Early Indian Coins (600 BC - 187 BC)

All the earliest Indian coins known so far are of silver. This has led scholars to believe that these coins would have originated only in about the sixth century B.C. when silver was brought in from the west. However, silver was well known of it and it was used as money or currency. A large number of silver objects were discovered during the last century at a place called Gungeria in Bilaspur district (Madhya pradesh) along with several hundred pre-historic copper objects. So there is no reason to say that coins could not have originated earlier than the sixth century B.C. historical indications are now available to show that silver coins had definitely originated here much earlier than this period. They need to be properly probed and carefully assessed.

It is nowhere recorded in the extant literature how coins were manufactured in the early period. However, kautilya, the minister of Chandragupta Maurya, has referred in a passage to the counterfeiters of coins (Kutarupakaraka) in his arthasastra , the book on state-craft, which was compiled in the fourth century B.C. therein, he has given a list of objects that were used in crucibles (musha) and purified with alkalis (kshara). It was then beten into sheets on an anvil (adhikarni) with a hammer (mushtrka), cut into pices with clippers (sandansa) and finally stamped with dies or punches having symbols (bimba-tanka). Except for the automatic devices, almost the same process is used even today in the manufacture of coins in mints all over the world.

The actual coins of the period also show that they were cut and clipped to adjust them into proper weights. Unlike today, they have the shapes of all conceivable geometrical forms-round, oval and elliptical. Occasionally, metal in the desired weight of the coin was melted and poured on to the earth or on some flat board to take its own shape. Pellets were impressed on one side by means of punch-bearing devices. These ancient coins initially bore only one symbol. The idea was probably borrowed from the branding of cattle used in transactions or reared as wealth in the Vedic period. Later, the number of symbols increased to two and then gradually to five. This technique of punching coins is unique to India, and historians as ‘punch-marked coins’.

The punching devices of these coins have no inscriptions; instead, they have a number of symbols. These run into several hundred, identifiable in various forms, viz. geometrical and floral patterns, hills trees, birds, animals, reptiles, human figures and the like. But the symbols have a specific or limited geographical spread. Symbols or a group of symbols were confined to the coins of a particular area or to some particular variety or type. This helps to distinguish the coins of one area from that of the other, of one state from the other and of one period from another.

Symbols were originally stamped only on one side of the coin, which may be called ‘obverse’. the other side of the ‘reverse’ remained blank. In course of time, when coins had become warn, the reverse was also used. A fresh symbol or symbol-group was impressed on that side and the coin was re-validated. In such cases coins were double obverse, having two impressions- old and new. These silver punch-marked coins have been found in quite large numbers, scattered all over the country. The earliest of these were confined only to a particular area or locality; they were issued by the janapadas and mahajanpadas (small an big states), which existed after the Bharat war (circa eleventh century B.C.). these states gradually merged with the expanding Magadha empire which rose in the fifth century B.C. and spread over the whole country by the end of the fourth century B.C. the states (janapada) of which coins are known so far are Surasena (modern Braj,the region around Mathura), Uttara Panchala (the rohilkhand region) DakshinaPanchala (the Doab area stretching from the Ganga to the Chambal), Chedi (the region south of Yamuna), Kosala (the area bounded by the Gomti on the west, Sarpika-modern Sai on the south, Sadanira- modern Gandak on the east and the Nepal hills on the north),kasi(the region around Varanasi including parts of the districts of jaunpur, Ghazipur and their surroundings), Magadha (the area bounded by the Ganga on the north and the Son on the west, the dense forests reaching the plateau of Chhota Nagpur to the south and Bhagalpur region to the east), Vanga (Bengal), Dakshina Kosala (comprising western Orissa and eastern Madhya Pradesh),Andhra (the delta of the Godavari and the Krishna),Asmaka (the area on both sides of the Godavari bordering Andhra Pradesh), Avanti (ujjain region), Surashtra (the Kathiawar region), Gandhara (north-western region on the border of Afghanistan and Kuntala. (Satara and its environs in western Maharashtra).

The states of Surasena, Uttar Panchala, Dakshina Panchala, Surasena, Malla and Kuntala used single symbols, differing in their forms and execution. the coins of these states, excluding Kuntala, are pieces cut from metal sheets and stamped subsequently.

