INDIAN HISTORY

Detailed explanation-1: -Token currency was introduced in India for the first time by Muhammad bin Tughluq who was the eldest son of Ghiyas-ud-Din-Tughlaq founder of the Tughluq dynasty.

Detailed explanation-2: -The Idea of token currency was borrowed from Paper Money issued by his contemporary Kublai Khan in China. Muhammed-bin Tughluq issued copper coins and kept their value at par with the gold and silver coins. The token currency had an adverse effect on the trade.

Detailed explanation-3: -Complete answer:The token currency in India was introduced for the first time by Muhammad Bin Tughlaq. Muhammad Bin Tughlaq issued token money in 1330, after his unsuccessful expedition to Deogiri; that is, coins of brass and copper were minted whose worth was equivalent to that of coins of gold and silver.

Detailed explanation-4: -These coins were issued in the name of the Caliph to make various transactions as there was a dearth of gold and silver coins. Muhammad Bin Tughluq introduced bronze and copper coins as he needed money for various reasons: He wanted to raise a huge army as he is said to have thought of conquering the whole world.