Debasing Indigenous Statehood: Sovereign Monies, Markets and Imperial Power in the Indian Subcontinent, <i>c.</i>1893–1905

Abstract Dense overlapping networks of multiple currencies were a feature subcontinental commerce and statehood until the twentieth century. Twenty-seven states in addition to Raj issued their own 1893. Underpinned by common basis silver an extensive market for bills, they financed trade circulated one another’s territories, including British India. By 1905 most had ceased this sovereign prerogative belonged mainly Raj. The suppression indigenous currency colonial monetary system presaged dramatic reconfiguration native sovereignty imperial paramountcy. Triggered silver’s demonetization India 1893, these transformations unfolded amid gold’s elevation as universal standard growth London’s financial influence. They cemented famines 1896–1902, which crippled states’ finances accentuated conflict faced between famine relief stability. Markets magnified into test capacity that few managed withstand. consequent redistribution markets, according ability control helped dematerialize, rearticulate extend reach power. This story money, markets is hence with resonances beyond empire its time.