CoinWeek Ancient Coin Series: Coins of the Kushan Empire

coinweek.com/ancient-coins/coinweek-ancient-coin-series-coins-of-the-kushan-empire/

September 5,
2019

By Mike Markowitz for CoinWeek …..

During the first centuries of the Christian era, a vast inland empire stretched across Central Asia
under the name Kushan. They have been referred to as a super power of their time along with the
Chinese, Persians and Romans … Just how and when the Kushan dynasty was formed continues
to be debated, and precise dates for the kings are still elusive, but the coinage alone reveals the
Kushan dynasty as a major force in the cultural and political history of the ancient Silk Road
trade routes (Jongeward, 6).

EXOTIC, OBSCURE, BEAUTIFUL, AND UNDER-APPRECIATED, Kushan coins are gaining

increasing visibility in the ancients market. For centuries, international trade in silk and
spices sent a stream of gold flowing through this kingdom, and much of that precious metal
became high-value circulating coinage.

“Kushan” seems to be the family name of the dynasty, rather than the name of an ethnic
group. The origin of the Kushans is debated, but many scholars believe they were related to
a nomadic tribe known to the Chinese as the Yuezhi[1] (or Yueh-chi). The heartland of their
empire included the valleys of the Oxus (Amu Darya) and Jaxartes (Syr Darya) rivers,

1/15
which flow from the Hindu Kush mountains to the Aral Sea in Central Asia. There were
about 13 Kushan rulers; their chronology has only recently been untangled, some are only
known because they issued coins that survive.

Kujula Kadphises

Kushan Empire. “Heraios”. Circa AD 1-30/50. AR Tetradrachm (25mm, 14.76 g, 1h). Diademed and draped bust right /
TYPANNOYOTOΣ HAOY KOIIANOY, Heraios on horseback right; behind, Nike flying right, crowning him with wreath; Σ AN
AB below horse; quadrate Os in legends. Loeschner fig. 6a; Cribb, Heraus –; Senior B1.2T; Alram 1263 var; Donum Burns
9; Sunrise 521 (this coin). EF, toned.

Kujula Kadphises was a tribal warlord who conquered the “Indo-Parthian” kingdom in
Afghanistan and northern Pakistan ruled by Gondophares[2] (c. 19 – 46 CE). For many
years, handsome silver tetradrachms issued by Kujula were attributed to a non-existent
ruler named “Heraios” because a word in the inscription on the coins (HIAOY) was
misunderstood as a personal name, rather than a transliterated title meaning something
like “chieftain”. Kujula’s long-haired portrait appears on the obverse, wearing nomad garb
and a diadem (the head-band that was the Hellenistic Greek emblem of kingship). On the
reverse, the king appears on horseback, a winged figure of Nike (goddess of victory)
crowning him with a wreath. An exceptional example of this coin brought $5,500 USD in a
2015 auction[3] ; worn examples have typically sold for $200 – 600 in recent years.

Kujula also issued an extensive coinage in copper in several denominations, including a 3.5
gram piece with a Roman-style obverse bust (described as the “Augustus” type)[4] .

Vima Takto

2/15
 Kushans. Vima Takto (Soter Megas). Circa 80-100 AD. Æ Tetradrachm (8.24 gm, 12h). Radiate and diademed bust right,
holding sceptre; tamgha to left / King on horseback right; tamgha to right. Senior B17.1T; MACW 2933-2936. EF,
Exceptionally well struck and in high relief.

Vima (or Wima) Takto was Kujula’s son. He reigned c. 90 – 113 CE and conquered the
Kabul valley extending his rule into northern Pakistan. His name does not appear on his
abundant copper coinage, but rather a Greek epithet, SOTER MEGAS (“Great Savior”).
Denominations included a tetradrachm of eight to 12 grams and a drachm of two to three
grams. The obverse bears a “radiate” bust (an array of short strokes around the head,
signifying divinity). The reverse shows the king on horseback[5] . On both sides, the coins
bear the king’s tamgha, a graphic emblem or brand that changes with each Kushan ruler (it
may have been an actual livestock brand).

