The Indian coinage system has a rich historiography, characterized by both the ancient and modern eras. The coinage reflects the socio-political and cultural nuances of different eras, from punch-marked coins in the 7th-6th century BC to modern day currency notes. Recently, the government of NCT of Delhi proposed printing images of Goddess Lakshmi and Lord Ganesh on new currency notes, highlighting the continuing tradition of featuring deities on Indian currency.
Punch Marked Coins: The Beginning of Coinage in India
The earliest documented coinage in India dates back to the 7th-6th century BC with ‘Punch Marked’ coins, which remained in use up to 1st century AD. They were named so due to their unique manufacturing process where symbols were punched on the coin with a separate punch. Predominantly made of silver, these coins featured motifs drawn from nature and are classified into two periods. The first period was attributed to small local states known as Janapadas, while the second period belonged to the Imperial Mauryan era.
Emergence of Dynastic Coins
Post punch marked coinage, the era of dynastic coins came into existence from the 2nd century BC to 2nd century AD. The earliest such coins were from Indo-Greeks, Saka-Pahlavas, and Kushans. The Indo-Greek silver coins displayed Greek gods and goddesses along with portraits of the issuers.
Sakas and Kushans: Early Dated Coins
The Saka coinage of Western Kshatrapas, which dates back to AD 78, are considered as some of the earliest dated coins. The Kushans depicted deities like Oesho (Shiva), moon deity Miro, and Buddha on their coins. The iconographic forms used were largely inspired by Greek, Mesopotamian, Zorastrian and Indian mythology.
Satavahana and Western Kshatrapa Coinage
Next in line were the Satavahanas, whose coins predominantly featured fauna and nature motifs. Their silver coins carried bilingual legends and portraits reminiscent of Kshatrapa types. Western Kshatrap coins were the earliest to bear dates with legends written in Greek, Brahmi, and Kharoshti languages.
Impact of Gupta Empire on Coinage
In the 4th-6th centuries AD, the Gupta empire followed the Kushan tradition. They had the king imprinted on one side of the coin and an Indian deity on the other side, with legends in Brahmi script. Gupta era coins marked significant socio-political events like royal marriages, horse sacrifices, artistic accomplishments, and personal achievements of the royal family.
The Influence of South India and Foreign Trade on Coinage
South Indian dynasties such as Cheras, Cholas, and Alupas of Udupi also had their unique coinage systems. The British East India Company minted coins depicting Lord Balaji with Sridevi and Bhudevi. The vibrant maritime trade with Middle East, Europe, and China saw the circulation of Roman coins in South India, reinforcing the global connections of Indian coinage.
This overview of Indian coinage offers a small window into the country’s rich historical and cultural heritage. Observing these coins helps us understand the influences and evolutions that have shaped India’s current monetary system. Embracing this heritage, the country’s government continues the tradition of imbuing spiritual significance and national pride into its currency.
