The PUNCH

MARKED

C IN’S

VIVA COLLEGE OF ARTS,

COMMERCE

& SCIENCE.

CLASS: THIRD YEAR BACHELOR OF ARTS.

ACADEMIC YEAR: 2008 – 2009

SUBMITED BY: ISHAN MADHUKAR

GAIKWAD.

PROJECT GUIDE: Mr. Sunil AlmeIda

THIS IS TO CERTIFY THAT THE PROJECT TITLED THE

“PUNCH MARKED COIN’S” IS AN ORIGINAL WORK AND IS

BEEN SUBMITTED IN PARTIAL FULFILLMENT FROM THE

BACHELORS DEGREE OF ARTS UNIVERSITY OF MUMBAI.

NAME : ISHAN MADHUKAR GAIKWAD

ROLL NO:

PLACE : VIRAR.

DATE :

SIGNATURE OF STUDENT:

WE HEREBY CERTIFY THAT ISHAN

MADHUKAR GAIKWAD OF VIVA COLLEGE OF ARTS,

COMMERCE AND SCIENCE STUDYING IN T.Y.B.A HAS

COMPLETED HIS PROJECT ON THE “PUNCH MARKED

COIN’S” IN THE ACADEMIC YEAR (2008-2009) THE

INFORMATION SUBMITTED IN THE PROJECT IS TRUE

AND ORIGINAL TO THE BEST OF MY KNOWLEDGE .

SUNIL ALMEIDA.

(PROJECT GUIDE)

I AM EXTREMELY PLEASED TO THE TEACHERS OF

T.Y.B.A (HISTORY), THE SECOND REVISED EDITION OF

ELEMENTS OF ARCHEOLOGY, MUSEOLOGY & LIBRARY

SCIENCE. THE PRESENT WORK IS A PIONEERING ATTEMPT TO

STUDY INDIAN PUNCH-MARKED COINS AND CONTAINS

TECHNICAL AND SCIENTIFIC STUDY OF AN UNPUBLISHED

HOARD OF SUCH COINS RECOVERED BY TAXILA UNIVERSITY.

I HAVE MADE A SINCERE EFFORT TO PRESENT THE VARIOUS

CHAPTER IN THIS PROJECT TITLED “PUNCH MARKED COINS” IN

AN ORDERLY MANNER IN SIMPLE LANGUAGE.

I ONCE AGAIN THANKFUL TO PROFESSOR SUNIL ALMEIDA FOR

ENCOURAGING ME TO PRESENT THIS PROJECT. THIS PROJECT

HAS BEEN COMPLETED BECAUSE OF MY FRIEND SIDDHESH

PAWAR AND MY PARENTS CO-OPERATION.

IndEX

SR.NO. CHAPTER PG.NO.

INTRODUCTION. 1

FEATURES OF PUNCHED MARK COINS. 5

1. INDIAS FIRST COINAGE. 6

1.1 MAURYAS, THE FIRST EMPRORS. 13

1.2 POST MAURYAN PERIOD. 16

2. THE OLDEST COIN I THE WORLD. 18

2.1 ELECTRUM. 19

2.2 ELECTRUM STATER OF MILETOS. 20

2.3 PUNCH-MARKED KARSHAPANA OF 21

ASHOKA THE GREAT.

2.4 SYMBOLS. 22

3. SOURCES OF ANCIENT INDIAN COINS. 27

4. SOTHERN INDIAN COINS. 31

4.1 THE CHOLAS OF TANJAVUR. 31

4.2 THE VIJAYNAGAR EMPIRE. 33

CONTRIBUTION OF COINS THROUGH HISTORY OF OUR

COUNTRY.

History is a study of our past and coins contributed a great deal to it. It

may be pertinent to point out that our ancient Indian script Brahmi was

deciphered by James Prinsep in 1837 AD on the basis of study of Indo-Greek

bilingual coins, the same way the Egyptian hieroglyphic script was analysed by

French scholars after studying the multilingual inscription found on Rosetta

stone.

The study of ancient and medieval Indian coins brought to light the names of

many kings about whose existence there was no literary or inscriptional

evidence. For example the recent discovery of Kotalingala coins in the

Karimnagar district of Andhra brought out the coins of unknown Kings namely

Gobada, Narana, Kamvayasa , Sirivayasa and Samagopa. These kings ruled part

of Andhra after the fall of Mauryan empire and they preceded Satavahanas. It is

also true of medieval period when kings like Yildis and Qubacha ruled parts of

Northwestern India during the rule of some Delhi sultans. These kings were

known to the historians as governors of those provinces but their coins prove

that they were independent rulers. Same is true of many such kings in different

parts of India who came to be known through their coin finds.

The coins also helped in corroborating the information provided in puranas.

Vayu, Vishnu, Brahmanda, Baghavata and Matsya puranas mention about

Satavahana kings and coins of some of those kings found in different parts of

Deccan support the puranas. But facts provided by coins seem to be more

accurate than puranas. For example name of the first king of this dynasty is

mentioned variously as Chismaka, Sindhuka, Balyhita, Simuka etc in different

Puranas but coins name him as Chimuka which must be correct since they were

issued during his rule while puranas were written centuries later and hence

many inaccuracies crept into them. Coins of some rulers of the family were

found which were missed out in the Puranas namely Kumba and Karna. Hence

coins help in reconstructing our ancient history much more accurately than what

is possible from other sources.

The coins also help historians in ascertaining the religious leanings of those

kings. Though Kushan kings helped Buddhism, their leanings were towards

Hinduism, much more so with Shaivism. Their coins depict Siva, Bull and

Trisula. The symbols on coins such as tree in railing, arched hill and elephant

suggest the ruler was a Buddhist. Such symbols on some of the Satavahana

kings clearly demonstrate their faith. Though majority of later rulers of

Vijayanagara dynasty favoured Vaishnavite faith and some kings even used

'namam'symbol on their coins, the early rulers leaned toward shaivism. The first

dynasty kings of Vijayanagar namely Sangama were shaivites and their coins

depicted Bull, Umamaheshwara and Durga. Vaishnavite symbols found on coins

of Vijayanagara rulers were: Hanuman, Garuda, Venkateshwara , Balakrishna,

Srirama etc. It was no surprise that Tirupathi became very popular during the

rule of later Vijayanagar kings and continues to be so.

