The earliest literary and archaeological evidence of ancient Indian coins dates from the seventh to fifth century B.C. Before, people used barter systems for trade. The Harappans used extensive trade with barter, and in fact, there is no consensus on the monetary value of Harappan seals.
Later Vedic texts mention Suvarna and Shatamana, but we cannot consider them as full-fledged coins. The Buddhist text Ashtadhyayi refers to terms like Kahapana and pada. They can be compared with metal pieces with monetary value.
The basic unit of the Indian coin weight system was a red and black seed of Gunja berry or Abrus precatorius or Ratti. In south India, Manjadi seed was used instead of Gunja berry.
Ancient Indian Punch Marked Coins
Punch-marked coins are more or less rectangular-shaped metallic pieces with symbols punched into them. These coins are made by cutting metals or unused metal globules and hammering a mark into them.
Punch mark coins are the oldest coins found in the Indian subcontinent. These punch-marked coins were called Karsapanas. This name is mentioned in Buddhist literature. The other names of this coin are Prati, Dharanas, etc.
Most silver punch-marked coins weighed 56 grams or 32 rattis( 1 gram = 64.79 mg). At first, coins were part of the private issue of bankers, guilds, and local bodies.
Later, during the period of Janapadas, locally punch-marked coins were issued by independent states of those times.
Types Of Ancient Indian Punch-Marked Coins
The punch-marked coins of ancient India (Northern part of India) can be divided into four types.
- The Taxila Gandhara type
- Kosala type
- Avanti type
- Magadhan type
Taxila Gandharan type was based on heavyweight standards and a single punch mark.
Kosalan type was based on heavyweight standards and multiple punch marks. This coin was minted in the middle of Ganga Valley.
Avanti type was based on the lightweight standard and single punch mark. It was minted and circulated in Western India.
Magadhan type was based on lightweight standard and multiple punch marks. When the power of Magadha increased, the Magadhn type slowly replaced other types.
Magadhan Type Coins
The dynasties of Magadha issued Magadhan-type punch mark coins.
These coins can be easily distinguished from other Mahajanapadas issued coins. It usually bears symbols like three arched hills surmounted by a crescent, a peacock, etc.
Its wide circulation is believed to be due to the political unification created by Chandragupta Maurya and Ashoka.
Some coins had primary and secondary marks. The secondary marks or counter marks were later added to the existing coins.
Ancient Indian Cast Coins
After punch-marked coins, cast coins made of copper alloys emerged in India. It was discovered later in most parts of India, except the southern part. This proves its wide circulation.
Cast coins were made by melting metals and pouring them into clay or metal molds.
Ancient Indian Die Struck Coins
These uninscribed cast coins are mostly made of copper and sometimes silver. Symbols similar to punch marks were struck into the coin blanks with metal dies that were carved with the designs.
Die-struck coins were minted in India from the fourth century B.C. onward.
Indo Greek Coins
With the rise of Bactrian power into Kabul Valley and nearby regions, the period of Indo-Greek coins started.
Their minting started in the second century B.C., and Indo-Greek coins are very well executed.
Its shape is circular, but square and rectangular-type coins were also minted. Generally, these coins are made of silver, nickel, copper, lead and silver. Copper alloy-based coins were also made.
The coins of Demetrius were the first to show the result of a compromise between the Greek and Indian coinage. It was Demetrius who first minted bilingual coins.
Coins with the name Antiochus II and a bust of Diodotus were initially produced. Later, the name of Antiochus II vanished.
Coins were issued jointly by two kings. This practice reflects the conjoint rule.
Usually, the Obverse side of coins had a name and portrait. The reverse had symbols or monograms.
The Indo-Greek coins were bilingual and bi-script coins. Greek was used on one side, and on the other, the Prakrit language in the Kharoshthi script was inscribed. Rarely Brahmi was also used.
