Heritage walk to relive days of 1735 demonetisation

The heritage walk, to be conducted by historian Sriram V on December 4, will take one through the history of currency in Chennai starting, with Mint Street. The location is important  because the East India Company moved its coin-making facility to this street which went on to be called  Mint street. “At this heritage walk we look at the history of currency, its relevance and how it has evolved. Apart from that, we will also look at the problems the first demonetisation created, the communities it brought in, and the men (and women) it made famous and infamous,” says Sriram.

Madras had a currency of its own until 1861. According to historians, back then in 1735, the then East India Company Governor George Morton Pitt was worried over the counterfeit coins that were circulated in India. These coins were suspected to have come from China and was affecting the British market. Since there existed multiple kinds of coins in the market, MM Pagoda coin was introduced, with a special security feature. It was decided that the merchants would be made to melt the coins and re-struck as MM Pagodas. Like the situation today, a great amount of inconvenience was caused by this move. It is said that there were instances of the gold consignments not reaching on time and the gap in communication leading to these coins not being accepted in many places. The walk will take the participants down the historic Mint Street by Sriram, with information on historic sites. It will cost Rs 600 per person and includes breakfast. As expected, the effect of demonetisation can be seen here too. Participants can transfer funds online, sign a cheque or render exact change. “We are not accepting cash in Rs 500 or Rs 1,000 notes. And if you bring Rs 2,000 notes, remember that you need to bring two others and the balance Rs 200 can be kept in credit in your account for future walks,” said the circular.