Which medieval ruler is credited with the introduction of the copper token currency system, which eventually failed due to widespread counterfeiting?

💡 Solution & Explanation

Muhammad bin Tughlaq implemented a token currency system using copper and brass coins minted to equal the value of silver tankas, which ultimately failed due to rampant counterfeiting. Other rulers like Alauddin Khalji focused on market control regulations and price stabilization rather than currency experiments. This monetary failure depleted the royal treasury during the fourteenth century.