India - East India Company

Lot 3862    SESSION 12 (11.30am Thursday 23 July)    India - East India Company

Estimate $5,000
Bid at live.noble.com.au
SOLD $5,000

BOMBAY PRESIDENCY, 1693-1694, Indian Design, Bombay Minting, silver rupee in the name of King William and Queen Mary (1689-1694), regnal year 5 (issued 13 Feb. 1693-12 Feb. 1694), Persian inscriptions reading on the obv. "Coin struck during the reign of King William and Queen Mary" rev. "in their 5th regnal year. Coin of the English Company. Struck at bombay", (Pr. 27, KM. SAC P.27 unpriced). Light grey toned, nearly extremely fine and extremely rare.

Ex R.A. Climpson Collection (Sale 85, lot 2055) and Spink Australia in 1989. This issue has a most interesting background. In 1693 the written records note that Emperor Aurangzeb was very displeased with an issue of coins from the East India Company in Bombay. A Khafi Khan from the emperor, in another source is reported visiting the Company at Bombay and complained of the name of the "Impure King" on the coins issued without his Emperor's authority, which were shown to him in A.H. 1105 (Sept. 1693 - Aug. 1694). At Bombay, the East India Company had previously issued rupees with English text in 1677 but these failed to gain acceptability and were soon melted down. Aurangzeb objected specifically to the coin issued above, because it carried the names of King William III and Queen Mary. These coins he claimed could be confused with Aurangzeb's own coinage and thus provoked the emperor. The English in return explained that they coined money in their own King's name by stating that they had to purchase investments at places where the Mogul's money did not pass. The emperor's protest was effective and they ceased to issue any more coins and most were withdrawn and melted down, hence their scarcity today. Coins of this type were unknown up to 1960, although the issue was certain from the records, then a few specimens were located in the collection of the Prince of Wales Museum in Bombay (five rupees and a half rupee). A large hoard of 2000 rupees buried about 1696, found near Bombay in 1980, containing rupees of Aurangzeb, also contained a few (about six (6) is stated of these William & Mary rupees). This specimen it is believed comes from this hoard.