Coinage has a long history in ancient India. The most ancient were silver or copper punchmark (stamped) coins. These coins did not bear any inscriptions or seals and were made by stamping, casting and hammering. Early coins containing inscriptions were issued from the cities of Ujjayini, Kaushambi, Varanasi, Mahishmati, Tripuri, Eran etc. and were inscribed in Brahmi letters. The Yaudheyas, Vrishnis, Audumbars, Kalutos etc. tribes of Rajasthan and Punjab issued a large number of tribal coins.
Arrival of the Greeks and Changes in Indian Coins
The Indian coinage system completely changed when the Greek Bactrians or Indo-Greeks came to power. Probably the first Indian-Greek rulers to issue Rajmudra or royal coins in India, these rulers issued Chandi coins according to the standard of Hellenic (67.7) or altered weight (86.45). These coins bear the name and figure of the issuing ruler as well as inscriptions in Prakrit and Greek language and script in Kharoshthi script.
Coins of Saka and Kushan rulers
The 'Shakas' also issued Saka coins in the form of Indo-Greek coins. With the coming to power of the Kushanas in the 1st AD, the Indian coinage system was greatly improved. The figures and names of various Indian and non-Indian deities were inscribed on the gold coins of the Kushanas. The silver coins of the 'Saka' kings who ruled western India in the 2nd and 4th centuries AD were marked with the year of issue according to the Saka era.
Coins of Gupta Emperors
Emperor Chandragupta II Vikramaditya of the Gupta dynasty, who destroyed the 'Saka' empire, issued silver coins imitating the Shaka coins. The gold coins of the Gupta period are excellent examples of Sanskrit calligraphy and hymns. These coins depict certain events, such as the conduct of the 'Ashwamedha Yagya', as well as the personality of the issuing ruler, such as the figure of Samudragupta playing the veena inscribed on the coins. That is why some historians have called Gupta coins as propaganda currency.
South Indian coins
There were many types of coins in circulation in the South. As indicated by the names of the coins – Madai, Kasu, Achchu, and Phanam coins were in circulation. Apart from these, Kalanju coin of heavy weight was also prevalent. The Satavahana rulers of the south issued leaded copper coins during their reign from the 1st century BC to the 3rd century AD. These rulers also issued some silver coins on the lines of the Western Shakas. In the Deccan the successors of the Satavahanas issued their own copper coins. In the far south, the coins of the Pallavas were of cast gold, silver and copper. Most of the coins of the Pandya kings were of copper and they issued very few gold coins.
The mighty Chola kings issued coins of gold, silver, copper and brass. Notable foreign coins found in South India include the Roman gold aureus and silver denarius coins, which were prevalent in the early centuries of Christ. Inscriptional sources also reveal the circulation of the Chinese coin Chinaakkanam.
Here we will learn about the major coins--
- Akku - Tamil name for coin.
- Aureus - gold coin of Rome.
- Kakini - equal to 20 cowries.
- Kalanju - Tamil name for a coin of 10 Manjadis-32 Ratti (or about 52 grains).
- Kanam - Tamil name for a gold coin or weight.
- Kaprad - a penny used as a coin.
- Karsha- The name of the weight equal to 80 ratti.
- Karshapan - A silver coin weighing 32 ratti, also known as Pana. Mainly prevalent in the Maurya period.
- Kasu - Name of a copper coin.
- Kovai - Tamil name for gold coin.
- Krishanal - same as Ratti or Gunj.
- Kumar Gadyanak - Name of a tax or coin.
- Gadhiya - A copper coin on imitation of coins issued by the Shaka rulers, which was prevalent in Gujarat and Rajasthan in the early or early medieval period.
- Gadyanak- Gold coin or weight which was generally considered to be 16 Rattis. This coin is mentioned in the Pattadakal inscription (754 AD) of Kirtivarman.
- Gand - equal to 4 cowries.
Gulika - A small round shaped coin.
Gunj - A coin of the same type as Ratti or Rattika.
Horse and bull shaped coins - These silver coins were issued by the 'Shahi' kings of Ohind and Kabul.
Tanaka - Name of a coin, silver coin weighing 1 tola.
Tattri dirham - coin used in western India.
It was described by Arab travelers.
Dinarius - Roman gold coins of the early centuries of the Christian era, found in large numbers in South India.
Dinar - the name of the gold coin which was equal to 16 coins called the silver rupak.
Drachma - A silver coin from which the Indian coinage dram originated.
Dram - A silver coin equal to 16th part of a gold Nishk. This name was written on most coins.
Dhanak - silver coin, 12 dhanakas were equal to one gold.
Dharan or Dharan - 32 ratti old silver coin.
Nivartan - land (area not fixed). - Naan - Kushan coins, on which the figure of the West Asian goddess- Chinese (goddess of wealth) was inscribed.
- Paikmu - Telugu, a small gold coin.
- Pal - Watt weighing 300 rattis.
- Padavrat – A measure of land used in western India – perhaps 10,000 feet.
- Pana- Just like copper karshapan; 80 Rattis in weight according to Manu.
- Puruthath - A silver coin equal to 8 drams of copper.
- Pon - a coin similar to a gold medal.
Punchmark Coins - This name is largely given to the earliest available Indian silver and copper coins that were stamped, while this was not the case with molded and beaten coins. These coins did not bear any name or seal, but any figure or symbol was stamped.
- Purana- Silver coin which was also called Dharan or Karshapan, weighing 32 ratti.
- Balotra - the name given to an Indian silver coin by Muslim chroniclers of the early medieval period.
- Manjadi - Coin weighing 5.5 grains.
- Item ( MAD )- 40 Ratti coin of Telugu gold or silver.
- Maasa - A watt of 5 Rattis or a coin of equal weight.
- Rudradamak - Silver coin issued by the Shaka kings of western India.
- Roopak - silver coin; 16 Rupak was one gold dinar.
- Lohadia – Coin of 20 pavis or 100 Kauri.
- Vartika - Cowries used as coins.
- Vinisopak - 1/20 part of a 20 ratti silver coin.
- Vodi - also called Vedika or Vodri, sometimes cowries were also used as coins; But in reality 1 Vodi was equal to 5 Ganda and 5 Ganda was equal to 20 Kauri.
- Shatman- Wat weighing 320 ratti and name of a copper coin.
- Salge - The name of a coin of the South.
- Sun - 40 Ratti coin.
- Swarna - Weight of 16 'masa'.
