Indian-owned East India Company issues legal tender coins

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SME Times News Bureau | 31 Mar, 2012
The East India Company, whose forces once ruled much of the globe, including the Indian Sub-continent for over 200 years, but now headed by an Indian, has announced the issue of its legal tender coins returning to its by-gone days in the bullion trade.

The Limited Edition gold proof coins are struck by the Royal Mint, who first minted coins for The East India Company over two hundred years ago.

Commenting on the launch of their legal tender coins Sanjiv Mehta, Managing Director and Chairman of The East India Company, said, "The East India Company is proud to present its first silver and gold coins. The company has been known in the precious metal trade since 1800. It was and still is the only corporate in history to mint its own trading currency. It made sense to commission our own silver and gold coins in this day and age."

"The precious metal trade formed an important part of The East India Company’s trading activities and we plan to re-establish this position for the company today," he added.

The coin designs are inspired by the main trading currencies The East India Company used in the 17th - 19th century ─ CASH and Mohur.

The silver ‘CASH’ proof coins features a peacock design symbolizing immortality and rebirth and are available in a 1/2oz and 1oz coin equivalent to a 10p and 20p respectively. The gold Mohur proof coins bear the famous Lion & Palm Tree motif denoting wealth and prosperity and are available in a half and one Mohur coin equivalent to 50p and £1 respectively

The Limited Edition East India Company proof coins can be purchased mail order or by visiting The East India Company store on Conduit Street, London. In addition the company is making the gold and silver coins available through a network of bullion dealers worldwide.

The formal start of the world’s first transnational or multinational, the East India Company is usually dated back to 1600 when Britain's Queen Elizabeth I granted a group of merchants a charter under the name 'The Company of Merchants of London Trading into the East Indies.'

In February 2010, Sanjiv Mehta, now the sole owner, opened the first East India Company store in London's upmarket Mayfair neighbourhood in March.

Mehta, a Mumbai-born entrepreneur completed the acquisition of the firm in 2005 after buying the East India Company from the "30 or 40" people who owned it.