and will be prepared to advise Government whether with reference to existing regulations, which declare that copper coins issued from any of the Government mints are a legal tender for the fractional portion of the rupee, and the difficulty of detecting counterfeits, a stop can in any way be put to the receipt of such coin at the public treasuries, which if allowed to continue will subject the state to a heavy and apparently unlimited charge.

On 20^th May 1835 Government authorized (thro’ your Committee’s letter of the 8^th June 1835) the exchange of Tirsoolie pice at the rate of 20 Gundahs to 16 Gundahs of new Calcutta sicca pice, at which rate the late Mint Master had shewn (in a statement furnished by him on the 21^st May 1835) that there would be a loss of only Rs3 1A 4Pie per cent if the profit upon the coinage of an equal sicca rupee value of new pice were included. On the 22^nd August 1835 the late Mint Master brought to the notice of the Committee that the permission granted to the mint for receiving Tirsoolie and Benares pice at 20 Gundahs in exchange for 16 Gundahs of Calcutta pice had failed to bring the former into the mint, and he attributed the failure to its obvious cause, the circumstances of the Post Office, and other public departments, being at the same time open for the reception of Tirsoolies at par, or at the rate of 64 Tirsoolie or 16 Gundahs of pice per sicca rupee. He then repeated his conviction that much of the Tirsoolie coin at that time pouring in from the public departments had never been issued from Government mints, and earnestly recommended that a certain period should be fixed beyond which the pice in question should cease to be a legal tender for the fractional parts of a rupee.

To this suggestion no reply appears to have been given, but it is understood that the subject has frequently been brought to the notice of Government, and that previous to final decision, it has been deemed requisite to obtain the statements I have now, in compliance with your request, the honour of forwarding...

…And it appears on strong grounds to be generally believed that a very large proportion of them [i.e. Tirsoolie pice] had been purchased by speculators at stations distant from Calcutta at 20 Gundahs and even 23 Gundahs to the rupee and paid into the Government treasuries and departments [as permitted] at 16 Gundahs per rupee. There moreover is equally good reason for concluding that a large portion of the pice so purchased had been counterfeited (as their defective execution rendered very easy) in the mints of native states or by common forgers.

While the Government treasuries continue to receive the Tirsoolie pice at 64 to the rupee without reissuing them, it is obvious that there can be little prospect of the influx of this description of coin diminishing. Indeed it is well known that at present a very small portion of the payments to Government departments are made in any other description of pice than Tirsoolies and that if the system is continued so as to afford, as now, an outlet for the coins issued by Native mints and forgers, they will still as at present, be able to supply the artificial demand created with an average profit to themselves and a loss to the Government of 100 per cent.

Statement of Copper Pice Coined and Issued from December 1832 to January 1836 inclusive [I have extracted just the last 2 months – see also under Bengal Presidency]

		Double Pice		Single Pice		Pie Pieces
		Sicca	Company’s	Sicca	Company’s	Sicca	Company’s
1835	December				134,000
1836	January				2,470,000

^{^[8]} Bengal Consultations. IOR P/162/87, July 1836 No 1

Letter to The Mint Committee from the Calcutta Mint Master (Forbes) dated 1^st July 1836

…

F – Company’s single pice first struck at the new mint in December 1835

There have been struck of these from that period down to the 30^th June current 17,000,000

^{^[9]} Bengal Consultations. IOR P/162/87, October 1836, Nos 6 & 7

Letter from Government to H.M. Pigue (Commissioner of the Allipore Division), dated 5^th October 1836

I am directed to acknowledge the receipt of your letter dated the 1^st instant suggesting the expediency of extending to certain places beyond the limits of Calcutta the system of Government Change Shops, the inconvenience from the exorbitant rate demanded for new pice and from the refusal of old pice being equally felt in the suburbs.

The Right Honorable the Governor of Bengal concurs with you in thinking it may be necessary to take steps similar to those adopted in Calcutta for giving effectual circulation to the old pice of the Calcutta mint which are still a legal tender, but his Lordship observes that it is not desirable to multiply the number of change houses more than may be absolutely necessary and it will be inconvenient for the mint to provide podars to open shops at such distances as shall prevent their daily accounting and bringing in their balance.

