Chapter II: The Silver Standard and the Dislocation of Its Parity

It is clear how the clear how the evolutionary process with respect to the Indian currency culminated in the establishment of a silver standard and how the agitation for a gold currency ended in the silver standard being supplemented by a paper currency. Before proceeding to inquire into the working of such a mixed system, it would be useful to review briefly the nature of its framework.

The metallic part of it was regulated by Act XXIII of 1870, The coins authorized and legalized thereunder were as shown on p. 50. [pg 50]

⁹⁷ This may be seen from the following:—

(a) _Gold Coins_. (i), (ii), and (iii) were authorized by