Coins in Ancient and Medieval India

• The word Coin derives from the Latin word Cuneus
• First recorded use of coins: China and Greece (~700 BC); India: 6th century BC
• Study of coins and medallions = Numismatics
• Early coins were die-struck manually → NOT uniform in shape and design
• Earliest reference to coins in India = Vedas (term used: Nishka for metal coins)

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Punch Marked Coins (6th–2nd century BC)

• Earliest = casted coins, die-struck on one side only
• 1–5 incused marks → 'Punch Marked'
• Mentioned in Panini's Ashtadhyayi, Manusmriti, and Buddhist Jataka stories
• Unit: Ratti = 0.11 gram
• First Indian punch marked coins called: Puranas, Karshapanas or Pana
• Issued by Janapadas/Mahajanapadas of the Indo-Gangetic Plain
• Regional symbols: Saurashtra = humped bull; Dakshin Panchala = Swastika; Magadha = five symbols
• Magadhan coins became most circulated in South Asia
• Lasted three centuries longer in south than in north

Mauryan Punch Marked (322–185 BC)

• Mentioned by Chanakya in Arthashastra: rupyarupa (silver), suvarnarupa (gold), tamrarupa (copper), sisarupa (lead)
• Most consistent symbols: sun and six-armed wheel
• Karshapanas: 50–54 grains of silver, 32 rattis

Indo-Greek Coins (180 BC–10 AD)

• Introduced the fashion of showing the bust/head of the ruler on coins
• Bilingual: Greek (front/obverse) + Pali in Kharosthi script (back/reverse)
• Greek deities: Zeus, Hercules, Apollo, Pallas Athene (later, Indian deities added)
• Carry detailed info: issuing monarch, year of issue, image of reigning king
• Metals: silver, copper, nickel, lead

Kushan Coins (Indo-Greek Kushan kings)

• Introduced portrait heads (Greek custom)
• Helmeted bust of king (one side); king's favourite deity (reverse)
• Kanishka's coins employed only Greek characters

Satavahana Coins (232 BC–227 AD)

• Primary metal: Lead (silver very rare)
• Silver-copper alloy used: Potin
• Symbols: elephant, horse, lion, Chaitya (one side); Ujjain symbol (other side) = cross with four circles at ends
• Language: Prakrit
• No artistic merit but valuable for dynastic history

Western Satraps / Indo-Scythians (35–405 AD)

• Dominion: Western India — Malwa, Gujarat, Kathiawar; Saka origin
• Carry dates in Saka era (started 78 AD)
• King's head (one side); Buddhist chaitya/stupa — borrowed from Satavahanas (other side)
• Language: Prakrit (written in many scripts)

Gupta Coins (319–550 AD)

• Primarily gold; also silver and copper
• Silver coins issued only after Chandragupta II overthrew Western Satraps
• One side: king in martial activities (hunting lion/tiger, ashvamedha, riding horse/elephant) AND leisure (playing Veena, sitting on couch)
• Other side: Goddess Lakshmi, Durga, Ganga, Garuda, Kartikeya, or figure of queen
• First time: inscriptions in Sanskrit (Brahmi script) on coins
• Gupta kings stamped given names on front; assumed names ending in 'aditya' (sun) on back

Delhi Sultanate Coins

• No image of issuing monarch (prohibition on idolatry in Islam)
• Inscriptions: king's name, title, date in Hijri calendar
• First time: name of mint inscribed on coins
• Gold, silver, copper, billon coins
• Iltutmish: introduced Silver Tanka and Copper Jital
• Alauddin Khilji: dropped name of Khalif; added self-praising titles
• Muhammad bin Tughlaq: circulated bronze/copper coins; issued token paper currency (a flop)
• Sher Shah Suri (1540–1545): introduced two weight standards:
  • 178 grains for silver → became the Rupee
  • 330 grains for copper → became the Dam
  • Rupya (silver) weighed ~11.34 grams; 1 rupee = 4 copper coins

Vijayanagara Empire Coins (14th–17th century)

• Issued large quantities of gold coins; also pure silver and copper
• Denominations:
  • Pagodas — higher denomination; figure of running warrior + dagger symbol
  • Gold fanams — fractional units
  • Silver taras — fractional units
  • Copper coins — day-to-day transactions
• Early coins: called Barkur gadyanas, Bhatkal gadyanas (from different mints)
• Inscriptions in Kannada or Sanskrit
• Images: double-headed eagle holding elephant, bull, elephant, Hindu deities
• Krishna Deva Raya (1509–1529): gold varahan coin — seated Vishnu (one side); 'Shri Pratap Krishna Raya' legend in Sanskrit (other)

