The Coinage of
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
began anywhere between early 1st millennium BCE to the 6th century BCE, and consisted mainly of
copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...
and
silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
coins in its initial stage.
[Allan & Stern (2008)] The coins of this period were ''
Karshapana
Karshapana ( sa, कार्षापण, IAST: ''Kārṣāpaṇa''), according to the Ashtadhyayi of Panini, refers to ancient Indian coins current during the 6th century BCE onwards, which were unstamped and stamped (''āhata'') metallic pi ...
s'' or ''Pana''. A variety of earliest Indian coins, however, unlike those circulated in West Asia, were stamped bars of metal, suggesting that the innovation of stamped currency was added to a pre-existing form of token currency which had already been present in the Janapadas and
Mahajanapada
The Mahājanapadas ( sa, great realm, from ''maha'', "great", and ''janapada'' "foothold of a people") were sixteen kingdoms or oligarchic republics that existed in ancient India from the sixth to fourth centuries BCE during the second urba ...
kingdoms of the
Early historic India. The kingdoms that minted their own coins included
Gandhara,
Kuntala,
Kuru
Kuru may refer to:
Anthropology and history
* Kuru (disease), a type of transmissible spongiform encephalopathy associated with the cannibalistic funeral practices of the Fore people
* Kuru (mythology), part of Meithei mythology
* Kuru Kingdom, ...
,
Magadha
Magadha was a region and one of the sixteen sa, script=Latn, Mahajanapadas, label=none, lit=Great Kingdoms of the Second Urbanization (600–200 BCE) in what is now south Bihar (before expansion) at the eastern Ganges Plain. Magadha was ruled ...
,
Panchala,
Shakya
Shakya ( Pāḷi: ; sa, शाक्य, translit=Śākya) was an ancient eastern sub-Himalayan ethnicity and clan of north-eastern region of the Indian subcontinent, whose existence is attested during the Iron Age. The Shakyas were organised ...
,
Surasena
Kingdom of Surasena (or Sourasena) (Sanskrit: ) was an ancient Indian region corresponding to the present-day Braj region in Uttar Pradesh, with Mathura as its capital city. According to the Buddhist text '' Anguttara Nikaya'', Surasena was on ...
,
Surashtra
Saurashtra, also known as Sorath or Kathiawar, is a peninsular region of Gujarat, India, located on the Arabian Sea coast. It covers about a third of Gujarat state, notably 11 districts of Gujarat, including Rajkot District. It was formerly a ...
and
Vidarbha
Vidarbha (Pronunciation: id̪əɾbʱə is a geographical region in the east of the Indian state of Maharashtra and a proposed state of central India, comprising the state's Amravati and Nagpur divisions. Amravati Division's former name is Ber ...
etc.
The tradition of Indian coinage in the 2nd millennium evolved with
Indo Islamic rule in India.
[Allan & Stern (2008)] and the
British Raj
The British Raj (; from Hindi ''rāj'': kingdom, realm, state, or empire) was the rule of the British Crown on the Indian subcontinent;
*
* it is also called Crown rule in India,
*
*
*
*
or Direct rule in India,
* Quote: "Mill, who was himsel ...
in the 19th century.
[Sutherland (2008)]
Origin of currency in Indian subcontinent
Prehistoric and Bronze Age origins
Cowry shell
Cowrie or cowry () is the common name for a group of small to large sea snails, marine gastropod mollusks in the family Cypraeidae, the cowries.
The term '' porcelain'' derives from the old Italian term for the cowrie shell (''porcellana' ...
s were first used in India as commodity money. The
Indus Valley civilisation
The Indus Valley Civilisation (IVC), also known as the Indus Civilisation was a Bronze Age civilisation in the northwestern regions of South Asia, lasting from 3300 BCE to 1300 BCE, and in its mature form 2600 BCE to 1900&n ...
may have used metals of fixed weights such as silver for trade activities which is evident from the DK area of Mohenjo Daro from the late Harappan period (dated 1900–1800 BC or 1750 BC). D.D Kosambi proposed a connection between Mohenjodaro class IV silver pieces and class D pieces with the Punch marked coins based on their remarkable similarity and identity between D-class weights. The remarkable similarities between Punch marked coin symbols with those appearing in the Indus seals have also been highlighted. Chalcolithic unmarked gold disc discovered from Eran have been dated to 1000 BC and due to their lack of ornamental use, it has been proposed that it was utilized as an object of money A similar gold token piece from
Pandu Rajar Dhibi
Pandu Rajar Dhibi in the valley of the river Ajay is an Archaeological site in Ausgram II block in the Sadar North subdivision of Purba Bardhaman district in the Indian state of West Bengal. It was the first Chalcolithic site discovered in W ...
has also been interpreted as a coin, it is hammered on the edges and bears parallel marks, although weighing 14 grams, a quarter of the piece is missing hence its full weight of 21 grams would conform to the ancient coinage weight standards of India and confirm the vedic literary references of circulation of gold tokens in that period. Similar interpretations have been made regarding the use of silver circular objects from the Gungeria hoard.
Weight standard
Since the Bronze Age,
ratti
Ratti (Sanskrit: ) is a traditional Indian unit of measurement for mass. Based on the nominal weight of a Gunja seed (''Abrus precatorius''), it measured approximately 1.8 or 1.75 grains or 0.11339 g as standardized weight. It is still used by t ...
(0.11 or 0.12 gram) or the weight of the
Gunja seeds have been used as a base unit for the measurement of mass in the Indus Valley civilization, the smallest weight of Indus was equal to 8 rattis (0.856 gram) and the binary system was used for the multiple of weights for instance 1:2:4:8:16:32, the 16th ratio being the standard regular weight (16 × smallest weight), etc. This weight system seems to have been replicated in the earliest Indian coins. The Masha coins were quarter Karshapanas, karshapanas themselves being the quarter value of Karsha (13.7 gram, 128 ratti) or 32 ratti which is the same as the regular weight used in the Indus Valley civilization, This standard (of 32 rattis) has been declared as Purana or Dharana by Kautilya. The Karsha weight differed based on the differing values of mashas, for instance arthashastra mentions a masha equal to 5 ratti as opposed to 8 ratti mashas which is described as the prevalent standard during Kautilya's time. The Gandharan quarter svarna coins conform to a different 5 ratti mashas system mentioned in the
Arthashastra
The ''Arthashastra'' ( sa, अर्थशास्त्रम्, ) is an Ancient Indian Sanskrit treatise on statecraft, political science, economic policy and military strategy. Kautilya, also identified as Vishnugupta and Chanakya, is ...
as do the copper punch marked coins (80 ratti, 146 grain, 9.46 gram). A shatamana (lit. 100 units) weight system has been first mentioned in Satapatha Brahmana which is equal to 100 krishnalas, each krishnala being equal to one ratti. The weight of the ancient Indian silver Karshapana and satamana coin is given below;
1 Satamana = 100 Rattis / 11 grams of pure silver
1 Karshapana = 32 Rattis/ 3.3 grams of pure silver
½ Karshapana = 16 Rattis
¼ Karshapana (masha) = 8 Rattis
1/8 Karshapana = 4 Rattis
Early literary references
There is evidence of countable units of precious metal being used for exchange from the Vedic period onwards. A term ''Nishka'' appears in this sense in the
Rigveda
The ''Rigveda'' or ''Rig Veda'' ( ', from ' "praise" and ' "knowledge") is an ancient Indian collection of Vedic Sanskrit hymns (''sūktas''). It is one of the four sacred canonical Hindu texts (''śruti'') known as the Vedas. Only one Sh ...
. Later texts speak of cows given as gifts being adorned with ''pādas'' of gold. A ''pāda'', literally a quarter, would have been a quarter of some standard weight. A unit called ''Śatamāna'', literally a 'hundred standard', representing 100 ''krishnalas'' is mentioned in
Satapatha Brahmana
The Shatapatha Brahmana ( sa, शतपथब्राह्मणम् , Śatapatha Brāhmaṇam, meaning 'Brāhmaṇa of one hundred paths', abbreviated to 'SB') is a commentary on the Śukla (white) Yajurveda. It is attributed to the Vedic ...
. A later commentary on ''Katyayana Srautasutra'' explains that a ''Śatamāna'' could also be 100
ratti
Ratti (Sanskrit: ) is a traditional Indian unit of measurement for mass. Based on the nominal weight of a Gunja seed (''Abrus precatorius''), it measured approximately 1.8 or 1.75 grains or 0.11339 g as standardized weight. It is still used by t ...
s. All these units referred to gold currency in some form but they were later adopted to silver currency.
