India;s first coinage

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t is very difficult to know today where the concenpt of coinage first evolved, but based on available evidences, it appears that the concept of money (as coins, which by definition here would be a piece

of metal of defined weight stamped with symbol of authority for

financial transaction), was conceived by three different civilizations independently and almost simultaneously.

Coins were introduced as a means to trade things of daily usage in Asia

minor, India and China in 6th century BC. Most historians agree that the

first coins of world were issued by Greeks living in Lydia and Ionia

(located on the western coast of modern Turkey). These first coins were

globules of Electrum, a naturally occurring alloy of gold and silver. These

were crude coins of definite weight stamped with incuse punches issued by

the local authorities in ~650 BC.

Most likely the first coins of India were minted just before 5th

century BC in northern and central India. Although, few historian

have suggested (based on vedic records) that India minted perhaps the first coins of the world which were introduced even earlier than

Lydian/Ionian coins, in 8th century BC; most scholars do not agree

with this theory. Both, literary and archaeological evidence confirm that

the Indians invented coinage somewhere between 5th to 6th century BC.

A hoard of coins discovered at Chaman Huzuri in 1933 contained 43 silver

punch-marked coins (the earliest coins of India) with Athenian

(coins minted by Athens city of Greece) and Achaemenian (Persian)

coins. Bhir (Taxila) hoard discovered in 1924 contained 1055 punch-marked

coins in very worn out condition and two coins of Alexander in mint

condition. These archaelogical evidences clearly indicate that the coins were

minted in India long before 4th century BC i.e. before Greeks advanced

towards India (Alexander's invasion of Persia and India). Panini wrote Ashtadhyayi in 4h-5th century BC in which he has mentioned

Satamana, Nishkas, Sana, Vimastika, Karshapana and it's various

sub-divisions to be used in financila transactions. Thus coins are known in ancient Indian literature

from 500 BC. There is also a strong belief that silver as a metal which was

not available in Vedic India (pre 600 BC), became abundantly available by

500-600 BC. Most of the silver came from Afganistan and Persia as a result

of international trade.

 

The earliest coins of India are commonly known as punch-marked

coins. As the name suggests, these coins bear the symbols of various

types, punched on pieces of silver of specific weight. Interestingly

earliest Indian coins have no defined shapes and they were mostly

uniface. Secondly, these coins lack any inscriptions written in

contemporary languages and almost always struck in silver. These unique

characters makes early Indian coins very different than their

contemporaries in Greece. Many early historians believed that concept of

coinage was introduced in India by Greeks. But unlike Indian punch-marked

coins, Greek coins had inscriptions, they were round in shape, were stamped

on both the sides and minted using silver, electrum and gold too. Today

we are certain that the concept of coinage was invented in India

independent of foreign influence which imparted the unique characteristics

to these punch-marked coins, not seen in any other coins of the ancient

world.

Punch-marked coins are marked with 1-5 (and sometimes more) marks

representing various symbols. Two well known numismatists, D. B. Spooner

and D.R. Bhandarkar after careful study independently concluded that the

punching of various symbols representing animals, hills, tree and human

figures followed a definite pattern and these coins were issued by royal

authority.

 

 

First coin of India (?)

Before 5th Century BC

Minted in Madhyadesha?, found near Mathura

Silver unit

Seven punch marks

Weight: 7.14 gm Numismatic Digest # 22

Rare

In Rig-Vedic period (Rig Veda is the first out of the four Vedas

which contains scriptures and hymns in Sanskrit, probably composed in

8th-10th century BC), the small kingdoms came into existance all over the suncontinent

from Kabul (Kubha in Sanskrit) to upper Ganga (Ganges). most of these were the

small states under hereditary monarchs and few republics. These small and large states called

Janapadas and Mahajanpadas. About 6th century BC, sixteen

Mahajanapadas or kingdoms rose to pre-imminence in India. According

to ancient text Anguttara Nikayas they were as follows:

Anga, Magadha, Kashi, Koshala, Vajji, Malla, Vatsa, Chedi, Kuru, Panchala,

Matsya, Surasena, Ashvaka, Avanti, Gandhar and Kamboja. One of the

earliest coins of india were minted by following Mahajanapadas.

