In 1329-30 Muhammad bin Tughlaq introduced a token copper currency in place of silver, but banned it later and promised to exchange silver coins forthese copper coins.This was done because
Copper was scarce in the empire, but had huge demand in the world.
Incorrect AnswerToken currency was trampled and disrespected by people.
Incorrect AnswerGoldsmiths began to forge the token coins ona large scale
Correct AnswerTreasury became empty with issue of token coins
Incorrect AnswerExplanation:
There was a shortage of silver through out the world in the fourteenth century.
Kublai Khaniss ued paper moneyin China.In the same manner,MuhammadbinTughlaq issued copper coins at par with the value of the silver tanka coins.
But he was not able to prevent forging the newcoins.The goldsmiths began to forge the token coins onalarge scale.Soon the new coins were not accepted inthe markets due toits widescale duplication and thus credibility.
Finally,Muhammadbin Tughlaq stopped the circulation of tokenc urrency and promised to exchange silver coins for thecopper coins.
Many people exchanged the new coins but the treasury became empty.
Accordingthe Barani,the heap of copper coins remained lying on roadside in Tughlaqabad.
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By: Abhishek Sharma