Coinage of India
History of South Asia |
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Coinage of India, issued by Imperial dynasties and smaller middle kingdoms of India began during the 1st millennium BC, and consisted mainly of copper and silver coins in its initial stage.[1] Scholars remain divided over the origins of Indian coinage.[2]In recent discoveries punched mark 'Mudras'(Coins) of stone have been found in lost city of Dwaraka. Which is said to be existed at least 5000 years ago. What is known, however, is that metal currency was minted in India well before the Mauryan empire (322–185 BC),[3] and as radio carbon dating indicates, before the 5th century BC.[2]
The tradition of Indian coinage was further enriched by the coming of Islam.[4] The East India Company introduced uniform coinage in the 19th century, and these coins were later imitated by the modern nation states of Republic of India, Pakistan, Sri Lanka, and Bangladesh.[5] Numismatics plays a valuable role in determining certain period of Indian history.[5]
Post Maha Janapadas period (400 BC—200 AD)
Early coins of India (400 BC—100 A.D.) were made of silver and copper, and bore animal and plant symbols on them.[1] Coinage of Indo-Greek kingdom began to increasing influence coins from other regions of India by the 1st century BCE.[1] By this time a large number of tribes, dynasties and kingdoms began issuing their coins; Prākrit legends began to appear.[1] The Mauryan coins were punch marked with the royal standard to ascertain their authenticity.[6] The Arthashastra, written by Kautilya, mentions minting of coins but also indicates that the violation of the Imperial Maurya standards by private enterprises may have been an offense.[6] Kautilya also seemed to advocate a theory of bimetallism for coinage, which involved the use of two metals, copper and silver, under one government.[7]
The extensive coinage reserves of the Kushān empire (1st–3rd centuries CE) continued to influence the coinage of the Guptas (320 to 550 AD) and the later rulers of Kashmir.[1] During the early rise of Roman trade with India up to 120 ships were setting sail every year from Myos Hormos to India.[8] Gold, used for this trade, was apparently being recycled by the Kushān empire for their own coinage. Pliny the Elder (NH VI.101) complained about the drain of specie to India:[9]
The Gupta empire issued a surplus of gold coins, depicting the Gupta kings performing various rituals.[1] Large hoards of Roman coins have been found throughout India, and especially in the busy maritime trading centers of South India.[10] The South Indian kings reissued Roman coinage in their own name after defacing the coins in order to signify their sovereignty.[11]
Early Common Era—Middle Ages (200 AD—1300 AD)
The percentage of gold in Indian coins under the reign of Gupta rulers showed a steady financial decline over the centuries as it decreases from 90% pure gold under Chandragupta I (319-335 AD) to a mere 75-80% under Skandagupta (467 AD).[12] Chandragupta I's coins also depict the then queen of India, Kumaradevi, a Licchavi princess, whose name is also written on the same coin.[13] The more aggressive Samudragupta (335 – 380 AD) is shown as an archer, and holding a battle axe, while Sanskrit verses praise him as an invincible warrior.[13] The Gupta emperors continued to issue coinage until the 6th century, until waves of invasions from the Huns bought their reign to an end.[1] These Huns themselves issued coinage which was imitated from the earlier prototypes.[1]
Allan & Stern (2008) report on Indian coinage of the Middle Ages:[1]
Arab campaigns in India led to a foothold in Sindh, where very small silver coins belonging to the Umayyads are found.[1] The coinage of the Ghūrid invaders is mainly gold and silver coins, 10.76 grams each.[1]
Late Middle Ages—Contemporary History (1300 AD—2000 AD)
Shēr Shāh of northern India issued massive silver currency bearing Islamic motiffs, later imitated by the Mughal empire.[1] The coinage issued by emperors Akbar and Jahāngīr bore intricate Islamic calligraphy.[1] Srivastava & Alam (2008) comment on Indian coinage during Akbar's regime:[4]
The Mughal coinage prevalent during Akbar's reign included the main small copper denomination, the dām (Hindi-Urdu: دام/दाम).[14] Dām is believed to be the source of the (originally British) expression "to not give a damn" (i.e. to not care even a little).[15] The dām was also referred to as the paisa (پیسہ/पैसा).[14] In modern-day Hindi-Urdu, dām has become synonymous for price, and paisa is generically used as a word for money. There was a smaller copper coin, a "half dam" that replaced the bahloli of the previous Lodi standard.
