Summary

1 Pice, Issued by Bombay Presidency, India, no date but believed to be 1754-1757
Minted by Bombay Mint

Cast from tin

Obverse Description

A large crown; above, divided by the cross and orb on top of the crowm, CR; below, BOMB

Reverse Description

AUSPICIO / REGIS ET / SENATUS / ANGLIAE

Edge Description

Plain

Significance

In 1741 the value of copper as a metal in Bombay reached a point where the copper coins were removed from circulation. On 7 February 1741 the mint master at Bombay was instructed to produce 2000 rupees of tin Pice and further orders were placed in 1741, 1742 and 1743. The weight of the tin coin was set so as to return a profit in their production and issue of 20% to the Company. A supply of copper had been obtained from Persia in 1742 but the value of the metal remained high and the EIC elected to sell it rather than use it for a local copper coinage. By 1748 forgery of the tin coins had become so common that a return to copper was made until 1754 when copper prices forced a return to tin. The exchange rate with silver was set at 80 Pice to 1 Rupee.

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