Why was the EIC's decision to mint coins in Bombay significant?
1. It challenged the sovereignty of the Mughal Emperor.
2. It facilitated easier trade with other European companies.
3. It was a clear sign that the EIC was transitioning from a purely commercial entity to a political one.
Which are correct?

Question

Accepted Answer

Statement 2 is incorrect; minting coins was primarily for internal commercial dominance and political signaling, not for trade with other Europeans.

Answer

Answer