The coins also point out the economic conditions of those times. Delhi sultans

namely Alauddin and Qutbuddin of Kalji dynasty issued a wide variety of gold

and silver coins in large numbers due to their treasury being full with the loot

and plunder of southern kingdoms. Whereas scanty coins of base metals issued

by their successors suggest chaotic economic conditions of that period. Coins

found in hoards and excavations reveal the trade of those times. For instance

punch marked coins discovered in hoards in Andhra revealed that a significant

proportion of those coins belonged to the north suggesting that there was a

brisk trade between north and south in the country more than two thousand

years ago. Similarly Roman coins were found in Andhra and other areas mixed

with coins of local kings implying that there was maritime trade during those

years with Rome.

Coins also help in finding out the personal traits of individual kings who issued

them. For instance Muhammad Bin Tughlaq, who was ahead of his times, issued

coins in the name of his dead father whom he killed in remorse in his early years

of rule. His successor Firoz brought out coins in the name of his dead son. Some

Delhi sultans were megalomaniacs, for example Alauddin called himself the

second Alexander and Qutbuddin declared his faith in Islam in grandiose terms

and called himself ' the supreme head of the religion of Islam, Khalifa of the lord

of heaven and earth'.

Some kings issued coins of his predecessor by putting a counter mark on it

which helps in finding out who followed whom. For example Gautamiputra

Satakarni issued coins of Nahapana with his counter mark corroborating the

historical evidence which suggested that he defeated him.

All of us now use only token currency but in India such token currency was

issued by Muhammad Bin Tughlaq 700 years ago. It was of course a failure since

people would not accept it. This was a token coin made of brass and he wanted

people to accept it as equivalent to silver which was 50 times costlier than brass.

The idea of token currency then was brilliant but being way ahead of times

ended in a fiasco.

The chemical analysis of the coins reveal the metals which were available then.

Billion coins were issued by many medieval kings and this is an alloy of silver

and copper. Lead coins were issued by Andhra Kings more than 2000 years ago

and they look well even today proving that our ancestor’s metallurgical

knowledge of lead alloys was commendable.

To conclude the study of coins is very useful for the reconstruction of our

ancient Indian history. The coins reveal many interesting facts about the kings,

their dynasties, religious beliefs, personal traits and economic conditions etc of

those times.

THE FEATURES OF PUNCH MARKED COINS

The following are the principles of Punch Marked Coin’s:

a) The earliest coin of the India have only figures, devices or symbols. They

were in various forms like hills, trees, birds, animals, reptiles, human

figures, floral and geometrical patterns, religious symbols etc. they did not

contain and inscription.

b) The coins of ancient period have the shapes of the conceivable liner,

geometrical forms, round, oval and elliptical. They bear the stamps from

the one to five punches.

c) The coins enable us to isolate the coins of one area from those of another

one.

d) The early silver punch marked coins have been found in large numbers,

scattered all over the country.

e) These coins are found only in a particular area or locality. Some or

probably all of the Mahajanpadas might have been using metal as

currency and money during the later vedic period.

The states which issued the Punch Marked Coin’s were:-

1) Surasena

2) Uttar Panchala

3) Vatsa

4) Kasi

5) Magadha

6) Gandhara

7) Vanga

8) Malla

9) Kalinga.

CHAPTER ONE

INDIA'S FIRST COINAGE

It is very difficult to know today where the concept of coinage first evolved, but

based on available evidences, it appears that the concept of money (as coins,

which by definition here would be a piece of metal of defined weight stamped

with symbol of authority for financial transaction), was conceived by three

different civilizations independently and almost simultaneously. Coins were

introduced as a means to trade things of daily usage in Asia minor, India and

China in 6th century BC. Most historians agree that the first coins of world were

issued by Greeks living in Lydia and Ionia (located on the western coast of

modern Turkey). These first coins were globules of Electrum, a naturally

occurring alloy of gold and silver. These were crude coins of definite weight

stamped with incuse punches issued by the local authorities in 650 BC.

Most likely the first coins of India were minted just before 5th century BC in

northern and central India. Although, few historian have suggested (based on

vedic records) that India minted perhaps the first coins of the world which were

introduced even earlier than Lydian/Ionian coins, in 8th century BC; most

scholars do not agree with this theory. Both, literary and archaeological

evidence confirm that the Indians invented coinage somewhere between 5th to

6th century BC. A hoard of coins discovered at Chaman Huzuri in 1933 contained

43 silver punch-marked coins (the earliest coins of India) with Athenian (coins

minted by Athens city of Greece) and Achaemenian (Persian) coins. Bhir (Taxila)

hoard discovered in 1924 contained 1055 punch-marked coins in very worn out

condition and two coins of Alexander in mint condition. These archaelogical

evidences clearly indicate that the coins were minted in India long before 4th

century BC i.e. before Greeks advanced towards India (Alexander's invasion of

Persia and India). Panini wrote Ashtadhyayi in 4h-5th century BC in which he has

mentioned Satamana, Nishkas, Sana, Vimastika, Karshapana and it's various

sub-divisions to be used in financila transactions. Thus coins are known in

ancient Indian literature from 500 BC. There is also a strong belief that silver as

a metal which was not available in Vedic India (pre 600 BC), became abundantly

available by 500-600 BC. Most of the silver came from Afganistan and Persia as

a result of international trade.

