During the period of the Delhi Sultans, spanning from the 13th to the 16th centuries, significant changes were observed in the currency system. Initially, the early Delhi Sultans such as Qutb-ud-din Aibak and Iltutmish continued to use the prevalent silver tanka as their primary currency. The tanka was a well-established currency in the Indian subcontinent and had been utilized by preceding rulers.
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However, with the rise of the Tughlaq dynasty under Ghiyasuddin Tughlaq, notable modifications were implemented. Ghiyasuddin introduced a larger and heavier silver coin called the Tanka, alongside the introduction of a gold coin known as the Dinar, modeled after the coins of the Abbasid Caliphate.
Successive rulers, including Muhammad bin Tughlaq and Firoz Shah Tughlaq, further developed and standardized the currency system. Muhammad bin Tughlaq introduced token currency, incorporating copper and brass coins in addition to silver and gold. He even experimented with leather tokens as a form of currency, although this endeavor proved unsuccessful.
Firoz Shah Tughlaq, during his reign, introduced the Shahi as a new silver coin, which became the standard currency. Gold coins known as Mohur were also issued. Firoz Shah Tughlaq’s era witnessed the circulation of various coin denominations, including fractions of the tanka and shahi.
To summarize, the currency system of the Delhi Sultans revolved around the usage of silver and gold coins, with variations in size, weight, and denominations introduced by different rulers. Despite attempts at introducing token currency, they were met with limited success. The currency system played a vital role in facilitating trade and commerce during the reign of the Delhi Sultans.