Panini's grammar text indicates that these terms continued to be used into the historical period. He mentions that something worth a ''nishka'' is called ''naishka'' and something worth a ''Śatamāna'' is called a ''Śatamānam'' etc. The units were also used to represent the assets of individuals, ''naishka‐śatika'' or ''naishka‐sahasrika'' (some one worth a hundred ''nishkas'' or a thousand ''nishkas'').
Panini uses the term ''rūpa'' to mean a piece of precious metal (typically silver) used as a coin, and a ''rūpya'' to mean a stamped piece of metal, a coin in the modern sense. The term ''rūpya'' continues into the modern usage as the
rupee.
Ratti based measurement is the oldest measurement system in the
Indian subcontinent
The Indian subcontinent is a list of the physiographic regions of the world, physiographical region in United Nations geoscheme for Asia#Southern Asia, Southern Asia. It is situated on the Indian Plate, projecting southwards into the Indian O ...
. The smallest weight in the
Indus Valley civilization was equal to 8 rattis and were the bases for the weight standards for the first Indian coins in the seventh century BC. Ratti and is still used in India as Jewellers weight.
Theory of West Asian influences
Scholars remain divided over the origins of Indian
punch-marked coinage (PMC).
What is known, however, is that the earliest extant evidence, of
silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
, are bent silver bars, in the North West of the sub-continent, and consistent with those found in Iran, from the 7th century BCE
Nush-i-jan hoard, and the 4th Century BCE,
Chaman Huzuri (Kabul) hoard.
Extant exidence of the earliest
Metal
A metal (from Greek μέταλλον ''métallon'', "mine, quarry, metal") is a material that, when freshly prepared, polished, or fractured, shows a lustrous appearance, and conducts electricity and heat relatively well. Metals are typicall ...
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
in the South and East of India is later than the North West,
and coeval with the
Northern Black Polished Ware
The Northern Black Polished Ware culture (abbreviated NBPW or NBP) is an urban Iron Age Indian culture of the Indian Subcontinent, lasting c. 700–200 BCE (proto NBPW between 1200 and 700 BCE), succeeding the Painted Grey Ware culture and Blac ...
culture, minted before the
Maurya Empire (322–185 BCE),
[Sellwood (2008)] with
radio carbon dating
Radiocarbon dating (also referred to as carbon dating or carbon-14 dating) is a method for determining the age of an object containing organic material by using the properties of radiocarbon, a radioactive isotope of carbon.
The method was dev ...
indicating post 5th century BCE dates.
[Dhavalikar, M. K. (1975), "The beginning of coinage in India", World Archaeology, 6 (3): 330-338, Taylor & Francis, Ltd.] According to some scholars minted coins spread to the
Indo-Gangetic Plain from
West Asia
Western Asia, West Asia, or Southwest Asia, is the westernmost subregion of the larger geographical region of Asia, as defined by some academics, UN bodies and other institutions. It is almost entirely a part of the Middle East, and includes Ana ...
.
According to
Joe Cribb
Joe Cribb is a numismatist, specialising in Asian coinages, and in particular on coins of the Kushan Empire. His catalogues of Chinese silver currency ingots, and of ritual coins of Southeast Asia were the first detailed works on these subjects ...
(2003), a "marriage between Greek coinage and Iranian bar currency" was at the origin of Indian
punch-marked coins
Punch-marked coins, also known as ''Aahat coins'', are a type of early coinage of India, dating to between about the 6th and 2nd centuries BC. It was of irregular shape.
History
The study of the relative chronology of these coins has successful ...
, the earliest coins developed in India, which used minting technology derived from Greek coinage.
Daniel Schlumberger
Daniel Théodore Schlumberger (19 December 1904 – 21 October 1972) was a French archaeologist and Professor of Near Eastern Archaeology at the University of Strasbourg and later Princeton University.
Biography
After having been invited by ...
also considers that punch-marked bars, similar to the many punch-marked bars found in northwestern India, initially originated in the Achaemenid Empire, rather than in the Indian heartland:
The Western origins hypothesis had previously been proposed before any serious attempts were made in the study of PMC coins such as:
*
John Allan (1936), asserted "the idea of a coinage came to India in the late fifth or early fourth century B. C. from Achaemenid territory, conjecturing that the bent bar or wheel-marked coins "were struck on a Persian standard and represented double sigloi or staters....". Arguing no evidence coinage, in India, exists before the Nanda period, with the earliest finds from: Golakpur, Paila, and Set Mahet indicating the region in which local punch-marked coins originated.
* James Kennedy (1898), the PMC were copied form Babylonian originals as a result of trade between India and Babylon in the 6th century BC.
*
James Princep (1835), who proposed the
Greo-Bactrian (256-100 BCE) origin of the PMC coins, this was also supported by C.W King. Princep later admitted that due to the archaic nature of PMC, they were older than the Greo-Bactrian coinage.
The weight standard of the Gandharan, Shatamana, Bent Bar coins is asserted, by like of Cribb, Allan, and Schlumberger, as twice the
Sigloi
The Achaemenid Empire issued coins from 520 BCE–450 BCE to 330 BCE. The Persian daric was the first gold coin which, along with a similar silver coin, the siglos (from grc, σίγλος, he, שֶׁקֶל, '' shékel'') represented the first b ...
weight and hence represent the Persian weight standards. Other scholars such as
Vincent Smith recognised the Satamana as 100
ratti
Ratti (Sanskrit: ) is a traditional Indian unit of measurement for mass. Based on the nominal weight of a Gunja seed (''Abrus precatorius''), it measured approximately 1.8 or 1.75 grains or 0.11339 g as standardized weight. It is still used by t ...
weight system of
Iron Age in India
In the prehistory of the Indian subcontinent, the Iron Age succeeded Bronze Age India and partly corresponds with the megalithic cultures of India. Other Iron Age archaeological cultures of India were the Painted Grey Ware culture (1300–300 ...
.
Cunningham (1891) asserts that ancient India had an abundance of gold but little silver. The gold to silver ratio in India was 10 to 1 or 8 to 1. In contrast, in the neighbouring Persia, it was 13 to 1. This value differential would have incentivised the exchange of gold for silver, resulting in an increasing supply of silver in India.
Achaemenid coinage in northwestern India
![Achaemenid Empire coin](https://upload.wikimedia.org/wikipedia/commons/f/f4/Achaemenid_Empire_coin._Uncertain_mint_in_the_Kabul_Valley._Circa_500-380_BCE.jpg)
Coin finds in the
Chaman Hazouri hoard in
Kabul
Kabul (; ps, , ; , ) is the capital and largest city of Afghanistan. Located in the eastern half of the country, it is also a municipality, forming part of the Kabul Province; it is administratively divided into 22 municipal districts. Acco ...
or the Shaikhan Dehri hoard in
Pushkalavati
Pushkalavati ( ps, پشکلاوتي; Urdu: ; Sanskrit: ; Prākrit: ; grc, Πευκελαῶτις ) or Pushkaravati ( Sanskrit: ; Pāli: ), and later Shaikhan Dheri ( ps, شېخان ډېرۍ; ur, ), was the capital of the Gandhara kingd ...
have revealed numerous
Achaemenid
The Achaemenid Empire or Achaemenian Empire (; peo, 𐎧𐏁𐏂, , ), also called the First Persian Empire, was an ancient Iranian empire founded by Cyrus the Great in 550 BC. Based in Western Asia, it was contemporarily the largest emp ...
coins as well as many
Greek
Greek may refer to:
Greece
Anything of, from, or related to Greece, a country in Southern Europe:
*Greeks, an ethnic group.
*Greek language, a branch of the Indo-European language family.
**Proto-Greek language, the assumed last common ancestor ...
coins from the 5th and 4th centuries BCE were circulating in the area, at least as far as the
Indus during the reign of the
Achaemenids
The Achaemenid Empire or Achaemenian Empire (; peo, 𐎧𐏁𐏂, , ), also called the First Persian Empire, was an ancient Iranian empire founded by Cyrus the Great in 550 BC. Based in Western Asia, it was contemporarily the largest emp ...
, who were in control of the areas as far as
Gandhara.