The coins of Pantaleon and Agathocles are the only coins of Greek rulers which bear inscriptions in Brahmi characters. Certain Agathocles coins have Kharoshti letters on both the obverse and reverse sides.
Helocles was the last Indo-Greek ruler over the area north of the Hindukush. Until his time, thirty-eight kings and two Indo-Greek coins were known from coins (only two are mentioned in inscriptions). Many had minted coins in Bactrian style with pure Greek legends and Indian-style bilingual inscriptions.
Initially, the Attic standard was used to make silver coins. The later Attic standard was replaced with the Persian standard.
Hellicles, Apollodotus I, and Antialcidas used both standards, and the later Greek rulers used the Persian standard. Sakas, Parthians, and Kshatrapas also followed the basic bilingual Indo-Grek style coinage.
Saka Coins
Old Saka coins are imitations, and their inscription are debased copies of Greek inscriptions. However, in a few coins, there are legends that have been recognised as the most ancient examples of the Aramaean writing of Turkestan.
The coins of Maues (Maues of Taxila copper plates) maintained a superior workmanship to those of later Greek Kings.
Kushana Coins
Kushana were originally one of the five tribes of the Yueh Zhi. The Kushanas were the first dynasty of the Indian subcontinent to mint large quantities of gold coins.
Kushana also produced silver coins, but they were rare. Their coins contain a bust similar to Roman coins, with names and titles in the obverse. On the reverse side are images of Hindu, Buddhist, Greek, Roman, and other pantheons. For example, Kujula Kara Kadphises bears the title “Devaputra“.
The large Kushana gold coinage was believed to be attributed to the influx of Roman gold to India during that period. During that period, the Roman standard (aureus =124 grains) was adopted in India. Pieces of the weight of two aurei were only struck by Vima Kadphises.
The coins of Vima Kadaphis used both Greek and Kharosthi legends. His next three successors used Greek only. Afterwards, Nagari letters were used instead of Greek.
The later Kushanas, after the death of Vasudeva, used gold and copper coinage.
Indo-Chinese Coins
Copper coins found in Kashgar contain both Kharosthi and Chinese characters. Kashgar is a city in Xinjiang, China, located on the ancient Silk Road.
These Indo-Chineese coins were believed to have been produced due to extensive trade relations. The Chinese inscriptions have reference to the weight or value, and the Kharosthi inscription contains the name of the ruler.
Coins Of Native States And Janapadas
A number of coins were minted by native states in Inda from the third century B.C. to the fourth century C.E.
These coins are mostly cast or die-struck in copper or bronze. Apart from this, we can find silver, lead, and Potin coins(which were rare).
These coins include coins minted by chiefs, merchants, guilds, and states like Arjunayanas, Aparanta, Uddehihas, Malvas, Yaudheyas, Mathura, Panchala, Sibi, etc.
Gupta Coins
The imperial Gupta kings minted well-executed die-struck gold coins with metrical legends in Sanskrit. These Gupta coins are called “Dinara“. It is mainly found in the northern region of India.
The Gupta coins are mostly of gold and silver. Copper coins are rare. This type of gold coin was borrowed at first from the eastern mintage of the later Great Kushanas. When Guptas annexed the Kushana area, they continued the issue of a dated silver coinage, which was an imitation but with a Gupta Peacock emblem on the reverse side.
At first, the gold coins follow the weight standard, which Kushanas seems to have copied from Roman Aurei. But Guptas replaced it with Indian Suvarna (1Suvarna – 146.6 grains).
It is believed that there is a possibility of two coins in circulation, “Dinara“ and “Suvarana“.
When Skandagupta came to the throne, he abandoned the Roman standard. There was a decline in the metallic purity of gold coins in the later part of Skandagupta’s rule.
Some coins of Gupta are considered similar to commemorative coins. For example
- Chandragupta-Kumardevi coins issued by Samudragupta. One side of this coin contains the image of Goddess Lakshmi.
- Ashwamedha coins of Samudragupta and Chandragupta.
