Who among the following has issued the coin rupee for the first time ?

1. Evolution of Coinage in the Delhi Sultanate (basic)

To understand the evolution of coinage in the Delhi Sultanate, we must first recognize that coins are more than just money; they are symbols of a ruler's sovereignty and a tool for economic integration. In ancient India, exchange was facilitated by punch-marked coins made of silver and copper THEMES IN INDIAN HISTORY PART I, Kings, Farmers and Towns, p.44. However, the Delhi Sultanate (1206–1526 AD) brought a significant shift toward a more systematic and centralized currency. The process began in earnest with Iltutmish, who introduced the Tanka (a high-purity silver coin) and the Jital (a copper coin). These coins replaced the older, fragmented regional currencies, providing a uniform medium for trade across the expanding empire.

The middle period of the Sultanate saw bold, though sometimes disastrous, innovations. Alauddin Khilji utilized a vast quantity of coinage to sustain his massive standing army and manage his famous market reforms. Later, Muhammad-bin-Tughluq, often called the "Prince of Moneyers," attempted one of the most famous experiments in history: Token Currency. He issued copper and brass coins, decreeing they be treated as equal in value to silver Tankas. While visionary, the move failed because the state could not prevent mass counterfeiting, proving that in the medieval world, the intrinsic value of the metal—gold, silver, or copper—was vital for public trust Exploring Society: India and Beyond, From Barter to Money, p.238.

The evolution reached its peak not during the Sultanate itself, but during the brief reign of Sher Shah Suri (1540–1545 AD). He cleaned up the chaotic currency system by introducing a tri-metallic system. He established the Rupiya, a standardized silver coin weighing approximately 178 grains (about 11.66 grams), which became the precursor to the modern Indian Rupee. Alongside the silver Rupiya, he issued the gold Mohur and the copper Dam. This system was so stable and mathematically sound that it was adopted by the Mughal Emperor Akbar and remained the foundation of Indian currency well into the British era.

Ruler	Primary Contribution	Metal/Context
Iltutmish	Tanka & Jital	Silver & Copper; Standardized the Sultanate system.
Muhammad-bin-Tughluq	Token Currency	Copper/Brass; Attempted to replace silver value (failed).
Sher Shah Suri	Rupiya	Silver (178 grains); Established the modern Rupee precursor.

Sources: THEMES IN INDIAN HISTORY PART I, Kings, Farmers and Towns, p.44; Exploring Society: India and Beyond, From Barter to Money, p.238

2. Currency Experiments: The Tughluq Era (intermediate)

To understand the currency experiments of the 14th century, we must first look at how money worked in the medieval world. Traditionally, coins were valued for their intrinsic worth—a silver coin (the Tanka) or a copper coin (the Jital) was worth exactly the amount of metal it contained. However, Muhammad-bin-Tughluq (r. 1325–1351) attempted a revolutionary shift by introducing token currency between 1329 and 1330 AD.

The logic was progressive: he issued copper and brass coins and decreed that they should be accepted at the same value as silver coins. As noted in Exploring Society: India and Beyond, Social Science, Class VIII, p.27, this is very similar to how modern paper currency works today—the paper itself is worthless, but it represents a specific value guaranteed by the state. Tughluq was likely inspired by similar successful experiments in China under Kublai Khan and in Iran. This experiment was, in many ways, ahead of its time because it attempted to decouple the value of money from the scarcity of precious metals History, class XI (Tamilnadu state board), Advent of Arabs and Turks, p.145.

However, the experiment turned into a financial disaster for two main reasons:

• Lack of State Monopoly: The Sultanate did not have the technology to make coins that were difficult to copy. Consequently, "every house became a mint." People began counterfeiting the copper tokens at home to pay their taxes and buy luxury goods.
• Loss of Trade Confidence: Foreign merchants refused to accept the "worthless" copper in exchange for their goods, leading to a standstill in trade and a decline in the economy Exploring Society: India and Beyond, Social Science, Class VIII, p.27.