Of the three places named by you therefore, the only one that can conveniently be superintended by the mint officers is that of Howrah, which is across the river immediately opposite the mint. The Mint Master will accordingly be directed to establish a shop at Howrah.

With respect to Kidderpore, it occurs to his Lordship that the officiating collector of the 24 Pergunnahs will be able through his treasurer to establish a change shop in the same manner as is done by the mint officers, that is by deputing podars under the security of his treasurer, and furnishing them with the required quantity of copper and silver coin to make exchanges at the established par of 64 pice per Company’s rupee and vice versa.

You are accordingly authorized to direct the officiating collector to establish a shop at Kidderpore as above described provided that a sufficiency of copper coin for the purpose shall be available in his hands. If the Acting Collector have no copper coin in hand he may obtain from the mint old pice in exchange for rupees to such extent as may be necessary for the daily use of his shop.

If however this plan be put in execution, it must be understood that the Acting Collector and Treasurer will be jointly answerable for the issues made to the podar and must daily take over his balance and accounts and his Lordship expects that you will yourself superintend the conduct of this business and receive weekly reports of the exchanges made by the podar.

You will report immediately if it should appear that there is a run more extensive than usual either for silver or for copper at the shop that may be established.

His Lordship does not deem it necessary to authorize the establishment of a shop at Maunicktullah, as in that position it would not be easy to subject it to a proper superintendence.

Letter from the Mint Committee to the Mint Master dated 12^th October 1836

I am directed by the Mint Committee to forward for your information and guidance, the accompanying copy of a letter from Government dated 5^th October authorizing two additional pice shops to be established, one at Howrah and one in the Allipore division. The former being within convenient distance is to be under your control and precisely on the same footing as the Government change shops opened in the town of Calcutta. The shop at Kidderpore will be under the Collector 24 Pergunnahs who will indent upon you for copper coin to such an extent as he may require.

With reference to the circumstance of the Government Change shops having already induced such a reaction as to have drawn out into circulation the major part of the old copper coin which had previously been repudiated in the bazaar and paid back into the mint in large quantities even at a sacrifice, the Committee are inclined to the opinion that the copper circulation is not so fully supplied as has been before imagined and they would consequently urge upon Government the expediency of recommencing the coinage of pice as soon as a supply of the material can be obtained. The small stock expected from Madras may be coined immediately on arrival, and should you be aware of any importations of copper by late ships or of any probable alteration of the market price, the Committee will thank you to communicate the same to me in order that no opportunity may be lost of laying in a stock.

The Governor General has expressed to members of the committee a desire that endeavours should be made to melt up the stock of defaced pice on hand, and the Committee would readily recommend a handsome remuneration to any of the mechanics of the mint who should prove successful in producing a journee of malleable slabs from the copper foundry of the mint.

Bengal Consultations. IOR P/162/88, December 1837, No 23.

Resolution

… The question that remains for consideration is the measures to be adopted for the issue of copper coin of the new coinage of which nearly a crore in tale has accumulated at the mint ready for any purposes that the Government may determine to apply them to.

The President in Council is of opinion that the quantity in store is sufficient to enable the Government to commence a reissue in assurance of its ability to supply to the full the existing demand. The returns obtained from the interior shew the new pice equally with the pice antecedently coined at the Calcutta mint to be ordinarily at a premium and the demand for them therefore to be general. Under these circumstances, the President in Council, though desirous to substitute small silver for petty exchanges as far as the wants and inclinations of the population will admit and about to order the further supply of this coin in order to give effect to his views on the point, does not think he would be warranted in withholding along with the small silver a further supply of copper sufficient to bring the value of the coin of that metal to par – the Accountant General is the officer through whom the circulation of the currency in the interior is regulated – he has hitherto been restrained from supplying new pice to the different stations, first by the insufficiency of the amount of new coin available and secondly by the fear that the issue of new pice might lead to a depreciation of those already in circulation. The returns obtained from the interior show that the effect thus apprehended is not likely to be produced, for copper coin of recent and of former coinage circulate without distinction ordinarily at the same rate. As there is now therefore a sufficient supply of new coin, the Accountant General should be instructed to make his remittance of new pice as heretofore but with some caution, to accompany each supply of copper coin with a remittance of 4 & 8 anna pieces and to instruct the local officers to make no issue of copper coin if the bazar rate of exchange is above par, that is if more than 64 single pice either of the present or of former Calcutta mint coinage can be obtained for the Company’s rupee, and to adopt as far as may be practicable the plan of entering into engagements with shroffs about to be introduced in Calcutta under the management of the officers of the Mint and Treasury for securing that the coin shall circulate as nearly as possible to the Government par and that the sicca pice previously in circulation shall not be depreciated and returned upon Government until they are completely defaced.

