Indian Coinage: Ancient to Medieval Eras

• 02 Jan 2025

For Prelims: Seals of Indus Valley, Punch-Marked Coins, Indo-Greek, Saka Coinage, Kushan Coins, Satavahana, Vijayanagara Empire, Mughal Empire Coins, Coinage System in India, Coins of Ancient and Modern India, Coinage Act, 2011 

For Mains: Evolution of Coinage System in India, Salient Features of Coinage System of Ancient and Modern India 

What is the History of Coinage in Ancient India? 

• Seals of Indus Valley Civilisation: 
  • The Indus valley civilisation of Mohenjo-Daro and Harappa dates back between 2500 BC and 1750 BC. However, there is no consensus on whether the seals excavated from the sites were in fact coins. 
• Punch-Marked Coins: 
  • About: 
    • They are the earliest known coinage issued between the 7th-6th century BC and 1st century AD.  
    • These coins are frequently mentioned in ancient Sanskrit texts such as Manusmriti and Panini’s Ashtadhyayi, as well as in the Buddhist Jataka tales. 
  • Characteristics and Features: 
    • These coins were produced by punching various symbols onto the silver coins using individual punches. 
    • They were predominantly made of silver and copper, although ancient texts also reference gold coins, these coins lacked inscriptions of dates or the names of kings.  
    • They featured a variety of symbols, often religious, mythological, or astronomical in nature. Common motifs included sun, tree, and dharmachakra; animals such as the elephant, bull, horse, tiger, and cow; mythological and symbolic representations. 

 

• Geographical Usage: 
  • They were widely circulated in northern India until the beginning of the Christian era.  
  • In southern India, their usage persisted for three additional centuries. The decline of these coins in northern India is attributed to the influence of Greek coinage introduced by Hellenistic invaders. 

• Indo-Greek Coinage: 
  • The Indo-Greeks, who ruled from approximately 189 BCE to 30 BCE, profoundly impacted Indian numismatics. They introduced: 
    • Busts and Ruler Depictions: The head or bust of the ruler became a central feature on their coins. 
    • Bilingual Legends: Coins bore inscriptions in Greek on one side and in Kharosthi script on the other. 
    • Hellenistic Symbols: Common depictions included Greek gods like Zeus, Heracles, Apollo, and Pallas Athene. 

 Note:  

• The earliest mention of coins in the Indian context can be found in the Vedas, where the term 'Nishka' was used to refer to coins made of metals. 

What are the Key Features of Dynastic Coins of Ancient India? 

• Dynastic coinage in India is linked to the Indo-Greeks, Saka-Pahlavas, and Kushans, dating approximately between the 2nd century BC and 2nd century AD. 
• Indo-Greek Coins: 
  • The Indo-Greeks, who ruled from approximately 189 BC to 30 AD, profoundly impacted Indian numismatics.  
  • They are characterized by Hellenistic traditions, featuring Greek gods, goddesses, and rulers' portraits. 
  • Greek legends on these coins provide critical historical insights, forming the primary source for reconstructing Indo-Greek history. 

 

• Key Features: 
  • Busts and Ruler Depictions: The head or bust of the ruler became a central feature on their coins. 
  • Bilingual Legends: Coins bore inscriptions in Greek on one side and in Kharosthi script on the other. 
  • Hellenistic Symbols: Common depictions included Greek gods like Zeus, Heracles, Apollo, and Pallas Athene. 

• Saka Coinage: 
  • It is associated with the Western Kshatrapas and these coins are among the earliest dated issues. 
  • Dates are inscribed using the Saka Era, which began in 78 CE and is now India's official calendar. 
• Kushan Coins: 
  • The Kushans, a branch of the Yueh-chi tribe, rose to power after overthrowing the Sakas in Bactria around 100 BCE.  
  • Kushan coins showcase a gradual Indianization in design and iconography, with increasing emphasis on Indian religious motifs such as depictions of Shiva, the Buddha, and rulers in a cross-legged posture, reflecting Indian artistic traditions. 
  • They also exhibit cultural fusion, blending Greek craftsmanship, Iranian titles like Shaonano Shao, and Indian religious and artistic elements, highlighting the Kushans' role as cultural intermediaries between Hellenistic, Iranian, and Indian traditions. 

