The coins discovered in ancient and medieval Indian history were mostly stamped metal bars. The metal stamped bars were inspired by the coinage in use during the Janapadas in the early historical period and progressed further with the rise of new rulers. The origins of ancient Indian coinage can be traced back to the first millennium BCE until the sixth century BCE. Coins made of copper and silver were used in this stage. This article will explain to you the Coins in Ancient and Medieval India which will be helpful in Indian Art and Culture preparation for the UPSC Civil service exam.

Pre Historic and Bronze age

• There is no strong evidence in the Indian setting to establish that individuals in the Stone Age used cash or conducted barter exchanges.
• The Indus Valley Civilization appears to have engaged in considerable trade across a vast network, although it appears that it was mostly based on the barter system.
• The Harappans, on the other hand, employed fixed-weight metals like silver for trade and mercantile purposes.

Coins in Vedic period

• The Rigveda mentions nishka (gold) and nishka greeva (gold ornaments), however, it's unclear whether these may be interpreted as coins.
• Later Vedic scriptures, on the other hand, made mention of nishka, suvarna, shatamana, and pada.
• Scholars, on the other hand, believe that these phrases do not imply the widespread use of traditional coinage.

Punch Marked Coins

• The first coins were casted coins with only one side die-struck.
• 'Punch Marked' coins have one to five marks or symbols incised on a single side.
• According to Panini's Ashtadhyayi, the copper pieces of punch-marked coins were stamped with symbols.
• Each 'Ratti' weighed 0.11 gramme and was referred to as such. The first evidence of this currency can be found between the sixth and second centuries BC.
• Two of its classifications are listed below
  • Mahajanapada Coins
  • Coins during Mauryan Period

Mahajanapada Coins ( around 6th century BC )

• Puranas, Karshapanas, and Pana were the earliest punch-marked coins struck in India in the 6th century BC by the numerous Janapadas and Mahajanapadas of the Indo-Gangetic Plain.
• These coins had varied shapes, a standard weight, and were made of silver with diverse patterns, such as a humped bull in Saurashtra, a Swastika in Dakshin Panchala, and five symbols in Magadha.
• Punch-marked Magadhan coins became the most widely circulated coinage in South Asia.
• They are mentioned in the Manusmriti and Buddhist Jataka Stories, and in the south, they lasted three centuries longer than in the north.

Coins during Mauryan Period (322–185 BC)

• In his Arthashastra treatise, Chanakya, the prime minister of the first Mauryan emperor Chandragupta Maurya, reported the minting of punch marked coins such rupyarupa (silver), suvarnarupa (gold), tamra rupa (copper), and sisarupa (lead).
• The sun and the six-armed wheel were the most consistent of the several symbols utilised.
• Karshapanas were silver coins with an average of 50–54 grains of silver and 32 rattis in weight.

Indo - Greek Coins

• From 180 BC to roughly 10 AD, the Indo-Greeks ruled.
• The Indo-Greeks popularised the practise of depicting the ruler's buster head on coins.
• Legends on their Indian coins were written in two languages: Greek on one side and Kharosthi on the other.
• Zeus, Hercules, Apollo, and Pallas Athene were among the Greek gods and goddesses depicted on Indo-Greek coins.
• The first series of coins featured Greek gods, while later coins had Indian gods as well.
• These coins were notable because they contained precise information on the issuing monarch, the year of release, and occasionally a portrait of the reigning monarch.
• Silver, copper, nickel, and lead were the most common metals for coins. Greek kings' coins in India were multilingual, with Greek on one side and Pali (in Kharosthi script) on the other.
• Later, the Indo-Greek Kushan kings adopted the Greek practice of etching portrait heads on coins.
• On one side, a helmeted bust of the monarch was depicted, while on the reverse, the king's favourite deity was depicted.
• Kanishka's coins were all written in Greek.
• The Kushan Empire's wide coinage impacted a great number of tribes, dynasties, and kingdoms, who began issuing their own coins as a result.