In the town of Calcutta the President in Council is of opinion that the time has arrived for closing and withdrawing the Government change shops that have now for some months been established and for adopting the plan recommended in the letter of the secretary of the Mint Committee dated 29^th ultimo submitting to Government the offer of Ramgopaul Sein with a note by the secretary explaining in detail the nature of his proposition.

The President in Council agrees under the representations made, to accept the offer of Ramgopaul Seinand any similar offers made by other shroffs, the Government undertaking to supply copper coins at par under the condition that it shall be issued at par in exchange for silver to all applicants, that no distinction shall be made between pice of the different Calcutta mint coinages, but from applicants for silver in exchange for copper, the shroffs shall be at liberty to take consideration of half a pice in excess, and to obtain silver at par from Government in exchange for copper, whenever an excess of pice shall be presented for exchange at the shops opened under these conditions.

The President in Council resolves that the Mint Committee be authorised to arrange the conditions and prepare the sunuds to be issued to established shroffs on these terms, taking measures to ensure that they shall be generally known to the public and that boards shall be exhibited at the authorised houses inviting exchange at par and specifying the other conditions. The exchange shops thus established shall be authorised to obtain from the mint under orders from the sub treasurer either silver for copper coin or vice versa to any extent they may apply for and through the same shroffs the officers of Government will consider it their duty to promote the issue of small silver coin.

The privilege of obtaining such an exchange from the mint must be declared liable to be withdrawn whenever it may be established that the shroffs enjoying it has contravened any of the conditions of the sunud or refused an exchange on the terms of his engagement.

Ordered that a copy of the above resolution be sent through the Deputy Governor of Bengal to the Mint Committee and to the Accountant General in order that instructions may be sent to officers to assist in carrying into effect the views and for introducing the scheme therein described, and that the Mint committee be required to report monthly on the success of the plan for securing a circulation of copper coin at par in Calcutta and on the progress making in the issue of small silver coins, and that the necessary orders may likewise be sent to the sub treasurer.

Bengal Consultations. IOR P/162/88, December 1837, No 24

Notice

It having been resolved by the Government that money changers of the city of Calcutta shall on certain conditions be permitted to receive supplies of copper money in exchange for silver at the mint under orders from the sub treasurer or vice versa of silver money in exchange for pice in order to facilitate the maintenance of an uniform rate throughout the town at the established par of 64 pice per rupee.

I am directed by the Mint Committee to give notice to the shroffs, podars and bunyas generally that on application at this office before the 1^st March next any party may be admitted to the privilege above mentioned on his signing an agreement to the following effect:

That he shall allow a board to be placed over his shop or stall intimating that he will give in exchange for every lawful rupee of the Company’s coinage sixty four pice of lawful currency making no distinction between the various denominations but mixing indiscriminately new Company pice and Sicca pice of the new mint and of the old mint only excepting such pice as from wear are no longer fit for circulation: and

That he will also give one Company’s rupee (in silver) for every 65 Calcutta or Company’s pice of legal currency tendered for exchange at his shop – one pice being taken in excess as his lawful profit and shroffage.

That on these conditions he shall have the privilege of drawing from the mint under the sub treasurer’s orders as below provided such supply of mixed pice for silver or of silver for pice as may be required for the current business of his shop at convenient periods in the manner now practiced by applicants for pice Viz:

Having paid into the General Treasury an amount in silver he shall obtain thence an order on the mint for the equivalent in copper money, or vice versa, having delivered into the mint an amount of copper money he shall then receive an order on the General Treasury for the equivalent in cash, always at the par of 64 pice per Company’s rupee.

The Treasury will have a discretionary power to restrict the amount of these drafts so as to prevent any applications for the purpose of speculation or of remittance into the mofussil, the object being merely to provide for the bona fide transactions of change shops in the town and vicinity.

Any infringement of the above terms by the shroffs, podar or buneea, either by his separating and distinguishing the species of coin, or by his demanding from his customers other than the rate herein before fixed, will on being brought to notice lead to the immediate withdrawal of the privilege.