 

• Satavahanas Coins: 
  • The Satavahanas (270 BCE to 227 CE), also known as the Andhras, ruled the region between the Godavari and Krishna rivers, extending their control over the Western Deccan and Central India.  
  • Satavahana coinage primarily used lead, followed by copper and potin (an alloy of silver and copper), with silver coins being rare.  
  • These coins often depicted motifs of animals like elephants, lions, bulls, and horses, juxtaposed with natural symbols such as hills and trees.  
  • Silver coins featured portraits and bilingual legends inspired by Kshatrapa designs.  
  • Additionally, many coins carried the Ujjain symbol, a cross with four circles on one side. Despite their lack of artistic sophistication, these coins are significant sources for reconstructing Satavahana history. 

 

• Western Satraps: 
  • The Western Satraps, of Saka origin, ruled parts of Western India, including Malwa, Gujarat, and Kathiawar, from the 1st to the 4th century CE.  
  • Their coins are historically significant as they bear dates in the Saka era (starting in 78 CE), aiding in reconstructing their history until their overthrow by Chandragupta II of the Gupta Dynasty.  
  • These coins typically featured the king's portrait on one side and the Buddhist chaitya or stupa on the reverse, inspired by Satavahana coinage. 
  • Legends on their coins were in Greek, Brahmi, and occasionally Kharosthi, with common designs including the 'bull and hill' and 'elephant and hill' motifs. 

 

• Guptas Coinage: 
  • Gupta coinage (300–550 CE) represents a period of significant Hindu revival and artistic excellence.  
  • Predominantly made of gold, with occasional silver and copper issues, Gupta coins are celebrated for their variety and intricate designs.  
  • Silver coins emerged after Chandragupta II defeated the Western Satraps. 
  • Gupta gold coins typically featured the king on one side, depicted in various roles, making offerings, playing the veena, performing the Ashvamedha sacrifice, riding animals, or slaying wild beasts. The reverse often portrayed Goddess Lakshmi seated on a throne or lotus, or sometimes the queen herself.  
  • The inscriptions, in Sanskrit, marked the first use of the language on Indian coins.  
  • These coins also commemorated significant events, such as dynastic successions, marriage alliances, and royal accomplishments. 

 

• Post-Gupta Coinage: 
  • Post-Gupta coinage (6th–12th centuries CE) marked a period of less artistic innovation, characterized by simpler dynastic issues.  
  • Notable examples include the coins of Harsha (7th century CE), the Kalachuris of Tripuri (11th century CE), and the early medieval Rajput clans (9th–12th centuries CE).  
  • Gold coins were rare during this period, with a revival seen under Gangeyadeva of the Kalachuri dynasty, who issued the 'Seated Lakshmi Coins,' later emulated by other rulers in both gold and debased forms.  
  • The Rajput clans frequently featured the Bull and Horseman motif on their coins.  
  • In western India, trade connections with the Eastern Roman Empire led to the use of imported Byzantine solidi, highlighting economic interactions of the time. 

 

 What were the Key Features of Coins in Ancient South India? 