In 2007 a small coin hoard was discovered at the site of ancient
Pushkalavati
Pushkalavati ( ps, پشکلاوتي; Urdu: ; Sanskrit: ; Prākrit: ; grc, Πευκελαῶτις ) or Pushkaravati ( Sanskrit: ; Pāli: ), and later Shaikhan Dheri ( ps, شېخان ډېرۍ; ur, ), was the capital of the Gandhara kingd ...
(Shaikhan Dehri) in
Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
. The hoard contained a
tetradrachm
The tetradrachm ( grc-gre, τετράδραχμον, tetrádrachmon) was a large silver coin that originated in Ancient Greece. It was nominally equivalent to four drachmae. Over time the tetradrachm effectively became the standard coin of the An ...
minted in
Athens
Athens ( ; el, Αθήνα, Athína ; grc, Ἀθῆναι, Athênai (pl.) ) is both the capital and largest city of Greece. With a population close to four million, it is also the seventh largest city in the European Union. Athens dominates ...
circa 500/490-485/0 BCE, together with a number of local types as well as silver cast ingots. The Athens coin is the earliest known example of its type to be found so far to the east.
Early historic period (early 1st millennium BCE – 300 BCE)
Indian Punched mark Karshapana coins
Sometime around 600BC in the lower Ganges valley in eastern India a coin called a punchmarked
Karshapana
Karshapana ( sa, कार्षापण, IAST: ''Kārṣāpaṇa''), according to the Ashtadhyayi of Panini, refers to ancient Indian coins current during the 6th century BCE onwards, which were unstamped and stamped (''āhata'') metallic pi ...
was created. According to Hardaker, T.R. the origin of Indian coins can be placed at 575 BCE and according to P.L. Gupta in the seventh century BCE, proposals for its origins range from 1000 BCE to 500 BCE.
According to Page. E,
Kasi
KASI (1430 AM, "News Talk 1430") is a radio station licensed to serve Ames, Iowa. The station is owned by iHeartMedia, Inc. and licensed to iHM Licenses, LLC. It airs a News/Talk radio format.
The station was assigned the KASI call letters b ...
,
Kosala and
Magadha
Magadha was a region and one of the sixteen sa, script=Latn, Mahajanapadas, label=none, lit=Great Kingdoms of the Second Urbanization (600–200 BCE) in what is now south Bihar (before expansion) at the eastern Ganges Plain. Magadha was ruled ...
coins can be the oldest ones from the Indian Subcontinent dating back to 7th century BC and
kosambi
Kosambi (Pali) or Kaushambi (Sanskrit) was an important city in ancient India. It was the capital of the Vatsa kingdom, one of the sixteen mahajanapadas. It was located on the Yamuna River about southwest of its confluence with the Ganges a ...
findings indicate coin circulation towards the end of 7th century BC.
It is also noted that some of the
Janapadas like
shakiya during
Buddha
Siddhartha Gautama, most commonly referred to as the Buddha, was a wandering ascetic and religious teacher who lived in South Asia during the 6th or 5th century BCE and founded Buddhism.
According to Buddhist tradition, he was born in L ...
's time were minting coins both made of silver and copper with their own marks on them.
![Kurus (Kurukshetras) circa 350-315 BCE](https://upload.wikimedia.org/wikipedia/commons/2/28/Kurus_%28Kurukshetras%29_circa_350-315_BCE.jpg)
The study of the relative chronology of these coins has successfully established that the first punch-marked coins initially only had one or two punches, with the number of punches increasing over time.
The first PMC coins in India may have been
minted
Minted is an online marketplace of premium design goods created by independent artists and designers. The company sources art and design from a community of more than 16,000 independent artists from around the world. Minted offers artists two bus ...
around the 6th century BCE by the
Mahajanapadas of the
Indo-Gangetic Plain, The coins of this period were punch-marked coins called ''Puranas'', old ''Karshapanas'' or ''Pana''. Several of these coins had a single symbol, for example,
Saurashtra had a humped bull, and Dakshin
Panchala had a
Swastika
The swastika (卐 or 卍) is an ancient religious and cultural symbol, predominantly in various Eurasian, as well as some African and American cultures, now also widely recognized for its appropriation by the Nazi Party and by neo-Nazis. It ...
; Others, like
Magadha
Magadha was a region and one of the sixteen sa, script=Latn, Mahajanapadas, label=none, lit=Great Kingdoms of the Second Urbanization (600–200 BCE) in what is now south Bihar (before expansion) at the eastern Ganges Plain. Magadha was ruled ...
had several symbols. These coins were made of
silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
of a standard weight but with an irregular shape. This was gained by cutting up silver bars and then making the correct weight by cutting the edges of the coin.
They are mentioned in the
Manu
Manu may refer to:
Geography
* Manú Province, a province of Peru, in the Madre de Dios Region
**Manú National Park, Peru
** Manú River, in southeastern Peru
* Manu River (Tripura), which originates in India and flows into Bangladesh
*Manu Tem ...
,
Panini, and
Buddhist
Buddhism ( , ), also known as Buddha Dharma and Dharmavinaya (), is an Indian religion or philosophical tradition based on teachings attributed to the Buddha. It originated in northern India as a -movement in the 5th century BCE, and ...
Jataka
The Jātakas (meaning "Birth Story", "related to a birth") are a voluminous body of literature native to India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, th ...
stories and lasted three centuries longer in the south than the north (600 BCE – 300 CE).
Uninscribed Cast Copper Coins
A small square bronze coin recovered from
Pandu Rajar Dhibi
Pandu Rajar Dhibi in the valley of the river Ajay is an Archaeological site in Ausgram II block in the Sadar North subdivision of Purba Bardhaman district in the Indian state of West Bengal. It was the first Chalcolithic site discovered in W ...
has a primitive human figure on obverse and striations on reverse and may recall striated coins of Lydia and Ionia in 700 BC may well be dated before the punch marked coins of ancient India. Cast copper coins along with punch marked coins are the earliest examples of coinage in India, archaeologist
G. R. Sharma based on his analysis from Kausambi dates them to pre Punched Marked Coins (PMC) era between 855 and 815 BC on the basis of obtaining them from pre
NBPW period, while some date it to 500 BC and some date them to pre NBPW end of 7th century BC.
Archaeological excavations have revealed these coins both from PMC and pre PMC era. The dating of these coins remain a controversy.
Die struck coins
According to some scholars
Punch marked coins
Punch-marked coins, also known as ''Aahat coins'', are a type of early coinage of India, dating to between about the 6th and 2nd centuries BC. It was of irregular shape.
History
The study of the relative chronology of these coins has successful ...
were replaced at the fall of the Maurya Empire by cast, die-struck coins. The coin devices are Indian, but it is thought that this coin technology was introduced from the West, either from the
Achaemenid Empire
The Achaemenid Empire or Achaemenian Empire (; peo, 𐎧𐏁𐏂, , ), also called the First Persian Empire, was an ancient Iranian empire founded by Cyrus the Great in 550 BC. Based in Western Asia, it was contemporarily the largest em ...
or from the neighboring
Greco-Bactrian Kingdom.
[ The Coins Of India, by Brown, C.J. pp.13–20]
Saurashtra die struck coins (5th century – 4th century BC)
Saurashtra Janapada coins are probably the earliest die-struck figurative coins from ancient India from 450 to 300 BCE which are also perhaps the earliest source of Hindu representational forms. Most coins from Surashtra are approximately 1 gram in weight. Rajgor believes they are therefore quarter karshapanas of 8 rattis, or 0.93 gm. Mashakas of 2 rattis and double mashakas of 4 rattis are also known.
![Indian Double-Die Ancient Coin](https://upload.wikimedia.org/wikipedia/commons/8/8e/Indian_Double-Die_Ancient_Coin.jpg)
The coins appear to be uniface, in that there is a single die-struck symbol on one side. However, most of the coins appear to be overstruck over other Surashtra coins and thus there is often the remnant of a previous symbol on the reverse, as well as sometimes under the obverse symbol as well.
Uninscribed Die struck coins (4th century BC)
Uniscribed die struck coins appeared around 4th century BC in Taxila and Ujjain. These coins were mostly in copper and rarely in silver, the metal dies were cast carefully with the required designs. These coins had some symbols similar to Punch marked coins.
