Ancient Coinage: Civilizations Through Currency

Introduction

Ancient coinage stands as a tangible testament to the economic, political, and cultural dynamics of past civilizations. From the earliest forms of currency to the sophisticated minting techniques of empires, coins provide invaluable insights into ancient economies and societies.

Historical Perspective

• Coins first appeared in China, Greece, and India around 700 BC. 
• The earliest reference found in the Vedas, which uses the term “Nishka” to refer to metal coins.
• The study of coins and medallions is known as Numismatics.

Punch Marked Coins (500 BC-100 BC)

• Panini’s Ashtadhyayi mentions a “Ratti“. These coins were cast and die struck manually with one to five incused marks. 

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Classification of Coins: 

• During the Mahajanapadas period (500 BC), the first Indian punch-marked coins called Puranas, Karshapanas or Pana were minted. 
  • These coins had irregular shapes, and a standard weight, and were made of silver with different markings. 
  • Saurashtra coins featured a humped bull, Dakshin Panchala had a Swastika, and Magadha had five symbols.
  • These are mentioned in the Manusmriti and Buddhist Jataka stories.
• During the Mauryan Period (322–185 BC), these coins were referred to as Karshapanas
  • Chanakya mentioned the minting of punch marked coins such as rupyarupa (silver), suvarnarupa (gold), tamrarupa (copper), and sisarupa (lead) in his Arthashastra treatise.
  • Symbols of sun and six-armed wheel were the most consistent.

Coins by Satavahanas

• Satavahana kings (232 BC-227 AD) primarily used lead and an alloy of silver and copper known as “potin” as materials. 
• Iconography:  Figures like elephants, horses, lions, or Chaitya on one side, and the Ujjain symbol – a cross with four circles at the end of the two crossing lines on the other. 
• Cowrie Shells served as another major medium of exchange by the common people for small-scale economic transactions.

Coins of the Western Satraps (Indo-Scythians)

• These coins feature the king’s portrait on one side and Buddhist chaitya or stupa motifs likely borrowed from Satavahanas on the other side. 
• They employed Prakrit language in various scripts

Coins Issued in Gupta Age (319-550 AD)

• Gupta coins were primarily made of gold, although silver and copper coins were also issued.
• Depictions on Coins: On one side, Gupta coins depicted the king engaged in various activities like playing the veena (Samudragupta), performing rituals, hunting animals etc.
  • The other side often featured the goddess Lakshmi seated on a throne or a lotus seal, or the queen herself. Other deities featured included Durga, Ganga, Garuda, and Kartikeya.
• For the first time, coins were inscribed in Sanskrit (Brahmi script).

Transition After Gupta Rule

• Post-Gupta period coins were characterized by low metallic content and less artistic design.
•  A mix of designs borrowed from the Kushana–Gupta pattern as well as foreign designs, were employed by successor dynasties
• South India’s Gold Standard: In South India, a different coin paradigm emerged, moving toward a gold standard influenced by Roman gold coins.  

Coins of Chalukya Kings (6th-7th century AD)

• The Western Chalukyas had a temple or a lion on one side with the other side being blank. 
• The Eastern Chalukyas had a boar at the center, with each letter of the king’s name in a separate punch. The other side was blank.

Coins of the Vardhanas (7th Century AD)

• Vardhana silver coins featured the king’s portrait on one side and a peacock on the other. 
• Harshavardhana’s coins used a new era dating system, beginning most likely in 606 AD.

Coins of the Rajput Dynasties (11th-12th Century)

• Coins were primarily made of gold, copper, or billion (a silver copper alloy), with silver being rarely used. 
• There were two types of Rajput Coinage:
  • Displaying the king’s name in Sanskrit on one side and a goddess on the other side. 
  • Silver coins with a seated bull on one side and a horseman on the other. 

Coins of the Pandyan, Chola and Pallava Dynasty

• Pandyan Dynasty: Early Pandyan coins were square-shaped with an image of an elephant. Later, fish became a significant symbol. 
  • Gold and silver coins had Sanskrit inscriptions, while copper coins had inscriptions in Tamil.
• Chola Dynasty: Raja Raja-I’s coins featured the standing king on one side and a seated goddess on the other, typically with inscriptions in Sanskrit. 
  • Rajendra-I’s coins carried legends like ‘Sri Rajendra’ or ‘Gangaikonda Chola’ along with emblems of a tiger and fish.
  • Pallava dynasty: Coins showcased the figure of a lion.

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Conclusion

• Ancient coinage not only facilitated commerce but also served as a medium for expressing power, ideology, and artistic creativity. 
  • Through the study of coins, historians unravel the mysteries of bygone eras, illuminating the interconnectedness of humanity’s shared history.

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