• Chalukyan Coins: 
  • The Western Chalukya coins (6th–12th centuries CE) featured temples or lions with legends in old Kannada on one side, while the reverse was blank.  
  • The Eastern Chalukyan coins (7th–11th centuries CE) displayed a boar insignia in the center with the king’s name punched around it, and the reverse was also blank. These coins reflected regional identity and administrative practices. 
• Chola Coins: 
  • The Chola Empire, which dominated Southern India from the 10th to the 13th centuries, issued various types of coins during the reign of key emperors like Raja Raja the Great, Rajendra Chola, and Rajendra Kulothunga I.  
  • Common Chola coins feature the standing king on one side and a seated goddess on the other, with inscriptions in Sanskrit.  
  • Rajendra Chola’s coins carry the legends "Sri Rajendra" or "Gangaikonda Chola" along with the tiger and fish emblems.  
  • Some of Kulothunga I’s coins include a tiger at the center, flanked by fish and bow emblems, with legends like "Kataikonda Chola" or "Malainadukonda Chola." 

 

• Pandyan Coins: 
  • Pandya coins, originating in the 7th century, initially featured square die-struck designs with an elephant on one side and a blank reverse.  
  • Between the 7th and 10th centuries, the fish emblem became prominent on Pandya coins, sometimes accompanied by other symbols such as the Chola standing figure or the Chalukyan boar.  
  • The inscriptions on silver and gold coins were in Sanskrit, while copper coins typically had Tamil legends.  
  • The Pandyas, once subdued by the Pallavas and later the Cholas, regained prominence in the 13th century before their decline. 
• Cheras: 

 

• Alupas of Udupi and Yadavas of Devagiri: 
  • Alupas of Udupi featured dynastic symbol of fish (similar to Pandyas) 
  • The Yadavas of Devagiri issued 'Padmatankas' with an eight-petalled lotus on the obverse and a blank reverse.  
  • Coins typically displayed the names or titles of issuers in local scripts. 
  • Decorative elements were limited, and depictions of deities appeared only in the later Vijayanagara period (14th–16th centuries AD). 

 

• Foreign Coins: 
  • Ancient India had considerable trade links with the Middle East, Europe (Greece and Rome) as well as China. This trade was carried out over land partly along what came to be alluded to as the silk route and partly through maritime trade. 
  • In South India, which had a thriving maritime trade, Roman coins even circulated in their original form, albeit slashed at times as a gesture disclaiming intrusions of foreign sovereignty. 

 

 What were the Key Features of Coins of Delhi Sultanate? 

• Evolution of Medieval Indian Coinage: 
  • Medieval Indian coinage saw a shift with the Arab conquest of Sindh (712 AD) and the establishment of the Delhi Sultanate in the 13th century. 
  • The traditional pictorial motifs of ancient coinage were replaced by the Islamic style, characterized by inscriptions in Arabic script on both sides.  
  • These coins provided more detailed information compared to their ancient counterparts, offering insights into both religious and secular aspects. 
  • The Delhi Sultanate (1206–1526) standardized currency with the Tanka (gold/silver) and Jittals (copper), expanding the money economy.  
  • Coins featured grand titles (e.g., Ala-ud-din Khilji as Sikandar al Sani) and honored mints, reflecting political authority, economic growth, and Islamic influence. 
  • Alauddin Khalji (1296–1316 CE) became the first Indian ruler to discard the Abbasid Caliph's name on his coins, instead calling himself Yamin-ul-Khilafat (Right Hand of the Caliph).  
    • He also assumed the title Sikander-us-Sani (Second Alexander), reflecting his awareness of Alexander's legacy and his desire to be recognized as his successor in greatness. 

 

• Qutubuddin Mubarak (1316–1320 CE), successor of Alauddin Khalji, issued coins in gold, silver, billon, and copper.  
  • He made a significant shift by discarding the Abbasid Caliph's name and proclaiming himself Khalifullah (Caliph of Allah) and Khalifah Rabbil Alemin (Caliph of the Lord of the World).  
  • He also adopted the title Sikander-uz-Zaman (Alexander of the Age), asserting his authority and ambition. 

 

• Muhammad bin Tughluq (1325–1351 CE) introduced bronze token currency, weighing around 10 grams, to be accepted at the value of a silver tanka.  
  • The coins bore inscriptions such as "He who obeys the king obeys God" and "Sealed as a tanka current in the reign of Muhammad Tughluq, the hopeful slave." This marked an ambitious but ultimately unsuccessful monetary experiment. 