Ultimately, the Sultan had to withdraw the scheme. To maintain the state's honor, he offered to exchange all the copper tokens for genuine gold and silver coins from the royal treasury. This resulted in massive heaps of copper coins lying outside the Tughlaqabad fort and a nearly bankrupt treasury.

Concept	Traditional Currency	Tughluq’s Token Currency
Value Source	Metal content (Intrinsic)	State Decree (Representative)
Metal Used	Gold/Silver	Copper/Brass
Outcome	Stable but limited by supply	Failed due to counterfeiting

Sources: History, class XI (Tamilnadu state board 2024 ed.), Advent of Arabs and Turks, p.145; Exploring Society: India and Beyond, Social Science, Class VIII. NCERT (Revised ed 2025), Reshaping India’s Political Map, p.27

3. Sher Shah Suri’s Administrative Architecture (intermediate)

To understand the Medieval Indian economy, one must look at Sher Shah Suri (1540–1545 AD) not just as a conqueror, but as a master administrator. Though his reign was brief, he laid the structural foundations upon which the Mughal Empire was later built. His "administrative architecture" focused on two pillars: standardization of currency and connectivity for commerce.

Sher Shah’s most enduring contribution was the introduction of a standardized currency system. Before him, the Delhi Sultanate utilized various coins like the Tanka and Jital, often made of billon (a mixture of silver and copper) which fluctuated in value. Sher Shah introduced the Rupiya, a silver coin weighing approximately 178 grains (about 11.66 grams). This wasn't just a new coin; it was the birth of a tri-metalism system consisting of the gold Mohur, the silver Rupiya, and the copper Dam. This system was so stable and reliable that it remained the standard for the Mughals and was later adopted by the British East India Company until 1835.

Beyond money, Sher Shah understood that an economy breathes through its trade routes. He is famous for reviving and extending the Grand Trunk Road (then known as Sadak-e-Azam), which stretched from Sonargaon in Bengal to the Indus in the west History, class XI (Tamilnadu state board 2024 ed.), The Mughal Empire, p.203. To facilitate trade, he built nearly 1,700 Sarais (rest houses) along these highways. These Sarais served as post-houses, markets, and secure stopping points for merchants, effectively acting as the "arteries" of the medieval internal trade network.

Feature	Sher Shah’s Reform	Economic Impact
Currency	Introduction of the 178-grain silver Rupiya	Provided a stable medium of exchange for long-distance trade.
Infrastructure	Grand Trunk Road & Sarais	Reduced transit costs and increased safety for merchants.
Taxation	Land survey and classification	Ensured a predictable revenue stream for the state and fairness for farmers.

Sources: History, class XI (Tamilnadu state board 2024 ed.), The Mughal Empire, p.203

4. Mughal Economic Integration and Continuity (exam-level)

To understand how the Mughal Empire became an economic powerhouse, we must look at the concept of economic integration—the process of creating a uniform system of money and taxes across a vast territory. This didn't start from scratch; it was a masterpiece of continuity. The foundation was laid by Sher Shah Suri (1540–1545 AD), who is often called the 'forerunner of Akbar' because his administrative genius provided the blueprint for Mughal success History, class XI (Tamilnadu state board 2024 ed.), The Mughal Empire, p.222. Sher Shah introduced the Rupiya, a silver coin of standard weight (approx. 178 grains), which replaced the disorganized currencies of the later Delhi Sultanate and became the ancestor of our modern Rupee History, class XI (Tamilnadu state board 2024 ed.), The Mughal Empire, p.203. Akbar and his brilliant finance minister, Raja Todar Mal, took this a step further by establishing a tri-metalic currency system. This system used three metals to serve different levels of the economy: the gold Mohur for high-value transactions or hoarding, the silver Rupiya for trade, and the copper Dam for the everyday purchases of the common man Exploring Society: India and Beyond, Social Science, Class VIII, Reshaping India’s Political Map, p.55. This standardization was revolutionary because it allowed a merchant in Kabul to trade with a weaver in Bengal using the same trusted currency, effectively 'knitting' the empire's economy together. Beyond coins, integration required a scientific approach to land revenue. The Mughals moved away from guesswork to a system of assessment and collection. They distinguished between what was 'expected' and what was 'actually received' to ensure the state’s demands remained realistic yet maximized. This dual-stage process ensured that while the state claimed its share, the local conditions of the peasantry were (at least theoretically) acknowledged THEMES IN INDIAN HISTORY PART II, History CLASS XII (NCERT 2025 ed.), Peasants, Zamindars and the State, p.213.