The earliest coins of India are commonly known as punch-marked coins. As the

name suggests, these coins bear the symbols of various types, punched on

pieces of silver of specific weight. Interestingly earliest Indian coins have no

defined shapes and they were mostly uniface. Secondly, these coins lack any

inscriptions written in contemporary languages and almost always struck in

silver. These unique characters makes early Indian coins very different than their

contemporaries in Greece. Many early historians believed that concept of

coinage was introduced in India by Greeks. But unlike Indian punch-marked

coins, Greek coins had inscriptions, they were round in shape, were stamped on

both the sides and minted using silver, electrum and gold too. Today we are

certain that the concept of coinage was invented in India independent of foreign

influence which imparted the unique characteristics to these punch-marked

coins, not seen in any other coins of the ancient world.

Punch-marked coins are marked with 1-5 (and sometimes more) marks

representing various symbols. Two well known numismatists, D. B. Spooner and

D.R. Bhandarkar after careful study independently concluded that the punching

of various symbols representing animals, hills, tree and human figures followed

a definite pattern and these coins were issued by royal authority.

First coin of India (?)

Before 5th Century BC

Minted in Madhyadesha?, found

near Mathura

Silver unit Seven punch marks

Weight: 7.14 gm

In Rig-Vedic period (Rig Veda is the

first out of the four Vedas which

contains scriptures and hymns in

Sanskrit, probably composed in 8th-

10th century BC), the small kingdoms

came into existance all over the

suncontinent from Kabul (Kubha in

Sanskrit) to upper Ganga (Ganges).

most of these were the small states

under hereditary monarchs and few

republics. These small and large

states called Janapadas and

Mahajanpadas. About 6th century

BC, sixteen Mahajanapadas or

kingdoms rose to pre-imminence in

India. According to ancient text

Anguttara Nikayas they were as

follows: Anga, Magadha, Kashi,

Koshala, Vajji, Malla, Vatsa, Chedi,

Kuru, Panchala, Matsya, Surasena,

Ashvaka, Avanti, Gandhar and

Kamboja. One of the earliest coins of

india were minted by following

Mahajanapadas.

1) Ganga River valley :

Kashi

Koshala

Brij (?)

2) Upper Ganga river valley :

Kuru-Panchala.

3) Indus river valley : Takshashila

(Taxila) & Gandhara

(Pushkalavati)

4) Southern India (Godavari and

Narmada river valley):

Ashmaka or Ashvaka and

Avanti

Each of the kingdom have issued distinct type of silver coins to facilitate the

trade. Shown above is possibly the earliest coin of Indian subcontinent which

was found near Mathura. This rectagular coin, made of almost pure silver, was

issued in central India or Madhyadesha. It has seven distinct punch marks

including central `pentagon enclosing a sphere' punch mark. None of those

marks show much resemblance to punch marks routinely seen on coins of other

Janapadas. Three other punch-marked coins of India minted by Taxila, Koshala

and Ashmaka Janapadas are shown below. These are some of the earliest coins

of the India.

Koshala Janapada

600-470 BC

Silver, One and Half Karshapana ?

Weight: 4.68 gm ( 48 ratti)

Reference: Series III, Group A of

Hardaker, Rare

Ancient Indian coinage was based on

`Karshapana' unit that consists of 32

rattis (3.3 grams of silver). A `Ratti' is

equivalent to 0.11 gms which is the

average weight of a Gunja seed (a

bright scarlet colored seed).

Subsidiary denominations of

Karshapana like half Karshapana (16

ratti), quarter Karshapana (8 ratti)

and 1/8 of Karshapana (4 ratti) were

also minted. Shown below is a fine

example of 1/8th of Karshapana

which is as usual uniface. On obverse

is septa-radiate single punch

(identical to what is seen on two

ends of Satamana bar).

Taxila Janapada

5th Century BC

silver, 1/8th Karshapana

Septa-radiate single punch Mark,

Uniface

Weight: 1.4 gm (4 ratti)

The Pradyota kings of Avanti had a

large kingdom covering central and

western India. It was prosperous

nation due to the commerce with

Mesopotamia through a sea port at

Bharoch (modern Gujrath). Shown

below is a beautiful example of one

of the earliest coins of India minted

by Ashmaka kingdom in southern

India or Deccan. This coin which is

considered as double Karshapana, is

from a hoard that surfaced in village

of Ashmaka in Maharashtra in 90s.

Although this type was first

published by Elliot in the 1870s, very

few specimens have been around

until the recent hoard.

Ashmaka Janapada

600-350 BC

Silver, Double Karshapana

Pulley Type, Uniface, Weight: 6.7

gm.

Most of these Janapadas were

subsequently absorbed into

Magadha empire (ruled by

Saisunaga dynasty) between 600-

321 BC. Pradyotas of Avanti were

defeated by Saisunaga in 400 BC.

The most remarkable king of

Magadha was Bimbisara (also called

Shrenika) who ascended on throne in

545 BC. He annexed kingdom of

Anga (east Bihar) and married

princesses of Koshala and Vaishali

thereby expanding his kingdom to

the borders of Nepal. He was a very

efficient administrator and built the

city of RajGriha (Rajgir in Bihar).

Both, Goutam Buddha and Mahavir

Jain preached their doctrines during

his reign. His son Ajatshatru (494-

462 BC) defeated many of his

adversaries including humbling his

uncle Presanjit of Koshala. He

founded the city Pataliputra

(modern Patna) which was

metropolis of ancient India for next 4

centuries.

In ancient India during 600-321 BC, many Janapadas issued coins with only one

symbol like Lion (Shursena of Braj), humped bull (Saurashtra) or Swastika

(Dakshin Panchala). Four symbol coins were issued by Kashi, Chedi

(Bundelkhand), Vanga (Bengal) and Prachya (Tripura) Janapadas. Five symbol

punch marked coins were first issued by Magadha which were continued during

Mauryan expansion. Shown below is a very rare coin of Kalinga Janapada which

is in mint condition. This is from a recent hoard which supposedly surfaced from

river delta; about half square and rest circular in shape.