Vima Kadphises

3/15
 Kushan Empire. Vima Kadphises (ca. AD 113-127). AV double dinar (24mm, 15.95 gm, 12h). Choice AU. Main Bactrian
mint. BACIΛЄYC OOH MO KAΔΦICHC, full-length figure of Vima Kadphises seated facing on cushioned throne with ornate
legs and high back, wearing diadem and domed tiara, head left, holding laurel branch in raised right hand and resting left
arm on left knee; club to left, tamgha to right / Kharosthi legend, ithyphallic Siva standing facing, head left, holding
trident in right hand and resting left arm on bull Nandi behind, standing right with head facing; Buddhist triratana
symbol left. Bopearachchi, Premiers, Série IX, 22. MK 11. ANS Kushan 260. Sunrise 523.

Vima Takto’s son Vima Kadphises ruled from c. 113 to 127, roughly contemporary with the
Roman emperor Hadrian (117 – 138). Kadphises’ reign saw the first issue of regular gold
coinage in three denominations: a double dinar of 16 grams, an eight-gram dinar, and a
two-gram quarter dinar. Some scholars prefer the Greek term “stater” for these coins; we
don’t know what their users called them. On the obverse, the king, wearing a tall hat, sits on
a cushioned throne holding a branch. An exceptional example of the double dinar realized
$24,000 in a recent US auction [6] . The reverse on both the gold and the copper coinage
features a standing figure of the god Oesho in front of a bull [7] . Oesho is usually identified
with the Hindu god Shiva, and he appears prominently on the coinage for centuries.

Kanishka I

4/15
 Kushan Empire. Kanishka I. Circa AD 127/8-152. AV Dinar (7.93 g, 12h). Mint I (A). 3rd emission. ÞAONANOÞAO KA NhÞKI
KOÞANO, Kanishka standing facing, head turned left, flames on shoulder, holding standard in his left hand, sacrificing
over altar to left / BOΔΔO, Buddha, nimbate, standing facing, wearing samghati (a long pleated garment), his head with
eyes wide open and large mustache, ashnisha on head, urna between eyebrows, his right hand is raised in the gesture of
reassurance, abhayamudra, and he holds a pleat of his robe in his left hand; tamgha to right. Cribb, Buddha – (dies a/2
[unlisted die combination); MK 66 (O7/R- [unlisted rev. die]); Hirayama 50 (same rev. die); Carter, Consideration, fig. 1b
(same rev. die). Good VF, a few light marks. The fourth extant Buddha dinar, the Boston specimen having been lost.

Kanishka was an innovator and his coinage introduced new forms of imagery of importance to a
modern understanding of Kushan and Indian religious and art histories (Jongeward, 65).

Under Kanishka “the Great” (c. 127 – 152 – contemporary with Hadrian and Antoninus
Pius), the Kushan empire reached its peak of power and prosperity. Kanishka’s abundant
coinage features over 30 different deities from the Iranian, Hindu and Greco-Roman
pantheons. The main mint was probably located at Balkh in northern Afghanistan, but the
coins are found across Central Asia and northern India.

As a patron of Buddhism, Kanishka issued very rare gold dinars bearing the earliest image
of the Buddha to appear on a coin; an example of this type (only about five known) sold for
$160,000 in 2009[8] . On the obverse of his coins, the imposing bearded figure of Kanishka
stands wearing a long robe and holding a staff while sprinkling incense on a small altar. The
reverse of a bronze “didrachm” (8.34 grams) depicts a standing figure labled “Helios” – a
Greco-Roman sun god[9] .

Huvishka

5/15
 Huvishka. Circa AD 152-192. Æ Tetradrachm (25mm, 11.17 g, 12h). [ÞAONANO] ÞAO OOhÞK[I KOÞANO], Huvishka,
holding mace-scepter, left on elephant / [O]h[ÞO] up right field, ithyphallic Siva standing left, holding trident; behind, the
bull Nandi standing right; tamgha to upper left. Cf. MK 897 (for obv.); otherwise, unpublished. VF.

