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Coins in Ancient India

  • Word coin is derived from the Latin word Cuneus.Coins in Ancient IndiaCoins in Ancient India
  • The first recorded use of coins was found in China & Greece around 700 B.C.
  • In India- sixth century BC.
  • The study of coins & medallions is called Numismatics.
  • Coins were die-struck manually & so were not uniform.

Punch Marked Coins

  • The earliest coins were cast coins & they were die-struck only on one side.
  • One to five marks or symbols are incused on a single side & termed as‘Punch Marked’ coins.
    Punch Marked CoinsPunch Marked Coins
  • According to Panini’s Ashtadhyayi: Punch-marked coins were metallic pieces were stamped with symbols.
  • Each unit was called ‘Ratti’ which weighs 0.11 grams.
  • The first trace of this coin was found in the period between sixth & second century BC.

Punched Marked Coins classifications are:

(i) Punch marked coins issued by various Mahajanapadas (around 6th century BC)

  • First Indian punch-marked coins were called Puranas, Karshapanas or Pana.
  • Minted in 6th century BC by various Janapadas & Mahajanapadas of Indo-Gangetic Plain.
  • The coins had irregular shapes, standard weight & were made up of silver with different markings like Saurashtra had a humped bull, Dakshin Panchala had a Swastika & Magadha had generally five symbol.Punch marked coins: Irregular shapes, standard weight & were made up of silverPunch marked coins: Irregular shapes, standard weight & were made up of silver
  • Magadhan punch-marked coins were the most circulated coins in South Asia.
  • The coins are mentioned in the Manusmriti & Buddhist Jataka stories and lasted three centuries longer in south than in north.

(ii) Punch marked coins during Mauryan Period (322-185 BC)

  • Chanakya, prime minister to first Mauryan emperor Chandragupta Maurya, mentioned minting of punch-marked coins such as rupyarupa (silver), suvarnarupa (gold), tamrarupa (copper) & sisarupa (lead) in his Arthashastra treatise.
  • Sun & six-armed wheel were the most consistently used symbols.Punch marked coin depicting sun and six armed wheelPunch marked coin depicting sun and six armed wheel
  • Coin contained an average of 50-54 grains of silver & 32 rattis in weight termed as Karshapanas.

Indo- Greek Coins

  •  The Reign of Indo-Greeks was from 180 BC to around 10 AD. They Introduced concept of showing buster head of ruler on the coins.
  •  Legends on Indian coins were mentioned in two languages - in Greek on one side & in Kharosthi on the other. Greek gods & goddesses on lndo-Greek coins were Zeus, Hercules, Apollo & Pallas Athene.
  • Initially, images of Greek deities but later images of Indian deities were also incorporated.
  • They were significant as they carried detailed information about issuing monarch, year of issue & an image of the reigning king.
  •  Made of silver, copper, nickel and lead.
  • Coins of Greek kings in India were bilingual- Greek on front side & Pali language (in Kharosthi script) on back.
  • lndo-Greek Kushan kings introduced Greek custom of engraving portrait heads on coins.Nitin Singhania: Summary of coins in Ancient India (Practice) - Class 12
  • Kushan coins: Adorned with helmeted bust of the king on one side, & king’s favourite deity on reverse.
  • Coins by Kanishka: Employed only Greek characters.
  • Extensive coinage of Kushan Empire: Influenced a large number of tribes, dynasties & kingdoms, which began issuing their own coins.

Coins by Satavahanas

  •  Satavahanas rule was after 232 BC & up to 227 AD.
  •  Satavahanas mostly used lead for their coins.
  •  Silver coins were rare.
  •  Apart from lead, they used an alloy of silver & copper called ‘polin’.
  • They are devoid of beauty or artistic merit, but constitute a valuable source-material for dynastic history of Satavahanas.
  • Had figure of an elephant, horse, lion or Chaitya & Ujjain symbol which is a cross with four circles at end of two crossing lines, on other side.Coins by satavahanas depicting elephant, lion, horse or ChaityaCoins by satavahanas depicting elephant, lion, horse or Chaitya
  • Dialect used was Prakrit
  • Cowrie Shell were another major medium of exchange in early Indian market. They were used in large numbers by ordinary masses and carried definite value in market.

Cowrie shell was used as a medium of exchange instead of moneyCowrie shell was used as a medium of exchange instead of money

➢ Coins of the Western Satraps or the Indo-Scythians

  • Western Satraps (35-405 AD)- dominion in Western India, originally comprising Malwa, Gujarat & Kathiawar. They were of Saka origin.
  • Coins of Western Satraps are of great historical importance.
  • Coins of Western Satraps described head of king on one side and on other side, they carry a device of Buddhist chaitya or stupa (borrowed from Satavahanas). 

