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the annual global production of silver, in part to meet its currency issuing requirements. Some commentators noted that silver was gradually being globally discarded as a basis of currency, with only three main remaining supporters: Mexico (a major producer of silver), the United States, and India. With India's move to the gold standard, the
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The action of the government in abandoning silver coinage was driven by the relative decline of the value of silver against gold, which had led to an accompanying decline of the rupee against gold and gold-based currencies (such as the
British sovereign). India had been importing about a quarter of
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on 29 April 1898 to examine the currency situation in India. Until 1892, silver was the metal on which Indian currency and coinage had largely been based. In 1892, the
Government of India announced its intent to
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Minutes of
Evidence Taken Before the Committee Appointed to Inquire into the Indian Currency: Together with an Analysis of the Evidence
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The province of Burma: a report prepared on behalf of the
University of Chicago
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and the official exchange rate of the rupee be established at 15 rupees per
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Committees and commissions in pre-independence India 1836–1947, Volume 3
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accepted the recommendations of the commission in July 1899.
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