Coins By Satavahana

• The rule of the Satavahanas began around 232 BC and lasted until 227 AD. The Satavahana rulers mostly employed lead as a coinage material.
• Silver coins were extremely scarce. They also utilised a silver-and-copper alloy known as 'potin' in addition to lead.
• Copper coins are also widely accessible.
• The Satavahana coins are a useful source of information about the Satavahanas' dynastic history, despite their lack of beauty and creative merit.
• On one side of most Satavahana coins was a figure of an elephant, horse, lion, or Chaitya.
• The Ujjain emblem was depicted on the other side, which was a cross with four circles at the ends of the two intersecting lines. Prakrit was the dialect used.

Coins of Western Satraps - The Indo Scythians

• The Western Satraps (35–405 AD) ruled over Western India, which included Malwa, Gujarat, and Kathiawar during the time.
• They were all Saka people. Western Satrap coins have a long and illustrious history. They date from the Saka era, which began in 78 AD.
• On one side, the Western Satraps' coins feature the king's head, but on the other, they feature a Buddhist chaitya or stupa, which was undoubtedly copied from Satavahanas.
• Prakrit is a widely used language that is written in a variety of scripts.

Coins Issued by Gupta Age

• The Gupta period (319 AD–550 AD) saw a significant rebirth of Hinduism. The Guptas mostly created gold coins, but they also issued silver and copper coins.
• Gupta gold coins came in various different shapes and sizes.
• On one side of these coins, we see the monarch practising ashvamedha, playing the veena, riding a horse or elephant, fighting a lion, tiger, or rhinoceros with a sword or bow, or sitting on a sofa.
• The goddess Lakshmi, seated on a throne or a lotus seal, or the queen herself, is depicted on the opposite side.
• For the first time in coin history, the inscriptions on the coins were all written in Sanskrit (Brahmi script).
• Gupta monarchs created coins representing the emperors not just in military activities such as hunting lions/tigers, posing with weapons, etc., but also in leisure pursuits like playing the Veena, with representations of goddess Lakshmi, Durga, Ganga, Garuda, and Kartikeya on the reverse side of the coin.
• The fall of Gupta dominance in the sixth century, due to a Hun invasion, ushered in a time of uncertainty, when a number of local kingdoms arose in various regions, issuing region-specific coins with low metallic content and poor artistic design.
• These dynasties used a variety of designs taken not just from the Kushana–Gupta pattern but also from foreign designs in Western, Eastern, Northern, and Central India for a long time, until the thirteenth century.
• South India established a new coin paradigm based on the Roman gold coins that came in the region during the first three centuries of the first millennium.

Coins of the Vardhanas

• In the late sixth century, the Varadhanas of Taneshwar and Kannauj were responsible for driving the Hun invaders out of India.
• Harshavardhana was the most powerful of their monarchs, with an empire that included practically all of Northern India.
• The Vardhanas' silver coins had the head of the king on one side and the figure of a peacock on the other.
• The dates on Harshavardhana's coins are from a new era, which began most likely in AD 606, the year of his coronation.

Coins of Chalukyas

• Pulakesin I established the Western Chalukyan dynasty in the sixth century AD, with its capital in Badami, Karnataka.
• Legends and images of a temple or a lion appeared on one side of the coin. The backside of the card was left blank.
• The Eastern Chalukyan dynasty (7th century AD) coins had a boar symbol in the centre, with a distinct punch carved around each letter of the king's name.
• The opposite side was also left blank.

Coins of Rajputs

• The coins of the Rajput dynasties (11th–12th centuries) were usually made of gold, copper, or billion (a silver-copper alloy), but silver was extremely rarely used. Rajput coinage was divided into two categories.
• On one side, the king's name was written in Sanskrit, while on the other, a deity was shown.
• This was the sort of coin used by the Kalachuris, the Chandellas of Bundelkhand, the Tomars of Ajmer and Delhi, and the Rathores of Kannauj.
• The other style of silver currency was introduced by the monarchs of Gandhara or Sindh, and had a seated bull on one side and a horseman on the other.

Coins of the Pandyan and Chola dynasty

• In the early time, the Pandyan dynasty struck square-shaped coins with an image of an elephant. Fish became a very important emblem in coins later on.
• The inscriptions on the gold and silver coins were in Sanskrit, while the inscriptions on the copper coins were in Tamil.
• The Chola ruler Raja Raja I's -coins featured a standing king on one side and a reclining goddess on the other, with inscriptions in Sanskrit.
• The legend 'Sri Rajendra' or 'Gangaikonda Chola' was written on Rajendra I's coins,along with tiger and fish motifs. The lion was depicted on the coins of the Pallava dynasty.

