Which of the following King introduced token currency for the first time in India?

Mohammad Bin Tuglaq

The correct answer is Option 3- Mohammad Bin Tuglaq

The token currency in India was introduced for the first time by Muhammad Bin Tughlaq. Muhammad Bin Tughlaq issued token money in 1330, after his unsuccessful expedition to Deogiri; that is, coins of brass and copper were minted whose worth was equivalent to that of coins of gold and silver. He decided to annex all the populated parts of the world for which the army needed a treasury to pay. Barani had also written that his act of offering prizes and presents in gold had depleted the sultan's treasury. Officials such as the muqaddams paid the income in brass and copper coins in the rural areas and even used the same coins to buy arms and horses.