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Q23 (NDA-I/2012) History & Culture › Medieval India › Medieval Indian economy Answer Verified

Muhammad bin Tughlaq’s experiment of introducing token currency could not succeed on account of

Result
Your answer: —  ·  Correct: C
Explanation

Muhammad bin Tughlaq introduced token currency in 1329–1330 CE, issuing copper and brass coins with the same legal value as silver tankas [1]. This progressive experiment failed primarily because the state lacked a monopoly over minting, and the design of the coins was too simple to prevent forgery. Consequently, large-scale minting of spurious or fake coins occurred, with many households reportedly turning into private mints [1]. These counterfeit coins flooded the market, leading to a devaluation of the currency and a breakdown in trade [1]. While foreign merchants did eventually reject the coins and the economy suffered, the root cause of the failure was the government's inability to prevent this massive influx of forged currency [2]. Ultimately, the Sultan had to withdraw the experiment and exchange the token coins for genuine gold and silver from the royal treasury.

Sources

  1. [1] History , class XI (Tamilnadu state board 2024 ed.) > Chapter 10: Advent of Arabs and Turks > Tughlaq's Coins > p. 145
  2. [2] https://berhamporegirlscollege.ac.in/uploads/2048UG2-Sem-History-Hons.-on-Muhammad-Bin-Tughluq-Vipul-Singh-04-06-2020.pdf
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