Joe Boling writes:
The East India Company coins are referred to as legal tender, but nowhere in the article or anyplace else I look is that status justified. Legal tender, where, for what?
Philip Mernick asks a similar question. He writes:
The question I ask is legal tender WHERE?
The East India Company was dissolved under the 1874 Government of India Act so how come there were shares available to be bought by this entrepreneur?
I don't know about the legal basis, but a couple of articles recount how the company was reconstituted by an Indian businessman.
Mehta spent a considerable amount of time, money and effort traveling around the world visiting museums, former EIC trading etc. He also read all the records of East India Company and met people who had a fair knowledge of business of the time when company was established.
East India Company - Owning a Company that Once Owned Us
EIC was acquired from 33 different shareholders by Mehta, an Indian entrepreneur, in 2005. Over the next five years, over £20 million was pumped into the company to rebuild and position EIC as a luxury brand. The East India Company was relaunched on August 15, 2010 with its first flagship 'Fine Food' store in Conduit Street, London. On December 24 the same year, the Mahindra Group acquired a minority stake in the Company.
To read the complete article, see:
East India Company mints mohur, cash again
An E-Sylum readers points out:
The revival of the EIC brand and the issuance of its new coins was the subject of a cover story in the February issue of Coin World's World Coins (Feb. 6, 2012 issue).
The story reports that Royal Mint engraver Claire Aldridge worked on the plasters; whether she designed the coins or whether the designs came from the EIC officials was not reported.
To read the earlier E-Sylum article, see:
A REVIVED EAST INDIA COMPANY STRIKES COINS
Wayne Homren, Editor
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