Kalinga Janapada

500-350 BC

Silver, half Karshapana

Uniface

Weight: 1.6 gm

Very Rare

Ajatshatru was followed by many

kings who eventually lost this

kingdom to the family of Nandas. To

maintain the huge army of 200,000

infantry and 3000 elephants

(supported by Greek evidence),

Nandas had to resort to heavy

taxation which was detested by

people. They found a new leader in

Chandragupta Maurya (321-297 BC)

who eventually with the help of

Taxilian Bramhin Kautilya or

Chankya overthrew the Nanda ruler

and laid the foundation of illustrious

dynasty of Maurya.

1:1 MAURYAS, THE FIRST EMPERORS:-

Mauryan Empire (Asoka the great?)

310-181 BC

Silver Karshapana

Obverse: 3 deities and peacock

Reverse: Peacock on hill

Weight: 3.35 gm (32 rattis)

Reference: GH, Series VII

Scarce.

Most likely, emperors of Maurya

dynasty ruled the largest empire

that ever existed in the Indian

subcontinent. Soon after the death

of Alexander, his empire was divided

among his generals. One of his

general Seleucus assumed the title of

King in 312 BC. He invaded India but

was repelled by Chandragupta

Maurya. Seleucus surrendered a

large part of Gandhara (modern

Afganistan and Pakistan). Seleucus

sent an ambassador named

Magasthenes to Chandragupta's

court, who has written detailed

account of might and pomp of

Mauryan empire. Chandragupta

(according to Jain scripture

converted to Jainism and spent his

last days at Shravan Belgola in

southern India) was followed by his

son Bindusara who increased his

empire by annexing Deccan. His son

Asoka seized Pataliputra after his

father's death and enthroned

himself as emperor. Asoka is the

greatest emperor of Muaryan

dynasty and most certainly the

greatest figure in the Indian history.

He was an ambitious ruler who

annexed a large part of southern and eastern India, including the

kingdom of Kalinga (modern Orissa)

Shown above is a an interesting silver Karshapana (mentioned in ancient

Sanskrit treatise Manu smruti being 32 rattis in weight) minted by Mauryan

authorities. The most striking feature of this punch-marked coins is presence of 3

deities, struck from single punch. It is very rare to see any human figure or

deities on punch-marked coins. Shown below is another coin minted by Mauryan

emperor which shows sun, the symbol of Mauryan.

Mauryan Empire

310-181 BC

Silver, Punch-marked coin

Weight: 2.3 gm

During Asoka's reign, the Mauryan

empire reached zenith covering an

area from modern Afganistan in

west to Assam in east and in north

from Himalayas to modern Andhra

Pradesh in southern India. These

imperial punch marked coins have

been discovered in all the regions

which cover modern India, Pakistan

and Afganistan, truly representing

the glory of the mighty Mauryan

empire. Although, Kalinga war

proved to be turning point and

produced far reaching consequence

in the history of India and whole

eastern world. Asoka came under

influence of Buddhist philosophy and

later sent his son (or brother?)

Mahendra to Sri Lanka who

converted king Devanampiya Tissa

and eventually the entire island

country to Buddhism.

Emperor Asoka drew up a code of laws noted for their humanity and erected

hundreds of stone pillars and magnificent Buddhist Stupas (dome shaped

monuments). It is believed that Asoka erected almost 85,000 stupas and pillars

all carved in stone with teachings of Buddhism engraved on them. After two

thousand years, we can still see ruins of them in most states of india including

Gujrat, Bihar, Madhya Pradesh and Tamilnadu. Some of Asoka's edicts , carved

on pillars and rocks, form the earliest known epigraphs in the subcontinent.

These pillars are made out of shafts of sandstone and display Buddhist symbols

such as the wheel and the lion. These pillars are some of India's earliest major

stone sculptures.

The great Stupa at Sanchi is perhaps the finest surviving relic of the Mauryan

empire. This great stupa is 54 feet in height and surrounded by exquisitely

carved stone railings and four gateways. These elaboratley carved gateways

depicts events in life of Buddha and also lifestyle of people of that era. A famous

Lion-Capital (four-lion pillar which is shown above) gleams in polished white

sandstone realistically represents the artistic achievements of Indian artists and

patronage of their masters. This Lion-Capital that Asoka erected at Sarnath (in

modern madhya Pradesh) has become the national emblem of modern republic

of India. All the coins and currency notes of modern India have this four-lion

symbol on it. The Mauryan Empire is famous for its great achievements in art,

culture architecture and literature. The classics of Indian literature, such as the

Arthashastra of Kautilya (a treatise for kings about ruling a state) and the

famous Kama Sutra by Vatsayan (unfortunately, today it is considered as just

the book for art of Love-Making) were written during Mauryan reign.

1:2 POST-MAURYAN PERIOD:-

Asoka was the last emperor of Mauryan empire which started it's decline soon

after his death. Many kingdom arose out of ruins of this great empire. Northern

India was divided into many republics (?) which were controlled by various

ganas (tribes) like Achuyta, Ahicchatra, Arjunayana, Ayodhya, Eran, Kaushambi,

Kuninda etc.. The coins issued by these republics/Kingdoms are very interesting

both historically and numismatically.

Amoghbhuti

Late 2nd Century BC

Silver Drachm, Bilingual

Obverse: Deer and Deity, Brahmi

Legends

Reverse: 6 symbols, Kharoshti

legends, Weight: 2.4 gm.

Kuninda, which referred as Kulinda

in ancient literature, issued very

attractive silver coinage in late 2nd

century BC. These coins were issued

by king Amoghbhuti who ruled in the

fertile valley of Jamuna, Beas and

Sutlaj rivers (modern Punjab in

northern India). The obverse of the

coins shows a deer and Laxmi

(goddess of wealth) is holding lotus

in her uplifted hand. Between horns

of deer, a cobra symbol is depicted.

The reverse shows 6 symbols. Hill

and river below, Nandipada (hoof of

bull), tree in railing, Swastik and Y

shaped symbol. Interestingly, the

coins were bilingual. On obverse,

legends were in Prakrit (closely

related to Sanskrit), written in

Brahmi script while on reverse were

in Kharoshti. The legends on obverse

reads Rajnah Kunindasya

Amoghabhutisya maharajasya. The

reverse bears Maharajasa in

Kharoshti script at the same place

where Indo-Greek and Saka coins

depicted their ruler's names.