Trade-routes that spanned the Arabian Sea between India, the Arab regions and East Africa spread the usage of both Indian and Arabic currency terms across all these areas.[16] Several East African terms for money, including pesa and tickey (from taka/tanka) originate from this interaction.[16]
The Chinese maerchant Ma Huan (1413–51) noted that gold coins, known as fanam, were issued in Cochin and weighed a total of one fen and one li according to the Chinese standards.[17] They were of fine quality and could be exchanged in China for 15 silver coins of four-li weight each.[17] Indigenous coinage of India continued to be issued by the East India Company until 1858, and thereafter by the authorities of British India, but a need for uniform coinage led to the curtailing of coins minted by the princely states in favor of an imperial coinage system.[1] The British started issuing uniform coinage throughout India from 1835, after a proposal put forward by James Princep. Princely states, however, continued to issue their own coinage in parallel, but in designs often similar to the British standards. The modern nation states of Republic of India, Pakistan, and Sri Lanka issued their own coinage by 1948.[1] Bangladesh soon followed on the 1 January 1972.[1]
In the Republic of India, the sole right of minting coins lies with the Government of India, as per the terms of the Coinage Act, which has undergone several amendments since it was passed in 1906.[18] Coins in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees came to be minted at the official Mints situated at Mumbai, Kolkata, Hyderabad, and Noida.[18] The various operations related to coin circulation in the Republic of India are overseen by the Reserve Bank of India.[18]
2,500 Years of Indian Coins (600 BC - 1900 AD)
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Punch Mark Coin, Kuntala Janapada, 600-400 BC
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Punch Mark Coin, Shakya Janapada, 600-400 BC
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Punch Mark Coin, Gandhara Janapada, Bent Bar, 600-400 BC
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Punch Mark Coins, Kosala Janapada, 600-400 BC
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Mauryan Empire, Copper Cast Coin, Kaushambhi Region, 300-200 BC
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Graeco-Baktrian Kings, Demetrious I, Bronze Tri-chalkon, 180 BC
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Graeco-Baktrian Kings, Demetrious I, Silver Tetradrachm, 180 BC
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Graeco-Baktrian Kings, Eukratides I, Silver Tetradrachm, 170 BC
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Indo-Greek Kings, Menander, Silver Drachm, 140 BC
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Indo-Greek Kings, Apollodotos I, Silver Drachm, 100 AD
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Satavahana Empire, Vasithiputa Shiva Sri Pulumavi, Silver Drachm, 110 AD
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Kushan Empire, Kanishka I, Gold Dinar, MIIPO or Mithra type, 130 AD
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Kushan Empire, Huvishka, Gold Dinar, MIIPO or Mithra type, 160 AD
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Kushan Empire, Huvishka, Gold Dinar, ARDOXSHO type, 160 AD
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Kushan Empire, Vasudeva I, Gold Dinar, OhpO or Shiva type, 200 AD
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Kushan Empire, Vasishka, Gold Dinar, OhpO or Shiva type, 250 AD
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Gupta Empire, Samudragupta, Archer type, 350 AD
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Gupta Empire, Samudragupta, Standard type, 350 AD
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Gupta Empire, Chandragupta II, Gold Dinar, Archer type, 400 AD
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Gupta Empire, Chandragupta II, Gold Dinar, Archer type, 400 AD
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Gupta Empire, Chandragupta II, Gold Dinar, Horseman type, 400 AD
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Gupta Empire, Chandragupta II, Gold Dinar, Parasol or Chattra type, 400 AD
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Gupta Empire, Kumaragupta, Gold Dinar, Archer type, 430 AD
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Gupta Empire, Kumaragupta, Gold Dinar, Horseman type, 430 AD
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Gupta Empire, Skandagupta, Gold Heavy Dinar, Archer type, 450 AD
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Islamic Conquest, Ghaznavids, Mahmud of Ghazni, Gold Dinar, 1000 AD
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Islamic Conquest, Ghaznavids, Mahmud of Ghazni, Silver Dirham, Sanskrit text in Sharada script, 1000 AD