All complaints to be made to the magistrates who will bring the same to the knowledge of the Mint Committee and if it be proved that an exchange has been refused on the demand of any person or that any one of the above conditions has been contravened, the further supply of copper pice to the shroffs so offending will be stopped, besides any other punishments to which he may be liable at the police.

The Government change shops will be closed from the date on which the new system may be established.

Bengal Consultations. IOR P/162/89 March 1838 No 30

Letter from the Mint Committee to the sub-treasurer, dated 14^th March 1838

I am directed by the Mint Committee to acquaint you that under the orders of Government dated 28^th February last, of which a copy is herewith forwarded, the following parties have executed agreements for doing the business of pice exchange on the authorized terms set forth in the printed circular of the Committee, Viz that they shall have the power of resorting to the treasury for such copper coin as they may require at the rate of 64½ pice per Co rupee on paying the equivalent in silver into your treasury and vice versa of resorting to the treasury for silver money in exchange for copper at the same rate, all legal copper coin being receivable without distinction.

The parties applying to you for drafts on the mint for copper coin will produce the duplicate of their agreement (the form of which is herewith enclosed) as authority for their enjoying the advantage, and in case of infringement of the terms this duplicate will be withdrawn or notice will be given to you of the discontinuance of the privilege to any party.

The paying in of pice will be managed as at present through the mint, the Mint Master granting a receipt for the quantity by tale and its value in silver (always for convenience in even sums) wwhich receipt will be convertible into cash on presentation at your treasury.

Adverting to the balance of copper coin in the mint, the possible demand of the public services, and the rate of coinage, which will from the pressure of the silver balances be limited to one lakh in tale per diem, it will be advisable to limit the total grants of pice to 100,000 in tale each day or to 100 rupees per shop allowing the parties to draw in advance for a few days consumption but in no case exceeding 500 rupees at a time for each shop.

Names of Podars who have applied for licences to establish change shops

No 1 Madoosooden Dutt – Three shops. One in New China Bazar and two at Burra Bazar

No 2 Mr J Grief

No 3 Messers R Philips & Co

No 4 Bhuggobaun Chunder Bundopadea and Moodosooden Kowar

No 5 Mothor Mohun Podar and others

No 6 Moodoosooden Dutt

No 7 Marcandow Podar

No 8 Comul Lochun Sein

No 9 Maudub Chund Debsemono

No 10 Govind Chund Chuckerbutty

No 11 Mudden Mohan Dutt

Bengal Consultations. IOR P/162/89 March 1838 No 30A

Letter from the Mint Committee to the Mint Master (Forbes), dated 14^th March 1838

I am directed by the Mint Committee to furnish for your information and guidance copy of a letter just addressed to the sub-treasurer regulating the mode in which the dealings with the licensed pice exchange shops are to be conducted.

You will have to supply pice on that officers drafts as at present, and to receive pice (in even sums) from individuals possessing licences from the Committee, granting receipts in tale and value at 64½ per Company’s rupee payable at the Treasury.

The Committee think it will be advisable to suspend the Government shops in the town, from the day following the first supply to the licenced podars, but they request that the shop in the fort may be continued until some arrangement is made with a podar there on the terms authorised.

Bengal Consultations. IOR P/162/89, March 1838 following No 31

It having been found expedient to furnish placards to the licenensed podars, ordered that the following letter be written to the clerk to the Stationery Committee for a supply of paste boards:

I am directed to submit for sanction the annexed emergent indent for paste boards urgently required by the Mint Committee for the purpose of furnishing placards to those shroffs who have taken licences to exchange pice for silver and vice versa.

Emergent Indent for the following articles required for the use of the office of the Mint Committee

Twenty five single paste boards (thick brown binding boards)

The boards were delivered (see IOR entries No 37 & 38)

Bengal Consultations. IOR P/162/89, March 1838, Nos 32 & 33

Mr R Bolst applied for a licence for exchange of pice and the licence was refused

Bengal Consultations. IOR P/162/89, March 1838, No 35

Letter from the Mint Committee to the sub-treasurer dated 16^th March 1838

In continuation of my letter of the 14^th instant, I am directed by the Mint Committee to acquaint you for your information and guidance, that the following individuals have this day entered into agreements for conducting the business of pice exchange on the terms authorized by Government in addition to those already notified.

