Are East India Company coins and notes considered Indian heritage?

The EIC's monetary history in India

The East India Company established trading posts in India from the early 17th century and gradually acquired territorial control. The Company's mints — at Madras (established 1640), Bombay (established 1672), and Calcutta (established 1757) — issued coinage that is central to the history of India's monetisation under colonial rule. The Madras Presidency produced the famous gold pagoda and its fractions; the Bombay Presidency issued rupees and pice; the Bengal Presidency issued gold mohurs and silver rupees. After the consolidation of EIC control, a unified EIC rupee was introduced in the early 19th century, which became the standard across British India.

EIC paper currency — the early Company notes issued by the Bank of Bengal (established 1806), the Bank of Bombay (established 1840), and the Bank of Madras (established 1843), and later by the amalgamated Imperial Bank of India and its predecessors — represents another layer of Indian monetary heritage. These early bank notes are extremely rare in high grades and command substantial premiums in specialist auctions.

Heritage status — the AATA framework

India's recognition of EIC currency as Indian heritage is expressed through the AATA's protection framework — export restriction and dealer licensing — not through any specific 'heritage designation' for EIC items. The AATA does not distinguish between Indian-issued antiquities and colonial-era issued antiquities; it protects all antiquities found in India. EIC coins found in India are Indian antiquities subject to the same AATA rules as Mauryan punch-marked coins or Mughal gold mohurs.

The international dimension — EIC items abroad

Significant quantities of EIC coinage left India during the colonial period and are now held in British, American, and European museums and private collections. The UK's Royal Mint Museum, the British Museum, and numerous specialist collections hold important EIC numismatic items. Under the UNESCO 1970 Convention, items that were legally removed from India before the Convention's adoption in 1970 are generally not subject to repatriation demands. Items removed after 1970 without ASI permits are potentially subject to repatriation claims — discussed further in Q402.

Laws & authorities referenced in this chapter

Antiquities and Art Treasures Act 1972 — §2(b) and §3: EIC coinage and notes are antiquities; export requires ASI permit

UNESCO Convention 1970 — cultural property repatriation: items legally removed before 1970 generally protected; post-1970 illegal removals subject to claims

East India Company records — Bank of Bengal (1806), Bank of Bombay (1840), Bank of Madras (1843): significant early banking and note history