Svarna coins
Quarter svarna coins have been excavated from
gandhara. Besides svarna being a term for gold coins (called Svarna Rupa), it was also a weight standard which replaced Purana or Dharana in ancient India. According to
Arthashastra
The ''Arthashastra'' ( sa, अर्थशास्त्रम्, ) is an Ancient Indian Sanskrit treatise on statecraft, political science, economic policy and military strategy. Kautilya, also identified as Vishnugupta and Chanakya, is ...
one svarna or karsha was equal to 80
ratti
Ratti (Sanskrit: ) is a traditional Indian unit of measurement for mass. Based on the nominal weight of a Gunja seed (''Abrus precatorius''), it measured approximately 1.8 or 1.75 grains or 0.11339 g as standardized weight. It is still used by t ...
s (based on 1 masha = 5 ratti standard)
Classical period (300 BCE – 1100 CE)
Mauryan Empire
The
Mauryan Empire coins were punch marked with the royal standard to ascertain their authenticity.
[Prasad, 168] The ''
Arthashastra
The ''Arthashastra'' ( sa, अर्थशास्त्रम्, ) is an Ancient Indian Sanskrit treatise on statecraft, political science, economic policy and military strategy. Kautilya, also identified as Vishnugupta and Chanakya, is ...
'', written by
Kautilya
Chanakya (Sanskrit: चाणक्य; IAST: ', ; 375–283 BCE) was an ancient Indian polymath who was active as a teacher, author, strategist, philosopher, economist, jurist, and royal advisor. He is traditionally identified as Kauṭilya o ...
, mentions minting of coins but also indicates that the violation of the Imperial Maurya standards by private enterprises may have been an offence.
[ Kautilya also seemed to advocate a theory of ''bimetallism'' for coinage, which involved the use of two metals, copper and silver, under one government.][Prasad, 166] The Mauryan rule also saw a steady emergence of inscribed copper coins in India as evidenced by Tripuri coins in Ashokan brahmi script and various pre Satavahana coins dated 3rd-2nd century BC in Deccan.
The Indo-Greeks
The Indo-Greek
The Indo-Greek Kingdom, or Graeco-Indian Kingdom, also known historically as the Yavana Kingdom (Yavanarajya), was a Hellenistic-era Greek kingdom covering various parts of Afghanistan and the northwestern regions of the Indian subcontinent ( ...
kings introduced Greek types, and among them the portrait head, into the Indian coinage, and their example was followed for eight centuries.[Brown C.J (1992)] Every coin has some mark of authority in it, this is what known as "types". It appears on every Greek and Roman coin.
Demetrios was the first Bactrian king to strike square copper coins of the Indian type, with a legend in Greek on the obverse, and in Kharoshthi on the reverse. Copper coins, square for the most part, are very numerous. The devices are almost entirely Greek, and must have been engraved by Greeks, or Indians trained in the Greek traditions. The rare gold staters and the splendid tetradrachms of Bactria disappear. The silver coins of the Indo-Greeks, as these later princes may conveniently be called, are the didrachm and the hemidrachm. With the exception of certain square hemidrachms of Apollodotos and Philoxenos, they are all round, are struck to the Persian (or Indian) standard, and all have inscriptions in both Greek and Kharoshthi characters.
Coinage of Indo-Greek Kingdom
The Indo-Greek Kingdom, or Graeco-Indian Kingdom, also known historically as the Yavana Kingdom (Yavanarajya), was a Hellenistic-era Greek kingdom covering various parts of Afghanistan and the northwestern regions of the Indian subcontinent (p ...
began to increasingly influence coins from other regions of India by the 1st century BCE. By this time a large number of tribes, dynasties and kingdoms began issuing their coins; Prākrit legends began to appear.
The extensive coinage of the Kushan Empire (1st–3rd centuries CE) continued to influence the coinage of the Guptas (320 to 550 CE) and the later rulers of Kashmir
Kashmir () is the northernmost geographical region of the Indian subcontinent. Until the mid-19th century, the term "Kashmir" denoted only the Kashmir Valley between the Great Himalayas and the Pir Panjal Range. Today, the term encompas ...
.
During the early rise of Roman trade with India
Indo-Roman trade relations (see also the spice trade and incense road) was trade between the Indian subcontinent and the Roman Empire in Europe and the Mediterranean Sea. Trade through the overland caravan routes via Asia Minor and the Midd ...
, up to 120 ships were setting sail every year from Myos Hormos
Myos Hormos ( gr, Μυὸς Ὅρμος "Mouse's Haven") was a Red Sea port constructed by the Ptolemies around the 3rd century BC. Following excavations carried out recently by David Peacock and Lucy Blue of the University of Southampton, it is ...
to India. Gold coins
A gold coin is a coin that is made mostly or entirely of gold. Most gold coins minted since 1800 are 90–92% gold (22 karat), while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Bu ...
, used for this trade, was apparently being recycled by the Kushan empire for their own coinage. In the 1st century CE, the Roman writer Pliny the Elder
Gaius Plinius Secundus (AD 23/2479), called Pliny the Elder (), was a Roman author, naturalist and natural philosopher, and naval and army commander of the early Roman Empire, and a friend of the emperor Vespasian. He wrote the encyclopedic '' ...
complained about the vast sums of money leaving the Roman empire for India:
The trade was particularly focused around the regions of Gujarat
Gujarat (, ) is a state along the western coast of India. Its coastline of about is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some ; and the ninth ...
, ruled by the Western Satraps
The Western Satraps, or Western Kshatrapas (Brahmi:, ''Mahakṣatrapa'', "Great Satraps") were Indo-Scythian (Saka) rulers of the western and central part of India ( Saurashtra and Malwa: modern Gujarat, Maharashtra, Rajasthan and Madhya Pradesh ...
, and the tip of the Indian peninsular in Southern India. Large hoards of Roman coins have been found and especially in the busy maritime trading centers of South India.[Curtin, 100] The South Indian kings reissued Roman-like coinage in their own name, either producing their own copies or defacing real ones in order to signify their sovereignty.[Kulke & Rothermund, 108]
The Sakas (200 BCE – 400 CE)
During the Indo-Scythians
Indo-Scythians (also called Indo-Sakas) were a group of nomadic Iranian peoples of Scythian origin who migrated from Central Asia southward into modern day Pakistan and Northwestern India from the middle of the 2nd century BCE to the 4th centu ...
period whose era begins from 200 BCE to 400 CE, a new kind of the coins of two dynasties were very popular in circulation in various parts of the then India and parts of central and northern South Asia (Sogdiana, Bactria, Arachosia, Gandhara, Sindh, Kashmir, Punjab, Haryana, Rajasthan, Uttar Pradesh and Bihar). These dynasties were Saka
The Saka ( Old Persian: ; Kharoṣṭhī: ; Ancient Egyptian: , ; , old , mod. , ), Shaka (Sanskrit ( Brāhmī): , , ; Sanskrit (Devanāgarī): , ), or Sacae (Ancient Greek: ; Latin: ) were a group of nomadic Iranian peoples who hist ...
and The Pahlavas
The Pahlavas are a people mentioned in ancient Indian texts like the Manu Smriti, various Puranas, the Ramayana, the Mahabharata, and the Brihat Samhita. According to P. Carnegy, In the 4th century BCE, Vartika of Katyayana mentions the ''Sakah- ...
.After the conquest of Bactria
Bactria (; Bactrian: , ), or Bactriana, was an ancient region in Central Asia in Amu Darya's middle stream, stretching north of the Hindu Kush, west of the Pamirs and south of the Gissar range, covering the northern part of Afghanistan, southwe ...
by the Sakas in 135 BCE there must have been considerable intercourse sometimes of a friendly, sometimes of a hostile character, between them and the Parthians Parthian may be:
Historical
* A demonym "of Parthia", a region of north-eastern of Greater Iran
* Parthian Empire (247 BC – 224 AD)
* Parthian language, a now-extinct Middle Iranian language
* Parthian shot, an archery skill famously employed by ...
, who occupied the neighboring territory.
Maues, whose coins are found only in the Punjab, was the first king of what may be called the Azes group of princes. His silver is not plentiful; the finest type is that with a "biga" (two-horsed chariot) on the obverse, and this type belongs to a square Hemi drachm, the only square aka silver coin known. His most common copper coins, with an elephant's head on the obverse and a " Caduceus" (staff of the god Hermes) on the reverse are imitated from a round copper coin of Demetrius. On another copper square coin of Maues the king is represented on horseback. This striking device is characteristic both of the Saka
The Saka ( Old Persian: ; Kharoṣṭhī: ; Ancient Egyptian: , ; , old , mod. , ), Shaka (Sanskrit ( Brāhmī): , , ; Sanskrit (Devanāgarī): , ), or Sacae (Ancient Greek: ; Latin: ) were a group of nomadic Iranian peoples who hist ...
and Pahlava
The Pahlavas are a people mentioned in ancient Indian texts like the Manu Smriti, various Puranas, the Ramayana, the Mahabharata, and the Brihat Samhita. According to P. Carnegy, In the 4th century BCE, Vartika of Katyayana mentions the ''Sakah ...
coinage; it first appears in a slightly different form on coins of the Indo-Greek Hippostratos; the Gupta kings adopted it for their "horseman" type, and it reappears in Medieval India on the coins of numerous Hindu kingdoms until the 14th century CE.