Term	Definition	Significance
Jama	The amount of revenue assessed (the target).	Reflected the state's theoretical claim based on land surveys.
Hasil	The amount actually collected.	Reflected the ground reality and the actual health of the economy.

Sources: History, class XI (Tamilnadu state board 2024 ed.), The Mughal Empire, p.203, 222; Exploring Society: India and Beyond, Social Science, Class VIII, Reshaping India’s Political Map, p.55; THEMES IN INDIAN HISTORY PART II, History CLASS XII (NCERT 2025 ed.), Peasants, Zamindars and the State, p.213

5. The Introduction of the Silver 'Rupiya' (exam-level)

While the Delhi Sultanate had various coinage systems, it was Sher Shah Suri (1540–1545 AD) who revolutionized Indian currency by introducing the Rupiya. Before his reign, currency often consisted of 'billon' coins—a mixture of silver and copper that frequently fluctuated in value. Sher Shah, an administrative genius who rose from a humble background to defeat the Mughal Emperor Humayun History, Class XI (Tamil Nadu State Board 2024 ed.), The Mughal Empire, p.202, sought to stabilize the economy through a standardized, pure silver currency.

The Silver Rupiya was meticulously standardized to weigh approximately 178 grains (about 11.66 grams). This reform moved the economy away from the erratic experiments of previous rulers, such as Muhammad-bin-Tughluq’s token currency, and provided a reliable medium for trade and land revenue assessment. This standardization of metal content across gold, silver, and copper was a hallmark of the Sur dynasty's efficiency History, Class XI (Tamil Nadu State Board 2024 ed.), The Mughal Empire, p.202.

Sher Shah’s reform established a tri-metallic system that provided a coin for every level of society:

Coin Name	Metal	Primary Use
Mohur	Gold	High-value transactions and state savings.
Rupiya	Silver	Standard trade unit and tax payments.
Dam	Copper	Day-to-day petty transactions for commoners.

The brilliance of this system was its durability. When the Mughals regained power, Akbar chose to maintain Sher Shah’s currency standards rather than replace them. This silver standard remained so robust that it served as the foundation for the currency of the British East India Company until the mid-19th century, making Sher Shah's Rupiya the direct ancestor of the modern Indian Rupee.

Sources: History, Class XI (Tamil Nadu State Board 2024 ed.), The Mughal Empire, p.202

6. Solving the Original PYQ (exam-level)

This question brings together your understanding of Medieval administrative reforms and the evolution of the Indian monetary system. You have recently studied how rulers transitioned from the fragmented currency of the Delhi Sultanate to more standardized systems. The key building block here is recognizing the tri-metalism system—consisting of gold, silver, and copper—that replaced the older, less stable 'billon' coins. While many rulers issued silver coins, only one codified the specific weight and nomenclature that survives in our modern currency as the 'Rupee.'

To arrive at the correct answer, think like a reformer: who needed to stabilize a war-torn economy quickly? While Muhammad-bin-Tughluq is famous for currency, he is remembered for the failure of 'token currency.' Alauddin Khilji focused on price controls using the Tanka. The correct choice is (C) Sher Shah, who introduced the 178-grain silver Rupiya. As a coach, I suggest you focus on the continuity of this reform; Sher Shah’s system was so robust that it was adopted and refined by Akbar and later maintained by the British East India Company until the 19th century, as noted in the RBI Currency Museum records.

UPSC often uses Akbar as a trap because of his administrative fame, but he was the perfector of the system, not the originator. Similarly, Muhammad-bin-Tughluq is a classic distractor for any currency-related question due to his 'Adali' and token experiments, but these were distinct from the formal 'Rupiya' standard. By distinguishing between innovation (Sher Shah) and institutionalization (Akbar), you can avoid these common pitfalls and identify the specific historical 'first' required by the question.