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Islamic Conquest, Ghurids, Mohd Bin Sam (Mohd Ghori), Laxmi, 1200 AD
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Medieval Hindu Kingdom, Shilaharas of Karad, U-shape Running Garuda Fanam, 1100 AD
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Medieval Hindu Kingdom, Western Gangas, Gajpati Pagoda, 1100 AD
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Medieval Hindu Kingdom, Paramaras of Vidharba, Jagadeva, 1200 AD
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Medieval Hindu Kingdom, Yadavas of Devagiri, Ramadeva, Padmatanka, 1300 AD
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Medieval Hindu Kingdom, Banas of Madurai, Running Garuda Fanam, 1470 AD
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Medieval Hindu Kingdom, Nayakas of Chitradurga, Durgi Pagoda, 1600 AD
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Vijayanagara Empire, Krishna Deva Raya, 1/2 Pagoda, 1520 AD
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Vijayanagara Empire, Achyuta Deva Raya, 1/2 Pagoda, Gandaberunda (mythical double headed eagle), 1530 AD
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Bengal Sultanate, In the name of Delhi Sultan Iltutmish, Horseman, 1220 AD
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Delhi Sultanate, Mamlukes (Slave Dynasty),Ghiyas-ud-din Balban, Silver Tanka, 1270 AD
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Delhi Sultanate, Khilji Dynasty, Jalal-ud-din Firoz Khilji, Silver Tanka, 1290 AD
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Delhi Sultanate, Khilji Dynasty, Alauddin Khilji, Gold Tanka, 1300 AD
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Delhi Sultanate, Tughlaq Dynasty, Ghiyas-ud-din Tughlaq, Silver Tanka, 1320 AD
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Delhi Sultanate, Mohd Bin Tughlaq III, Gold Heavy Dinar, 1330 AD
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Delhi Sultanate, Mohd Bin Tughlaq III, Gold Tanka, 1330 AD
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Delhi Sultanate, Suri Dynasty, Sher Shah Suri, Silver Rupee, 1540 AD
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Deccan Sultanate, Gulbarga, Tajuddin Firoz Shah, Tanka, 1400 AD
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Deccan Sultanate, Bijapur, Ali Adil Shah II, Silver Larin, 1660 AD
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Mughal Empire, Akbar, Gold Heavy Mohur, 1560 AD
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Mughal Empire, Akbar, Gold Mohur, Dotted square type, 1560 AD
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Mughal Empire, Akbar, Gold Mohur, Pentafoil type, 1560 AD
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Mughal Empire, Akbar, Gold Mohur, Square area type, 1560 AD
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Mughal Empire, Akbar, Square Rupee, 1560 AD
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Mughal Empire, Akbar, Rupee, Dotted square type, 1560 AD
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Mughal Empire, Akbar, Rupee, 8-pointed star type, 1560 AD
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Mughal Empire, Akbar, Rupee, Ilahi type, 1560 AD
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Mughal Empire, Jahangir, Gold Square Mohur, 1610 AD
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Mughal Empire, Jahangir, Square Rupee, 1610 AD
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Mughal Empire, Jahangir, Rupee, Nur-ud-din type, 1610 AD
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Mughal Empire, Jahangir, Rupee, Hamesha couplet, 1610 AD
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Mughal Empire, Jahangir, Rupee, Muzaiyan couplet, 1610 AD
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Mughal Empire, Jahangir, Rupee, Inayat couplet, 1610 AD
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Mughal Empire, Jahangir as Prince Salim, Rupee, 1610 AD
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Mughal Empire, Shah Jahan, Gold Mohur, Quatrefoil type (Obv/Rev), 1630 AD
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Mughal Empire, Shah Jahan, Gold Mohur, Akola hoard, 1630 AD
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Mughal Empire, Shah Jahan, Gold Mohur, Quatrefoil type (Obv), 1630 AD
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Mughal Empire, Shah Jahan, Gold Mohur, Square area type, 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Quatrefoil type (Obv/Rev), 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Quatrefoil type (Obv), 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Octofoil type, 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Circle type, 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Square type, 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Dotted square type, 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Floral pattern type, 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Sikka Raj Bad couplet, 1630 AD
