Historical Sketch

During the 17th century, the French East India Company founded several trading posts along the Indian coast. There was never a contingent colonial territory, since the mid-19th century and after many British-French colonial fights, French India consisted of five separate territories. In 1769, the Company defaulted, and the French state took over, but only in 1870s a colonial administration was established. France tried to keep its colony after the Indian independence in 1947, but agreed in 1948 on referendums to be held. Between 1950 and 1954, the different parts of French India joined the Republic of India.

Monetary History Overview

Initially, accounting at the different trading posts was done in the respective local Indian Rupee standards. The main settlement at Pondicherry operated a mint that issued silver Rupee coins in Mughal style and crude subsidiary coins. Small scale operations were conducted at other mints as well. All mints were closed in the 1840s, and the currency of the British Madras Presidency was adopted in 1847. In September 1871, the colonial administration fully switched to the British Indian standard and created the French Indian Rupee. British Indian coins remained in circulation, while all other coins were demonetized until end year. In January 1877, the Bank of Indochina began operations in India and issued paper money. When the French Indian territories joined independent India, the French Indian Rupee was demonetized and exchanged at par into Indian currency.

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