BOMBAY PRESIDENCY: tutenag pice (13.56g), ND, KM-156.2, East India Company issue, believed to be issued 1754-57, GR divided by orb and cross of crown, BOMB (for Bombay) below // AUSPICIO / REGIS ET / SENATUS / ANGLIAE which translates as by the authority of the King and Parliament of England, environmental damage, bold details, PCGS graded About Unc details. In 1741 the value of copper as a metal in Bombay reached a point where the copper coins were removed from circulation. On February 7, 1741 the mintmaster at Bombay was instructed to produce 2000 rupees of tin Pice and further orders were placed in 1741, 1742 and 1743. The weight of the tin coin was set so as to return a profit in their production and issue of 20% to the Company. A supply of copper had been obtained from Persia in 1742, but the value of the metal remained high and the EIC elected to sell it rather than use it for a local copper coinage. By 1748, forgery of the tin coins had become so common that a return to copper was made until 1754 when copper prices forced a return to tin. The exchange rate with silver was set at 80 Pice to 1 Rupee.
