Token currency had been introduced for the first time in India by
A. Ghiyasuddin Tughluq
B. Firuz Shah Tughluq
C. Alauddin Khalji
D. Mohammed –bin-Tughluq

Hint:
 To establish a new financial reform like introducing a token currency, a ruler would first require a kingdom that is established.Also it is easier when subjects are willing enough to follow through the reform.

Complete step by step solution:
Token currency was introduced in India for the first time , by Muhammad bin Tughluq who was a Sultan in 14th century. This token currency was introduced as ‘tanka’. It was a representative currency whose tokens were made of brass or copper and one could trade them for gold or silver as they had the same value as gold or silver coins.

 Instead of having royal seal, these coins had Arabic and Persian markings which made it difficult for citizens to distinguish between real and forged ones .This resulted in exhaustion of the royal treasury and decrease in value of coins, which heavily affected the trade and commerce of the Sultan’s reign .The production and usage of coins stopped in 1333.

https://www.dreamstime.com/photos-images/tanka-coin.html


Hence, the correct answer is option D.

Note:
 Mohammed –bin-Tughluq was the eldest son of Ghiyasuddin Tughluq, the founder of Tughluq dynasty. He was born as Ulugh Khan in a place named Kotla, which is in Multan. He ascended the throne in 1325 A.D.
He also failed in the attempt of making Daulatabad or Deogiri( in the Deccan), the capital and forcefully moving the entire population of Delhi there. This made him unpopular among masses.
He died in the year 1351 on his way to Thatta, Sindh; when he was fighting against a Turkish tribe of slaves named – Taghi.