Life and Conditions of the People of Hindustan (1200–1550 A.D.) c8.39

c8.39

The relative values of copper and silver, and gold and silver were, however, changing periodically. About the time of Sher Shah, the copper fell from 64 to 73 : 1.² Moreland has shown for the later period that while silver remained more or less constant (except in Bengal) the copper increased in value being 80 Gujarati pice up to 1616 and only 60 or less from 1627 onwards. By the close of the reign of Shah Jahan, however, it had again adjusted itself to the normal level.³ The ratio of gold to silver which was 1 : 8 in the earlier period and had fallen to 1 : 7 after the conquest of the Deccan by ‘Ala-ud-din had come to be 1 : 9.4 by the time of Sher Shah.⁴ These progressive changes in the relative values of copper and silver persuaded Sher Shah to introduce certain currency reforms. He abolished the indeterminate mixture of silver and copper which had gone on before him and remodelled the whole system by a revision and adjustment of the relative values of the lower metals, silver and copper. His Rupia of 178 grains was thus an advance of 3 grains on the old Tanka, which it replaced.⁵ The Rupia of Akbar was 172 1/2 grains in weight and was identical in weight with the modern Rupee which contains 165 grains of pure silver.⁶ The Rupee is stabilized in relation to sterling at present at one shilling and sixpence.⁷