Page:Indian Journal of Economics Volume 2.djvu/294

 OUBBENT NOTES A dramatic turn in the currency passed almost unnoticed by the public. ago it was announced that a Branch Mint would be established in situation has Some months of the Royal Bombay to coin sore- reigns from Indian gold, measure what the British authorities, had consistently thereby conceding as a war Treasury, or the Mint refused in spite of the demand by Indians, arising from national sentiment, to have gold coined in the country. On the 14th June, however, Government promulgate.d an ordinance t enable it to coin gold roehuts of the same weight and fineness as the sovereign. These new coins are unlimited legal tender at 15 rupees. The design on the obverse is the head of His legend "George V. King-Emperor"; on the words "15 Rupees, India" and surrounded by an ornamental border. Majesty with the the reverse he dae It is intended to begin coining sovereigns in Bombay when all arrangements are made, probably in August and the important decision to issue an Indian gold coin has arisen from accidental circumstances. The silver stocks having run so-low Government found it nece- ssary to gold for export. not use some of their the purchase in the The necessary dies having been despatched considerable Punjab of for stamping from stock of wheat for sovereigns England, dies for an Indian coin which could legitimately be made in India, were prepared, and coinage was begun by melting up foreign gold coins. The coinage o! gold from Indian mines will be delayed a few months until the plant for refining it can be completed.