Note 7 — Chapter I

Dr. P. Kelly's view is that they circulated at their market ratio (loc. cit.). On the other hand, Sir R. Temple says: “In ancient and mediaeval India the relative value of the coins of each metal was fixed by the State, and all were legal tender virtually without any formal limitation” (“General Monetary Practice in India,” Journal of the Institute of Bankers, Vol. II, p. 406). On another occasion he said: “The earliest Hindu currency was in gold with a single standard. The Mohammedans introduced silver, and in later times up to British rule there was a double standard, gold and silver” (ibid., Vol. XV, p. 9). In contrast to this it may be noted that the Preamble to currency Regulation XXXV of 1793 and other currency Regulations of early date make it a point to emphasize that under pre-British régime there was no fixed ratio between the mohur and the rupee.