What happened when the token currency experiment was called off?

The Sultan honorably redeemed the worthless copper tokens for actual gold and silver coins from the treasury, causing a massive financial loss to the state.

Monetary Innovations

UPSC Archival Analysis

Q: For the first time the token currency was introduced in India by:

Muhammad-Bin-Tughluq was the first ruler to introduce token currency in India, issuing copper and brass coins as equivalents to silver in 1330.

Exam Year

2004

Evidence Source

UPSC Level

ID: HIS_MED_2004_93 Ref: Standard Educational Reference