Explained: Why Has India Resumed Its Hunt For The World¡¯s Biggest Gold Coin After 35 Years

The centre has revived its effort to hunt the missing "11935.8 grams gold coin", which is said to be the world's biggest coin ever minted. It has been 35 years that the government is searching for the precious coin.

Who minted the world¡¯s biggest gold coin?

TOI

In 1613, the biggest coin in the world was minted by Emperor Jahangir, which was inherited by the last Nizam, Mukarram Jah. One of its kind, the coin was minted in the 8th regal year of the emperor.

In 1693, the second coin was minted during Shah Jehan's reign. The estimated value of both coins is over Rs 1,000 crore.

In his autobiography Tuzk-e-Jahangiri, Jahangir mentioned the big coin. The large coins minted during his reign achieved high value and were given to special military officials for their services to the state.

Shantanu Sen, former joint director of CBI penned in his book that it was found out by the CBI officials that two such coins were minted by Jahangir, of which one was presented to Yadgar Ali, ambassador of the Shah of Iran, and the other had become the possession of the Nizams of Hyderabad.

When was the coin last seen?

The titular Nizam VIII of Hyderabad, Mukarram Jah possessed the coin last. He allegedly tried to auction the priceless artefact at a Swiss bank.

Reuters/Representational Image

Jah inherited the coin through his grandfather and last Nizam of Hyderabad, Mir Osman Ali Khan.

Emperor Aurangzeb presented the coin to Nawab Ghaziuddin Khan Siddiqui Bahadur, Feroze Jung I. The heir and custodian of the wealth of the Asif Jahi rulers, Prince Mukarram Jah had the coin last but was not found from the Nizam family.

How did the investigation start?

Eminent historian Salma Ahmed Farooqui of HK Sherwani Centre for Deccan Studies, Maulana Azad National Urdu University told TOI, "In 1987, when Indian officials in Europe alerted the central government about the world-famous auctioneer Habsburg Feldman SA auctioning the 11,935.8gm gold coin in Geneva at Hotel Moga on November 9, through Paris-based Indosuez Bank's Geneva branch, CBI came into the picture. Investigations started and much information was unearthed.¡±

TOI/Representational Image

She further said that CBI special investigation unit XI headed by a superintendent-rank officer in 1987 registered an FIR under the Antique and Art Treasures Act, 1972.

An article witten by Shantanu Guha Ray for Moneycontrol said that the coin was smuggled from India in the 1970s.

According to the report, in the 1980s, LP Sihare, the director-general of the National Gallery of Modern Art raised suspicion of an attempt by a private party to auction coins in Switzerland and then the Central Economic Intelligence Bureau (CEIB) investigated the case.

In 1995, the timely intervention by Sihare helped in stopping the public auction of the jewels of the Nizams including the Jacob Diamond, the world's fifth-largest uncut diamond.

Involvement of a top politician

Shantanu Guha Ray writes, that in the 1970s, the CEIB informed the government of India the coin was travelled from Mumbai to London through a top politician. According to Indian rules, a VIP person¡¯s luggage is not checked like a common man's. Using this exception in favour, Nizam's family and senior government officials assisting the royal family were involved in the conspiracy.

With information, the Indian government came into action as the Indian embassy in Berne, Switzerland was alerted and the Swiss government was informed. Habsburg, Feldman in Geneva, a private auction, offered to buy the coin but the deal was not successful due to the timely intervention by the Indian Embassy.

It was told by the auctioneer's marketing chief to Indian diplomats that the auction would take place privately with the interested parties which included Saudi billionaire and arms dealer Adnan Khashoggi, Egyptian businessman Mohamed Al-Fayed, Hassanal Bolkiah, the Sultan of Brunei.

The deal could not be firmed up as the mysterious owner was asking for more money closer to $20 million for the coins. The mysterious owner of the coin was said to be Jah, who was also present in Geneva during the auction was planned.

Jah¡¯s argument

Jah informed the Indian government that the British had taken away the before India gained independence. He could not take any name of who took the coins away. The CEIB did not believe Jah¡¯s claim.

Reuters/Representational Image

Interestingly, Jah managed to borrow Rs 9.82 crore from a Swiss Bank to be returned with interest by March 1989. When he was not able to pay, the courts moved to freeze his properties in India and Switzerland.

Ajay Agnihotri, the former Assistant Director-General of CEIB quoted said, ¡°No one knows how the coins reached a Geneva bank vault. The sale did not go through because the Indian government intervened before the bids - details of which were advertised in a foreign newspaper - could be opened in Berne.¡±