Mughal Coinage

• Standard gold coin: Mohur (~170–175 grains); 1 Mohur = 9 rupees (per Abul Fazl's Ain-i-Akbari)
• Silver Rupee: adopted from Sher Shah's currency; most famous Mughal coin
• Copper coin: adopted from Sher Shah's Dam (320–330 grains)
• Akbar: issued round and square coins; in 1579 issued Ilahi coins for Din-i-Illahi; 1 Ilahi = 10 rupees; Sahansah = largest gold coin; bore names of Persian solar months
• Jahangir: legend in a couplet; coins with Zodiac signs (most famous); some coins bore name of wife Noorjahan

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• Coins ↔ Religion: Gupta coins show Hindu revival (Lakshmi, Garuda, Durga); Sultanate coins reflect Islamic aniconism; Kushan coins blend Greek + Indian deities
• Coins ↔ Trade: Cowrie shells, Silambam staves, Vijayanagara pagodas — all linked to trade networks with Rome, Greece, Egypt
• Coins ↔ Political History: Saka era dating on Western Satrap coins; Harsha's era from 606 AD; Alauddin dropping Khalif's name signals political assertion
• Coins ↔ Language History: Punch Marked (no script) → Indo-Greek (bilingual) → Gupta (Sanskrit/Brahmi first) → Sultanate (Arabic/Hijri)

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• Heritage & Continuity: The Rupee — introduced by Sher Shah Suri and adopted by Mughals — remains India's currency today, a 500-year-old legacy.
• Cultural Synthesis: Indo-Greek coins (Greek + Kharosthi) and Kushan coins (Greek + Indian deities) are material evidence of India's absorption of foreign cultural elements.
• Religion–Art Linkage: Gupta coins showing Veena-playing king = convergence of art, religion (Hindu revival), and political legitimacy on a single artifact.
• Numismatics as History: For dynasties with limited textual records (Satavahanas, Western Satraps), coins are primary historical sources — demonstrating that material culture fills historiographic gaps.
• Aniconism vs. Iconism: The sharp contrast between image-bearing Hindu dynasty coins and aniconic Sultanate/Mughal coins maps directly onto religious philosophy differences — a UPSC-relevant cultural observation.

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• Indo-Greek coins: Written in Greek + Pali (in Kharosthi script) — NOT Sanskrit. A very common trap.
• Kanishka's coins: Employed ONLY Greek characters — NOT bilingual like other Indo-Greek coins.
• Gupta coins: First use of Sanskrit (Brahmi script) on coins — NOT Indo-Greek (which used Greek + Kharosthi/Pali).
• Gupta silver coins: Issued ONLY after Chandragupta II defeated Western Satraps — NOT from the beginning of Gupta rule.
• Satavahana primary metal: Lead (NOT gold or silver). Silver was RARE. Gold coins were not characteristic of Satavahanas.
• Ujjain symbol: Associated with Satavahanas — NOT Guptas or Kushanas.
• Western Satraps: Borrowed Buddhist chaitya/stupa symbol from Satavahanas — NOT independently invented.
• Saka era: Starts 78 AD — used on Western Satrap coins.
• Iltutmish introduced Silver Tanka + Copper Jital — do NOT attribute to Alauddin or Sher Shah.
• Muhammad bin Tughlaq's token currency: Was a flop — do NOT say it succeeded.
• Sher Shah Suri: 178 grains = Silver (Rupee); 330 grains = Copper (Dam) — do NOT swap weights or metals.
• Mughal Mohur: Equivalent to 9 rupees (NOT 10). Ilahi coin = 10 rupees. These are different coins.

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• Numismatics = study of coins and medallions
• Earliest coins India = 6th c. BC; first reference = Vedas (Nishka)
• Punch Marked: 1 side, irregular shape, standard weight, silver; Ratti = 0.11g
• Mauryan: rupyarupa/suvarnarupa/tamrarupa/sisarupa; Karshapanas = 32 rattis
• Indo-Greek: FIRST ruler portrait; bilingual = Greek + Pali (Kharosthi)
• Kushan/Kanishka: portrait heads; Greek characters only
• Satavahana: Lead; Ujjain symbol; Prakrit; no artistic merit
• Western Satraps: Saka era (78 AD); Buddhist chaitya/stupa; Prakrit
• Gupta: Gold; Sanskrit/Brahmi FIRST; Lakshmi reverse; Chandragupta II = silver
• Vardhana: Silver; peacock; Harsha era from 606 AD
• Western Chalukya: temple/lion + BLANK reverse
• Eastern Chalukya: boar + BLANK reverse
• Delhi Sultanate: No images; Hijri dates; mint name first; Iltutmish = Tanka + Jital; Tughlaq = failed paper currency; Sher Shah = Rupee (178 gr) + Dam (330 gr)
• Vijayanagara: Gold pagodas; fanams; taras; copper; Krishna Deva Raya = varahan
• Mughal: Mohur (gold, 9 rupees); Rupee (silver, from Sher Shah); Akbar = Ilahi (10 rupees, 1579); Jahangir = Zodiac + Noorjahan