Indian kingdoms 1200–1500 and the maritime trade in monetary commodities (original) (raw)
2019, Currencies of the Indian Ocean World
The economies of the Indian subcontinent have historically exerted a dominant influence on the trade in monetary commodities across the Indian Ocean basin. This study examines that role in the period between 1200 and 1500 CE, ending almost a century before the first appearance in India of New World silver. The Indian demand for monetary commodities was shaped by the internal logic and dynamics of each of the sub-continent’s multiple monetary systems, all oriented towards domestic concerns, with considerable variation. Silver was by far the dominant precious metal in the north of India and the Deccan. Gold was mined in southern India, although the level of demand could not be met locally and gold was frequently imported. Copper was in great demand, being the basis of low-value coinage in the Delhi, Gujarat and Bahmanid Sultanates. In contrast, in Bengal there was no demand at all for copper for monetary purposes prior to 1538 because cowries served that function. The dual demand for silver and copper especially, set the pattern for the succeeding “early modern” period, when Indian coinage systems developed a voracious appetite for both metals.
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