No 12 Goluch Chunder Podar

No 13 Kasynath Podar

No 14 Ragil Lochun Podar

No 15 Rado Govind Podar

Duplicate copies of the agreements have been furnished to the parties respectively.

Bengal Consultations. IOR P/162/89, March 1838, No 39

Note from the Secretary to the Mint Committee 19^th March 1838

The first run supplied to the licencees has run off quicker than was expected, Mudun Mohan Dutt applies in consequence for a fresh supply on the 3^rd day instead of the fifth.

Goving Chund Chuckerbutty also spent his 300 in 2 days.

It is obvious they cannot go on without we keep them supplied & they tell me that from all appearances we shall bring the market to par in a very few days. I beg therefore the Committees permission to instruct the sub-treasurer to make fresh advance at once. I had better use my discretion therein so as to avoid troubling the Committee.

Bengal Consultations. IOR P/162/89, March 1838, No 40

Letter to the sub-treasuer (W H Oakes) from the Mint Committee, dated 19^th March 1838

To meet the first run upon the pice shops, which has drained them in two days instead of five days, the Committee direct me to acquaint you to modify their former instructions and to advance each party having a licence as far as 200 Rs per diem of pice for cash if required.

Some parties who had received 300 and 500 rupees worth will accordingly apply to you today for fresh drafts upon the mint to the same extent.

Bengal Consultations. IOR P/162/89, March 1838, No 42

Letter from Colonel E Barton (The Town Major) to the Mint Master, dated 19^th March 1838

I have the honor to request that you will permit the four shroffs of the garrison bazaar to receive pice from the mint at the rate of 64 and a half per Company’s rupee.

Bengal Consultations. IOR P/162/89, March 1838, No 43

Letter from the Mint Committee to Colonel Barton, dated 20^th March 1838

In reply to your letter addressed to the Mint Master of yesterday’s date, I am directed by the Mint Committee to apprize you that three of the four podars of the garrison bazaar have been provided with licenses to deal in pice on the terms lately authorised by Government, ie to receive pice from the mint at 64½ and to retail them at 64 to the public.

On giving silver for pice however they are authorised to demand 65 pice to allow them a compensation of half a pice on the transaction either way.

As the Government shop was in the habit of giving and taking equally at 64, it is possible some misunderstanding may take place on the withdrawal of this shop, in which case the Committee requests that you will cause it to be known that the present dealers are noy in the pay of Government and therefore that they must be paid for their labout by the batta thus regulated.Their chief dealing with the soldiery however, will be in exchanging silver into pice which they will do at par.

The Committee further solicits your vigilant aid in preventing the abuse of the license system by the shroffs selling wholesale the new pice they are allowed to obtain at the mint, to dealers in the town or in the mofussil who will resell them at an enhanced rate.

The rate of coinage at the mint will but just meet the bona fides exchanges and it will be attended with serious inconvenience should the demand exceed our means, 100 or 150 rupees per diem is as much as can be spared for the garrison podars.

Bengal Consultations. IOR P/162/89, March 1838, No 44

Letter from the Mint Committee to the sub-treasurer, dated 20^th March 1838

I am directed to state for your information and guidance, that the Mint Committee have this day granted a license for the exchange of pice to the following podars whose shops are situated in the fort:

Suncur Paul

No 16 Gocul Mohun Addy

Shree Canto Addy

Bengal Consultations. IOR P/162/89, March 1838, No 46

Letter from the Mint Committee to th sub-treasurer, dated 20^th March 1838

I beg to inform you that Mudoosooden Dutt, Licencese of Pice shops No 1, having three shops, has been detected selling pice there from below the legal rate. His licence has accordingly been cancelled and the Mint Master has been requested to reject the draft for Rs 1000 of pice which this party had just presented at the mint.

Bengal Consultations. IOR P/162/89, March 1838, No 48

Letter from Radakissen Bysack Khazanchee to the Mint Committee

As frequent applications are made to me at the General Treasury for pice in exchange of rupees, which I am prohibited from granting, and as the Accountant General is of opinion that a licensed change shop should be established at the gate of this office, I have the honor to request you will grant a license to the bearer hereof, Hurronundun Mookerjee, Podar, who is willing to execute any agreement you may deem necessary.

