Ancient India Coinage

Punch Marked Coins

The Indus valley civilisation of Mohenjo-Daro and Harappa dates back between 2500 BC and 1750
BC. There, however, is no consensus on whether the seals excavated from the sites were in fact
coins.

Seals of Mohenjo-Daro

The first documented coinage is deemed to start with 'Punch Marked' coins issued between the 7th-
6th century BC and 1stcentury AD. These coins are called 'punch-marked' coins because of their
manufacturing technique. Mostly made of silver, these bear symbols, each of which was punched on
the coin with a separate punch.

Punch Marked Coin, Silver Bentbar

Issued initially by merchant Guilds and later by States, the coins represented a trade currency
belonging to a period of intensive trade activity and urban development. They are broadly classified
into two periods : the first period (attributed to the Janapadas or small local states) and the second
period (attributed to the Imperial Mauryan period). The motifs found on these coins were mostly drawn
from nature like the sun, various animal motifs, trees, hills etc. and some were geometrical symbols.

Description Obverse Reverse

Seven Symbols

Five Symbols

Five Symbols

Silver Punchmarked Coins

Representative Symbols appearing on Punch Marked Coins

Description Coin
Asmaka Janapada

Imperial Series

Imperial Series

Imperial Series

Imperial Punch Marked Coins

 Mauryan Art Form

Dynastic Coins

Dating of regular dynastic coin issues is controversial. The earliest of these coins relate to those of the
Indo-Greeks, the Saka-Pahlavas and the Kushans. These coins are generally placed between the 2nd
century BC and 2nd century AD. Hellenistic traditions characterise the silver coins of the Indo-Greeks,
with Greek gods and goddesses figuring prominently, apart from the portraits of the issuers. These
coins with their Greek legends are historically significant, as the history of the Indo-Greeks has been
reconstructed almost entirely on their evidence. The Saka coinage of the Western Kshatrapas are
perhaps the earliest dated coins, the dates being given in the Saka era which commences in AD 78.
The Saka era represents the official calendar of the Indian Republic.

Indo-Greek Coins

Kushan

Map of Kushan
Earliest Kushan coinage is generally attributed to Vima Kadphises. The Kushan coins generally
depicted iconographic forms drawn from Greek, Mesopotamian, Zorastrian and Indian mythology.
Siva, Buddha and Kartikeya were the major Indian deities portrayed. Kushan gold coins influenced
subsequent issues, notably those of the Guptas.

Coins of the Kushans

Kushan Art Form, Statue of Kanishka, Mathura Museum

Satavahana

The Satavahanas were the early rulers of the region between the rivers, Godavari and the Krishna.
They were also referred to as the Andhras. They soon brought under their control, both the Western-
Deccan and Central India. The dates of their coming in to power are contentious and are variously put
between 270 BC to 30 BC. Their coins were predominantly of copper and lead, however, silver issues
are also known. These coins carried the motifs of fauna like elephants, lions, bulls, horses, etc. often
juxtaposed against motifs from nature like hills, tree, etc. The silver coins of the Satavahanas carried
portraits and bilingual legends, which were inspired by the Kshatrapa types.
 Coins of the Satavahana

Western Kshatrapa

The term Western Kshatraps alludes to the set of rulers who ruled Western India between the 1 stand
4thCentury AD. The legends on the coins were generally in Greek and Brahmi. Kharoshti too was
used. The Western Kshatrap coins are reckoned to be the earliest coins bearing dates. The common
copper coins are the 'bull and hill' and the 'elephant and hill' types.

Description Obverse Reverse

Rudrasimha I, 180-196 AD

Viradaman, 234-238 AD

Coins of the Western Kshatrapas

Other Coins

In the interregnum between the fall of the Maurayans and the rise of the Guptas various tribal
republics in the Punjab and monarchies in the Indo-Gangetic plain issued coins. Most coins were
issued in Copper. The coins of the Yaudheyas were influenced in design and motif by the coins of the
Kushans. They followed the weights of the Indo-bacterian rulers.
 Coin of the Yaudheyas

Gupta

Gupta coinage (4th-6th centuries AD) followed the tradition of the Kushans, depicting the king on the
obverse and a deity on the reverse; the deities were Indian and the legends were in Brahmi. The
earliest Gupta coins are attributed to Samudragupta, Chandragupta II and Kumaragupta and their
coins often commemorate dynastic succession as well as significant socio-political events, like
marriage alliances, the horse sacrifice, etc (King and queen type of coin of Chandragupta 1,
Asvamedha type, etc.), or for that matter artistic and personal accomplishments of royal members
(Lyrist, Archer, Lion-slayer etc.).

