The History of Coins in India reflects various aspects of the kings and their reigns, as it contains ancient designs, symbols, and stamps. India was one of the world’s first countries to issue coins and has been noted for its extreme variations in minting methods, themes, sizes, shapes, metals, etc. Since its beginnings, the Coinage of India has been a significant factor in the history of the nation’s economic growth. These Ancient Indian Coins have undergone a thorough investigation by numerous archaeologists and explorers.
The article discusses the history of Coinage in India, emphasizing Ancient Indian Coins, the Coin History of India, and more. Prepare the topic well for the upcoming UPSC Exam.
Table of content
The Ancient Coins in India in the Pre Historic and bronze Ages mainly consisted of cowry shells. The Indus Valley Civilization mainly depended on a barter system, with Harappans being known to be using metal coins of fixed weight.
Definite evidence of the usage of coinage in India dates to the 6th and 5th century BC during Janapadas. Kahapana, Karshapana, Nikkha or Nishka, Shatamana, Pada, Trinshatika, Vimshatika, and Suvarna are known to have been the predominant form of the coinage in India during this phase.
The Coinage of India also needs understating of the same during the Vedic Age. Nishka (gold) and nishka Greeva, ornaments of gold, Suvarna, and shatamana, could be found in references during this age. But whether these could be considered in the History of Coins in India is still being determined.
Punch-Mark Coins can be considered the conventional beginning of the History of Coins in India. Punch-Mark coins made of silver and copper were in circulation and were round, rectangular, or square in shape, as per evidence.
The art of modern engravers has been effectively projected to the general public through coins. The themes have ranged from allegories to depictions of monarchy, famous people, heroic exploits, and animals and plants. The next section goes into great length about the development and history of ancient Indian coins.
The earliest known coins are considered to be Punch Marked pieces produced between the seventh and sixth centuries BC and the first century AD. These coins were made using a “punch marking” process, hence the name.
The dating of common dynasty coin issues is debatable. These coins’ earliest examples come from the Indo-Greeks, Saka-Pahlavas, and Kushans. These coins are often dated between the second century BC and the second century AD. Apart from the portraits of the issuers, the silver coins of the Indo-Greeks are characterized by Hellenistic traditions, with Greek gods and goddesses playing a significant role.
Perhaps the first coins with dates were made by the Western Kshatrapas during the Saka era, which began in AD 78. The Indian calendar used by the Indian Republic is from the Saka era.
On South Indian coin issues, symbols and motifs were limited to dynasty crests like the bow and arrow (Cheras), boar (Chalukya), tiger (Chola), bull (Pallava), fish (Pandya and Alupas), and lion (Hoysala), among other things.
Ancient India had extensive trading connections with China, the Middle East, and Europe (Greece and Rome). This trade was conducted primarily on land along the path that became known as the silk route and primarily through sea trade.
Coins with the moniker “Three Swamy Pagoda” were produced by the British East India Company at the Madras Presidency and featured a design of Lord Balaji standing between Sridevi and Bhudevi. Over 192 pies/64 pies and 16 annas of British Coinage continued even after independence.
On the 15th of August 1950, the first coinage of Republic India of the Anna Series was introduced.
Currently, only the Indian government can issue coins in the nation. Following the introduction of the Coinage Act of 1906, it was declared. The Reserve Bank of India assists in the initial distribution of coins in the market.
Coming to paper money it was in the eighteenth century when this type of money was first introduced in India. The first banks to have issued paper money in India were the Bank of Hindostan, the General Bank of India, and the Bengal Bank.
Question: The silver coins of which among the following kings carried portraits and bilingual legends by the Kshatrapa types were inspired by?
Answer: Option A
Question: Who among the following rulers had stamped the figure of Goddess Lakshmi on his coins and had his name inscribed in Nagari Characters?
Answer: Option B
Read Full ArticleAccording to the History of Coins in India, the first coins with dates were made by the Western Kshatrapas during the Saka era, which began in AD 78. The calendar used by the Indian Republic is from the Saka era.
The Indo-Greeks were India's first kings to produce coinage that could be directly attributed to them. They were the first in India to produce gold coins. By the first century BCE, coins from other parts of India had progressively begun to influence the coinage of the Indo-Greek kingdom. Thus, the History of Coins in India can be attributed to Indo-Greeks.
India's coinage developed between the early first millennium BCE and the sixth century BCE, initially mostly consisting of copper and silver coins. Karshapana or Pana coins were used at this time.
Between the first millennium BCE and the sixth century BCE, ancient Indian coins may be traced. Coins manufactured of copper and silver were included in this period. Most of the ancient Indian coins discovered were stamped metal bars.
The Uniform coinage system of the Coinage of India was introduced in India in 1835 by the British.
Sher Shah Suri is regarded as the Father of Indian Coins. The Sanskrit word Rupyakam, which means a silver coin, is the source of the English word rupee. It has roots in the Rupiya, which Sher Shah Suri minted between 1540 and 1545. The RBI Act of 1934 still governs how the Reserve Bank of India issues money today.
Most of the ancient Indian coins discovered were stamped metal bars. The early historical Janpadas' coinage served as an inspiration for the metal stamped bars, which developed further with the rise of various dynasties.
The Bank of Hindostan General Bank in Bengal and the Bengal Bank were the first banks in India to print paper money in the 18th century. In British India, at this period, paper money was first issued.