The coins of Surashtra are thin small pieces of about 15 grains in weight. Almost the full die appears on them, only the sides are slightly out of flan. On them, three or four forms of symbols are seen. The coins of the other three states-Surasena and the two Panchalas-are approximately of the weight standard of 25 grains. In execution and symbology, the coins of Surasena and Uttara Panchala are almost similar. they are tiny thick pieces with only a portion of the punch or die impressed. Fish, bull and elephant with or without a rider are the main symbols found on the Uttara Panchala; Surasena coins have a cat or a lion-like animal placed over two inverted semi-circles and taurine, suggestive of a hill. Taurine, triskelis, crescent, etc. are found in the field on the right. The reverse of the coins of both the states is found almost blank. The Dakshina Panchala coins are distinct from the coins of these states. these coins may be identified in about 125 varieties, according to the form of the symbols. The symbols are round, composed of dots, solid and hollow circles, pellets, lines, squares, taurines, etc.; these components are arranged variously in a systematic way to form the symbols. But on no coin is the symbol seen in its full form, the punches being bigger than the flans. The minute marks punched and appear very blurred.

Gandhara issued coins of a shape of a concave long bar, about 1to 1.75 “in length and averaging about 0.4” in width. The bars appear to be strips cut from oblong ingots. The width of the ingots determined the length of the coins, the thickness remaining the same. The strips were, therefore, cut into a width, combined with the other two dimensions, gave the required weight. After being cut, the bars were adjusted more exactly to the correct weight by chiselling the corners, and in some cases the obverse sides. A common symbol was punched on them twice, on each at the end of the bar. The coins were struck while hot on a wooden anvil, which resulted in the concaveness of the coins. The dies used for punching the coins were substantially wider than the pieces, so the complete impression of the symbols is rarely seen. The symbol is a circular design composed of six tridents and a pole radiating from a central circle. The coins in a fresh condition would be in the proximity of 183 grains, but they are generally found between 150 and 180 grains, i.e. on the concave side, some minute punches in the nature of test marks, are also noticed. since these coins are found in that part of the country, which was within the bounds of the Persian Empire from the end of the sixth to the middle of the fourth century B.C., some scholars think that these coins were based on the weight standard of the Persian siglos and represented double sigloi. Coins of smaller denominations weighing 90 , 80 ,43 , 20 and 7 grains are also known to have been used by this state. They are different in shape from the above-mentioned coins and are cup-shaped, irregular pieces and bear only one punch of the same symbols which is found on the bigger coins. The coins of vanga are thin rectangular pieces, about half-an-inch in size and 50 to 52 grains in weight. They bear three distinct symbols (i) a single-decked ship; (ii) a wheel, (iii) a six-armed symbol consisting of six arrows placed around a double circle. A hoard of coins of a very similar type was found in Tripura area.

The remaining states (janapadas) issued their coins with four symbols. The coins of these states (janapada) may be distinguished in three orientations: (i)two pairs of symbols constitute four symbols,the pairs facing inwards, towards each other (ii)three symbols-one pair of symbols and two odd symbols, constitute a group. But these orientations were not necessarily found on the coins of every state (janapada); each state followed its own pattern.

Kasi janapada issued coins only in the first two forms mentioned above. They may be placed along with early Kosala and Chedi coins on the basis of their thin and elliptical fabric. They can be divided into two periods, and late. The early coins are known in four denominations; two of higher denominations and two of lower denominations. Coins of higher denominations are round or elliptical and were produced by rolling molten metal into a flat flan. They were stamped with dies when the metal was still hot. This resulted in uneven impressions, either blurred, if the coins were impressed before the metal had fully solidified, or incomplete if the metal had cooled and was impressed later. The coins of the highest denomination have four symbols. Some have two pairs of two symbols, and others have a pair of two symbols as well as two odd symbols. In both cases, one pair of symbols is smaller in size than the other. The coins of lesser denomination have only one symbol. The weights of this two denomination are 92to97 and 46to49 grains, respectively. Coins of the other two denominations are quite different in their fabric. they are made of thin sheets, elongated with circular ends in the case of bigger coins and circular in the case smaller ones. the bigger once are impressed with two symbols and the smaller ones with only one symbol .due to the pressure of the dies, the bigger coins appear like boats and the obverse have risen in relief and have sunk on the reverse. Consequently, they appear like repose work. the coins of the two denominations weigh 13 to 16 grains and 7to8 grains respectively. The coins of all the denominations though made of two different fabrics and produced by different techniques, have symbols of a six-armed symbol but cannot be properly identified. The coins of the later period are only of one denomination and lesser in weight than the earlier coins of the higher denomination. They weigh only in the earlier coins of the higher denomination. They weigh only in the proximity of 75 grains. They are produced from thin sheets of metal cut elliptically. They appear somewhat saucer-like and have two pairs of placed on two opposite sides. here the symbols is composed of a complex form of whorls, consisting of four arms with several curved branches .this symbol is exclusive to the coins of this series and appears to be the identity symbol of this janapada.