These coins represent the first ever effort of an Indian ruler to issue silver

coinage which could compete in market with that of Indo-Greek coinage. Indo-

Greek kings who ruled in neighboring areas (Bactria and Punjab) issued

breathtaking examples of silver coins which, were highly sought after. This

made Amoghbhuti to issue coins of purely Indian design but of exceptional

beauty to ensure economic superiority over his neighbors. Shown above is this

very attractive silver coin of ancient India.

Kuninda kingdom was eventually invaded by Kushan and Shakas in middle of

first century BC. Both, Indo-Greek and Kuninda kingdoms were annexed to make

next great empire of India, Kushan empire .

CHAPTER TWO

THE OLDEST COIN IN THE WORLD

The heritage of ancient coins is a subject that intrigues and delights collectors

and scholars the world over. The oldest coin available today was discovered in

Efesos, an ancient Hellenic city and prosperous trading center on the coast of

Asia Minor. The 1/6 stater, pictured below, is more than 2,700 years old, making

it one of the very earliest coins. Made from electrum, a natural occuring alloy of

gold and silver, the coin originated in the area of Lydia. It had a design on one

side only, a result of the primitive method of manufacture. This ancient stater

was hand struck. A die with a design (in this case a lion's head) for the obverse

(front) of the coin was placed on an anvil. A blank piece of metal was placed on

top of the die, and a punch hammered onto the reverse. The result was a coin

with an image on one side and a punch mark on the other.

The stater is a key exhibit in the

Department of Coins and Medals of

the British Museum, which houses

one of the world's finest numismatic

collections, comprising about 1

million objects. The earliest issues,

thought to date from the reign of

Alyattes (about 610 - 560 BC) or

perhaps his predecessor Sadyattes -

both of the Mermnad dynasty -

feature the Lydian kings' emblem of

a roaring lion, almost always with a

curious knob, often called a "nose

wart," on its forehead.

2:1 ELECTRUM:-

The Pactolus River beside the slopes of Mount Tmolus in the kingdom of Lydia

was one of the most important sources of electrum in the ancient world.

According to Greek mythology, the river acquired its electrum when King Midas

of nearby Phrygia bathed in it to wash away his golden touch, which had turned

even his food into gold, a telling parable about the destructiveness of wealth. In

actuality, The Paktolos River acquired its electrum from electrum-laden quartz

deposits near Mount Tmolos (called Mount Bozdag today).

The alluvial deposits of gold were mixed with as much as 40% silver and some

copper; such a gold-silver mix is called electrum. The earliest coins were made of

electrum with a standardized 55% gold, 45 silver and 1-2% copper concentration

and had either no design or a some apparently random surface striations on one

side and a punch impression on the other.

Just as the rulers of the Middle East today have become wealthy from oil, so the

ancient Lydian kings became rich by accumulating and minting coins from

electrum. The capital city of ancient Lydia was Sardis, and it was a major

commercial center linking the Asian kingdoms of the east with the coastal Greek

cities of Ionia, including Miletus. It is not an accident that the first coins

appeared in the important commercial centers of Lydia and adjacent Ionia, nor

that the first system of bimetallic currency - the first system of interrelated gold

and silver issues - was also developed there. As the 19th century German

historian Ernst R. Curtius wrote, "The Lydians became on land what the

Phoenicians were by sea, the mediators between Hellas and Asia."

2:2 ELECTRUM STATER OF MILETOS:-

The most famous coin type of ancient Miletus, and one of the earliest of all coins

that can be attributed to a particular city, is the electrum stater that features a

crouching lion regardant on the obverse, and three incuse punches on the

reverse. Although they are not excessively rare, these electrum staters

(weighing just over fourteen grams) are understandably very expensive. The

fourteen-gram staters, however, represent only one denomination in a complete

denominational series that also included thirds, sixths, twelfths, and twenty-

fourths of a stater, and perhaps smaller denominations as well.

Several Greek cities, including

Miletos, as well as the Lydian kings

began minting these first coins by

stamping the badge of their city into

one side of a standard weight lump

of electrum and various punches into

the other. These devices were used

to facilitate trade by certifying that

the intrinsic value and weight of the

metal was guaranteed by the issuing

authority. Of these first coins, those

of Miletos like the current example

(600-550 BC), are probably the finest

from an artistic perspective. The lion,

cleverly configured with its head

reverted and tail curled over its

haunch to neatly fit within the

rectangular frame, is a masterpiece

of Archaic Greek art. Mean

Diameter: 21 x 17.5 mm. (0.827 x

0.689"). Weight: 13.91 gm. (0.435

Troy oz.)

2:3 PUNCH-MARKED KARSHAPANA OF ASOKA THE GREAT:-

Five symbols:

1. Sun.

2. Sadaracakra (dynasty wheel) or Dharmacakra (Wheel of Dharma) (type

uncertain).

3. Caduceus (Ashoka's royal symbol).

4. Three-arched hill.

5. Triskeles and unknown symbol.

Ashoka's mudra (Caduceus) :

Chandragupta Maurya's Prime

Minister Kautilya (also known as

Chanakya) describes in his book

Arthashastra how the coins of this

period were made. The metal was

melted, purified with alkalies,

beaten into sheets, and cut into

pieces. Subsequently, the symbols

were punched on these pieces. Since

the pieces had to be cut and clipped

to make them conform to a

particular weight, coins were made

in all kinds of shapes and sizes.

Sometimes, metal of the desired

weight was melted and either

poured on a flat board to take its

own shape or made into pellets,

which were then flattened.

2:4 SYMBOLS:-

Initially, the coins carried only one symbol. Gradually, the number of symbols

increased to two, and then five. If the coin bore a single symbol, it was placed at

the center of the flan. If there were two symbols, they were placed side by side.

