On This Day In 1757, The First Rupee Coin Was Minted By The East India Company In Kolkata

On 19th August 1757, the first rupee coin was minted by the East India Company in Kolkata (then Calcutta).

It was only in 1835 that a unified coinage system came to India. Before that, the three presidencies - Madras, Bombay, and Bengal - under the Company governance issued their respective coins.?

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Here are some quick facts on the coinage system under the Company's rule.

1. The mints that issued coins for the Company were stationed at Surat, Mumbai, and Ahmedabad.?

2. From 1621 to 1800, the Company sent their metal in bulk to Surat so that they could be turned into gold mohurs or silver rupees.

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3. Since Surat wasn't able to deliver the required amount of coins, silver was also sent to the mint stationed at Ahmedabad in 1636.?

4. In 1672, the Company started a mint in Mumbai where gold, silver, and copper coins were made.?

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5. 1860 saw the start of more mints which made copper coins, however, these were later shut down as the demand for copper wasn't enough.?

6. The Kolkata copper mint continued producing copper and bronze coins from 1889 to 1923.?

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7.?The old Kolkata mint continued operations until 1952. The mint is currently called India Government Mint, Kolkata.

The coinage and rupee system in the present day India is governed by the Reserve Bank of India which was formally inaugurated in 1935.