The Kosala (Uttara) coins may be distinguished into two distinct fabrics. The earliest coins are broad, thin round pieces and generally seen with a battered obverse. The later coins are of medium thick fabric. They also bear minute marks on the reverse but they do not disturb the symbols on the obverse. But the flan itself is so small that all the four symbols on these coins are mostly geometrical patterns, or bull, elephant and hare. At times some form of trees also seen. the most conspicuous symbol on these coins is composed of three S-like curved lines placed around a circle. This appears to be the identity symbol of this janapada. It is not known on any other series. The coins weigh about 42 grains.

Some coins with four symbols have recently been found in the region of Kasi, janapada. While one of these four symbols is exclusively the identity symbol of Kasi, another symbol is the identity symbol of Kosala. The appearance of the symbols of two different janapadas on the same coins is unusual and most likely indicates that these coins were jointly issued by Kasi and Kosala both and that the janapadas had formed some kind of union at some point of time. Another interesting feature of these coins is that some of them conform to the weight of Kasi, and some others to that of Kosala.

The Chedi coins are broad thin pieces about an inch in size and round in shape. The symbols on them are geometrical patterns, as well as animals, whorls, six-armed symbols and a scorpion-like object with some to be the distinctive symbol of this janapada. The coins weigh from 50 to 54 grains.

The Avanti coins are thin metal pieces of irregular shape, about 50 grains in weight. On them all the four symbols are different. They appear fully punched with their incuse accommodated within the flan of the coins. Although the elephant symbol facing left or right is seen on all the coins of the series, there is nothing to suggest that this was the identity symbol of the janapada. 

The Asmaka and Andhra coins are similar. They are small thin pieces of irregular shape and bear neatly punched four symbols. An elephant facing to left is found on almost all the coins. Another frequently seen symbol on these coins is a conventional form of a tree. A bull is also occasionally found on them. These coins weigh about 20 coins in fabric and weight, but the impressions of the symbols on these coins are faint. However, the coins follow one of the varieties of the Andhra symbol-group. They seem to be inter-related with that janapada.

Bibliography :

1. P.L.Gupta - Coins, New Delhi, National Book Trust,1969.
2. J.Allan - British Museum Catalogue -Coins of Ancient India, London, 1936.
3. P.L.Gupta - The Amravati Hoard of Silver Punchmarked Coins, A.P. Govt Museum Series. No 6, Hyderbad,1963

History of Money

The word '' Coin '' derived from Latin word '' Cuneus '' which means wedge, Encyclopedia Britannica defines coin as " a piece of metal or, rarely, some other material (such as leather or porcelain) certified by a mark or marks upon it as being of a specific intrinsic or exchange value." & the Oxford English dictionary defines as '' Stamped disc of metal as official money ‘‘.Coins are as important as the inscription in history . They confirm the information derived from literature. They are of various metals –gold, silver, copper, or alloy and contain legends or simple marks. Those with dates are probably very valuable for the framework of Indian chronology. Coins are almost our sole evidence with regarded to the Indo Scythian and Indo Bactrian King. The Bilingual coins had served as Rosetta Stones in deciphering the Ancient Indian writings. India authors having completely ignored the latter expect Menandar. The purity of the metal reflects the financial conditions of the time. The inscription on the coin indicates territory over which the rulers ruled. Some coin throw significant light on the personal events of certain rulers like Samudra Gupta. Vehicle of Vishnu inscribed on some coin indicate that Samudra Gupta was a devotee of that deity. Veena bears out his love for music. The discovery of the same kind of coins at different places helps up in fixing the coverage of various kingdoms in ancient India

