Regarding the 'Token Currency' experiment of Muhammad bin Tughlaq, consider the following statements:
1. He issued bronze and copper coins and decreed that they should be universally accepted at par with the silver Tanka.
2. The immediate cause of the scheme's failure was the state's inability to maintain a monopoly over minting, leading to massive forgery by the public.
3. After the failure, the Sultan refused to compensate the public, leading to widespread starvation and poverty.
How many of the above statements are correct?

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Accepted Answer

Statements 1 and 2 are correct. Statement 3 is incorrect because after the failure, Muhammad bin Tughlaq actually exchanged all the forged token coins with genuine gold and silver coins from the royal treasury, which heavily depleted the state's wealth but saved the public from ruin.

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