Comment by akiselev

> 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.

The EIC's first mint was operational in 1643, long before it became a quasi-state. It started to become a quasi-government more than a century later, when it started raising its first major army in the 1750s culminating in the Battle of Plassey and didn't really have the resources to fully become one until the diwani in 1765.