Medieval & Modern Coinage: Shaping Economies Through Eras

Introduction

Medieval and modern coinage mark significant transitions in monetary systems, reflecting economic, political, and cultural changes. From feudal coinage to standardized currencies, these developments have shaped trade, commerce, and governance over centuries.

Coinage of Different Dynasties

• Delhi Sultanate Coins (1206-1526)
• • Sultans of Delhi issued gold, silver, copper, and billon coins featuring inscriptions with the king’s name, title, mint’s name and Hijri calendar date.
  • No images of issuing monarchs due to Islamic prohibition of idolatry.
  • Iltutmish introduced Silver Tanka and Copper Jital.
  • Alauddin Khilji replaced the Khalifa’s name with self-praising titles.
  • Muhammad bin Tughlaq introduced bronze, copper coins, and token paper currency.
  • Sher Shah Suri established weight standards, rupee (silver), and dam (copper) and introduced the Rupee.
• Vijayanagara Empire Coins(14th–17th century)
• • Gold, pure silver, and copper coins were issued by the Vijayanagara Empire.
  • Different coins for various purposes: Pagodas (higher denomination), Gold fanams (fractional units) [UPSC 2022], Silver taras (fractional units), and Copper coins (daily transactions).
  • Coins had inscriptions in Kannada or Sanskrit.
  • The coins were minted in places called Barkur Gadyanas and Bhatkal Gadyanas. 
  • Images on coins included a double-headed eagle, a bull, an elephant, and Hindu deities.
  • Gold Vardhan coin by Krishna Deva Raya featured a seated Vishnu and a three-line legend Shri Pratap Krishna Raya in Sanskrit on the other side.

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• Mughal Coinage (1526-1707)
• • The Mughal standard gold coin was called Mohur (170-175 grains). Abul Fazl in ‘Ain-i-Akbari’ indicated that a Mohur was equivalent to nine rupees. 
  • Mughal copper coin was derived from Sher Shah’s dam, while Silver Rupee was adopted from Sher Shah’s currency. 
  • Akbar issued round and square coins. His “Ilahi coins” promoted his religious creed.
    • Sahansah was the largest gold coin and featured the names of the Persian solar months.
  • Jahangir’s coins included couplets, his wife Noorjahan’s name, and Zodiac signs.
• Other Coins
• • Chhatrapati Shivaji issued gold huns and copper Shivarais with titles in Nagari script.
  • Wodeyar dynasty (Mysore) coins featured the Narasimha avatar of Vishnu.
  • Haidar Ali and Tipu Sultan continued coinage with figures of Shiva, Parvati.

British And Modern Coinage

• British period
• • The coins of Bengal were developed along the Mughal pattern.
  • The English coins of Western India developed along Mughal as well as English patterns.
    • English pattern coins were struck at the Bombay Mint. 
    • The gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. 
  • The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India. 
• Current Scenario
• • Today, Coins are minted in four mints owned by Security Printing and Minting Corporation of India Ltd. (SPMCIL). The mints are located at Mumbai, Hyderabad, Kolkata and NOIDA. 
    • The coins are issued for circulation only through the Reserve Bank under Section 38 of the RBI Act

Conclusion 

• The evolution of medieval and modern coinage mirrors the evolution of societies and economies. 
  • From crude metal coins to sophisticated paper currencies, these monetary systems have facilitated trade, enabled economic growth, and symbolized the power and identity of nations, leaving an indelible mark on history.