Prehistoric Period :

It is very Difficult to tell when and where coins first came into use . When humans settled in localities and communities grew in size and the exchange of different commodities became necessary . the exchange of different products took the shape of trade and system of barter was evolved . This system of exchange of commodities ( barter ) has some disadvantages like the price of commodity could not be fixed . It is said that ''Necessity is mother of invention ''. To overcome this problem a new method was evolved, a common commodity was fixed to serve as a intermediate in all transactions . Certain commodities got preference over others and a higher value attached to them . They assumed as the character of medium of exchange and attain a standard by which the value of other things was estimated . Thus emerged the notion of value and first step toward the evolution of coinage .

Indus Valley Civilization :

In India, the Harappan people- the people who lived in the Indus valley with their extension towards the south in Gujarat and towards the west in the Punjab and Delhi- perhaps used agricultural products as a medium of exchange as early as the third millennium B.C. Archaeologists believe that the huge granaries that have been found in the cities of Harappa and Mohan-jo- daro were replenished by a system of state tribute and they fulfilled in the state economy the function of a modern bank or treasury. There are about 2800 engraved seals were found during excavation at Harappa and Mohan-jo- daro some scholars had argued that those were used as currency but later it was proved these are nothing but seals used for the traders .Late Dr D.D.Kosambi had made some findings about 12 pieces of silver found with some ornaments .The weights of these pieces were different . Some cuneiform letters were engraved on one of the piece and two pieces have weights 52 and 57 grains . He call them coins but these pieces does not have any official mark or inscription so it is difficult to believe that these are coin.

The Epic Ages :

In the Rig Veda, the price of an image of Indra, which was being offered for sale, is said to be ten cows. In another passage, a sage is said to have refused to sell his image of Indra for a hundred, or a thousand, or even ten thousand cows. In a third passage, we are told that the Bharat army went out for war, impelled by the desire to acquire cows. Again, we find that Indra sent his messenger to recover his stolen treasure and treasure was nothing deals but cows. Similarly, in the Aitareya Brahmana, wealth is frequently estimated in terms of cows.

The widespread use of cows shows that they satisfactorily met the needs of the age. They were not quickly perishable and were more stable in value than agricultural products. They had the capacity to multiply, to work and supply milk. But at the same time, as a means of payment and a form in which purchasing power could be accumulated, cows were a troublesome medium of exchange. They required care and some degree of skill in rearing. Further they could not be used for the purchase of small commodities, for, short of killing them and thus rendering them valueless, they could not be divided. So, this medium was neither suitable for all kinds of transactions, nor for the purpose of long-term savings. Therefore, the need for a stable medium of exchange became imminent.It was then; found that metal, which could not be destroyed easily and was handier, could be used as a stable medium of exchange. However, mere discovery of metal as a suitable medium could not serve the purpose. The problem was how to use metal. The medium was required to be uniform in weight and size to serve the purpose of exchange. Consequently, balance was invented, and with it raised the need for a standard weight. Seeds were considered a suitable medium, as they were fairly uniform in weight and size. Metal was weighed against seeds and various kinds of seeds were introduced as standard weights in different regions, according to their availability. However, transactions involving metal were equally tedious as scales were required for every transaction. To overcome this difficulty metallic pieces of definite weight and value began to be used. In course of time, settlement of bargains on the basis of a particular weight and form became customary. By and large, people were satisfied with this arrangement. But in a few countries, India being one of them, some inherent difficulties were encountered. In spite of the apparent uniformity in weight and size of ingots and metal sheets, or pieces made from them, there was no guarantee as to the quality of the metal. To obviate these difficulties, the practices of stamping the metallic pieces with a mark or device of a responsible authority as assign of guarantee were introduced in many countries. This led to the birth of the coin.