The son of Kanishka, Huvishka (c. 151 – 190, roughly contemporary with Marcus Aurelius)
probably issued more gold coinage than all the other Kushan rulers combined. Reverses
mainly feature the goddess Ardoksho[10] and the god Oesho, but numerous other deities
put in appearances, including Nana the moon goddess, Athsho the god of fire, and
Maaseno the god of war. A rare gold dinar depicting Nana riding on a lion realized $55,000
in a recent auction [11].

6/15
 Huvishka. Circa AD 152-192. Æ Tetradrachm (25mm, 11.17 g, 12h). [ÞAONANO] ÞAO OOhÞK[I KOÞANO], Huvishka,
holding mace-scepter, left on elephant / [O]h[ÞO] up right field, ithyphallic Siva standing left, holding trident; behind, the
bull Nandi standing right; tamgha to upper left. Cf. MK 897 (for obv.); otherwise, unpublished. VF.

In contrast to previous Kushan rulers, Huvishka is beardless. He evidently loved hats, since
he appears in no less than 11 different types of elaborate headgear on his coins. His profile
portrait is surrounded by a halo, a feature adopted by all subsequent Kushan rulers. On his
abundant copper coins, he often rides atop an elephant [12].

Vasudeva I

7/15
 Kushan Empire. Vasudeva I. Circa AD 190-230. AV Dinar (22mm, 8.05 g, 12h). Main mint in Baktria (Balkh?). Middle phase.
ÞαO(retrograde h)[α(retrograde h)O]Þα[O BAζOΔhO KOÞα(retrograde h)O, Vasudeva, nimbate, standing facing, head left,
sacrificing over altar and holding trident; flame at shoulder; filleted trident to left; Kushan α to left of Vasudeva’s trident,
śri in Brahmi to right / Siva standing facing, holding a garland or diadem and trident; behind, the bull Nandi standing left;
tamgha to upper left . MK 533/1 (O5/R30A)

Kushan Empire. Vasudeva I. Circa AD 190-230. AV Dinar (22mm, 8.05 g, 12h). Main mint in Baktria (Balkh?). Middle phase.
ÞαO(retrograde h)[α(retrograde h)O]Þα[O BAζOΔhO KOÞα(retrograde h)O, Vasudeva, nimbate, standing facing, head left,
sacrificing over altar and holding trident; flame at shoulder; filleted trident to left; Kushan α to left of Vasudeva’s trident,
śri in Brahmi to right / Siva standing facing, holding a garland or diadem and trident; behind, the bull Nandi standing left;
tamgha to upper left . MK 533/1 (O5/R30A)

Vasudeva reigned for 40 years (c.190 – 230, roughly contemporary with the Roman
emperor Septimius Severus). His coins were issued from two mints: one in Bactria
(possibly Balkh) and one in Punjab (probably Taxila [13]). On his coins, Vasudeva stands in a
8/15
long coat of scale armor, wearing a tall helmet, holding a trident and sprinkling incense on
an altar surrounded by an inscription in Bactrian: “King of Kings, Bazodno the Kushan.” The
standard reverse is the bare-chested god Oesho with a bull[14].

Kanishka II

Kushan Empire. Kanishka II. Circa AD 230-247. AV Dinar (21mm, 7.90 g, 12h). Main mint in Taxila. ÞΔOИΔИOÞΔO […]
HKÞKO KOΔИO, Kanishka standing left, holding filleted standard, sacrificing over altar to left; filleted trident to left; ga in
Brahmi to right of altar; gho in Brahmi between legs; hu in Brahmi to right of scepter / OhÞO to right, Ithyphallic Siva
standing facing, holding a garland or diadem and trident; behind, the bull Nandi standing left; to upper left, pellet above
tamgha. ANS Kushan 1644 (this coin).

[B]eginning with the reign of Kanishka II, the dynastic history of the Kushans becomes increasingly
difficult to decipher (Jongeward & Cribb, 149).

Kanishka II reigned for 17 years (230 -247, roughly contemporary with Roman emperors
Maximinus and Philip the Arab). During this period the empire lost extensive territory in
Afghanistan to the Sasanian Persians. Attributing Kanishka II’s coins can be difficult,
because production standards were slipping (often a sign of crisis) and few coins carry a
complete and legible inscription. The designs closely follow the coinage of Vasudeva. A
sharp example of the gold dinar from the famous Dr. Lawrence Adams Collection brought
$1,600 in a recent sale [15].

