Delhi Sultanate
Token Currency Failure
Muhammad Tughlak orders his brass coins to pass for silver, A.D. 1330
1330 Jan 1

Token Currency Failure

Delhi, India
In 1330, after his failed expedition to Deogiri, he issued token currency; that is coins of brass and copper were minted whose value was equal to that of gold and silver coins. Barani wrote that the sultan's treasury had been exhausted by his action of giving rewards and gifts in gold. As a result, the value of coins decreased, and, in the words of Satish Chandra, the coins became "as worthless as stones". This also disrupted trade and commerce. The token currency had inscriptions in Persian and Arabic marking the use of new coins instead of the royal seal and so the citizens could not distinguish between the official and the forged coins.