1 Pagoda – Puducherry

In 1830, Puducherry (then Pondicherry) existed as a small but significant French colonial enclave amidst a British-dominated Indian subcontinent. Its currency situation was inherently complex and dualistic, shaped by its political status. Officially, the French administration promoted its own monetary system, with the French Indian rupee (divided into 8 fanons or 32 caches) serving as the standard. This currency was distinct in weight and design from the rupees of British India and other regional powers, symbolizing French sovereignty and facilitating local colonial trade and administration.

However, the practical economic reality was one of forced monetary pluralism. The territory was geographically surrounded by the Madras Presidency, whose British East India Company rupee was the dominant trade currency in the region. Consequently, British rupees circulated widely within Puducherry alongside the French issues, especially for commerce with the hinterland. This created a constant dynamic of exchange and valuation between the two systems, often to the disadvantage of the French currency, which held less sway in broader regional markets.

The year 1830 fell within a period of relative monetary stability for the colony, following the post-Napoleonic War restoration of French control. The French administration, under the Compagnie Royale (Royal Company), attempted to regulate this bimetallic environment by setting official exchange rates. Yet, the market often dictated its own terms, leading to fluctuations and arbitrage. This hybrid system underscored Puducherry’s unique position: a French political entity inextricably linked to the British Indian economic sphere, a tension vividly expressed in its everyday currency circulation.