Four symbols were usually placed in pairs (one pair opposite the other).

The flan of the coin was often much smaller than the size of the punches.

Therefore, in coins with four or five symbols (such as the one I have posted), you

would find parts of the symbols off the flan or overlapping one another. These

factors (coupled with the astounding varity of the symbols) often make the

correct identification of the symbols very challenging (especially for a newbie

like me).

Originally, the symbols were punched only on one side of the coin (which may be

called the obverse). When the coin became worn, a fresh symbol (or group of

symbols) was pressed on the reverse. For coins bearing four or five symbols, the

reverse was either blank or bore minute symbols (mostly one or two in number),

which are believed to be those of shroffs or money testers. Coins of later period

(bearing five obverse symbols) carried a conpicuous symbol on the center of the

reverse, which became quite bold during the Mauryan period.

Coins of Magadha (the seat of the powerful Maurya dynasty) can be divided

into two periods.

1. Earlier issues of the time when Magadha was merely a janapada (small

state):

These can again be divided into two sub-periods.

(a) The period during which Rajagriha was the capital: Coins of this period are of

an irregular, roughly rectangular shape. The number of symbols on them varies

from one to six.

(b) Coins issued after the capital was shifted to Patliputra (Patna): These coins

bear four symbols, of which two are the sun and the six-armed symbol

(Sadaracakra). The earlier coins of this period are irregular, and the later ones

circular.

2. Coins issued during the period of Magadha's imperial expansion: Thin, broad

coins are thought to be earliest in chronology and the thick, smaller ones latest.

These coins are found in a variety of shapes, all of which have five different

symbols on the obverse, placed in a definite order. More than 450 varieties of

these symbols can be identified on these coins! Based on the symbol groups, the

coins can be classifed into about 600 varieties, which can be sub-divided into

various classes and, in turn, into six or seven series.

Coins of the first four series bear bear minute symbols on the reverse. Coins of

series five bear a distinct mark on the reverse, in addition to these minute

marks. Coins of series six and seven have a reverse mark as bold as the obverse

symbols.

CHAPTER THREE

SOURCES OF ANCIENT INDIAN COINS:-

The coins contributed a great deal to the Indian history. The main sources

of ancient Indian coins are treasure troves, excavations, riverbeds and rarely

temple collections from devotees. All countries do have treasure trove laws and

according to them, any coin, bullion, gold or silver article found hidden in the

earth for which no owner can be found belongs to the crown or government.

Even in ancient India claims of the king to the treasure troves were supported by

the theory that he is the owner of the earth and its protector. The finder of the

treasure was entitled to some compensation and Manu declared that the king

obtains one half of the hoard. The owner of the land had no rights to the find

since the land is the property of the king. During the Muslim rule finder of the

treasure was its owner unless its value exceeded one lakh rupees. If the value

exceeded one lakh rupees finder was advised to give part of it to charity. Finder

of non-Islamic treasure like coins would get the intrinsic value plus 20%. The

Indian treasure trove act was passed on 13th February 1978, which authorized

the government to claim possession of any treasure unearthed that exceeded

ten rupees in value. This act is still in force in various states as modified in

September 1949. In its application to the Andhra Pradesh it is known as Indian

treasure trove (Andhra Pradesh Amendment) act 1949.

Hoard is a collection of coins left behind as savings, loot or treasure usually

buried in receptacles like copper or clay pots. The coins found in such hoards end

up in archaeological museums. Bayana hoard of 1821 Gupta gold coins were

discovered in Baratpur district of Rajasthan, which yielded types of this

dynasty's coins not seen before. The coins belonged to Chandra Gupta II (376-

414 AD), Kumara Gupta I (415-450 AD) and Skanda Gupta (455-467 AD). Hence

these coins were hoarded during the rule of Skanda Gupta and were discovered

in 1946 AD. Another large hoard of Satavahana coins was found in Tarhala of

Akola district of Maharashtra. This hoard had coins of all the later Satavahana

rulers from Gautamiputra Satakarni onwards besides the coins of some rulers of

this dynasty, which were missed out in the Puranas. Jogalthembi in Nasik district

of Maharastra was another site of major hoard of 13250 silver coins. The coins

solely belonged to Nahapana and Nahapana conis restuck by Gautamiputra

Satakarni. Majority of coins housed in different museums of our country are

these coins from hoards and they are available for academic research which

enriches our history. Each museum keeps an inventory of the coin hoards

prepared on the basis of treature trove files. Some museums do by some

important coins from the market and some coins may come from voluntary

donations. Andhra Pradesh Government museum has over 350000 coins in its

cabinets and majority of these were procured from treasure troves and a few

were donations from the Durbars of erstwhile princely states and some were

given by other museums.

Excavations are planned diggings and many sites may yield coins such as at

Nagarjunakonda, Amaravati, Veerpuram, Kondapur etc. Bulk of coins found at

these four sites were Ikshvaku, punch marked, Maharathi and Satavahana coins

respectively. Besides the coins many other artifacts may be found in

excavations. Coins found in stratified levels are of great importance in dating

the stratum along with it all associated objects resting in the same stratum.

Kondapur excavations were carried out in 1940s, which provided a wealth of

information of significant historical importance. Coins of Satavahanas namely

Gautamiputra and Pulumavi were found along with a datable Roman coin.

There were also restruck Satavahana coins at this site. Coin moulds of various

materials were found suggesting that this site could have been an ancient

Satavahana mint town. Beads of various materials, decorated pottery, seals

both inscribed and uninscribed, toys and metal implements were also recovered

at this site.

Dropping of coins into the rivers and fountains has been an age-old tradition all

over the world especially into the rivers considered holy. Great many ancient

coins have been found in the river beds and people search for them in summer

months when water levels of rivers recede. Paithan, ancient Prathistan, on the

banks of river Godavari yielded large number of Satavahana and other coins. In

recent years Karur on the banks of Amaravathi in Tamil Nadu has been source of

large number of Sangam age Tamil coins besides the coins of various. Middle

East and European countries. Sometimes the coins may be found way down the

riverbed from the site of offering. Majority of such coins ends up with coin

collectors and large number of these coins are reported in our numismatic

journals.