Description Obverse Reverse

King as Horseman

King as Lion Slayer

King & Queen Type

 Fan-Tailed Peacock

Coins of the Guptas

Post-Gupta Coinage

Post-Gupta coinage (6th-12th centuries AD), is represented by a monotonous and aesthetically less
interesting series of dynastic issues including those of Harsha (7th century AD, Kalachuri of Tripuri
(11th century AD) and early medieval Rajputs (9th-12th centuries AD). Gold coins struck between this
period are rare. These were revived by Gangeyadeva the Kalachuri ruler who issued the 'Seated
Lakshmi Coins' which were copied by later rulers both in gold as well as in debase form. The Bull &
Horseman type of coins were the most common motif appearing on coins struck by the Rajput clans.
In western India, imported coins like the Byzantine solidi were often used reflecting trade with the
Eastern Roman Empire.

Description Obverse Reverse

Seated Lakshmi

Bull & Horseman

South Indian Coinage

The symbols and motifs on South Indian coin issues were confined to dynastic crests such as the
boar (Chalukya), bull (Pallava), tiger (Chola), fish (Pandya and Alupas), bow and arrow (Cheras) and
lion (Hoysala) etc. The Yadavas of Devagiri issued 'Padmatankas' with an eight-petalled lotus on the
obverse and a blank reverse. Coin legends refer to names or titles of the issuer in local scripts and
languages. Decorative features are rare and divinities are almost absent till the medieval Vijayanagar
period (14th- 16thcenturies AD).

Description Obverse Reverse

Coins of the Cheras
11th - 13th Centuries

Coins of the Cheras

11th - 13th Centuries

Coins of the Cholas

9th - 13th Centuries

Coins of the Alupas of Udipi

11th - 13th Centuries

Padmatankas,
Coins of the Yadavas of Devagiri
12th - 14th Centuries

Map of Ancient India, Courtesy Government of India

Foreign Coin Hoards found in India

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. By the time of Pliny, the Roman historian, Roman trade with
India was thriving, and indeed creating a balance of payments problem for the Roman Empire. 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.

A slashed Roman Aureus of Augustus

Description Obverse Reverse

Roman Find in South India

Roman Find in South India

Byzantine Find in South India

Mughal Coinage

Technically, the Mughal period in India commenced in 1526 AD when Babur defeated Ibrahim Lodhi,
the Sultan of Delhi and ended in 1857 AD when the British deposed and exiled Bahadur Shah Zafar,
the last Mughal Emperor after the great uprising. The later emperors after Shah Alam II were little
more than figureheads.

The most significant monetary contribution of the Mughals was to bring about uniformity and
consolidation of the system of coinage throughout the Empire. The system lasted long after the
Mughal Empire was effectively no more. The system of tri-metalism which came to characterise
Mughal coinage was largely the creation, not of the Mughals but of Sher Shah Suri (1540 to 1545
AD), an Afghan, who ruled for a brief time in Delhi. Sher Shah issued a coin of silver which was
termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained
largely unchanged till the early 20thCentury. Together with the silver Rupiya were issued gold coins
called the Mohur weighing 169 grains and copper coins called Dam.

Where coin designs and minting techniques were concerned, Mughal Coinage reflected originality and
innovative skills. Mughal coin designs came to maturity during the reign of the Grand Mughal, Akbar.
Innovations like ornamentation of the background of the die with floral scrollwork were introduced.
Jehangir took a personal interest in his coinage. The surviving gigantic coins, are amongst the largest
issued in the world. The Zodiacal signs, portraits and literary verses and the excellent calligraphy that
came to characterise his coins took Mughal Coinage to new heights.

