Financial Daily from THE HINDU group of publications
Friday, Jul 18, 2003
Financial Daily from THE HINDU group of publications Friday, Jul 18, 2003 |
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Money & Banking
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Events Minting money for hundred years Our Bureau
OLD IS GOLD: A photographer busy clicking the collection of old currencies at an exhibition in Mint complex in Hyderabad on Thursday. The Hyderabad Mint is celebrating centenary of its establishment by the Sixth Nizam Mir Mahboob Ali Khan. - A. Roy Chowdhury
Hyderabad , July 17 PERHAPS, Macaulay was right when he said, "Nothing except the mint could make money without advertising." But by making money for one hundred years, the Government of India Mint at Saifabad made news, attracting not only the numismatist but also the general public, for the saga of coin making at the mint reflected the tumultuous history. When Mr G.L. Tandon, the founder trustee of Academy for Promotion and Research in Numismatics and former Chairman of Neyveli Lignite Corporation Ltd, inaugurated an exhibition of coins at the mint, marking its centenary celebrations, he was not just opening yet another expo. It was, in fact, a peep into the financial, cultural and social dynamics of the historical place, showing how the art and science of coin making has evolved into a hi-tech craft after undergoing a number of changes. The earliest reference to Royal Mint in Hyderabad dates back to 1803, when an official mint was established under Nawab Sikandar Jah, the third Nizam. The mint was located in the old Royal Palace at Sultan Shahi. Then, some private mints, too, came into vogue on payment of a prescribed licence fee. But the system led to utter financial chaos, with different mints using different mix of metals and measures. The regime of Nawab Nasir ud-Doula saw the closure of all private mints, making the Royal Mint at Sultan Shahi the official one. It was open to free coinage, with the regime allowing people to convert their bullion into coins on payment of `seignorage'. After witnessing some more changes, which overhauled the entire process of coin making, the mint, built in tune with international standards, was shifted to Saifabad in 1903. The Government of India took over the mint on the Republic Day. "Our coin making history is quite old. It reflects how we progressed," Mr Tandon said, talking to newsmen after unveiling the expo. According to Mr L.R. Prasada Rao, General Manager of the mint, said the incidence of counterfeit coins was very less. "It is both uneconomic and difficult to fake the coins," he said.
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