Bengal Consultations. IOR P/162/89, March 1838, No 49

Letter to the sub-treasurer from the Mint Committee, dated 20^th March 1838

With advertence to the letter of Radakissen Bysack Khazanchee to the General Treasury, I am directed to state for your information and guidance, that a license number 17 has this day been granted to Hurronundun Mookerjee for the vend of pice at the gate of the General treasury.

Bengal Consultations. IOR P/162/89, March 1838, No 52

Letter from the Mint Committee to the sub-Treasurer, dated 21^st March 1838

I am directed by the Mint Committee to state for your information and guidance, that a license No 18 has this day been granted to Rammohan Paul for the vend of pice at the Chandnee Choak

Bengal Consultations. IOR P/162/89, March 1838, No 70 and just above for places

Letter from the Mint Committee to the sub-Treasurer, dated 22^nd March 1838

I am directed by the Mint Committee to state, for your information and guidance, that licenses have this day been granted to the following podars for the vend of pice:

No 19 Chunder Mohun Chund – Kidderpore

No 20 Luckeynarain Seal – Burtollah Sobha Bazar

No 21 Jissur Chunder Mookerjee – Sobha Bazar

No 22 Tara Chund Dutt – Dhurmtollah

No 23 Maudub Chunder Day – Simlah

No 24 Damoder Banerjee Bisto – Soastytollah

No 25 Sedham Chunder – Calcutta

No 26 Pitumber Pine – Clive Street

No 27 Rammarain Seal – Calcutta

No 28 Luchman Doss – Mirzapore

No 29 Sonatun Duddy – Calcutta

No 30 Goroochurn Pyne – Burra Bazar

No 31 Calee Churn Dutt – Tirettas Bazar

No 32 Roopchund Dutt – Old China Bazar

No 33 Terrachund Mookerjee – Juggernauth Ghaut

Bengal Consultations. IOR P/162/89, March 1838, No 72

Letter from the Mint Committee to the sub-Treasurer, dated 23^rd March 1838

I am directed by the Mint Committee to state, for your information and guidance, that a license No 34 has this day been granted to Chenebas Duddy for the vend of pice in the fort.

Bengal Consultations. IOR P/162/89, March 1838, No 76-81

Applications to vend pice from Mr J D’Cruz – rejected

Mr J Grenier – rejected

Mr W Dickson (of Puddopookur Entally) – Granted

Bengal Consultations. IOR P/162/89, March 1838, No 84

Letter from the Mint Committee to the sub-Treasurer, dated 28^th March 1838

I am directed by the Mint Committee to acquaint you fro your information and guidance, that a license No 1 has this day been granted to Mr W Dickson for the vend of pice to the public.

Bengal Consultations. IOR P/162/89, March 1838, No 87

Letter from the Mint Committee to Government, dated 29^th March 1838, in reply to a request for a large amount of new copper pice (see No 86 for details)

I am directed by the Mint Committee to acknowledge your letter dated the 7^th instant calling for their opinion on the expediency of complying with applications from individuals for large quantities of copper coin similar to one proffered on the 4^th instant by Manickchunder Bysack.

In reply I am directed to state that the system lately ordered to be carried into effect for licencing podars to receive pice at 64½ from the mint on condition of selling at 64 to the public necessitates the keeping in hand of as large a store of pice as possible in order in order to meet the demand which will continue to act as a drain until the market is brought to par. They think therefore that such applications should not be complied with.

Since the licenses were granted no less a sum than 40,000 rupees has been issued in the course of ten days upon drafts of the sub-Treasurer and yet the bazaar rate of the old pice has not fallen to par. The first issue was made on a scale much in excess of the daily coinage of the mint in the hope of striking a blow, but the effect has not as yet been produced for, although the sale of old pice has been well nigh suspended at the very numerous stalls throughout the town, the price asked for them is still under 64 per rupee, even by the hawkers who supply the stalls.

It is suspected, and not without reason, that many of those who have entered into agreements with the Committee have done so solely with the view to speculation, that they have other shops to which they transfer the chief part of the pice drawn from the mint, and there sel under 64. One party was caught doing so even with the placard above his stall & his licence was accordingly cancelled, but as no further penalty attends the infringement of the agreement, it is impossible to answer for the fulfilment of the terms by parties who unfortunately bear but a sorry character for honest dealings. If no dependence can be placed on the licensed podars and no penalty attend the infringement, it would obviously be preferable to give out the pice at par to all applicants and thus leave the bazaar to find its own level.

