Bombay (1754-57) pice
This specimen was lot 997 in Stephen Album sale 45 (Santa Rosa, CA, January 2023), where it sold for $540. The catalog description[1] noted, "BOMBAY PRESIDENCY: tutenag pice, ND, East India Company issue, believed to be issued 1754-57, 'GR' divided by orb and cross of crown, BOMB (for Bombay) below // AUSPICIO / REGIS ET / SENATUS / ANGLIAE which translates as "by the authority of the King and Parliament of England", environmental damage, bold details, PCGS graded About Unc details. In 1741 the value of copper as a metal in Bombay reached a point where the copper coins were removed from circulation. On February 7, 1741 the mintmaster 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." While the EIC issues of the 1790's made by the Soho mint are familiar to collectors, the earlier local issues are seldom seen. This undated tin con was accompanied by a two pice, also struck in tin. Dated examples are known for 1717, 1741-47, 1771.
Recorded mintage: unknown but rare.
Specification: 13.6 g, tin, 32-34 mm diameter, this specimen 13.56 g.
Catalog reference: KM-156.2.
- Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
- [1]Album, Stephen, Joseph Lang, Paul Montz, Michael Barry and Norman Douglas Nicol, Auction 45, Santa Rosa, CA: Stephen Album Rare Coins, Inc., 2022.
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