Vasishka

9/15
 Kushan Empire. Vasishka. Circa AD 240-250. AV Dinar (7.93 g, 12h). Mint I (A). ÞAOИAИOÞAO B-A-ZHÞKO KOИÞAИ[O],
Vasishka, nimbate and helmeted, standing facing, head left, sacrificing over altar to left and holding filleted standard; to
left, filleted trident behind, “Nya” to right of altar, “Tha” between Vasishka’s feet, and “Vi” to right of scepter in Brahmi /
ΔΡΔΟΧÞΟ (sic), Ardoxsho, nimbate, seated facing on throne, feet on mat, holding filleted investiture garland in extended
right hand and cradling cornucopia in left arm; above, tamgha to left. MK 556 (O1/R18D [unlisted die combination]);
Donum Burns 672 (same obv. die). EF.

During Vasishka’s reign, the Sasanians pushed south of the Hindu Kush and also invaded
Gandhara (c. AD 260) restricting Kushan-held areas to Taxila and parts of northern India
(Jongeward & Cribb, 150).

On the few coins of this 20-year reign that have a readable Bactrian inscription, Vasishka’s
name appears as “Bazeshko”. The standard reverse shows the goddess Ardokhsho seated
on a square-backed throne or the god Oesho with a bull. Stray letters in Brahmi (an Indian
script) begin to appear on the coins; their meaning and purpose are uncertain.

Kanishka III

10/15
 Kushan Empire. Kanishka III. Circa AD 267-270. AV Dinar (20mm, 7.94 g, 12h). Main mint in Taxila. Kanishka standing left,
holding filleted standard, sacrificing over altar to left; filleted trident to left; ga in Brahmi to right of altar; gho in Brahmi
between legs; hu in Brahmi to right of scepter / Siva standing facing, holding a garland or diadem and trident; behind, the
bull Nandi standing left; to upper left, pellet above tamgha. MK 634 (O5/R–[unlisted rev. die]); ANS Kushan 1644 = Adams
IV 2140. Near EF.

The rare coins of this brief reign (c. 267- 270; only 16 examples listed in the CoinArchives
Pro database) closely follow the pattern of the previous ruler. Although the standard of
workmanship declined, the weight and purity of the gold remained consistently good[16].

Vasudeva II
Almost nothing is known about Vasudeva II (ruled c. 267-300, roughly contemporary with
the Roman emperor Diocletian) except for his coins, which are surprisingly common; 502
examples listed in the CoinArchives Pro database. Either Ardokhsho or Oesho and bull is the
reverse design. These are some of the most affordable high-grade Kushan gold coins, with
very fine examples going for under $1,000[17].

Shaka

11/15
 Kushan Empire. Shaka. Circa AD 325-345. AV Dinar (20mm, 7.73 g, 11h). Uncertain mint. Shaka, standing left, sacrificing
over altar and holding filleted staff; filleted trident to left; bhi in Brahmi to right of altar, sita in Brahmi below arm, śaka to
outer right / Ardoxsho enthroned facing, holding diadem in right hand and cradling cornucopia in left arm; tamgha to
left. MK 591; ANS Kushan 1670.

Shaka ruled c. 300-335, contemporary with the Roman emperor Constantine I. On Shaka’s
coins, the use of Greek letters to write coin inscriptions in the Bactrian language is
abandoned and his name appears only in Brahmi script[18].

A short-lived ruler named Mahi (c.300-305), known only from a handful of very rare coins,
may have ruled during the same period.

Kipunada

12/15
 Kipunada. c. AD 345-375. AV Stater, 7.69g (11h). Obv: Kipunada standing left, sacrificing over altar and holding filleted
standard; filleted trident to left. Rx: Ardokhsho seated facing, holding wreath and cornucopia; tamgha to upper left. Göbl
595. EF.

…[U]nder this king the quality of the gold alloy progressively dropped until the coins appeared to
have no gold in them at all, initially having a silver appearance, but finally looking like bronze. In
this final phase of debasement the weight dropped to less than 7 grams (Jongewar & Cribb, 151).

