INDIA'S EARLIEST COINAGE

It is evident that the first coins were minted in India just before 5th century BC. Few scholars/historians have suggested that India had her coinage in the 8th century BC (much earlier than Lydia/Ionia). The archaeological evidence reveals that Indians invented coins around 500 to 400 BC. Panini (500BC), in his treatise Ashtadhyayi has written about coins and its fractions - Satamana(sata=100 mana=units), Nishkas, Sana, Vimastika, Karshapana. Each unit was called 'Ratti' weighing 0.11gram, a mass of Gunja seed (black tipped bright red seed). Satamana typically weighed 11 gms, and Karshapana weighed 32 rattis.

It is in 500 - 600 BC, silver became abundantly available of which most of it came from Afghanistan and Persia as a result of international trade. Silver for coins were available in three types, namely Tuthatat of Tutha mountain, Gandika from Burma, and Kambu from Afghanistan's Kamboja. Kambu silver was used for earlier coins more than the other two types. Certain small ingots of silver whose mark is three circular dots, often known as pulley, represents probably the earliest form. The heavy bent bars of silver and copper with heptha radiated symbol stamped on the two ends of concave surface seems to be the next in order. These two categories are computed to have been in circulation as coins atleast as early as 600 BC.

On the other hand, from every ancient Indian sites, from Kabul till the modern Tamilnadu, thousands of pieces of silver alloys have been recovered and they are numismatically known as Punchmarked coins due to the manufacturing techniques used in them. These coins were made of much alloyed silver, not of gold or electrum that were used in Lydian and Ionian coins. The silver in the form of thin sheets were clipped to adjust them into proper weights. These rectangular, square, oval and sometimes curious shaped sheets were then impressed with one to six symbols by means of separate punches mostly on one side. Of these symbols, sun and six armed wheel are most consistent which leads us to believe that they are the descendants of Surya dynasty (Surya Vamsi). The other varying symbols were probably to guarantee the weight and purity.

Until 19th century, they did not draw much attention, it is only during 1890, when W. Theobald took a special attention in analyzing the symbols, it was understood to have varieties of forms such as hill, animal, reptile, human figures and other objects. Two well known numismatists, D. R. Bhandarkar and Dr. DB Spooner put forward their theory saying that punching of various symbols followed a definite pattern and these were the royal issues. They further sparked later investigations into the fabric, mass, area, period of circulation, metrology etc., Yet, due to lack of inscriptions, punch marked coins are not clearly assigned to a particular king/dynasty. Perhaps, the punchmarked coinage is conjectured as a natural development like that of Paper Hundi or note of hand, originally struck by gilds or private merchants and subsequently passed under royal control.

The origin of symbols which are found on the punch marked coins could be traced back to the culture since prehistoric times. Only drawings conveyed meanings those days. A simple representation of cow or bull on a precious metal of cow's worth probably has made their trade much easier than physically exchanging cow with other essential commodities. The prominent symbols such as SUN, six armed wheel explains why royal authorities punched them to transform into a newer unit of wealth.

It is apparent that these punch marked coins belonged two distinct periods - the coins of the first period contains one to four symbols and they are characterized by a specific weight though the symbol varied significantly from type to type. These coins belonged to a period when India had many janapadas and few Mahajanapadas (small and large states). Janapadas namely Uttara Panchala, Rohilkhand, Dakshina Panchala, Daob, Saurashtra, Malla, Kamboja and Kuntala had only one symbol in their coinage. Gandhara produced the curious bent silver bar with heptha radiated symbols on its both ends on the obverse. Janapadas such as Kashi, Magadha, Koshala, Sadanira, Chedi, Avanti, Dakshina Koshala, Ashmaka, Vanga and Prachya produced Four-Symbol coinage.

Between mid sixth and fourth century BC, the Janapadas and Mahajanapadas were gradually absorbed into the rising Magadha empire, and coinage further evolved into five symbol form but in conceivable shapes. During Ashoka's reign, the empire covered most of the country and coins also spread with imperial Maurya expansion. These coins were termed by numismatists as Imperial series of punch marked coins. The imperial series coins weighed 32 rattis in weight and termed as Karshapanas. The coins are pieces of silver metal sheet of varying thickness, but they weighed almost the same (50 to 52 grains) except for varying shape and size. They can be as broad as 30 mm and as small as 8 to 10 mm. The thickness varies from fraction of mm to 2 mm. In the new system, the coins were grouped based on the symbol grouping. A symbol SUN is almost present in all symbol groups and hence coins bearing sun is assumed to have issued without break. The second more complex symbol - six armed wheel places several varieties in the same group. The third symbol in the classification table shows strong affinities among themselves, and they are formed of hill, animal, taurine etc. They have seven such categories and are termed as class symbol . The fourth place is assigned to symbols within the above class. The fifth varied largely and there are more than one group whom they associated. They represented a hide and seek pattern and are the largest. The coins hence may be assigned with a series number based on the fabric. The series one and two hence takes thin fabrics. Medium fabrics occupies second and third series. The series five is occupied by both medium and thick fabric. The series six and seven are entirely of thick fabric. The first four series have either minute reverse punch marks or just blank. The series five has minute as well as bold punch mark. The series six and seven reverses have bold punch marks.