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Mughal Empire, Shah Jahan, Rupee, Kalima type, 1630 AD
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Mughal Empire, Shah Jahan, Rupee, 1630 AD
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Mughal Empire, Aurangzeb, Gold Mohur, 1670 AD
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Mughal Empire, Aurangzeb, 1/2 Rupee, 1670 AD
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British East India Company, Madras Presidency, 3 Swamy Pagoda, 1700 AD
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British East India Company, Madras Presidency, Star Gold Pagoda, 1750 AD
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British East India Company, Bengal Presidency, Murshidabad, Gold Mohur, 1800 AD
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British East India Company, Madras Presidency, Panchia or 1/3 Mohur, 1820 AD
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Independent Kingdoms, Cooch Behar, Nara Narayana, 'Narayani' Rupee, 1560 AD
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Independent Kingdoms, Tripura, Ratna Manikya II, Tanka, 1690 AD
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Independent Kingdoms, Assam, Rajeshvara Simha, Rupee, 1760 AD
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Independent Kingdom, Mysore, Haider Ali, Pagoda, 1770 AD
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Independent Kingdoms, Mysore, Tipu Sultan, Faruki, 1790 AD
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Independent Kingdoms, Mysore, Tipu Sultan, Rupee, 1790 AD
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Independent Kingdoms, Mysore, Krishna Raja Wodeyar III, Pagoda, 1820 AD
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Independent Kingdom, Awadh, Wajid Ali Shah, Gold Mohur, 1850 AD
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Independent Kingdom, Awadh, Wajid Ali Shah, Rupee, 1850 AD
Notes
- ^ a b c d e f g h i j k l m n o p Allan & Stern (2008)
- ^ a b Dhavalikar (1975)
- ^ Sellwood (2008)
- ^ a b Srivastava & Alam (2008)
- ^ a b Sutherland (2008)
- ^ a b Prasad, 168
- ^ Prasad, 166
- ^ "The Geography of Strabo published in Vol. I of the Loeb Classical Library edition, 1917".
- ^ "minimaque computatione miliens centena milia sestertium annis omnibus India et Seres et paeninsula illa imperio nostro adimunt: tanti nobis deliciae et feminae constant. quota enim portio ex illis ad deos, quaeso, iam vel ad inferos pertinet?" Pliny, Historia Naturae 12.41.84.
- ^ Curtin, 100
- ^ Kulke & Rothermund, 108
- ^ Agrawal, 18
- ^ a b Agrawal, 19
- ^ a b Irfan Habib (1963), The agrarian system of Mughal India, 1556-1707, Asia Publishing House,
... The main copper coin was the dam. In Akbar's reign, it gradually replaced the copper tanka ... the dam was also known as paisa, while the half-dam was called adhela ...
- ^ Mario Pei (1967), The many hues of English, Knopf,
... the damn of "I don't give a damn" is the Hindi dam, a small coin ...
- ^ a b NADA: the Southern Rhodesia Native Affairs Department annual, Issue 30, Government of Southern Rhodesia, 1964,
... currency terms pesa, upeni, mali, khete, tickey all derive from Hindu or Arabic currency terms still in use in what was once called the Erythraean Sea ...
- ^ a b Chaudhuri, 223
- ^ a b c Indian currency (coins): Minting and Issue. Reserve Bank of India.
See also
![](http://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png)
- History of the rupee
- Coinage of Asia
- Modern Indian coins
- Indian rupee
- Rakhaldas Bandyopadhyay
- Pre-modern coinage in Sri Lanka
References
- Allan, J. & Stern, S. M. (2008), coin, Encyclopædia Britannica.
- Agrawal, Ashvini (1989), Rise and Fall of the Imperial Guptas, Motilal Banarsidass, ISBN 81-208-0592-5.
- Chaudhuri, K. N. (1985), Trade and Civilisation in the Indian Ocean, Cambridge University Press, ISBN 0-521-28542-9.
- Curtin, Philip DeArmond etc. (1984), Cross-Cultural Trade in World History, Cambridge University Press. ISBN 0-521-26931-8.
- Dhavalikar, M. K. (1975), "The beginning of coinage in India", World Archaeology, 6 (3): 330-338, Taylor & Francis, Ltd.
- Kulke, Hermann & Rothermund, Dietmar (2004), A History of India, Routledge, ISBN 0-415-32919-1.
- Prasad, P.C. (2003), Foreign trade and commerce in ancient India, Abhinav Publications, ISBN 81-7017-053-2.
- Sellwood, D. G. J. (2008), coin, Encyclopædia Britannica.
- Srivastava, A.L. & Alam, Muzaffar (2008), India, Encyclopædia Britannica.
- Sutherland, C. H. V. (2008), coin, Encyclopædia Britannica.