In 1735, Madras, under Governor George Morton Pitt embarked on a demonetisation exercise. The reasons for it and the consequences were quite similar to the present day scenario. Read here for more – 
Chennai (Madras) History, Hidden Histories
Hidden histories: When Madras demonetised
The west face of Parade Square, Fort St George, where the first mint stood
Neither the disease nor the cure is new; history repeats itself and only a fool refuses to learn from it. Thanks, Sriram for the timely and very interesting article on demonetisation..