In 1807, new copper coins were introduced for circulation in the districts dependent upon the presidency. Their inception was the result of recommendations made by the committee appointed to report upon the subject of the "Copper Currency in the Northern Division".
The investigating committee was appointed in September 1806 and the report is dated 12th march 1807. It notes that the rupee was almost the only silver coin to be met in circulation. Half and Quarter rupees could be procured but were rarely seen. The scarcity of the copper coin was in large due to the total stoppage of copper imports formerly made by the Dutch; a large portion of which had been converted into dubs at the Dutch, French and E.I.C mints. In their proposals, the committee recommended the coinage of copper and that a sufficient reserve of that metal should be available at all times to meet the demand.
In April 1807, the Madras mint master submitted proposals for copper coinages and the minting commenced in that month. A proclamation published in August 1807 notified the public of the denominations, weight and values of the a new dub coinage.
Included in the proclamation is an unusual coin, denominated a **** Dramatic Music **** "Regulating Dub". This coin was introduced in order to adjust payments made in copper dubs at the presidency where they reckoned in terms of star pagoda and fanam instead of the rupee.
When measured against the fanam the Regulating Dub was necessary to acquit a payment expressed in fanams but paid in copper dubs.
The exchange was
One Rupee = 48 Single Dubs/ 24 Double Dubs
One Pagoda = 168 Single Dubs/ 84 Double Dubs
One Pagoda = 229 1/11 Regulating Dubs
One Pagoda = 42 Fanams
Three single dubs and a regulating dub = 1 Fanam
Aren't you happy there is Decimal coinage these days... lol
On the coin is written
Tamil - Idhuvum Munu Pudu Dabbum Oru Chinna Panam
Telugu - Idhi Nara nudu kadta dubuulu numera cinara ruku
Translation in English for both texts = This(coin) and three new dubs are one small fanam