India- Western Satrap coin with head of king on one sideIndia- Western Satrap coin with head of king on one side

  •  Prakrit language was generally used.
  • They bear dates in Saka era, which started from 78 AD.

➢ Coins Issued in Gupta Age

  • Gupta age (319 AD-550 AD) which was the period of great Hindu revival.
  • Gupta coins were mainly made of gold, silver & copper.
  • Silver coins were issued only after Chandragupta II overthrew Western Satraps.
  • Many types & varieties of Gupta gold coins are there.
  • On one side- king standing & making oblations before an altar, playing the veena, performing Ashvamedha, riding a horse or an elephant, slaying a lion or a tiger or a rhinoceros with a sword or bow, or sitting on a couch.Gupta empire coinGupta empire coin
  • On other side- goddess Lakshmi seated on a throne or a lotus seal, or figure of the queen herself.
  • Inscriptions on coins were in Sanskrit (Brahmi script) for the first time in the history of coins.
  • Gupta Coins depicted emperors in both martial activities & leisurely activities.
  • End of Gupta rule in the sixth century due to Hun invasion, a number of local kingdoms rose in different regions issuing region-specific coins poor in both metallic content & artistic design.
  • Thus, till thirteenth century, a mix of designs borrowed from Kushana-Gupta pattern & foreign designs were employed by the dynasties in Western, Eastern, Northern & Central India.
  • In South India different coin paradigm was moving towards a gold standard, inspired from Roman gold coins, which arrived in region during first three centuries of first millennium.


➢ Coins of the Vardhanas

  • Varadhanas of Taneshwar & Kannauj- turned out Hun invaders from India in late 6th century.
  • Most powerful of their kings was Harshavardhana (his empire comprised almost whole of Northern India).
  • Silver coins on one side had head of king & on other side, figure of a peacock.
  • Dates on coins of Harshavardhana- reckoned in a new era, which began in AD 606, the year of his coronation.

➢ Coins of Chalukyan Kings

  • Western Chalukyan dynasty (6th century AD)- founded by Pulakesin 1. His capital- Badami in Karnataka.
  •  One side of coin- the image of a temple or a lion & legends; other side was left blank.
  • Coins of Eastern Chalukyan dynasty (7th century AD)- symbol of boar at centre, around which each letter of king’s name was inscribed by a separate punch. Other side- left blank.

➢ Coins of the Rajput Dynasties

  • Coins of Rajput dynasties (11th—12th century) were mostly of gold, copper or billon (an alloy of silver and copper) but very rarely silver. Rajput Dynasty- Mahipala gold coin Rajput Dynasty- Mahipala gold coin
  • Two types of Rajput coinage:
    (i) One type showed ‘name of king in Sanskrit on one side & a goddess on other side. They were made by Kalachuris, Chandellas of Bundelkhand, Tomars of Ajmer & Delhi, and Rathores of Kannauj.
    (ii) Other type of silver coins had a seated bull on one side & a horseman on the other. They were introduced by kings of Gandhara or Sindh.

➢ Coins of the Pandyan and Chola Dynasty

  • Coins of Pandyan dynasty were square shaped with image of elephant in early period.Pandya dynasty coinsPandya dynasty coins
  • Later, fish- very important symbol in coins.
  • Gold & silver coins- inscriptions in Sanskrit & copper coins in tamil.
  • Coins of Chola king Raja Raja-I had standing king on one side & seated goddess on other side with inscriptions in Sanskrit.Coins of chola dynastyCoins of chola dynasty
  • Rajendra-I’s coins- legend ‘Sri Rajendra’ or ‘Gangaikonda Chola’ inscribed with emblems of tiger & fish.
  •  Coins of Pallava dynasty contained figure of a lion.

➢ Turkish and Delhi Sultanate Coins

  •  Had inscriptions of king’s name, title & date as per Hijri calendar.
  • Did not bear any image of issuing monarch as there was a prohibition of idolatry in Islam.
  • First time, name of mint was also inscribed in coins.
  • Sultans of Delhi issued gold, silver, copper & billon coins.
  • Silver Tanka & Copper Jital were introduced by Iltutmish.Silver Tanka coinSilver Tanka coin
  •  Alauddin Khilji changed existing design by dropping name of Khalif & replaced it with self-praising titles.
  •  Muhammad bin Tughlaq issued bronze & copper coins and also issued token paper currency which was a flop. Copper Jital coinCopper Jital coin
  •  Sher Shah Suri (1540-1545)introduced two standards of weight-one of 178 grains for silver coins & one of 330 grains for copper coins. They were later known as rupee & dam respectively.Nitin Singhania: Summary of coins in Ancient India (Practice) - Class 12