Ganga River valley:

Kashi

KoshalaBrij (?)

 

Upper Ganga river valley:

Kuru-Panchala

Indus river valley:

Takshashila (Taxila) & Gandhara (Pushkalavati)

Southern India (Godavari and Narmada river valley):

Ashmaka or Ashvaka

and Avanti

 

 

Each of the kingdom have issued distinct type of silver coins to facilitate

the trade. Shown above is possibly the earliest coin of Indian subcontinent

which was found near Mathura. This rectagular coin, made of almost pure

silver, was issued in central India or Madhyadesha. It has seven

distinct punch marks including central `pentagon enclosing a sphere' punch

mark. None of those marks show much resemblance to punch marks routinely

seen on coins of other Janapadas. Three other punch-marked coins of

India minted by Taxila, Koshala and Ashmaka Janapadas are shown below.

These are some of the earliest coins of the India.

 

 

 

Taxila Janapada

600-303 BC

Silver, Satamana Bent bar

Two septa-radiate marks at ends, Uniface

Weight: 11.3 gm (100 ratti)

MAC#4071

 

About 600 BC, in north western part of India, Takshashila or Taxila and

Pushkalavati, became an important commercial centers for the trade with

Mesopotamia. These wealthy satrapies (provinces) introduced a unique

coinage to facilitate the trade. These were silver concave bars of 11 gms

which are popularly called as `Taxila bent bars' or `Satamana bent bars'.

Satmana or Shatamana represented 100 rattis of silver in weight (Shata

means 100 while mana means unit). These silver bars were punched with

two septa-radiate (seven arms) symbols, one at each end. These bent bars

represents one of the earliest coins of India. Shown above is a fine

example of Satamana bent bar.

 

Koshala Janapada

600-470 BC

Silver, One and Half Karshapana ?

Weight: 4.68 gm ( 48 ratti)

Reference: Series III, Group A of Hardaker

Rare

Ancient Indian coinage was based on `Karshapana' unit that consists of 32

rattis (3.3 grams of silver). A `Ratti' is equivalent to 0.11 gms

which is the average weight of a Gunja seed (a bright scarlet colored seed).

Subsidiary denominations of Karshapana like half Karshapana (16 ratti),

quarter Karshapana (8 ratti) and 1/8 of Karshapana (4 ratti) were also

minted. Shown below is a fine example of 1/8th of Karshapana which is as

usual uniface. On obverse is septa-radiate single punch (identical

to what is seen on two ends of Satamana bar).

 

 

 

 

Taxila Janapada

5th Century BC

silver, 1/8th Karshapana

Septa-radiate single punch Mark, Uniface

Weight: 1.4 gm (4 ratti)

MAC#4079

 

The Pradyota kings of Avanti had a large kingdom covering central and

western India. It was prosperous nation due to the commerce

with Mesopotamia through a sea port at Bharoch (modern Gujrath). Shown below is a beautiful example of one of the earliest coins of India

minted by Ashmaka kingdom in southern India or Deccan. This coin which is

considered as double Karshapana, is from a hoard that surfaced in village

of Ashmaka in Maharashtra in 90s. Although this type was first published by

Elliot in the 1870s, very few specimens have been around until the recent

hoard.

 

 

Ashmaka Janapada

600-350 BC

Silver, Double Karshapana

Pulley Type, Uniface

Weight: 6.7 gm

MAC#4081

 

Most of these Janapadas were subsequently absorbed into Magadha

empire (ruled by Saisunaga dynasty) between 600-321 BC. Pradyotas of Avanti

were defeated by Saisunaga in 400 BC. The most remarkable king of Magadha was

Bimbisara (also called Shrenika) who ascended on throne in 545 BC. He annexed

kingdom of Anga (east Bihar) and married princesses of Koshala and Vaishali

thereby expanding his kingdom to the borders of Nepal. He was a

very efficient administrator and built the city of RajGriha (Rajgir in

Bihar). Both, Goutam Buddha and Mahavir Jain preached their doctrines during

his reign. His son Ajatshatru (494-462 BC) defeated many of his adversaries

including humbling his uncle Presanjit of Koshala. He founded the city

Pataliputra (modern Patna) which was metropolis of ancient India for next

four centuries.