The Committee will however endeavour to check any misuse of the privilege, and retain only those on their list who are industrious and faithful in their dealings.

I have the honor to annex a statement of the pice delivery from the opening of the Government shops to their close as well as of the licensed shops.

Bengal Consultations. IOR P/162/89, March 1838, No 96

Letter from the Mint Committee to the sub-Treasurer, dated 31^st March 1838

I am directed by the Mint Committee to state for your information and guidance, that licenses have this day been granted to the following podars for the vend of pice:

No 35 Beerchund Day – 100 Rs pice per diem

No 36 Toolsee Ram & Leelmanny – each 50 Rs pice per diem

Bengal Consultations. IOR P/162/89, April 1838, No 2

Letter from the Mint Committee to the Sub-Treasurer, dated 6^th April 1838

Roop Chund Dutt, Podar, under license No 32 having been detected practicing deceipt exchanging pice contrary to the terms authorised, I am directed by the Mint Committee to state for your information and guidance, that they have this day cancelled his agreement, you will accordingly be pleased to discontinue granting drafts to the Mint Master in favour of the individual in question.

Bengal Consultations. IOR P/162/89, April 1838, No 7

Letter from J. Prinsep to the Mint Committee, dated 5^th April 1838

I beg to circulate for your information a statement of pice given out through our licensed shops.

In 18 days from the 17^th March to the 3^rd April we have issued 41 lakhs in tale. Our shops are 36 in number and each is authorized to draw 100 rupees worth of pice per diem. The average hitherto of daily issue has been 3000 rupees worth, henceforth it may exceed that sum.

The balance of pice in store has been reduced from 76 to 46 lakhs (partly however by drafts from the treasury or public account). A weeks holiday are approaching during which the mint will be closed. If we give out at the same rate during that period, we shall reduce the mint store to 27 lakhs, whereas 32 laks are required to be kept in hand to meet the Accountant General’s orders.

The price of old pice has come down to par in many parts of the town, and the licencees have engaged to buy them and mix with their store of new pice which while they are sold alone will necessarily be greedily sought for.

On this plea we may restrict the daily issue of new pice to 50 rupees each shop excepting at particular places (as the Fort, Tiretta bazaar etc) but it may be questionable policy to do so before we have turned the scale by bringing the old pice even to beyond 64, for the speculators will immediately take advantage and hoard in order to sell again at the former premium of 62 per rupee.

The opinion of the Committee is requested on this point:

Whether to restrict the deliveries to 50 per shop? Or by not granting drafts while the treasury is closed, effect the same object without the public declaration of the reason.

There is then a day by day accounting of the pice issued

Bengal Consultations. IOR P/162/89, April 1838, No 8

Letter from the Mint Committee to the Sub-Treasurer, dated 6^th April 1838

With reference to the former instructions of the Mint Committee regarding the licensed pice shops, I am now directed by the Committee to request that you will restrict the drafts to licensees to the sum of 50 rupees per diem for each shop (allowing them as before to draw for a week in advance if they so desire) in as much as the price of the old pice is now at par, and it is desirable not to issue the new copper currency in excess of the demands of the circulation.

Bengal Consultations. IOR P/162/89, April 1838, No 11

Letter from Government to the Mint Committee, dated 4^th April 1838

I am directed to acknowledge the receipt of your letter dated the 29^th ultimo with its accompaniments, and in reply to state that the Deputy Governor of Bengal concurs with the Mint Committee in thinking that now the system of licensing change shops and furnishing pice through them to the public is established, it will be objectionable to make issues on the application of individuals. His Honor therefore will be pleased to refuse compliance with such applications.

Bengal Consultations. IOR P/162/90, February 1839, No 23

Letter from the Mint Committee to the sub-Treasurer, dated 25^th February 1839

I am directed by the Mint Committee to acquaint you that licence No 3 has this day been granted to Ramlockun Shen Podar for the exchange of pice in Burraq Bazar. The individual in question is to be furnished with twenty five rupees worth of pice daily.

