Released 12/15/2001

1840 1 rupee India under British rule On 31st December 1600, a charter to establish the East India Company was granted by queen Elizabeth I. In 1742, the East India Company applied for and received permission to make their own rupees. These were coined in Madras until 1869. The coin shown here were popularly called the British Raj coins. The Raj coins were initially minted with mature portrait of Victoria, as queen, on obverse (as shown here). Coins were minted in both silver (Rupees) and gold (Mohurs). Later, when she was declared as Empress of India, it was proclaimed by issuing coins in her name as Empress. Other British monarchs who succeeded her later appeared on the coins. The silver coins were minted in millions in India and became the mainstay of economy of the entire Indian subcontinent and many neighbouring countries. They are the most abundant coins of India.