European bullion provided metal for Indian coinage during medieval period

European bullion provided metal for Indian coinage during medieval period
EXPRESS NEWS SERVICE

NASHIK, FEB 19: The flow of bullion from European countries to medieval India provided metals like gold, silver and copper for coinage, according to historian Prof Surendra Gopal. In his inaugural address at the fifth international colloquium on "Medieval Indian Coinages: A Historical and Economic Perspective" organised by the Indian Institute of Research in Numismatic Studies at Anjaneri near Trimbakeshwar on Saturday, Prof Gopal pointed out that Surat was the major trading centre of medieval India and the country had been integrated into global economy in the 17th century, having trade relations with countries in Europe, the Persian Gulf, the far-east and China. He claimed that while gold was mainly used for hoarding, silver and copper were used for trade, while cowries (sea shells) were imported from the Maldives for use as small currency. He said that Gujarati traders within the country and abroad preferred to barter goods for bullion, which was used for coinage by Mughal emperors like Akbar. He saidthat Indian traders in Europe preferred to repatriate their earnings to the country in bullion.

He pointed out that India had no silver mines and very few gold and copper mines, but, the flow of bullion ensured the availability of precious metals for coinage. He said that the bullion came from the mines in central America, Mexico and Peru via European countries from the 16th century onwards.

He said that Bengal emerged as the second most important trading region of India and established trade links with European countries. He pointed out that after the sea-route from Europe to India was opened by Vasco Da Gama, the Portugese held monoploy over sea trade for some period. The monopoly was broken by later European traders from Britain and France. He said that the trade in medieval India brought about a commercial revolution in the country, leading to major capitalist ventures. He said that even from the days of the Indus Valley civilization Indians were good seafarers who ventured out for trade, establishing links with other countries. He said that the exact volume of the bullion which came to India was not known, an incalculable fortune had been amassed in India.