Bengal Consultations. IOR P/162/90, March 1839, No 21

Letter from the Mint Committee to the Calcutta Mint Master (Forbes), dated 19^th March 1839

I am directed by the Mint Committee to acquaint you that they have this day requested the sub-treasurer to discontinue granting orders on the mint for the daily supply of pyce in favour of Radagobind Podar of Patoragatah whose licence No 13 has this day been cancelled for an infringement of the conditions entered into by him.

Bengal Consultations. IOR P/162/90, March 1839, No 26

Letter from the Mint Committee to the Calcutta Mint Master, dated 21^st March 1839

I am directed by the Mint Committee to acquaint you that a licence No 13 has this day been granted to Ramnarian Mookerjee Podar for the exchange of pice at Patoorah Ghautta.

Bengal Consultations. IOR P/162/90, March 1839, Nos 48 & 49

Letter from the Mint Committee to the Calcutta Mint Master, dated 30^th March 1839

The Mint Committee having this day granted four licences to the following Podars for the exchange of pice at Sudder Barrackpore, I am directed to forward to you the accompanying copy of a letter written to the sub-treasurer on the subject.

Letter from the Mint Committee to the sub-treasurer, dated 30^th March 1839

I am directed by the Mint Committee to acquaint you that they have this day granted four licences to the undermentioned podars for the exchange of pice at the Sudder bazaar Barrackpore Viz

Jhubbo Podar

Rucha Paura ditto

Madie ditto

Radhay ditto

In consideration of the distance at which the shops of the above podars are situated, the Mint Committee have consented to allow them to receive eight days pice in advance at the rate of twenty five rupees worth per diem to each, and one or more of the parties in question will be deputed weekly from Barrackpore to receive the pice for the whole.

Bengal Consultations. IOR P/162/90, May 1839, No 42

Letter from the Mint Committee to the sub-treasurer, dated 22^nd May 1839

Dewan Podar of licence No 42 stationed at Dum Dum having relinquished the privilege of receiving pice from the mint for the purposes of exchange, I am directed by the Mint Committee to acquaint you that a fresh licence under the same number has this day been granted to Begumsha Podar, whose shop is also stationed at Dum Dum.

Bengal Consultations. IOR P/162/90, August 1839, No 7 (also 6, 8 & 9)

Letter from the Mint Committee to the Mint Master, dated 6^th August 1839

I am directed by the Mint Committee to state for your information and guidance, that they have granted permission to Issur Chunder Mookerjee Podar of licence No 21 to receive fifty rupees worth of pice daily instead of twenty five rupees as hitherto allowed him for the purposes of exchange at Sobha bazaar.

The Committee having granted a licence No 43 to Dwarkanauth Dutt Podar of Wellesley Street, ordered that the sub-treasurer and the Mint Master be informed accordingly.

Bengal Consultations. IOR P/162/90, November 1839, Nos 25 & 26

Letter from Forbes (Mint Master) to the Calcutta Mint Committee, dated 19^th November 1839.

I have the honor to report for the information of the Committee that, in consequence of having fallen short of dies, I have been unable to keep up the supply of copper coins, and regret to say that it will be out of my power to meet any more drafts for copper coin in new pyce as the balance now in the mint does not exceed 5332. 9. 4½ Cos rupees worth.

I have endeavoured in vain to get the licensed podars to take equal proportions of old sicca and new Cos pice in payment of the drafts and they declare that if these are forced upon them, they will bring them back again and redeliver them at the rate at which they received them

Letter from the Mint Committee to the Mint Master, dated 26^th November 1839

I am directed to acknowledge the receipt of your letter of the 19^th instant, reporting your inability to maintain the supply of copper coin in consequence of having fallen short of dies and the disinclination of the podars to receive old sicca and new Company’s pyce in equal proportions.

Previous to adopting the alternative of withdrawing the licences from those podars who decline to take the sicca and New Company’s pyce in equal sums, the Mint Committee request you will have the goodness to explain particularly to the parties in question the conditions of the agreement entered into with them, and that if they decline to receive the pice on those conditions that their licenses shall be immediately withdrawn.

[10] Pridmore p13, 40-42. See also: Stevens P.J.E., (1986). The Coins of the British in India. New Varieties of the Uniform Coinage. Seaby’s Coin & Medal Bulletin October 1986.

[11] Bob Johnston, Personal communication, December 2005.

India 1835 to 1840 – William IV – Quarter Anna