68 E. Thurston — History of the East India Company Coinage. [No. 1, 
follows': — “ We think the Earl of Liverpool* has established the prin- 
ciple that “ the money or coin which is to be the principal measure 
of property, ought to be of one metal only.” In applying the argu- 
ment to a coin for general use in India, there cannot be any doubt, 
in our opinion, that such coinage must be of silver. The standard 
weight of the silver coins issued from the mints of our several Presi- 
dencies we find to be as follows : — 
Calcutta sikka rupee. Troy grs. 
Madras Arcot „ „ ,, 
Bombay „ „ „ 
“Wo think it would answer a good purpose to fix the gross weight 
in whole numbers, and should prefer the weight of 180 grs. troy. The 
British standard for gold coin is alloy and fine. There is no 
doubt that ^ alloy of copper would be equally proper for silver coin, 
and we are of opinion that this proportion should be adopted, in which 
caso the new rupees would have 165 grains of fine silver and 15 grains 
of alloy. Should the new rupee be ultimately adopted, there may bo 
coined also : — 
Half rupee weighing troy grs. 
Quarter „ „ „ „ 
Anna ,, ,, ,, ,, 
“ A copper coinage should also bo determined on for general circul- 
ation, and it is our opinion that it should consist of 6 pice or half anna, 
3 pice or quarter anna, and 1 pice pieces. 
“ Wo are desirous of establishing a gold coin on a principle fitted 
for general use. This coin should, in our opinion, be called a gold 
rupee, and be made of the same standard as the silver rupee, viz., 180 
grains gross weight and 165 grains fine, and be divided into halves and 
quarters. The quarter gold rupee appears well fitted to supply the 
place of the Madras star pagoda in the payment of the Madras army. 
“We have thought the adoption of a new coinage for British India 
a fit opportunity for giving a new impression to our currency, and the 
most appropriate, in our esteem, is the Company’s arms with an ins- 
cription “ English East India Company,” as also the denomination and 
value of the coin with the year of coinage, and for the reverse a 
Persian inscription expressing the English one on the obverse with the 
date of coinage and value and denomination of the coin. If the smaller 
gold and silver coins [perhaps all below the half rupee) do not present 
surface sufficient for a clear impression, it would be proper to substi- 
tute for the Company’s arms the Company’s crest, the inscriptions to 
remain alike in all.” 
* Letter to the King on the coins of the realm. 
... 90. 
... 45. 
... 11 *. 
179f. 
176f. 
179. 
