History of the taka

The history of the taka, also known as the tanka or tangka, refers to one of the major historical currencies of Asia, particularly in the Indian subcontinent and Tibet (a tributary of Imperial China). It was introduced in the 14th century and became a currency of the Silk Road. Its history is intertwined with the medieval Islamic history and culture of the subcontinent.

In modern times, the Bangladeshi taka is considered a legacy of the historical taka because Bengal was the stronghold of the currency. It was inscribed in numerous languages across different regions, including in Sanskrit, Arabic, Persian, Hindustani, Bengali, Nepali, Tibetan and Mandarin.

Like the rupee issued by Indian Muslim rulers, the term taka also originated from Sanskrit, the classical language of the subcontinent. It is derived from the Sanskrit word tamka, which denoted silver coins.

The imperial tanka (also called Sultani Tanka) was officially introduced by the monetary reforms of Muhammad bin Tughluq, the emperor of the Delhi Sultanate, in 1329. It was modeled as representative money, a concept pioneered as paper money by the Mongols in China and Persia. The tanka was minted in copper and brass. Its value was exchanged with gold and silver reserves in the imperial treasury. The currency was introduced due to the shortage of metals. Over time, the tanka was minted in silver. However, chaos followed its launch in the 14th century, leading to the collapse of the Tughluq dynasty. The Tughluqs were succeeded by numerous regional states, notably the Bengal Sultanate, the Bahmani Sultanate and the Gujarat Sultanate. These kingdoms continued to mint the new currency in the name of their own rulers. Even much later under the early modern Mughal Empire, regional currencies were still referred to as tanka/tangka/taka.

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