Kanishka and Huvishka (100–200 CE)
Kanishka
Kanishka I (Sanskrit: कनिष्क, '; Greco-Bactrian: Κανηϸκε ''Kanēške''; Kharosthi: 𐨐𐨞𐨁𐨮𐨿𐨐 '; Brahmi: '), or Kanishka, was an emperor of the Kushan dynasty, under whose reign (c. 127–150 CE) the empire ...
's copper coinage which came into the scene during 100–200 CE was of two types: one had the usual "standing king" obverse, and on the rarer second type the king is sitting on a throne. At about the same time there was Huvishka
Huvishka (Kushan: Οοηϸκι, ''Ooēški'', Brahmi: ', '; Kharosthi: 𐨱𐨂𐨬𐨅𐨮𐨿𐨐 ', ') was the emperor of the Kushan Empire from the death of Kanishka (assumed on the best evidence available to be in 150 CE) until the successio ...
's copper coinage which was more varied; on the reverse, as on Kanishka's copper, there was always one of the numerous deities; on the obverse the king was portrayed (1) riding on an elephant, or (2) reclining on a couch, or (3) seated cross-legged, or (4) seated with arms raised.
Middle Kingdoms (230 BCE – 1206 CE)
Gupta Empire (320 – 480 CE)
The Gupta Empire
The Gupta Empire was an ancient Indian empire which existed from the early 4th century CE to late 6th century CE. At its zenith, from approximately 319 to 467 CE, it covered much of the Indian subcontinent. This period is considered as the Gold ...
produced large numbers of gold coins depicting the Gupta kings performing various rituals, as well as silver coins clearly influenced by those of the earlier Western Satraps by Chandragupta II. The standard gold coin was the 8g Dīnāra ( sa, दीनार), modelled after the Roman denarius
The denarius (, dēnāriī ) was the standard Roman silver coin from its introduction in the Second Punic War to the reign of Gordian III (AD 238–244), when it was gradually replaced by the antoninianus. It continued to be minted in very ...
. Skandagupta
Skandagupta ( Gupta script: ''Ska-nda-gu-pta'', r. c. 455-467) was a Gupta Emperor of India. His Bhitari pillar inscription suggests that he restored the Gupta power by defeating his enemies, who may have been rebels or foreign invaders. He ...
later introduced the 9.2g Suvarṇa ( sa, सुवर्ण). The silver Rūpaka ( sa, रूपक) was worth 1/16 of a Dinara, and weighed approximately 20 ratis (2.2678g).
The splendid gold coinage of Guptas, with its many types and infinite varieties and its inscriptions in Sanskrit, are the finest examples of the purely Indian art that we possess. Their era starts from around 320 with Chandragupta I's accession to the throne. Son of Chandragupta I
Chandragupta I (Gupta script: ''Cha-ndra-gu-pta'', r. c. 319–335 or 319–350 CE) was a king of the Gupta Empire, who ruled in northern and central India. His title ''Maharajadhiraja'' ("great king of kings") suggests that he was the firs ...
-Samudragupta
Samudragupta (Gupta script: ''Sa-mu-dra-gu-pta'', (c. 335–375 CE) was the second emperor of the Gupta Empire of ancient India, and is regarded among the greatest rulers of the dynasty. As a son of the Gupta emperor Chandragupta I and the Li ...
, the real founder of the Gupta Empire had coinage made of gold only. There were seven different varieties of coins that appeared during his reign. Out of them the archer type is the most common and characteristic type of the Gupta dynasty coins, which were struck by at least eight succeeding kings and was a standard type in the kingdom.
The silver coinage of Guptas starts with the overthrow of the Western Satraps by Chandragupta II. Kumaragupta and Skandagupta continued with the old type of coins (the Garuda and the Peacock types) and also introduced some other new types. The copper coinage was mostly confined to the era of Chandragupta II and was more original in design. Eight out of the nine types known to have been struck by him have a figure of Garuda and the name of the King on it. The gradual deterioration in design and execution of the gold coins and the disappearance of silver money, bear ample evidence to their curtailed territory. The percentage of gold in Indian coins under the reign of Gupta rulers showed a steady financial decline over the centuries as it decreases from 90% pure gold under Chandragupta I
Chandragupta I (Gupta script: ''Cha-ndra-gu-pta'', r. c. 319–335 or 319–350 CE) was a king of the Gupta Empire, who ruled in northern and central India. His title ''Maharajadhiraja'' ("great king of kings") suggests that he was the firs ...
(319–335) to a mere 75–80% under Skandagupta
Skandagupta ( Gupta script: ''Ska-nda-gu-pta'', r. c. 455-467) was a Gupta Emperor of India. His Bhitari pillar inscription suggests that he restored the Gupta power by defeating his enemies, who may have been rebels or foreign invaders. He ...
(467).
Indo-Sasanian coinage (530–1202 CE)
There is a whole category of Indian coins, in the "Indo-Sassanian style", also sometimes called ''Gadhaiya paisa'', that were derived from the Sasanian coinage
Sasanian coinage was produced within the domains of the Iranian Sasanian Empire (224–651). Together with the Roman Empire, the Sasanian Empire was the most important money-issuing polity in Late Antiquity. Sasanian coinage had a significant infl ...
in a rather geometric fashion, among the Gurjara
Gurjaradesa ("Gurjara country") or Gurjaratra is a historical region in India comprising the eastern Rajasthan and northern Gujarat during the period of 6th -12th century CE. The predominant power of the region, the Gurjara-Pratiharas eventual ...
s, Pratiharas
The Gurjara-Pratihara was a dynasty that ruled much of Northern India from the mid-8th to the 11th century. They ruled first at Ujjain and later at Kannauj.
The Gurjara-Pratiharas were instrumental in containing Arab armies moving east of the ...
, Chaulukya
The Chaulukya dynasty (), also Solanki dynasty, was a dynasty that ruled parts of what are now Gujarat and Rajasthan in north-western India, between and . Their capital was located at Anahilavada (modern Patan). At times, their rule extended ...
-Paramara
The Paramara dynasty ( IAST: Paramāra) was an Indian dynasty that ruled Malwa and surrounding areas in west-central India between 9th and 14th centuries. They belonged to the Parmara clan of the Rajputs.
The dynasty was established in either t ...
and Palas
A ''palas'' () is a German term for the imposing or prestigious building of a medieval ''Pfalz'' or castle that contained the great hall. Such buildings appeared during the Romanesque period (11th to 13th century) and, according to Thompson ...
from circa 530 CE to 1202 CE. Typically, the bust of the king on the obverse is highly simplified and geometric, and the design of the fire altar, with or without the two attendants, appears as a geometrical motif on the reverse of this type of coinage.
File:Sindh. Gurjura Confederacy. Circa AD 570-712.jpg, Coin of the Gurjara Confederacy, on the model of the Sasanian coinage of Sindh. Sindh
Sindh (; ; ur, , ; historically romanized as Sind) is one of the four provinces of Pakistan. Located in the southeastern region of the country, Sindh is the third-largest province of Pakistan by land area and the second-largest province ...
. Circa 570–712 CE
File:Gurjara-Pratihara coinage.jpg, Gurjara-Pratihara
The Gurjara-Pratihara was a dynasty that ruled much of Northern India from the mid-8th to the 11th century. They ruled first at Ujjain and later at Kannauj.
The Gurjara-Pratiharas were instrumental in containing Arab armies moving east of th ...
coinage of Bhoja or Mihara, King of Kanauj
Kannauj ( Hindustani pronunciation: ənːɔːd͡ʒ is a city, administrative headquarters and a municipal board or Nagar Palika Parishad in Kannauj district in the Indian state of Uttar Pradesh. The city's name is a corrupted form of the cl ...
, 850–900 CE. Obv: Boar, incarnation of Vishnu
Vishnu ( ; , ), also known as Narayana and Hari, is one of the principal deities of Hinduism. He is the supreme being within Vaishnavism, one of the major traditions within contemporary Hinduism.
