Please answer this question.
Analyse the causes for the failure of the token currency introduced by Muhammad Bin Tughlaq during his reign.
Answers
Answer:
Token currency failed not because of the sultan’s faulty execution. There were gold and silver coins during his period. However, it became difficult for Tughlaq to obtain regular supply of gold and silver for minting coins. He thus replaced those coins and started the circulation of copper and brass coins as the token currency and asked the people to consider them equal to the value of gold or silver coins in 1330-32 CE. This measure was far too advance for the people living in those times. Apart from it, the designs engraved on the coins were so simple that anyone could copy it. People started making copper coins at their homes and fake coins were circulated into the market. The traders refused to accept the coins and the economy collapse. Later, Tughlaq had to exchange these copper coins with genuine gold and silver coins which further depleted the royal treasury