Coins of the Mughal Empire 

Mohur-Humayun
 One Rupee-Sher

Shah Suri(Afghan)

Mohur-Akbar

Mohur-Aurangzeb

Mohur-Farrukhsiyar

The early years of Shah Jehan's reign brought forth a large variety of types; coin design was
standardised towards the latter part of his reign. Aurangzeb, the last of the Grand Mughals was
austere in his ways and orthodox in his beliefs. He did away with the Kalima, the Islamic Article of
Faith from his coins, and the format of coins was standardised to incorporate the name of the ruler,
the mint and the date of issue.
MUSEUM
Pre-Colonial India & Princely States: Coinage

The decline of the Mughal Empire commenced soon after the death of Aurangzeb. For a while, the military
successes of the Marathas gave rise to the feeling that they would fill the vacuum left by the Mughals and don
the imperial mantle. This was not to be. In the anarchy that followed, regional forces tended to reassert
themselves and states with ancient antecedents, many of which had been independent during Medieval times,
like the states of Rajputana, re-emerged. The dilution of central authority prompted Provincial Governors of the
Mughals, to assume independence (e.g., the states of Avadh and Hyderabad). The turbulence of the times also
gave rise to Military Adventurers who through force carved out kingdoms for themselves, like Scindia
(Gwalior), and Hyder Ali (Mysore). Finally, there were 'states of convenience', - titular states whose ruling
dynasty was supported either by the British (e.g., the Wodeyars) or the regional hegemon in the interest of high
politics. When the British Crown took over the administration from the East India Company in 1858 there were
over a hundered Princely States which were issuing coins nominally in the name of the Mughal Emperor. With
the deportation of the last Mughal Emperor Bahadur Shah to Rangoon, the native rulers gradually replaced the
Mughal superinscriptions on their coins with the name or portrait of the Queen of England as an expression of
acceptance of British supremacy. Some coins like those of Mewar inscribed the word 'Dosti London' i.e.
'Friends of London' on their coins. The British over time curtailed the rights of the the Native States to strike
their own coins. Representative Coinage of some of the States are depicted below.

The Maratha Confederacy

While the Marathas have had a long history, they came into the limelight in the seventeenth century led by the
charismatic leader Shivaji. The Maratha Confederacy consolidated itself after Aurangzeb's death in 1707 AD.
Their military successes saw them overrun most of India by 1738 AD. The Marathas were set to be the only
power in India to take on the Imperial mantle and build an Indian empire. Their fortunes suffered a setback with
the battle of Panipat in 1761 AD. They, however, retained their hegemony over the Deccan till the end of the
century. With the decline of central power, Maratha families established the states of Baroda, Gwalior, Indore,
etc. As regards coinage, Shivaji first issued coins in 1664 AD when he assumed the title of Raja. Coins were
again issued to commemorate his coronation at Raigadh in 1674 AD. These coins are rare. Maratha Mints and
coinage were consolidated around the middle of the eighteenth century. Three types of Rupees were in
circulation during this period, viz., the Hali Sicca, the Ankushi rupee which was the standard rupee of Pune, and
the Chandori rupee which was on par with the Ankushi.

Coins of the Marathas

 

Copper

Copper
 Silver, Pune Mint

Silver, Pune Mint

Awadh

The Province of Awadh, situated in Northern India, was governed by Nawab-Wazirs on behalf of the Mughal
Emperor from around 1720 AD. With the decline of the Mughal Empire, the British Governor General, the
Marquis of Hastings, persuaded Ghaziuddin Haidar, the Nawab-Wazir of Awadh, to cast off Mughal suzerainty
and declare himself independent. Ghaziuddin was crowned in 1819, but the State of Awadh whose capital
Lucknow, laid claimed the title of the cultural capital of India, did not survive even four decades. Despite
Ghaziuddin's proclamation of independence, the first issues continued in the name of the Mughal Emperor, with
the Awadh coat of arms on the reverse, before independent coins were issued. The coat of arms was imitative of
the English and marked a departure from the traditional Mughal designs. Nasiruddin Hyder, Muhammed Ali,
and Wajid Ali succeeded Ghaziuddin. The monetary system consisted of the gold ashrafi, (half, quarter, eighth
and sixteenth of an ashrafi), the silver rupee with similar five denominations and the copper fulus. The defeat of
the Nawab of Awadh at the Battle of Buxar (1764), precipitated the decline of the Kingdom. Wajid Ali Shah,
the last Nawab was forced to abdicate in 1856 by Lord Dalhousie. During the 1857 uprising, the battle of
Lucknow was one of the most bitterly fought battles. The revolutionaries are said to have minted coins in the
name of the Nawab-Wazarat.