Vishnu is known as "The Preserver" withi ...
, and solar symbol. Rev: "Traces of Sasanian type". Legend: ''Srímad Ādi Varāha'' "The fortunate primaeval boar".
File:Chaulukya-Paramara coin circa AD 950-1050.jpg, A Chaulukya
The Chaulukya dynasty (), also Solanki dynasty, was a dynasty that ruled parts of what are now Gujarat and Rajasthan in north-western India, between and . Their capital was located at Anahilavada (modern Patan). At times, their rule extended ...
-Paramara
The Paramara dynasty ( IAST: Paramāra) was an Indian dynasty that ruled Malwa and surrounding areas in west-central India between 9th and 14th centuries. They belonged to the Parmara clan of the Rajputs.
The dynasty was established in either t ...
coin, circa 950–1050 CE. Stylized rendition of Chavda dynasty
The Chavda (IAST:Chávaḍá), also spelled Chawda or Chavada was a dynasty which ruled the region of modern-day Gujarat in India, from c. 690 to 942. Variants of the name for the dynasty include Chapotkatas, Chahuda and Chávoṭakas.
During ...
coins: Indo-Sassanian
Kushano-Sasanian Kingdom (also called Kushanshahs, KΟÞANΟ ÞAΟ ''or Koshano Shao'' in Bactrian, or Indo-Sasanians) is a historiographic term used by modern scholars to refer to a branch of the Sasanian Persians who established their rule in ...
style bust right; pellets and ornaments around / Stylised fire altar; pellets around.
Chola Empire (850–1279 CE)
The coins of the Chola Empire bear similarities with other South Indian dynastic issue coins. Chola coins invariable display a tiger crest. The appearance of the fish and bow on Chola issue coins that were emblems associated with the Pandyas and Cheras respectively suggests successful political conquest of these powers as well as co-option of existing coin issuing practices.
Rajput Kingdoms (900–1400 CE)
The coins of various Rajput
Rajput (from Sanskrit ''raja-putra'' 'son of a king') is a large multi-component cluster of castes, kin bodies, and local groups, sharing social status and ideology of genealogical descent originating from the Indian subcontinent. The term Ra ...
princes's ruling in Hindustan and Central India were usually of gold, copper or billon, very rarely silver. These coins had the familiar goddess of wealth, Lakshmi on the obverse. In these coins, the Goddess was shown with four arms than the usual two arms of the Gupta coins; the reverse carried the Nagari legend. The seated bull and horseman were almost invariable devices on Rajput copper and bullion coins.
Eastern Ganga Empire (1038–1434 CE)
The Eastern Ganga coinage consisted of gold fanams. The obverse typically depicts a couchant bull along with other symbols. The reverse features a symbol which represents the letter ''sa'' (for samvat, which means year) flanked by elephant goads or an elephant goad with a battle axe, along with a number below, which depicts the regnal year(anka year) of the reigning monarch. Some coins also carry the legend śrī rāma on the reverse above the letter ''sa''.
An interesting aspect of the Eastern Ganga coin dates is that these coins may be the earliest Hindu coins using decimal numbers for dating. Earlier dated coins, such as those of the Western Satraps, the Guptas etc., used the old Brahmic numbering system with separate symbols representing each of the single digits, separate symbols representing two-digit multiples of ten, such as 20, 30, 40, and so on, and further separate symbols representing three-digit numbers such as 100, 200, etc. Thus a number like 123 was written as 100-20-3. But the Eastern Ganga coins were written using the symbols for the single digits, with the position of the number indicating the value such as tens or hundreds, thus effectively using the Zero-place holder system.
File:Eastern Ganga fanam Chodaganga.png, Eastern Ganga fanam of Anantavarman Chodaganga (Anka year 63- 1128 CE)
File:Eastern Ganga Fanam.jpg, A Fanam (Coin) of Eastern Ganga Dynasty
Ahom Kingdom (1228–1826 CE)
The earliest coins from the Ahom kingdom date from the 15th century, from the reign of Supatphaa
Supaatpha also, Gadadhar Singha (reign 1681–1696) established the rule of the Tungkhungia clan of the Ahom kings that ruled the Ahom kingdom till its climactic end. He was the son of Gobar Roja, a descendant of Suhungmung, and who had become ...
(Gadahara Simha). The coins are of octagonal shape with Assamese legends dated from Saka era written on both sides in scripts ranging from Ahom script
The Ahom script or Tai Ahom Script, is an abugida that is used to write the Ahom language, a dormant Tai language undergoing revival spoken by the Ahom people till the late 18th-century, who established the Ahom kingdom and ruled the eastern pa ...
in early coins to Eastern Nagari
Eastern may refer to:
Transportation
*China Eastern Airlines, a current Chinese airline based in Shanghai
*Eastern Air, former name of Zambia Skyways
*Eastern Air Lines, a defunct American airline that operated from 1926 to 1991
*Eastern Air Li ...
on coins from 16th century.
Ghaznavids
Some bilingual silver jitals were issued by the Ghaznavids from Lahore included both Arabic and Sanskrit inscriptions, with Sanskrit in Sharada script
The Śāradā, Sarada or Sharada script is an abugida writing system of the Brahmic family of scripts. The script was widespread between the 8th and 12th centuries in the northwestern parts of Indian Subcontinent (in Kashmir and neighbourin ...
.
Late Medieval and Early Modern period (c. 1300–1858 CE)
Delhi Sultanate (c. 1206–1526 CE)
Razia Sultana
Razia Sultana
Raziyyat-Ud-Dunya Wa Ud-Din ( fa, ) (died 15 October 1240, ), popularly known as Razia Sultana, was a ruler of the Delhi Sultanate in the northern part of the Indian subcontinent. She was the first female Muslim ruler of the subcontinent, and ...
was one of the few queens regnant in the history of India, and thus one of the few women to issue coins.
Alauddin Khalji
Alauddin Khalji
Alaud-Dīn Khaljī, also called Alauddin Khilji or Alauddin Ghilji (), born Ali Gurshasp, was an emperor of the Khalji dynasty that ruled the Delhi Sultanate in the Indian subcontinent. Alauddin instituted a number of significant administrativ ...
minted coins with the legend struck as ''Sikander Sani''. Sikander is Old Persian
Old Persian is one of the two directly attested Old Iranian languages (the other being Avestan language, Avestan) and is the ancestor of Middle Persian (the language of Sasanian Empire). Like other Old Iranian languages, it was known to its native ...
for 'victor', a title popularized by Alexander
Alexander is a male given name. The most prominent bearer of the name is Alexander the Great, the king of the Ancient Greek kingdom of Macedonia who created one of the largest empires in ancient history.
Variants listed here are Aleksandar, Al ...
. While sani is Arabic
Arabic (, ' ; , ' or ) is a Semitic languages, Semitic language spoken primarily across the Arab world.Semitic languages: an international handbook / edited by Stefan Weninger; in collaboration with Geoffrey Khan, Michael P. Streck, Janet C ...
for to 'second'. The coin legend (''Sikander-e -Sani'') translates to 'Second Alexnder' in recognition of his military success. His coins omitted the mention of the Khalifa
Khalifa or Khalifah (Arabic: خليفة) is a name or title which means "successor", "ruler" or "leader". It most commonly refers to the leader of a Caliphate, but is also used as a title among various Islamic religious groups and others. Khalif ...
, replacing it with the self-laudatory title ''Sikander-us-sani Yamin-ul-Khilafat''.
Token currency of Muhammad bin Tughluq
The Sultan of Delhi, Muhammad bin Tughluq
Muhammad bin Tughluq (1290 – 20 March 1351) was the eighteenth Sultan of Delhi. He reigned from February 1325 until his death in 1351. The sultan was the eldest son of Ghiyath al-Din Tughluq, founder of the Tughlaq dynasty. In 1321, the youn ...