 

• Bahlol Lodi (1451–1459 CE), founder of the Lodi dynasty, discarded gold and silver coins but continued to issue billon and copper coins during his reign. The Lodi dynasty ruled until 1526, when Ibrahim Lodi was defeated by Babur. 

 

• Sher Shah (1538–1540 CE) introduced the rupee as a silver coin weighing around 11.5 grams (ranging from 11.2 to 11.6 grams) and also issued fractional coins.  
  • He reintroduced the Devanagari legend on his coins, inscribing his name as Sri Ser Sahi. 
  • He discarded billion coins and introduced heavy copper coins, which are believed to have been called paisa. These coins weighed around 20 grams, with fractional coins also issued. 

 

 What were the Key Features of Coins of Vijayanagara Empire? 

• The Vijayanagara Empire issued a wide variety of coins, including gold, silver, copper, and billon coins, reflecting its immense wealth.  
• The pagoda was the highest denomination, while gold fanams, silver taras, and copper coins were used for everyday transactions.  
• The early coins were minted in various regions with distinct names like Barkur gadyanas and Bhatkal gadyanas.  
• Harihara-I and Bukka minted gold fanams and silver taras, while Harihara-II introduced Hindu gods on pagodas, including Brahma, Vishnu, and Shiva.  
• Devaraya I and Devaraya II continued these practices, minting copper coins and silver taras, with elephant and dagger symbols on coins.  
• Under the Tuluva dynasty, Krishnadevaraya introduced the seated Balakrishna motif and high-denomination copper coins, while Achyuta Raya issued coins with the GandaBerunda (double-headed eagle).  
• Sadasiva Raya continued similar designs, while Rama Raya focused on copper coins. 
• The Aravidu dynasty issued gold and copper coins, often in the name of Lord Venkateshwara, with Tirumalaraya introducing Rama, Lakshmana, and Sita on the obverse. These coins reflect the political and religious evolution of the empire over time. 

 

What were the Key Features of Coins of the Mughal Empire? 

• Phases of Mughal Coinage: 
  • The Mughal Empire, which ruled much of South Asia for over three centuries, had a robust economy supported by a stable coinage system in gold, silver, and copper. 
  • Mughal coinage evolved through 4 distinct phases:  
    • Wandering or regional phase (1526-1556) under Babur and Humayun 
    • Classical phase (1556-1707) under emperors like Akbar, Jahangir, Shah Jahan, and Aurangzeb 
    • Decadent phase (1707-1720), marked by internal instability and weak rulers 
    • Quasi-Mughal phase (1720-1835), during which regional powers and external forces, such as the Marathas, Sikhs, Rajputs, French, and English, issued coins in the name of the Mughal emperor.  
      • These coins were often issued with the nominal consent of the ruling emperor, reflecting the empire’s vast influence and economic structure. 
  • Babur, the founder of the Mughal Empire, issued the traditional Timurid currency, the Shahrukhi, throughout his reign.  
    • These silver coins, named after Timur’s son Shahrukh Mirza, featured the Sunni Kalima on the obverse and the king's Islamic name, titles, date, and mint name on the reverse.  
    • Despite his military campaigns and relocation, Babur maintained continuity with the Timurid coinage system until his death in 1530. 

 

• Humayun continued Shahrukhi coinage for the first three years of his reign. 
  • After being deposed by Sher Shah Suri, Humayun was exiled to Persia, where he adopted the Shia Kalima on some coins. 
  • In exile, Humayun issued coins from Kandahar, acknowledging Shah Tahmasp as his overlord. 
  • Sher Shah Suri introduced the rupaiya (modern rupee) and copper paisa, a shift to bimetallic currency. 