Coins of Avadh
 

Mysore

The Kingdom of Mysore was situated in Southwest India and was ruled by various Hindu dynasties. In 1761,
Haider Ali a military adventurer deposed the Wodeyar ruler and proclaimed himself King. In the region, coins
of both the Mughal and Vijayanagar standards were current. His coin issues coins of the pagoda types continued
to carry the motifs and iconographic forms of the Vijayanagar period (e.g., Hara-Gauri) with his initial, the
letter 'He' on the reverse. Tipu, his son, succeed him and assumed the title of Sultan. He introduced various
innovations and new varieties in his coinage, continuing with the pagodas, the mohurs, and introduced his own
standards. An interesting feature of his coins is that they do not bear his name. Tipu Sultan, a progressive ruler,
was one of the few Indian princes to perceive the imperial designs of the British and oppose them; he, however,
was slain in the battle of Srirangpatanam in 1799 after which the British reinstated Krishna Raja Wodeyar as
King of Mysore. Krishna Raja Wodeyar continued to issue coins of the Vijayanagar and Mughal standards. The
gold coins carried the Hara-Gauri motif and the King's name on the reverse. The silver coins were in the
Mughal tradition, bearing the name of the Mughal Emperor, Shah Alam II on the obverse and the name of the
mint on the reverse. Some of the smaller fraction coins carried the image of the deity Chamunda, the family
deity of the Wodeyar family; other coins carried motifs drawn from nature and inscriptions in Nagri, Persian,
Kannada, and English at various points of time.

Coin of Hyder Ali

 

 
Rupee of Tipu Sultan
 

Coins of the Sikhs

Guru Nanak laid the foundations of a religious community, which gradually metamorphised into the Sikh
Empire, a formidable military power in North Western India. This transformation was brought about on account
of continued Mughal oppression. Constant harassment by the Mughal forces because of the failure of the Sikhs
to embrace Islam, led to the emergence of Sikh militarism. However it was with the defeat of Ahmad Shah
Durrani at Sirhind in 1710, that the Sikh league also known as Khalsa, came into its own. The whole tract of
land between Jhelum and Sutlej was divided among the Sikh chieftains. Around 1777 AD, coins were issued
from Amritsar without the name of the Mughal Emperor and were called 'Nanak Shahi'. These coins bore the
name of Guru Gobind Singh, the tenth and the last Guru of the Sikhs. The most distinguished statesman
amongst the chieftains was Ranjit Singh who successfully recaptured Amritsar, Ludhiana, Multan, Kashmir and
Peshawar. The treaty of 1809, with the British, confirmed his right to rule the tracts he had occupied south of
Sutlej. However, after his death, the Sikh Empire began to deteriorate and was finally annexed to the British
Empire in 1849. Most coins struck during the reign of Ranjit Singh bear a large leaf on one side and bear
Persian legends. He also introduced coins with Gurumukhi legends, mostly of the copper variety.

Coins of the Sikhs

 
Hyderabad

The Princely State of Hyderabad was founded around 1724 when Mir Qamar-ud-Din, the Mughal Viceroy of
the Deccan, assumed independence under the title of Asaf Jah and founded the dynasty of the Nizams of
Hyderabad. In the post 1857 era, the State of Hyderabad was one of the largest Princely States in India and later
came to be known as the 'Dominion of His Exalted Highness, the Nizam'. The State which covered territories
presently included in Andhra Pradesh, Maharashtra, and Karnataka was assimilated into the Indian Union in
September 1948. In matters of currency and coinage, the coins of the Nizams were issued in the name of the
Mughal Emperor till 1858 when a coin legend was introduced with the name of the founder of the state, Asaf
Jha. Thereafter, they were struck independently and the new coins were termed the 'Hali Sicca', i.e., the current
coins. In 1903-04 coins were machine struck for the first time. These coins featured the Charminar on the
obverse with Persian inscription Nizam-ul-mulk Bahadur Asaf Jah around it. The reverse carried the value.
These coins confirmed to the British coins in denominations and metals.

Coins of Hyderabad
 
Denomination Obverse Reverse

Ashrafi

Rupee
 8 Annas

4 Annas

2 Annas

Some Representative Coins of other Princely States

Coins of Datia State

  
Coins of Faridkot State
 

  
Coins of Udaipur
 
Denomination Obverse Reverse
 Rupee

Half Rupee

One Fourth Rupee

One Eight Rupee

One Sixteenth Rupee