, issued token currency; that is coins
A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order t ...
of brass
Brass is an alloy of copper (Cu) and zinc (Zn), in proportions which can be varied to achieve different mechanical, electrical, and chemical properties. It is a substitutional alloy: atoms of the two constituents may replace each other wit ...
and copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...
were minted whose value was equal to that of gold
Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile met ...
and silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
coins. Historian Ziauddin Barani
Ziauddin Barani (1285–1358 CE) was a Muslim political thinker of the Delhi Sultanate located in present-day Northern India during Muhammad bin Tughlaq and Firuz Shah's reign. He was best known for composing the ''Tarikh-i-Firoz Shahi'' (also c ...
felt that this step was taken by Tughluq as he wanted to annex all the inhabited areas of the world for which a treasury was required to pay the army. Barani had also written that the sultan's treasury had been exhausted by his action of giving rewards and gifts in gold. This experiment failed, because, as said by Barani, "''the house of every'' Hindu
Hindus (; ) are people who religiously adhere to Hinduism. Jeffery D. Long (2007), A Vision for Hinduism, IB Tauris, , pages 35–37 Historically, the term has also been used as a geographical, cultural, and later religious identifier for ...
''became a mint''". During his time, most of the Hindu citizens were goldsmiths and hence they knew how to make coins. In the rural areas, officials like the ''muqaddam
( ar, مقدم) is an Arabic title, adopted in other Islamic or Islamicate cultures, for various civil or religious officials.
As per the Persian records of medieval India, muqaddams, along with khots and chowdhurys, acted as hereditary rural i ...
s'' paid the revenue in brass and copper coins and also used the same coins to purchase arms and horses. As a result, the value of coins decreased and, as said by Satish Chandra Satish Chandra is a given name of Hindu origin, and may refer to,
* Satish Chandra (politician), Indian National Congress leader
* Satish Chandra (historian), Indian academic
* Satish Chandra Agarwal, Indian politician
* Satish Chandra Basumatary, ...
, the coins became "''as worthless as stones''".
Vijayanagara Empire (c. 1336–1646 CE)
The standard coin issued by the Vijayanagara Empire
The Vijayanagara Empire, also called the Karnata Kingdom, was a Hindu empire based in the region of South India, which consisted the modern states of Karnataka, Andhra Pradesh, Tamil Nadu, Kerala, Goa and some parts of Telangana and Mahar ...
was the gold Pagoda
A pagoda is an Asian tiered tower with multiple eaves common to Nepal, India, China, Japan, Korea, Myanmar, Vietnam, and other parts of Asia. Most pagodas were built to have a religious function, most often Buddhist but sometimes Taoist, ...
or Varaha
Varaha ( sa, वराह, , "boar") is an avatar of the Hindu god Vishnu, in the form of a boar. Varaha is generally listed as third in the Dashavatara, the ten principal avatars of Vishnu.
Varaha is most commonly associated with the leg ...
of 3.4 g. The Varaha was also called the Hon, Gadyana or a Pon and came in the Ghattivaraha, Doddavaraha and Suddhavaraha coin. In the gold issue, the different coins came in Varaha, this is used as a reference for the other coins values. There were also other units of silver and copper based on their relationship with the Pagodagold. Several gold ramatankas (token coins), feature the scene of Rama
Rama (; ), Ram, Raman or Ramar, also known as Ramachandra (; , ), is a major deity in Hinduism. He is the seventh and one of the most popular '' avatars'' of Vishnu. In Rama-centric traditions of Hinduism, he is considered the Supreme Bein ...
's incoronation, were also issued in the Vijayanagara Empire
The Vijayanagara Empire, also called the Karnata Kingdom, was a Hindu empire based in the region of South India, which consisted the modern states of Karnataka, Andhra Pradesh, Tamil Nadu, Kerala, Goa and some parts of Telangana and Mahar ...
.
Early Mughal Emperors (c. 1526–1540 CE)
The Mughal Emperor Babur issued standard Timurid currency coins known as the ''shahrukhi'', named after Shahrukh Mirza
Shah Rukh or Shahrukh ( fa, شاهرخ, ''Šāhrokh'') (20 August 1377 – 13 March 1447) was the ruler of the Timurid Empire between 1405 and 1447.
He was the son of the Central Asian conqueror Timur (Tamerlane), who founded the Timurid dynast ...
, Timur's eldest son. The ''Shahrukhis'' were essentially thin broad-flanned coins imprinted with the Sunni ''kalima'' or credo on its obverse at the center with the names of the first four caliphs around it. The reverse had the king's name and titles along with the date in the Hijri era and the name of the minting town. Babur's successor Humayun
Nasir-ud-Din Muhammad ( fa, ) (; 6 March 1508 – 27 January 1556), better known by his regnal name, Humāyūn; (), was the second emperor of the Mughal Empire, who ruled over territory in what is now Eastern Afghanistan, Pakistan, Northe ...
continued the minting of Shahrukhi-styled coins.
Sur Empire (c. 1540–1556 CE)
The system of tri-metalism which came to characterize Mughal coinage was introduced by Sher Shah Suri
Sher Shah Suri ( ps, شیرشاه سوری)
(1472, or 1486 – 22 May 1545), born Farīd Khān ( ps, فرید خان)
, was the founder of the Sur Empire in India, with its capital in Sasaram in modern-day Bihar. He standardized the silver coin ...
. While the term ''rūpya'' had previously been used as a generic term for any silver coin, during his rule the term ''rūpee'' came to be used as the name for a silver coin of a standard weight of 178 grains, which was the precursor of the modern rupee.
Later Mughal Emperors (c. 1555–1857 CE)
All Coins of
Akbar
Abu'l-Fath Jalal-ud-din Muhammad Akbar (25 October 1542 – 27 October 1605), popularly known as Akbar the Great ( fa, ), and also as Akbar I (), was the third Mughal emperor, who reigned from 1556 to 1605. Akbar succeeded his father, Hum ...
Political orders in Medieval India
Medieval India refers to a long period of Post-classical history of the Indian subcontinent between the "ancient period" and "modern period". It is usually regarded as running approximately from the breakup of the Gupta Empire in the 6th cen ...
were based on a relationship and association of power by which the supreme ruler, especially a monarch was able to influence the actions of the subjects.[Himanshu, P. R. (2006)] In order for the relationship to work, it had to be expressed and communicated in the best possible way.
In other words, power was by nature declarative from the point of view of its intelligibility and comprehensibility to the audience and required modes of communication to take effect by means of which sovereign power was articulated in the 16th century India.[Himanshu, P. R. (2006)] An examination was done of a series of coins officially issued and circulated by the Mughal emperor Akbar
Abu'l-Fath Jalal-ud-din Muhammad Akbar (25 October 1542 – 27 October 1605), popularly known as Akbar the Great ( fa, ), and also as Akbar I (), was the third Mughal emperor, who reigned from 1556 to 1605. Akbar succeeded his father, Hum ...
(r. 1556–1605) to illustrate and project a particular view of time, religion, and political supremacy being fundamental and co-existing in nature. Coins constitute part of the evidence that project the transmission of religious and political ideas in the last quarter of the 16th century.The word 'Alf' refers to the millennium.[Himanshu, P. R. (2006)]
The following are the extraordinary decisions, though bizarre, were taken by King Akbar.
* The date in coins were written in words and not in figures.
* If the intention was to refer to the year 1000 (yak hazar) of the Islamic calendar ( hijri era) as is traditionally believed, the expression adopted for it (Alf) was unorthodox and eccentric.
* Akbar, ultimately and more importantly, commanded Alf to be imprinted on the coins in 990 hijri (1582 CE ), or ten years before the date (1000 hijri) was due.
The order was a major departure and extremely unconventional and eccentric from the norm of striking coins in medieval India. Till the advent of Alf, all gold and silver coins had been stuck with figure of the current hijri year.[Himanshu, P. R. (2006)] Akbar's courtier and critic, Abdul Badani, presents and explains in brevity the motive for these unconventional decisions while describing the events that took place in 990 AH (1582 CE):
The evidence, both textual and numismatic, actually makes it clear that Akbar's decisions to mint the Alf coins and commission the Tarikh-i-Alfi were based on a new communication and interpretation of the terminal dates of the Islamic millennium. What the evidence doesn't explain is the source of the idea as well as the reason for persisting with the same date on the imperial coinage even after the critical year had passed.[Himanshu, P. R. (2006)]
Jahangir
Jahangir
Nur-ud-Din Muhammad Salim (30 August 1569 – 28 October 1627), known by his imperial name Jahangir (; ), was the fourth Mughal Emperor, who ruled from 1605 until he died in 1627. He was named after the Indian Sufi saint, Salim Chishti.
Ear ...
issued coins with the images of various zodiac signs to illustrate the date as well as portraits of himself with a cup of wine in his hand. This was resented by the clergy, as representation of living beings was forbidden in Islam. These coins were melted during the reign of Shah Jahan, and only a few specimens survive today.
