HISTORY OF COINS IN INDIA
Since the dawn of civilizations, humans have engaged in trade to facilitate exchanges. Trading doesn't necessarily require coins, as it can be done by recording debt. Indeed, debt, or rinn as mentioned in the Rig Veda, significantly contributed to the development of coins.
Although there is no evidence of coin usage in Harappa, cowrie shells have been discovered, suggesting they may have been used as currency by the Harappans.
Even today, women can be seen wearing necklaces made of cowrie shells in temples, signifying their historical use as currency, akin to how some women wear gold coins around their necks.
Cowrie shells, sourced from the Maldives, served as currency in both Africa and India until the 16th century, when the Portuguese disrupted the system.
- In addition to cowrie shells, various objects have been used as currency around the world. For instance, some communities in South America used cocoa beans as a form of currency.
Metal coins
- Today, when we refer to coins, we generally mean metal coins. Coins were used by merchants, nomads, and armies essentially, any group that needed to settle accounts while on the move.
- Some of the earliest metal coins in India, made of silver and copper, originated with the Mauryan Empire, driven by a commercial surge in the greater Bihar region. These coins were called Karshapana or punch-marked coins.
- The term ‘kosha,’ meaning treasury, is derived from Karshapana, and the English word 'cash' also has its roots in Karshapana.
- Around 500 BC, Greece, China, and India began using coinage simultaneously. These coins, often issued by mercantile guilds, featured images of natural objects like the sun and moon.
- During the Kushan period, gold coins appeared for the first time, featuring images of both Buddha and the king.
- In the Gupta period, gold coins known as dinars depicted the king and queen, as well as deities such as Lakshmi and Skanda, the warrior son of Shiva and Parvati.
Source: Wikipedia
Decline in gold coins
- After the Gupta period, there was a noticeable decline in the issuance of gold coins, and kings stopped featuring their faces on them. This change likely occurred because the necessity for such coins diminished; long-distance trade with distant lands like Rome had been supplanted by more localized trade as new markets emerged.
- As a result, the demand for gold coins decreased, and the old practice of recording debt to settle transactions resumed.
- During the period around 700-800 CE, coinage was prevalent in Northern and Western India, where the Pratiharas ruled. However, the Rashtrakutas in the South and the Palas in Bengal did not see the need for royal coinage for transactions.
- This shift did not signify a decline in trade but rather a change in trading patterns due to the rise of regional economies. Coins, therefore, offer significant insights into cultural changes as well.
Coins and culture
- Between 500 CE and 1000 CE, Indo-Sassanian coins were prevalent in Northwestern India. These coins featured a fire altar on one side, symbolizing Zoroastrian kings, and geometric representations of kings on the other.
- Chola coins were adorned with traditional symbols like a tiger and two fishes, reflecting their maritime trade with regions such as Indonesia and Java.
- After the 12th century, coins gained prominence during the Islamic period when sultans began inscribing their names on them to signify their authority.
- Although Islamic tradition discourages the use of images, early Islamic coins included both Arabic script with the names of kings and images of Hindu gods and kings. This practice likely stemmed from the belief that coins with divine images inspired greater trust.
- In the subsequent phase, coins like the Tanka or Rupiya (derived from Raupya, meaning silver, which was scarce and thus more valuable in India) issued by the Khiljis featured only Arabic script without royal or divine imagery.
- During the Mughal era, there was notable experimentation, such as Jahangiri coins that depicted Jahangir's image along with Zodiac signs, despite Islamic prohibitions. However, his successor Shah Jahan melted these coins due to disapproval from the Ulema.
- In the 17th century, Chhatrapati Shivaji Maharaj, upon his coronation as a Hindu king, minted gold coins with his name in Devanagari script to assert his sovereignty.
- Not all coins served political or economic purposes. The Rama Tanka, or pilgrimage token, found across North India is an example.
- During the Vijayanagara Empire, Varaha or Pagoda coins played a crucial role in building trust among communities. These coins were used even in Sultanates and by European traders, demonstrating that markets valued money over religious affiliations.