The Kushan Empire was eventually overrun by the Sasanians from the west and invaders
called Kidarites (related to the Huns) from the north. Dinars from early in the reign of
Kipunada, the last king, are still about 18 kt. gold. A sharp example brought $800 in a 2014
auction[19].

Kushan coinage strongly influenced the design of “Kushano-Sasanian” (c. 230-379) and
Gupta (c. 320 – 550) royal coinage, but those are stories for another day…

***

Notes
[1] https://en.wikipedia.org/wiki/Yuezhi

[2] https://en.wikipedia.org/wiki/Gondophares

[3] CNG Auction 90, 23 May 2012, Lot 879. Realized $1,600 USD.

[4] CNG Electronic Auction 409, 8 November 2017, Lot 370. Realized $425 USD (estimate
$150).

13/15
[5] CNG Auction 69, 8 June 2005, Lot 838. Realized $350 USD.

[6] Heritage ANA Sale, 3 August 2017, Lot 30101. Realized $24,000 USD.

[7] CNG Electronic Auction 390, 1 Feburary 2017, Lot 271. Realized $300 USD.

[8] CNG Triton XII, 6 January 2009, Lot 428. Realized $160,000 USD (estimate $150,000).

[9] CNG Electronic Auction 414, 14 February 2018, Lot 344. Realized $100 USD.

[10] CNG Triton XXI, 9 January 2018, Lot 579. Realized $3,500 USD.

[11] Stephen Album Auction 29, 14 September 2017, Lot 1268. Realized $55,000 USD
(estimate $15-20,000).

[12] CNG Electronic Auction 322, 12 March 2014, Lot 416. Realized $525 USD (estimate
$100).

[13] https://en.wikipedia.org/wiki/Taxila

[14] CNG Triton XXI, 9 January 2018, Lot 584. Realized $1,100 USD (estimate $750).

[15] CNG Triton XIX, 5 January 2016, Lot 2140. Realized $1,600 USD (estimate $750).

[16] CNG Electronic Auction 412, 17 January 2018, Lot 333. Realized $1,260 USD.

[17] CNG Triton XXI, 9 January 2018. Lot 585. Realized $850 USD (estimate $600).

[18] CNG Electronic Auction 408, 25 October 2017, Lot 295. Realized $425 USD.

[19] Gemini XI Auction, 12 January 2014, Lot 322. Realized $800 USD.

References
Blet-Lemarquand, Maryse. “Analysis of Kushana Gold Coins: Debasement and Provenance
Study”, Dal denarius al dinar: l’Oriente e la moneta romana. Rome (2006)

Bracey, Robert. “The Coinage of Wima Kadphises”, Gandaran Studies 3 (2009)

Bracey, Robert. “The Mint Cities of the Kushan Empire”, The City and the Coin in the Ancient
and Early Medieval Worlds. Fernando López Sánchez (ed.). Oxford (2012)

Cribb, Joe. “The ‘Heraus’ coins: Their attribution to the Kushan king Kujula Kadphises”, Essays
in Honor of Robert Carson and Kenneth Jenkins. Price, M., A. Burnett and R. Bland (eds.).
London (1993)

–. “Kujula Kadphises and His Title Kushan Yavuga”, Sino-Platonic Papers 280 (2018)
14/15
Hiebert, Fredrik and Pierre Cambon (eds.). Afghanistan: Hidden Treasures from the National
Museum, Kabul. Washington (2008)

Jongeward, David and Joe Cribb. Kushan, Kushano-Sasanian, and Kidarite Coins: A Catalogue of
Coins from the American Numismatic Society. New York (2015)

Jongeward, David. “Coins of the Kushan Kings – Part I”, Celator 14 (April 2000)

–. “Coins of the Kushan Kings – Part II”, Celator 14 (May 2000)

–. “Distinctive Features of Kushan Coins – Part I”, Celator 20 (April 2006)

–. “Distinctive Features of Kushan Coins – Part II”, Celator 20 (May 2006)

Keay, John. India: A History. New York (2010)

15/15