Last and unusual source of ancient coins is from the temple offerings by the

devotees. Tirupati being the most popular deity received large numbers of gold

coins besides the coins of silver and copper. Usually the authorities sell away the

coins of lower denominations and gold coins have been made into chains, which

adorn the deities. Late Dr. Ramesan photographed these coin chains and before

he could analyze them and report the findings he passed away. There is

staggering variety of these gold coins, which were offered by the devotees over

the years. These coins belonged to Mughal rulers such as Akbar (1556-1605 AD),

Aurangzib (1658-1707 AD), Shah Alam (1707-1712 AD), and East India Company,

British India and very many foreign coins from Vatican, UK, Spain, South Africa

etc. The oldest of these coins belong to Akbar and it may be worth noting that

this temple became popular during the rule of later Vijayanagar kings. The early

Kings of Vijayanagar leaned towards Shaivism while later kings were strong

Vaishnavites. One king Venkatapati Raju II even issued coins with 'namam'

symbol. There is epigraphic evidence that Krishnadeva Raya (1509-1529 AD)

visisted the temple twice and presented offerings to the deity. A detailed study

of all the gold coins in the temple may yield many interesting points of historical

importance. In many old temples one may find silver and gold coins struck

around the doors and floor of the site for decoration. Some tribal women folk

like Lambadas use coin pendants and coin chains as ornaments. Coin collection

is a hobby with many and the usual sources of coins are the jewelers, saraffs and

moneychangers. Rodgers describes beautifully how he was able to collect large

variety of rare ancient coins from these sources in Amritsar in the last century

where he spent three decades. In recent years there are coin societies to serve

the purpose of numismatics.

CHAPTER FOUR

SOUTHERN INDIAN COINS

4:1 THE CHOLAS OF TANJAVUR:-

Cholas is an ancient dynasty of southern India having roots in Indian

mythology. It was in 850 AD, Vijayalaya Chola, a feudatory of Pallava captured

Tanjore (or Tanjavur) and brought Chola dynasty to prominence once again. His

son Aditya Chola (871-907 AD) squarly defeated Pandyas and Pallawas, two

other major power brokers of South India to become sovereign ruler of south

India. Raja Raja Chola (985-1014 AD) was the greatest ruler of this dynasty. He

first destroyed Chera (the rulers of Kerala, south India) navy at Trivendrum, then

captured Madura and subsequently defeated Sinhalese (Shri Lankan) king

Mahendra V thus occupying northern Cylon (modern Shri lanka). He further

went ahead and conquered Maldive islands. His son Rajendra Chola (1012-1044

AD) was very worthy successor. He expanded his inherited empire by occupying

whole of Shri Lanka (1018 AD) and later crowning the glory by inflicting a

crushing defeat on Shrivijaya, the King of Indonesia, in 1025 AD. His empire

consisted of whole of southern India, Sri Lanka, and parts of the Malay

peninsula (modern Malysia) and the Sumatran-based Srivijaya Kindgom

(modern Indonesia). His successors managed to retain control over Sri Lanka for

another 50 years but eventually lost it. Chola kings ruled for another century

without losing any of their mainland territory. Eventually Chola empire

disintegrated and former feudatories Banas, Kadavas and Pandyas assumed

independence. Rajaraja Chola III (1216-1246 AD) was reduced to the rank of

minor king. Later his capital was captured by Pandya King Jatavarman Sundara

and Chola dynasty came to an end.

Anonymous coin of Sri lanka

Prototype Used by Raja Raja Chola

990-1017 AD

Gold Kahavanu

Minted in Shri Lanka in 933 AD

Weight: 4.7 gm

Reference: Mitchiner1998:311

Cholas were great patrons of

literature, philosophy, art and

architecture. Raja Raja I was

responsible for construction of

magnificent temple at Tanjore. This

temple, which is dedicated to Lord

Shiva (also called Bruhadishwara) is

a masterpiece of architecture. It is

built out of the red sandstones with

large number of sculptures carved

outside and inside involving

immense labour and infinite pain.

Chola art is characterised by a

massive grandeur truly reflected in

this massive temple which consists of

great `Shikhara' of fourteen stories,

crowned by massive dome carved

out of a single stone which weigh

probably 100 tons!!! It is believed

that to install this dome on the

temple (which is of 190 feet height),

a ramp of 5 miles was constructed. A

famous historian Fergusson has

written `Chola artists conceived like

giants and finished like jewellers'.

The picture of this magnificent

temple is shown above.

Shown above is the gold coin of Sri lanka which was used as prototype by Raja

Raja Chola when he conquored Shri Lanka. King (most likely) is shown sitting

and holding conch in one hand. He took the title of `Lankavibhu', the Lord of (Sri)

Lanka. This title, which was written in Devnagri script, is seen on the obverse of

coin. Chola empire was eventually disintegrated and Nayakas (Chola governor)

took control of Tanjavur. In 16th century, brother of Shivaji the great, defeated

Nayakas and firmly established the Maratha dynasty of Tanjavur which ruled

for next 200 years from Tanjavur.

4:2 THE VIJAYNAGAR EMPIRE:-

Foundation of Vijaynagar empire is certainly the most significant event in the

history of medieval India. It lasted for 3 centuries and successfully prevented the

extension of Muslim sultanetes in south. History of Vijaynagar empire is truly an

unbroken era of bloody wars with Bahamani and other Muslim rulers. Two

brothers Harihara and Bukka laid the foundation of the Vijaynagar city on the

southern bank of Tungabhadra river near Anegundi fortress. A sage Madhav

Vidyaranya and his brother Sayana (his commentry on Vedas is famous) were

the inspirational source for the foundation of this Hindu empire. Bukka sent an

embassy to China in 1374 and after his death was succeded by Harihara II.

