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The coinage of India is primarily associated with currency, which dates back to the first century BCE to the 6th century BCE. Initially, the coins of India were made up of copper and silver. Coinage refers to metal coins used in economic transactions. From the earliest punched coins to today’s standard currency, India’s coinage tells a story that has evolved over time. In this section, we will look at the coinage of India and how it has evolved over time. This section also has the potential to appear in the various competitive exams including, UPSC, SSC, and EPFO. If you want to enhance your knowledge on such topics, then this blog is for you.
Table of Contents
Early Indian Coinage
The coinage of India provides valuable insights into the economic, social, and cultural history of the region. Apart from being a medium of exchange, it has also served as a symbol for a variety of artistic expression. We have mentioned some of the earlier Indian coinage from the pre-Mauryan and Mauryan periods.
- Punch-marked Coins: The oldest types of Indian coinage were punched-marked coins. These coins date back to the 6th century BCE, during the pre-Mauryan period. The state official punched some symbols such as the sun, moon, trees and animals into the metal to represent value and authority. These coins moved widely throughout India and beyond, including Afghanistan, showing a well-developed trading network.
- Mauryan Coinage: Mauryan Empire was founded by the Chandragupta Maurya in the 4th century BC. The Mauryan empire continued to use punch-coined designs but with more standardised designs. Coinage became an important part of government during the rule of Ashoka. Symbols like the Dharma Chakra and the lion have been punched to promote Buddhist values.
- Indo-Greek Coinage: The Indo-Greek kingdom was founded by the successors of Alexander the Great. Indo-Greek coins are made of gold or silver and depict the portrait of the governing king on one side and a Greek inscription on the other. The Indo-Greek Coinage were well-known for introducing bilingual inscriptions in Greek and Prakrit, which combined Greek and Indian components.
- Kushan Coinage: The Kushan empire succeeded the Indo-Greeks and created one of the most influential coinages in Indian history. Kanishka, the most famous Kushana emperor issued coins featuring deities from various religions, including Greek, Zoroastrian, Hindu, and Buddhist.
- Satavahana Coinage: The Satavahana dynasty ruled in central and southern India. They issued coins made of lead, copper, and silver that were square or rectangular in shape. Elephants, horses, and chaitya are the symbols shown on the coins.
- Gupta Coinage: The Gupta Empire is known as India’s “Golden Age”. The most well-known Gupta coins are the Gold dinars, which were introduced by Chandragupta I. These coins were round in shape and weighed approximately 8-9 grams. In addition to gold coins, the Guptas issued silver and copper coins for local circulation. The Gupta coins included images of deities.
Also Read: Did You Know These Facts About The Indian Currency?
Medieval Indian Coinage
The medieval period in India saw the rise of many kingdoms and Islamic rulers. They have an impact on Indian history. We’ve mentioned several Medieval Indian coinage here.
- Chalukya and Chola Coinage: The Chalukya and Chola were two powerful dynasties of South India that issued gold, silver, and copper coins. The lion, boar, and lotus symbols are featured on Chalukya coins. Chola coins depict the king on one side and inscriptions in Tamil and Sanskrit on the other side.
- Rashtrakuta and Pallava Coinage: The Rashtrakuta and Pallava ruled regions of South and Central India. They issued silver coins with the Rashtrakuta with the king’s name, while Pallava coins showed deities.
- Delhi Sultanate Coinage: The Delhi Sultanate marks the beginning of Islamic rule. The Sultans issued gold, silver, and copper coins with Arabic inscriptions. The silver coin known as tanka became the region’s main currency. The coins featured the ruler’s name and an Arabic inscription.
- Mughal Coinage: The Mughal Empire succeeded the Delhi Sultanate, and the coins they issued were recognised for their artistic excellence and use of calligraphy. The Mughals issued coins in gold (mohur), silver (rupee), and copper (dam). The silver rupee became the primary currency across the empire. The Mughal coins were marked with the emperor’s name and the date according to the Islamic calendar and they were decorated with floral patterns or calligraphy.
Colonial Coinage
The arrival of the East India Company brought many changes to the Indian coinage system. The British East India Company laid the foundation for modern currency.
- East India Company Coinage: While the East India Company arrived in India for trade, it established political power over major parts of the country. The Company created its own gold, silver, and copper coins with designs influenced by Indian and European traditions. The double mohur, a gold coin and the silver rupee became the standard currency in British-controlled regions.
- British Crown Coinage: After the revolt of 1857, the British Crown gained direct control of India and issued coins with the portrait of the British Emperor on one side and the inscriptions of English and Persian on the other. The Anna system, in which 16 annas are equal to one rupee, was introduced during this time period.
Also Read: 25 Interesting Facts About Money You Should Know
Modern India Coinage
After India gained independence in 1947, the country issued its own coins. These coin systems evolved over time and are still in use.
- In 1950, independent India released its first coins, which featured Ashoka’s Lion Capital.
- The paisa system was created, in which 100 paise is equal to one rupee.
- The coins were issued of various metals, such as copper, nickel, stainless steel and bi-metallic coins.
- Today, Indian coins are issued in denominations ranging from 1 to 10 rupees. The denomination and the Lion Capital are printed on the coins.
- The Reserve Bank of India (RBI) designs, produces, and issues coins in the country.
Every coin, from the oldest to the most recent, conveys a story about history. It reflects the values and achievements of the time in which it was made. Indian coinage continues to evolve, conserving the history of the past while addressing the challenges of the present and future.
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FAQs
Coinage refers to metal coins used in economic transactions. The coinage of India is primarily associated with currency, which dates back to the first century BCE to the 6th century BCE. The coinage of India provides valuable insights into the economic, social, and cultural history of the region.
The oldest types of Indian coinage were punched-marked coins. These coins date back to the 6th century BCE, during the pre-Mauryan period. The state official punched some symbols such as the sun, moon, trees and animals into the metal to represent value and authority,
Coins commonly in circulation are one, two, five, ten, and twenty rupees.
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