In ancient India during 600-321 BC, many Janapadas issued coins with

only one symbol like Lion (Shursena of Braj), humped bull (Saurashtra) or

Swastika (Dakshin Panchala). Four symbol coins were issued by Kashi, Chedi

(Bundelkhand), Vanga (Bengal) and Prachya (Tripura) Janapadas. Five symbol

punch marked coins were first issued by Magadha which were continued

during Mauryan expansion. Shown below is a very rare coin of Kalinga

Janapada which is in mint condition. This is from a recent hoard which

supposedly surfaced from river delta; about half square and rest circular in shape.

 

Kalinga Janapada

500-350 BC

Silver, half Karshapana

Uniface

Weight: 1.6 gm

Very Rare

 

Ajatshatru was followed by many kings who eventually lost this kingdom to

the family of Nandas.

To maintain the huge army of 200,000 infantry and 3000 elephants

(supported by Greek evidence), Nandas had to resort to heavy taxation which

was detested by people. They found a new leader in Chandragupta

Maurya (321-297 BC) who eventually with the help of Taxilian Bramhin

Kautilya or Chankya overthrew the Nanda ruler and laid the foundation of

illustrious dynasty of Maurya.

MAURYAS, THE FIRST EMPERORS Mauryan Empire (Ashoka the great?)

310-181 BC

Silver Karshapana Obverse: 3 deities and peacock

Reverse: Peacock on hill

Weight: 3.35 gm (32 rattis)

Reference: GH, Series VII

Scarce

 

Most likely, emperors of Maurya dynasty ruled the largest

empire that ever existed in the Indian subcontinent. Soon after the

death of Alexander, his empire was divided among his generals. One of his

general Seleucus assumed the title of King in 312 BC. He invaded India but

was repelled by Chandragupta Maurya. Seleucus surrendered a large part of

Gandhara (modern Afganistan and Pakistan). Very likely Chandragupta later married to

daughter (or sister) of Seleucus. Seleucus sent an ambassador named

Magasthenes to Chandragupta's court, who has written detailed account of

might and pomp of Mauryan empire. Chandragupta (according to Jain scripture

converted to Jainism and spent his last days at Shravan Belgola in

southern India) was followed by his son Bindusara who increased his empire

by annexing Deccan. His son Ashoka seized Pataliputra after his father's

death and enthroned himself as emperor. Ashoka is the greatest emperor of Muaryan dynasty and most certainly the

greatest figure in the Indian history. He was an ambitious ruler who annexed a large part of southern and eastern India, including the kingdom

of Kalinga (modern Orissa).

 

Shown above is a an interesting silver Karshapana (mentioned in ancient Sanskrit treatise Manu

smruti being 32 rattis in weight) minted by Mauryan authorities. The most striking feature of this punch-marked coins is presence of 3

deities, struck from single punch. It is very rare to see any human figure or deities on punch-marked coins. Shown below is another coin

minted by Mauryan emperor which shows sun, the symbol of Mauryan.

 

 

Mauryan Empire

310-181 BC

Silver, Punch-marked coin

Weight: 2.3 gm

 

During Ashoka's reign, the Mauryan empire reached zenith covering an area from modern Afganistan in west to Assam in east and in north from Himalayas to modern Andhra Pradesh in southern India. These imperial punch

marked coins have been discovered in all the regions which cover modern

India, Pakistan and Afganistan, truly representing the glory of the mighty

Mauryan empire. Although, Kalinga war proved to be turning point and

produced far reaching consequence in the history of India and whole eastern

world. Ashoka came under influence of Buddhist philosophy and later sent

his son (or brother?) Mahendra to Sri Lanka who converted king Devanampiya

Tissa and eventually the entire island country to Buddhism.

 

Emperor Ashoka drew up a code of laws noted for their humanity and erected

hundreds of stone pillars and magnificent Buddhist Stupas (dome shaped

monuments). It is believed that Ashoka erected almost 85,000 stupas and

pillars all carved in stone with teachings of Buddhism engraved on them.