➢ Vijayanagara Empire Coins

  • Vijayanagara Empire (14th-17th century) issued large quantities of gold coins.The other metals used were pure silver & copper.Gold pagoda coin of vijaynagar empireGold pagoda coin of vijaynagar empire
  • Pagodas—higher denomination contains figure of running warrior along with dagger symbol.
  • Gold fanams - fractional units.
  • Silver taras - fractional units.
  • Copper coins - day to day transactions.
  • Earlier Vijayanagara coinage- produced in different mints & had different names such as Barkur gadyanas, Bhatkal gadyanas, etc.
  • Inscriptions in Kannada or Sanskrit.
  • Images- double-headed eagle holding an elephant in each beak and claw, a bull, an elephant and various Hindu deities.
  • Gold varahan coin by Krishna Deva Raya (1509-1529) had a seated Vishnu on one side and a three-line legend Shri Pratap Krishna Raya in Sanskrit on the other side.

➢ Mughal Coinage

  • Standard gold coin of Mughals- Moliur of about 170 to 175 grains.
  • Abul Fazl in‘Ain-i-Akbari’ indicated that Mohur was equivalent to nine rupees.
  • Half & quarter mohurs are also known.
  • Silver rupee (adoption from Sher Shah’s currency)- most famous of all Mughal coins.
  • Mughal copper coin- adopted from Sher Shah’s dam.
  • Akbar- issued both round & square coins.
  • 1579- gold coins called Ilahi coins to propagate his new religious creed ‘Din-i-Illahi’.
  • On this coin, it was written ‘God is great, may his glory be glorified’.
  • Value of ilahi coin- equal to 10 rupees.
  • Sahansah- largest gold coin.
  • These coins bore names of persian solar months.
  • Jahangir showed legend in couplet in coins.
  • In some of his coins, he added name of his wife Noorjahan. His most famous coins had images of Zodiac signs.

➢Important Facts

  • Earliest reference of coins in Indian context were found in Vedas.
  • Nishka is the term used for coins made up of metals.
  • Sher Shah Suri, 16th-century ruler of Afghan lineage introduced Rupee. It was a silver currency.
  • Then one rupee was equal to four coins made of copper.
  • Indian currency is still called Rupee.
  • Rupya- made of silver & weighed almost 11.34 grams.
  • Ancient India- people used money trees to store their coins.
  • Money tree- flat piece of metal, shaped like a tree, with metal branches & at end of each branch was a round disk with a hole in centre.
  • Gupta kings stamped their given names on front of their coin & assumed names ending with “aditya,” or sun at the back.
  • Chhatrapati Shivaji- issued gold Huns & copper Shivarais with his titles in Nagari script.
  • Wodeyar dynasty (Mysore:: 1399-1947) coins of King Kanthiraya Narasa bore image of Narasimha avatar of Vishnu & weighed six to eight grains.
  • Haidar Ali- overthrew Wodeyar dynasty & continued their coinage with the figures of Shiva & Parvati on earlier gold pagodas. Tipu Sultan used two eras in his coins.
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FAQs on Nitin Singhania: Summary of coins in Ancient India (Practice) - Class 12

1. What are the different types of coins in ancient India?
Ans. Ancient India had various types of coins, including punch-marked coins, cast coins, and die-struck coins. Punch-marked coins were made by punching various symbols on a piece of silver or copper. Cast coins were made by pouring molten metal into molds, while die-struck coins were made by striking a metal disk with a die.
2. How were punch-marked coins made in ancient India?
Ans. Punch-marked coins in ancient India were made by punching symbols onto a piece of silver or copper. These symbols were typically in the form of small punches or dies, which were struck onto the metal to create the desired design. These coins were then used as a medium of exchange in ancient Indian trade and commerce.
3. What were the purposes of using coins in ancient India?
Ans. Coins in ancient India served several purposes. They were primarily used as a medium of exchange in trade and commerce, making transactions easier and more standardized. Coins also played a role in establishing the authority and power of rulers, as they often depicted the ruler's image or symbols. Additionally, coins were used as a means of propaganda, as they spread the ruler's message and ideology.
4. What is the significance of cast coins in ancient India?
Ans. Cast coins in ancient India were significant as they represented a shift from punch-marked coins to a more standardized form of currency. These coins were made by pouring molten metal into molds, which allowed for more consistent and uniform coins. The use of cast coins also facilitated trade and commerce, as they were easier to produce and recognize compared to punch-marked coins.
5. How did the introduction of coins impact ancient Indian society?
Ans. The introduction of coins in ancient India had a profound impact on society. It facilitated trade and commerce, making transactions easier and more standardized. Coins also played a role in the establishment of authority and power, as rulers often depicted their image or symbols on the coins. The use of coins also led to the development of a monetary economy, with coins becoming a widely accepted medium of exchange.
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