 

• Akbar adopted Sher Shah's currency system, replacing the Shahrukhi with the rupaiya and introducing gold coins (mohurs) and trimetallic currency (gold, silver, copper). 
  • He introduced heavier mohars (worth 10-12 rupees) and experimented with square and polygonal coins (mehrabi). 
  • Akbar refined gold and silver quality and employed expert engravers for calligraphic coin designs. 
  • Coins were minted in Agra, Delhi, Ahmedabad, Lahore, and other towns. 
  • Akbar issued large gold mohurs (up to 1000 tolas, around 12 kg), and his reign saw the creation of the Din-i-Illahi coins. 
  • His coins carried the Sunni Kalima till 1585, after which he introduced Din-i-Illahi inscriptions and a new Illahi era for dating. 
  • He also popularized the use of Persian poetry on coins. 

  

• Jahangir, Akbar’s successor, was innovative with coinage, featuring realistic portraits of his father and zodiac signs on coins to represent dates. 
  • He also issued coins with his own portrait holding a cup of wine, defying religious norms. 
  • Jahangir partially resumed the use of the Hijri era on coins and included poetic verses on many of them. 
  • He granted the right to issue coins to his consort, Nur Jahan, making her the first queen since Razia Sultana to do so. 

 

• Shah Jahan reintroduced the Kalima on his coins and used the title ‘Sahib-e-Qiran Sani’ (Second Lord of Fortunate Astronomic Conjunctions), echoing Timur's title. 
  • He sought to appease the orthodox clergy by ordering the melting of Jahangir’s portrait and zodiac coins, making the surviving specimens rare and valuable. 

 

• Aurangzeb removed the Kalima from coins to prevent its defilement by non-believers. 
  • His coins featured a poetic verse praising his rule and a formula indicating the mint location and regnal year. 
  • This led to a more austere and standardized coinage design with limited creative space for calligraphers. 

 

• Decline of Mughals Coingage: 
  • After Aurangzeb's death (1707), regional powers and foreign entities, like the East India Company, began to acquire minting rights, weakening Mughal control over coinage. 
  • Farrukhsiyar initiated the practice of issuing farmaans (edicts) for minting rights, granting the East India Company rights to mint coins in Bombay (1717). 
  • The minting rights decline accelerated during Muhammad Shah's reign, marked by the Persian invasion by Nadir Shah (1739) and the rise of regional powers like the Nizam of Hyderabad and Nawab of Awadh, who issued their own coins. 
  • Mughal power ended after Shah Alam II's defeat at the Battle of Buxar (1764), leading to British control over Delhi in 1803 and the eventual substitution of Mughal names with the British monarch’s name on coins in 1835. 
  • The last Mughal emperor, Bahadur Shah Zafar, issued coins during the 1857 Uprising but was exiled by the British, marking the end of Mughal coinage. 

 

 Coinage Act, 2011 

• The Coinage Act, 2011, which replaced the Coinage Act of 1906, defines a coin as any metallic or other material piece stamped by the government or its authorized entity. 
• This act empowers the central government to design and mint coins in various denominations, while the Reserve Bank of India (RBI) role is limited to distribution based on supply from the central government.  
• The government determines the annual minting quantity in response to RBI's indent. 
• Coins are minted at four government-owned facilities located in Mumbai, Hyderabad, Kolkata, and Noida. 

UPSC Civil Services Examination Previous Year Question 

Prelims  

Q. Consider the following statements: (2021)

1. The Governor of the Reserve Bank of India (RBI) is appointed by the Central Government. 
2. Certain provisions in the Constitution of India give the Central Government the right to issue directions to the RBI in public interest. 
3. The Governor of the RBI draws his power from the RBI Act. 

Which of the above statements are correct? 

(a) 1 and 2 only 

(b) 2 and 3 only 

(c) 1 and 3 only 

(d) 1, 2 and 3 

Ans: (c) 

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Mains 

Q. How do you justify the view that the level of excellence of the Gupta numismatic art is not at all noticeable in later times? (2017)