Maratha Empire
The Marathas became powerful under leadership of Chatrapati Maharaj Shivaji who ascended to throne in 1674. The Marathas became very powerful and controlled vast territory of the Indian subcontinent by the early eighteenth century.
The Marathas issued Shivrai coins. The obverse of the coin had the inscription ' Sri Raja Shiv' in devanagari. The reverse of the coin had 'Chatrapati' in devanagari. The coins were issued in copper for the masses. Very few gold coins known as Shivrai hon were also issued.
British Colonial period (c. 1858–1947 CE)
Uniform coinage was introduced in India by the British in 1835, with coins in the name of the East India Company, bearing the image of William IIII. In 1840, these were replaced by coins with an image of Queen Victoria, but the design otherwise remained the same. The next set of coins was minted in 1862 and had significant changes - East India Company was replaced by 'India'. The image of Queen Victoria was also changed, shown in a regal robe with a crown. In 1877, Victoria was declared the Empress of India - and her title on Indian coins changed as a result. This last design continued till 1938, with only the image of the ruler changing. Over this entire period, the weight of the Indian rupee and its purity remained constant at 11.66 grams and 91.7% respectively.
Princely States
Hyderabad State
The Hyderabadi Rupee
The Hyderabadi Rupee was the currency of the Hyderabad State from 1918 to 1959. It coexisted with the Indian rupee from 1950. Like the Indian rupee, it was divided into 16 annas, each of 12 pai. Coins were issued in copper (later bronze) for de ...
coins featured the Charminar
The Charminar () is a mosque and monument located in Hyderabad, Telangana, India. Constructed in 1591, the landmark is a symbol of Hyderabad and officially incorporated in the emblem of Telangana The Charminar's long history includes the existe ...
.
Travancore State
Issues of the Travancore Rupee
The Travancore rupee was a type of currency issued by the erstwhile Indian princely state of Travancore, which was primarily located in the modern Indian state of Kerala. The rupee was largely a newer currency in comparison to the older currencie ...
often had the names or insignia of the reigning monarch in English. The reverse features inscriptions in the native language of Malayalam
Malayalam (; , ) is a Dravidian language spoken in the Indian state of Kerala and the union territories of Lakshadweep and Puducherry (Mahé district) by the Malayali people. It is one of 22 scheduled languages of India. Malayalam was des ...
. The year, when printed on the coins was based on the Malayalam calendar
The Malayalam Calendar is a sidereal solar calendar used in Kerala. The origin of the calendar has been dated to 825 CE, the beginning of the Kollam Era.
There are many theories regarding the origin of the era, but according to recent schola ...
.
Baroda state
Gaekwads were officers in the Peshwa army. They proved their skills in the battlefield and rose to become generals. After the Marathas empire weakened Baroda became a semi independent state. The first coins issued by the Gaekwads were issued by Manaji Rao (r. 1789–93) and they followed the Maratha pattern of naming the Mughal emperor Shah Alam II, distinguishing themselves only by the placement of an extra mark or letter to indicate the issuer.
After 1857, the designs were changed and coins were issued in the name of the Gaekwads. The legends on these coins were still in Persian and the coins themselves were still hand- struck. Later Nagari legends and different designs were introduced and milled coins featuring the portrait of the Gaekwad were issued.
Post-Independence (c. 1947 CE – present)
Dominion of India (c. 1947–1950)
The newly independent Dominion of India
The Dominion of India, officially the Union of India,* Quote: “The first collective use (of the word "dominion") occurred at the Colonial Conference (April to May 1907) when the title was conferred upon Canada and Australia. New Zealand and N ...
retained the previous imperial currency with images of British monarchs.
Pre-Decimalization (c. 1950–1957)
On 26 January 1950, India became a sovereign republic. This series was introduced on 15 August 1950 and represented the first coinage of Republic India. The British monarch's portrait was replaced by the Lion Capital of Ashoka
The Lion Capital of Ashoka is the capital, or head, of a column erected by the Mauryan emperor Ashoka in Sarnath, India, . Its crowning features are four life-sized lions set back to back on a drum-shaped abacus. The side of the abacus ...
.
Post-Decimalization (c. 1957 – present)
Gallery
File:Queen Kumaradevi and King Chandragupta I on a coin.jpg, Queen Kumar and King Chandragupta I
Chandragupta I (Gupta script: ''Cha-ndra-gu-pta'', r. c. 319–335 or 319–350 CE) was a king of the Gupta Empire, who ruled in northern and central India. His title ''Maharajadhiraja'' ("great king of kings") suggests that he was the firs ...
on a coin of their son Samudragupta 380 CE.
File:KumaraguptaFightingLion.jpg, Gold coin of Gupta era
The Gupta era is a historical calendar era that begins from c. 318–319 CE. It was used by the Gupta emperors, as well as their vassals and their successors in present-day northern India and Nepal. It is identical to the Vallabhi era (or Valabh ...
, depicting a Gupta king holding a bow, 300 CE.
File:Silver rupee of Rudra Simha.jpg, Silver Rupee coin of Rudra Simha of Ahom kingdom, 1696 CE.
File:Silver rupee of Sayaji Rao III of Baroda.jpg, Silver Rupee of the Maratha Kingdom of Baroda, Sayaji Rao III, 1870 CE.
File:Gold coin of Raja Raja Chola I.JPG, Gold coin of Raja Raja Chola I
Rajaraja I (947 CE – 1014 CE), born Arunmozhi Varman or Arulmozhi Varman and often described as Raja Raja the Great or Raja Raja Chozhan was a Chola emperor who reigned from 985 CE to 1014 CE. He was the most powerful Tamil king in South ...
, 985–1014 CE.
File:East India Company One Quarter Anna coin of 1835.jpg, One Quarter Anna of 1835, bearing the crest of East India Company
The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southea ...
.
File:Security edges of the Indian 5 Rupee coins.jpg, Milled edges of the Indian five Rupee coins
See also
*Coinage of Asia
The earliest coinage of Asia is also the oldest coinage of the world. Coins were invented several times independently of each other. The earliest coins from the Mediterranean region are from the kingdom of Lydia, and are now dated ca. 600 BCE. The ...
* History of the rupee
*Indian rupee
The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use w ...
*Coins of the Indian rupee
Coins of the Indian rupee (INR) were first minted in 1950. New coins have been produced annually since then and they make up a valuable aspect of the Indian currency system. Today, circulating coins exist in denominations of One Rupee, Two Rupees ...
*Pre-modern coinage in Sri Lanka
The term premodern refers to the period in human history immediately preceding the modern era, as well as the conceptual framework in the humanities and social sciences relating to the artistic, literary and philosophical practices which preceded t ...
* Rakhaldas Bandyopadhyay
Notes
References
* Himanshu Prabha Ray (2006), "Coins in India", .
* Allan, J. & Stern, S. M. (2008), ''coin'', Encyclopædia Britannica.
* Agrawal, Ashvini (1989), ''Rise and Fall of the Imperial Guptas'', Motilal Banarsidass, .
*
* Brown, C.J. (1992), ''The Coins of India'', Association Press(Y.M.C.A), .
* Chaudhuri, K. N. (1985), ''Trade and Civilisation in the Indian Ocean'', Cambridge University Press, .
*
* Curtin, Philip DeArmond etc. (1984), ''Cross-Cultural Trade in World History'', Cambridge University Press. .
* Dhavalikar, M. K. (1975), "The beginning of coinage in India", ''World Archaeology'', 6 (3): 330–338, Taylor & Francis, Ltd.
* Kulke, Hermann & Rothermund, Dietmar (2004), ''A History of India'', Routledge, .
*
*
* Prasad, P.C. (2003), ''Foreign trade and commerce in ancient India'', Abhinav Publications, .
* Sellwood, D. G. J. (2008), ''coin'', Encyclopædia Britannica.
* Srivastava, A.L. & Alam, Muzaffar (2008), ''India'', Encyclopædia Britannica.
* Sutherland, C. H. V. (2008), ''coin'', Encyclopædia Britannica.
* Himanshu, P. R. (2006), ''Coins in India:Power and Communication'', J.J. Bhabha Marg Publication, .
External links
Coins from India
at Numista
Maunish Shah Coins
Persian & Devanagari Legends on Silver Rupees of India
at rbi.org.in
''Oriental Coins Database''
at Zeno.ru
CoinIndia: The Virtual Museum of Indian Coins
Suvarna Mohur: Indian Coins and History
at Suvarna Mohur
{{Authority control
Ancient currencies
Economic history of India