UK’s Royal Mint has introduced a new one pound coin. The Mint proudly says it is the safest coin in the world.
It has 12 sides and made of two metals (bimetallic). The outer ring is gold coloured and inner ring is silver coloured. This bimetallism feature is quite similar to our very Rs 10 coin as well. Just that we have gold in the inner and silver in the outer ring.
For the current generation of scholars on finance and economics, this question would sound absurd. Competition between Calcutta and Bombay over financial centre? Really?
But Calcutta not just competed but even was much larger financial centre than Bombay. The older textbooks mention both Calcutta and Bombay as financial centres with Calcutta as First centre and Bombay as second financial centre. This is natural as Calcutta was the political and commercial capital of British. The first Presidency bank started in Calcutta in 1806 followed by Bombay nearly 34 years later in 1840 (the one in Madras was found in 1843). Bank of Bengal was much larger than Bank of Bombay for most part of Presidency bank history.
But Calcutta went through a lot of political turmoil in the 20th century which affected the city and its financial ranking. Bombay eventually took over the space of commerce and finance with Delhi taking the role of political centre. The question is when did Bombay eventually take over the financial space?
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