From 1900 to 1925/6, the IO bought £132.96m of silver. The metal was used for the minting of rupee coins, and, to a lesser extent, the pressing of medals, and purchases were therefore determined by Indian demand for coinage, which rose when exports were high and the economy buoyant. After large acquisitions from 1857 to 1862, no further orders were placed until 1900. Rather than leading to a dearth of currency, the 1893 closure of the mints caused hoarders of rupee coins to exchange their stashes for silver bars, the value of which was more secure, and, when this process came to an end, the maintenance of the exchange enabled the government to release some of its own reserves of rupees. Shortages of coin thus only began to emerge in 1900 when £5.64m of silver was bought, followed by a further £4m in 1903/4, largely as a precaution against currency shortages. The decision of the Secretary of State to sell council bills without limit and the reluctance of consumers to accept the gold sovereign then caused the demand for silver coin to soar. Unfortunately, after delaying silver purchases in 1905, the IO in 1907 bought and coined far too much specie, £29.63m from 1905/6 to 1907/8, in the expectation that the economy would continue to grow. In fact, the failure of the 1907/8 harvests and the 1907 American financial crisis caused currency demand to plummet and coins to return to the reserves, partly through the sale of reverse council bills.