Coins of Vijayanagara Empire

• The Vijayanagara Empire (14th–17th centuries) produced a great number of gold coins, as well as pure silver and copper coins.
• Higher denomination pagodas have a figure of a running warrior with a dagger emblem.
• Fractional units of gold fanams
• Fractional units of silver taras
• Day-to-day transactions with copper coins.
• Earlier Vijayanagara coins were made in many mints and were known by various names such as Barkur gadyanas, Bhatkal gadyanas, and so on.
• Inscriptions in Kannada or Sanskrit were found A double-headed eagle with an elephant in each beak and claw, a bull, an elephant, and other Hindu deities were among the images discovered.
• Krishna Deva Raya (1509–1529) minted a gold varahan coin with a seated Vishnu on one side and a three-line Sanskrit legend Shri Pratap Krishna Raya on the other.

Turkish and Delhi Sultanate Coins

• The inscriptions on the coins were in the form of the king's name, title, and the Hijri calendar date. Because idolatry was prohibited in Islam, the coins did not feature any images of the issuing king.
• The mint's name was also inscribed on the coins for the first time.
• Gold, silver, copper, and billon coins were issued by the Sultans of Delhi.
• Iltutmish introduced Silver Tanka and Copper Jital.
• Alauddin Khilji altered the original design by removing the Khalifa's name and replacing it with self-congratulatory titles.
• Muhammad ibn Tughlaq created bronze and copper coins, as well as a token paper currency that failed miserably.
• Sher Shah Suri (1540–1545) established two weight standards: one for silver coins of 178 grains and one for copper coins of 330 grains. These were given the names rupee and dam, respectively.

Coins of The Mughals

• The Mohur, weighing around 170 to 175 grains, was the Mughals' standard gold currency.
• In his 'Ain-i-Akbari,' Abul Fazl stated that a Mohur was worth nine rupees.
• There are also half and quarter mohurs.
• The most famous of all Mughal currencies was the silver rupee, which was an adaptation of Sher Shah's coin.
• Sher Shah's dam became the basis for the Mughal copper currency, which weighed 320 to 330 grains.
• Both round and square coins were minted by Akbar.
• To promote his new religious ideology, 'Din-i-Illahi,' he created gold coins known as Ilahi coins in 1579. 'God is magnificent, may his honour be glorified' was written on this coin. An ilahi coin was worth ten rupees at the time.
• The largest gold coin was the Sahansah. The names of the Persian solar months were engraved on these coins.
• The story was depicted in the coins by Jahangir in a couplet. He engraved his beloved wife Noorjahan on some of his coins. His most renowned coins had Zodiac signs as images.

Conclusion

The history of Indian coins has changed over time. Cowrie shells and beads were first used as currency for buying and selling. To be used as legal money or coins in India, precious metals were moulded and then struck with designs and markings. During the British administration in India, the currency moved from precious metals to token currency gradually but progressively. Brass, bronze, aluminum, stainless steel, and other non-precious metals were used to make British India coins. In India, the currencies we use today have an interesting history. Mintage World is the ideal location for discovering it and learning new things.

GS Mains Questions and Model Answers

Q1: Discuss the evolution of coinage in ancient and medieval India and its significance in understanding the socio-political and economic conditions of the time.

Answer: The evolution of coinage in ancient and medieval India provides significant insights into the socio-political and economic conditions of various periods. The earliest coins, such as punch-marked coins, were introduced around the 6th century BCE, during the rise of the Mahajanapadas. These coins were made of silver and bore simple symbols that reflected early trade practices and governance structures. As Indian empires expanded, coinage evolved into a more sophisticated form.
The Gupta period, often referred to as the "Golden Age" of Indian history, witnessed a significant refinement in coinage, with detailed depictions of rulers, deities, and scenes of prosperity. These coins not only served as a medium of exchange but also as a tool of political propaganda, showcasing the power and divine authority of the rulers. In medieval India, the Mughals introduced a standardized coinage system, with coins featuring Islamic inscriptions and motifs. These coins facilitated trade across the vast Mughal Empire and beyond, promoting economic stability and cultural exchange. Thus, the evolution of coinage reflects the political consolidation, economic development, and cultural advancements of different periods in Indian history.

