The Cambridge History of India, Vol. III: Turks and Afghans v3.c20.406

v3.c20.406

The tokens were not current for more than three or four years, and as an oriental despot, who is, in fact, the state, cannot be expected to understand that public funds are held in trust for the public, some credit is due to Muhammad for his prompt acknowledgement of his error by the recall of the tokens, though it is doubtful whether he had any conception of the cost of the measure. It was proclaimed that silver coins would be issued to the public from all treasuries in exchange for brass and copper tokens, so that the state began by buying copper at the price of silver and ended by virtually distributing silver *gratis*, for so vast was the quantity of tokens which poured in that no use could be found even for the metal. Mountains of them arose at the treasuries and lay there for years. The remains of them were still to be seen, a century later, in the reign of Mu‘izz-ud-dīn Mubārak Shāh. As Budaunī says, ‘After all, copper was copper, and silver was silver.’