Harihara II extended this newly founded kingdom by conquoering almost whole

of southern India, including Mysore, Kanara, Chingalpet, Trichinopally and

Kanchivaram. Harihara II was devotee of Virupaksha (Shiva) but was tolerant to

all other religions. He was the first King of Vijaynagar empire who assumed the

title of Maharajadhiraj Rajaparmeshwara.

In 1486, Vir Narasimha of Chandragiri, who had rose into promienance, took

control of the Vijaynagar empire. This led to the direct rule of the Tuluva

dynasty over Vijaynagar empire. His younger son Krishanadev Raya is certainly

the greatest ruler of Vijaynagar and one of the most famous kings in the history

of India (In my opinion, other 3 would be Asoka, Vikramaditya and Shivaji). He

was gallant warrior and like Vikramaditya, he was always successful in the wars

which he waged throughout his reign. He was a fine statesman and treated the

defeated enemy with honour. First, in 1511-1512 AD, he captured southern

Mysore, Shivasamudram fortress and Raichur. In 1513 AD, he humbled the king

of Orissa Gajapati and in 1514 AD he captured Udaigiri. Eventually he captured

Vishakapatnam and completely abolished the authority of King of Orissa. His

greatest and most celebrated military achievement was crushing defeat of

Ismail Adil Shah on 19th March 1520. This ended the muslim dominance in south

and made him master of whole of south India.

Krishanadev Raya

1509-1530 AD

Half Gold Pagoda

Obverse: Seated Balakrishna (baby

Krishna)

Reverse: Legends in Devnagri script

Weight: 1.7 gm

Reference: Mitchiner1998:641

Shown above is a fine example of his

coin. It shows Balakrishna seated on

obverse of coins while on reverse his

name is written in Nagri script. The

coins of Vijaynagar empire were very

popular and were used as prototype

even after its decline. Most dynasties

in south (which include British and

other European colonies) issued

coins very similar to Vijaynagar coins

till the begining of the eighteenth

century. Shown below is another fine

example of Krishnadev Raya's coin

which is unusually large (2 cm in

diameter as compared to 1.3 cm of

regular kind) showing four armed

garuda on reverse. On obverse is his

name `Pratapa Krishna Raya' in

Devnagari script.

Krishanadev Raya

1509-1530 AD

Copper, five jitals

Obverse: Garuda

Reverse: Legend in Devnagri Script

Weight: 16.48 gm

Mitchiner1998:645

Scarce

During his last days, Krishanadev

Raya devoted all his attention in

organization of his empire and

improving the administration. He

maintained friendly relationship

with Portugese and granted some

concessions to governer

Albuquerque. Reign of Krishanadev

Raya reached to its zenith not only in

terms of expanse of the empire, but

also in terms of growth and

development of literature, music, art

and culture. Raya himself was an

accomplished poet, musician, scholar

and was fluent in Sanskrit, Telugu

and Kannada (and perhaps Tamil

too!). He wrote a immensely

important (both historically and

religiously) book Amuktamalyada in

Telugu. He patronized many poets

which includes Ashtadigajas (eight

elephants, the great poets of Telugu)

and scholars like Tenalirama. His

reign also saw the remarkable

development in art and architecture.

The famous Hazara temple built

during his reign is one of the most

perfect example of Hindu Temple

architecture. Vithalswami temple is

another fine example of the

Vijaynagar style of architecture.

Krishandev Raya and all other rulers

of this empire were pious Hidus and

were devoted to Dharma, but they

had very liberal outlook for other

religions. According to Barbosa, a

historian and many contemporary

travellers, `the Kings allows such

freedom that every man would live

without suffering and annoyance,

whether he is a Christian, Jew, Moor

or Hindu'.

Krishnadev Raya

Copper Jital

Obverse: Dagger and conch

Reverse: Legends in Devnagri script

Weight: 1.3 gm

Mitchiner1998:767

Shown above is another coin of

Krishnadevraya, the reverse of it

shows a dagger with chakra on left

and Shankh (conch) on right. On

obverse is Vrishabha (bull). It is well

executed coin with finer details

clearly visible.

Achyut Raya succeeded as the ruler of empire but soon lost control to his

brother-in-law Tirumala. Eventually, the power was trasferred to prime minister

Ram Raya who seized the throne for himself. Finally, three muslim sultanetes of

Deccan, Bijapur, Ahmadnagar and Golkonda formed a coalition and met the

massive Vijaynagar Army (half a million!) near village Tagdi on 23rd January

1565 AD. In spite of the vast numerical superiority over allied forces, Vijaynagar

lost the war. A small group of muslim soldiers separated the elephant of Ram

Raya from his army in a swift move. He was at once beheaded by Husain Nizam

Shah. The whole army in confusion left the battle ground and 250 years old

empire was lost in few hours . What followed was one of the greatest plunder

and destruction in the history of India. According to historian, Sewell `After

victory, muslims reached capital and for next five month they destroyed and

plundered relentlessly. Nothing seemed to escape them. They burned

magnificent buildings, pavillions and finally the beautiful Vithalswami temple

near the river. With swords, crowbars and axes they smashed exquisite stone

sculptures. Never perhaps in history of the world such havoc has been wrought

on so splendid city, teeming with a wealthy and industrious population. City was

seized, pillages and reduced to ruins, amid scenes of savage massacre and

horrors beggaring description'.

The ruins of Vijaynagar city can be seen today near Hampi in Karnataka which

realisticly reflects the splendour and opulance during the reigns of Rayas of

Vijaynagar.This so called battle of Talikota was one of the decisive battles in the

history of India. It destroyed the Hindu supremacy in southern India till rise of

Marathas in seventeen century. In spite of the tremendous damage, Vijaynagar

did survive but the old grandeur was lost. Coalition muslim forces did not gain

much in spite of all out victory. Alliance was soon dissolved and brother of Rama

Raya took this opportunity and tried to bring back the old glory to the kingdom.

After death of Venkata II in 1614, the kingdom disintegrated and went into total

obscurity.