Comment by mountainb

The East India Company was itself a highly effective quasi-governmental institution with a powerful military, a special relationship to a great power, and many other relationships to various kings and nobles who ran the local governments. It's not the best example for this type of phenomenon for this reason.

I think it's also the case that hard money is a different kind of phenomenon from paper money reflecting an entirely different philosophy concerning property and what it is. It reflects a natural law perspective in its most earthy and primitive form, which is that gold and silver are money because ancestors from time immemorial saw it as such due to certain intrinsic characteristics. Governments certainly regulated mints, but also marketplaces could and did regulate coinage on their own which is possible because of its physical nature. If a coin is clipped or made into a false alloy, that can be detected and corrected without state institutions.

Paper money by contrast tends to reflect more modern positivist theories of property in which property rights are deemed to exist because the state speaks those rights into existence. In the middle ages and even before, states as we know them now did not exist and could not exist, so positivism would have been absurd on its face, and its most direct application in the form of artificial currency could not be made.