After two thousand years, we can still see ruins of them in most states

of india including Gujrat, Bihar, Madhya Pradesh and Tamilnadu. Some of Asoka's

edicts , carved on pillars and rocks, form the earliest known epigraphs

in the subcontinent. These pillars are made out of shafts of sandstone and

display Buddhist symbols such as the wheel and the lion. These pillars are

some of India's earliest major stone sculptures.

 

The great Stupa at Sanchi is perhaps the finest surviving relic of the

Mauryan empire. This great stupa is 54 feet in height and surrounded by

exquisitely carved stone railings and four gateways. These elaboratley

carved gateways depicts events in life of Buddha and also lifestyle of

people of that era. A famous Lion-Capital (four-lion pillar which is shown

above) gleams in polished white sandstone realistically represents the

artistic achievements of Indian artists and patronage of their masters. This

Lion-Capital that Ashoka erected at Sarnath (in modern madhya Pradesh) has

become the national emblem of modern republic of India. All the coins and

currency notes of modern India have this four-lion symbol on it. The

Mauryan Empire is famous for its great achievements in art, culture

architecture and literature. The classics of Indian literature, such as the

Arthashastra of Kautilya (a treatise for kings about ruling a state) and the

famous Kama Sutra by Vatsayan (unfortunately, today it is considered as

just the book for art of Love-Making) were written during Mauryan

reign. POST-MAURYAN PERIOD

Ashoka was the last emperor of Mauryan empire which started it's decline

soon after his death. Many kingdom arose out of ruins of this great empire. Northern India was divided into many republics (?) which were

controlled by various ganas (tribes) like Achuyta, Ahicchatra,

Arjunayana, Ayodhya, Eran, Kaushambi, Kuninda etc.. The coins

issued by these republics/Kingdoms are very interesting both historically

and numismatically.

 

Kuninda

 

 

Amoghbhuti

Late 2nd Century BC

Silver Drachm, Bilingual

Obverse: Deer and Deity, Brahmi Legends

Reverse: 6 symbols, Kharoshti legends

Weight: 2.4 gm

MAC#4443

Rare

 

 

Kuninda, which referred as Kulinda in ancient literature, issued very

attractive silver coinage in late 2nd century BC. These coins were

issued by king Amoghbhuti who ruled in the fertile valley of Jamuna,

Beas and Sutlaj rivers (modern Punjab in northern India). The obverse of the

coins shows a deer and Laxmi (goddess of wealth) is holding lotus in her

uplifted hand. Between horns of deer, a cobra symbol is depicted. The

reverse shows 6 symbols. Hill and river below, Nandipada (hoof of bull),

tree in railing, Swastik and Y shaped symbol. Interestingly, the coins were

bilingual. On obverse, legends were in Prakrit (closely related to

Sanskrit), written in Brahmi script while on reverse were in Kharoshti. The

legends on obverse reads Rajnah Kunindasya Amoghabhutisya

maharajasya. The reverse bears Maharajasa in Kharoshti script at

the same place where Indo-Greek and Saka coins

depicted their ruler's names.

These coins represent the first ever effort of an Indian ruler to issue

silver coinage which could compete in market with that of Indo-Greek

coinage. Indo-Greek kings who ruled in neighboring

areas (Bactria and Punjab) issued breathtaking examples of silver

coins which, were highly sought after. This made Amoghbhuti to issue coins

of purely Indian design but of exceptional beauty to ensure economic

superiority over his neighbors. Shown above is this very attractive

silver coin of ancient India.

Kuninda kingdom was eventually invaded by Kushan and Shakas

in middle of first century BC. Both, Indo-Greek and Kuninda kingdoms were

annexed to make next great empire of India, Kushan

empire .

 

This section is currently under construction. I am putting together more

images of coins and a lot more interesting information. Come back soon!

If you have any comments, please send at

Nupam.Mahajan This webpage is divided into following sections:

 

India's First

CoinageCoins of Indo-Greek Dynasties

Coins of Kushana Dynasty

Coins of Gupta Dynasty/Golden Age of

IndiaCoins of Satvahanas, Post Gupta and Rajput

Dynasties Coins of Southern Indian

Dynasties Coins of Mughals and other Islamic

dynasties Coins of Maratha RulersCoins of East India Company and Modern

IndiaCoins of Princely States of

India Coins of Independent Kingdoms

Why a webpage for Indian coin

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