Q2: Analyze the role of coins in promoting trade and economic integration during the medieval period in India.

Answer: Coins played a pivotal role in promoting trade and economic integration during the medieval period in India. The introduction of standardized coinage systems by various ruling dynasties, especially the Mughals, facilitated smoother transactions in both domestic and international trade. The Mughal coinage system, particularly under Akbar, was characterized by the issuance of standardized gold, silver, and copper coins, which ensured uniformity across the empire.
Coins were crucial in enabling merchants to engage in long-distance trade with foreign traders, including those from Central Asia, Persia, and Europe. The standardized currency helped build trust and confidence in economic transactions, reducing the complexities of bartering systems. Additionally, the circulation of coins in different regions of the empire led to the integration of diverse economic markets, fostering economic stability and growth. This period saw a significant expansion in trade, with the Indian subcontinent becoming a hub for the exchange of goods like textiles, spices, and precious metals, contributing to India's prosperity.

Q3: Examine the artistic and cultural significance of coinage in ancient India, with special reference to the Gupta period.

Answer: Coinage in ancient India, particularly during the Gupta period, holds immense artistic and cultural significance. The Gupta Empire, known for its cultural renaissance, produced some of the most exquisite and detailed coins in Indian history. These coins were not only used for economic transactions but also as a medium to propagate the ruler’s image and convey cultural and religious values.
Gupta coins often depicted kings performing various symbolic acts, such as Ashvamedha Yajna, holding a bow, or performing other royal duties, showcasing their divine right to rule. The coins also featured intricate representations of Hindu deities, including Vishnu, Shiva, and Lakshmi, reflecting the religious orientation of the time. The artistic finesse of these coins, with detailed inscriptions and fine craftsmanship, is a testament to the high level of artistic achievement during the Gupta period. These coins serve as valuable historical records, offering insights into the religious beliefs, political authority, and artistic expressions of ancient India.

Previous Year Questions on  Coins in Ancient and Medieval India

1. UPSC CSE 2017

Question: Discuss the significance of coinage in the economic and political consolidation of the Gupta Empire. 

Answer: Coinage played a crucial role in the economic and political consolidation of the Gupta Empire. The Guptas, often referred to as the rulers of India’s Golden Age, used their coinage to strengthen their political authority and reinforce their economic dominance. Gupta coins, made of gold (Dinaras) and silver, were not only a medium of exchange but also a tool for political propaganda.
The coins often depicted the rulers in heroic or divine postures, symbolizing their power and legitimacy. For example, coins of Samudragupta show him performing the Ashvamedha sacrifice, signifying his imperial ambitions. The depiction of Hindu deities on the coins also highlights the religious patronage of the Gupta rulers, contributing to their cultural influence. Economically, the use of gold and silver coins helped streamline trade, boost revenue collection, and integrate the empire's economy. The widespread circulation of these coins also enhanced the empire’s influence beyond its borders, promoting trade with foreign regions. Thus, coinage under the Gupta Empire played a central role in its political and economic consolidation.

2. UPSC CSE 2018

Question: Analyze the role of coinage in facilitating trade and cultural exchange during the Mughal Empire. 

Answer: During the Mughal Empire, coinage served as a critical tool in facilitating trade and cultural exchange both within and beyond the subcontinent. The Mughals, especially under Akbar, introduced a standardized coinage system that included gold, silver, and copper coins with consistent weight and value, which helped stabilize the economy and foster trade.
Mughal coins were widely circulated across the empire and even used by foreign traders, thanks to their reliability and uniformity. The coins featured Islamic inscriptions and symbols, reflecting the Mughal rulers' religious identity, but were accepted across diverse cultural and religious regions, highlighting the inclusiveness of Mughal rule. The introduction of uniform coinage facilitated both domestic and international trade, connecting the Mughal Empire to global trade networks, particularly with Central Asia, Persia, and European traders.