It is generally believed that gold was used in Early India as currency. But only silver was used in transactions, as is evident both from the extant silver coins and the hoard of metallic pieces found along with them. It is stated in the Taitariya Brahmans suggests that ' Krishnala ' was the unit for weighing metal. Krishnala or abrus precatorius is referred to in later literature as raktika or gunja and known to us today as ratti. But this is the only reference of krishnala in Vedic literature. Krishnala( Abrus Precatorius) The stage of minting coins in India had not been reached during the vedic period. In the ashtadhyayi, a work on grammar by Panini, who is probably, dated the sixth and fifth centuries B.C. there is a sutra that illustrate that metallic pieces were stamped (ahata) with rupa (symbols). it appears that during his time stamped metallic pieces had become contemporary and that along with the unstamped metallic and were concomitantly current. In the Ashtadhyayi, coins are also called karshapna and sana Another type of money mentioned in Vedic literature is Nishka; it is generally believed that nishka was ornament, some kind of a necklace. Nishka is mentioned in tens and hundreds as payment towards dakshina. It was absolutely a term of value, as is apparent from the ashtadhayi where objects purchased with one, two or three nishkas are called naishkikam, dvi-naishkikam, and tri-naishkikam. Coins described in Later Vedic Literature:

1. Nishka ( Material : Gold ) : Weight 320 Ratti or 560 Grains
2. Shatamana ( Material : Gold ) : Weight 100 Ratti or 175 Grains
3. Suvarna ( Material : Gold ) : Weight 80 Ratti or 140 Grains
4. Paada ( Material : Gold ) : equal to Quarter Suvarna / Shatamana

Money in the Ancient World :

1. Ancient Egyptians were first to use rings of fixed weight known as '' Tabune '' were used as medium of Exchange . These rings made of gold / Silver have weight approx. 91 to 92 grains . For small denominations copper rings were used . These were generally have shape of Alphbet '' S '' or '' G'' and similar hieroglyphic symbol was used to indicate word '' Tabune '' which denote money .
2. Babylonians use round shaped metal pieces of certain weight and were known as '' Shekel '' 1 Shekel = 1/2 Ounce , 60 Shekel = 1 Mina , 60 Mina = 1 Talent ( In Bible the references of Shekel and Talent are found) At the time of Hammurabi silver was used as medium of exchange . In Hammurabi's inscription , it is explained that if a person do any illegal act . He has to pay fine in terms of silver in royal treasury.
3. Akkadians use coins similar to that of Babylonians but those were of oval shape .

First coins of the world :

Some of the scholars believed That ,during the period around the Seventh Century B.C. coins first came into use independently in three different parts of world ,

1. Lydian's were the first to stamp pieces of precious metals with a marker device of responsible authority as sign of guarantee . Pieces of electrum (a mixture of gold and silver ) were stamped with a single punch affirming its weight and purity .From this simple beginning came the coins we use today, a piece of metal of a standard weight and purity stamped with an official mark. This led to the birth of coins in CIRCA 700 B.C. . According to Greek historian Herodotus '' So far as we have any knowledge , the Lydian's were the first nation to introduce the use of gold and silver coins '' . The Lydian coins were unifaced coins with small size generally known as '' Stater '' and weighing from 10.80 grains to 14.20 grains
2. At approximately the same time coinage was developed in the Gandhara region ( Now Kandhar in modern Afghanistan ) , Consisting of bars of Silver of a Standard weight stamped with multiple punches . Similar form of currency continued to be used in much of India until the Western style of currency was introduced by Alexander The Great in the fourth century B.C.
3. In China coins evolved from barter implements sometime between the Eighth and Seventh Centuries B.C. The Chinese coins were known as " knife money " and were made of bronze .

It is fascinating that these three separate economics developed the need for coins at approximately the same time , yet took separate paths to meet the needs.

Reference & Bibliography :

1. Coins : Dr P.L. Gupta , National Books trust .

India : Huge diversity in coins

Coins are as important as the inscription in history , they confirm the information derived from literature. They are of various metals –gold, silver, copper, or alloy and contain legends or simple marks. Those with dates are probably very valuable for the framework of Indian chronology. Coins are almost our sole evidence with regarded to the Indo Scythian and Indo Bactrian King. The Bilingual coins had served as Rosetta Stones in deciphering the Ancient Indianwritings. India authors having completely ignored the latter expect Menandar. The purity of the metal reflects the financial conditions of the time. The inscription on the coin indicates territory over which the rulers ruled. Some coin throw significant light on the personal events of certain rulers like Samudra Gupta. Vehicle of Vishnu inscribed on some coin indicate that Samudra Gupta was a devotee of that deity. Veena bears out his love for music. The discovery of the same kind of coins at different places helps up in fixing the coverage of various kingdoms in ancient India

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