History of the currency evolution of the subcontinent

In ancient times, the practice of exchange was the practice of buying and selling one thing for another. In ancient civilizations

Money is a very important and integral part of our lives. But have you ever wondered how this money evolved?

History of the currency evolution of the subcontinent

In ancient times, the practice of exchange was the practice of buying and selling one thing for another. In ancient civilizations, seals were found in commercial use. However, the coin came in the hands of the Lydians of ancient Greece, even in 600 BC. Currency can be seen in India in the near future. Today the story will be about the evolution of this currency of the Indian subcontinent.

Punchmarked currency

The first currency of the Indian subcontinent is considered to be the coin before the invasion of India by Alexander the Great in the 6th-5th century BC. Such coins were prevalent in various towns and mahajanapadas of the subcontinent (Gandhara, Kuntala, Kuru, Shakya, Solar Sena, Saurashtra etc.). Most of the coins were silver. However, copper was also used to make coins. Coins were made by cutting thin pieces of large silver or copper, and engraving various marks on it with a heavy metal object. This is why coins are called punchmarked coins. For example, the coins of Saurashtra used to have crooked bulls, and the coins of Magadha had various natural symbols.

Coin of Magadha; Image Source: Wikimedia Commons

These were irregularly shaped, but the weight was fixed. The names of these coins are found in Panini's Ashtadhyayi or various Buddhist texts. Most coins were rectangular, but round or rectangular coins were also widespread. These can be divided into four parts in bold: Taxila-Gandhara type, Kosala type, Avanti type and Magadhan type. Although the coins were engraved with various symbols, they did not have anything engraved on them that would reveal the state of the time or any other contemporary information.

Gandhara Janapada and coins of the Maurya Empire; Image Source: Wikimedia Commons

Later, in the Maurya period, the first royal standard coins were seen. The coins contained various geometric symbols and natural patterns, such as the sun, trees, animals, etc. Which is mentioned in Chanakya's Arthashastra. He called the coin ‘silver’. Such as: silver (silver coin), subarnarupa (gold coin), tamararupa (copper coin), shisarupa etc.

Punchmarked or similarly engraved coins were popular until the first few centuries.

Indo-Greek currency

The Indo-Greek Empire was founded with the conquest of India by Alexander the Great. The next significant coins came in their hands around the 2nd-1st century BC. The coins were originally silver and round, but some were specially rectangular, written in Prakrit and in Kharoshthi script. It had the name and portrait of the ruler engraved on it. At the same time, various Greek myths or subjects were represented by coins. It is thought that at first the coins came directly from Greece. The later coins found were a mixture of Greek and Indian legends. For example: In a coin of King Agathocles, Lord Krishna is seen wearing a Greek robe with a wheel in his hand!

Coins of the Seleucid period with a portrait of the god Zeus on one side and a Seleucid warrior on the back of an elephant; Image Source: Indian Coins and History

The portraits engraved on the coins were extremely delicate and detailed which is a beautiful introduction to the Hellenistic art. Needless to say, the coins of India were later made in imitation of these Greeks!

Kushan currency

For the first time in the 1st-4th century AD, a large quantity of gold coins was introduced by the Kushans. Moreover, copper coins were also in circulation at that time.

King Hu's gold coins during the rainy season; Image Source: Wikimedia Commons

Symbols were engraved on coins according to Greek custom, which had been in use for almost the next eight centuries. The coins were engraved with portraits of rulers, names and titles on one side and images of gods and goddesses on the other. The coins were written in Greek and Kharoshthi script. Evidence of the establishment of an empire of many and mixed cultures in the Kushan period can be found by looking at the coins. Everything from the Buddha to the Greek gods are beautifully placed on the coins.

In the Kushan period the circulation of coins was so great that various tribes, dynasties and kingdoms themselves started issuing coins in imitation of the Kushans.

The Gupta coin

The circulation of gold coins reached its peak during the Gupta period, known as the Golden Age of India, in the 3rd-6th centuries. The gold coins introduced by the Gupta rulers were sophisticated and rich compared to other coins. The coins were commonly known as dinars. Written in Brahmi script, these coins were engraved on one side with Sanskrit legends; There was a portrait of gods and goddesses, especially Srilakshmi, and a portrait of a ruler. Interestingly, these coins were different from those of other empires where warlike portraits of kings were engraved.

King-queen coins. Portraits of Raja Chandragupta and Rani Kumaradevi on one side and Lakshmi Devi on the other; Image Source: My Gold Guide

King Samudragupta issued seven different types of coins - proof coin, archer coin, ax coin (indicative of military prosperity), Ashwamedha coin (at that time horses were sacrificed for the expansion of the kingdom, its form is reflected in this coin), king-queen coin (king) Coins with portraits of Chandragupta and Rani Kumaradevi), tiger killer coins and lyric poet coins (so that the king can be seen playing various musical instruments). The tradition of engraving coins in this way was prevalent in northern India until the establishment of the Turkish Sultanate.

These coins are a testament to the great development of art and literature in the Gupta period.

Gupta next coin

The coins issued by the Gurjara, Pratihara, Chalukya, etc. empires from 550-1202 AD are known as Indo-Sasanian coins. These coins had geometric symbols of empire's sovereignty on one side and fiery motifs on the other.

Currency during Islamic rule

After the conquest of India, Sultan Mahmud of Ghazni issued a special type of currency in the 10th century. Engraving his own name on a silver coin, in two different languages! On the one hand Arabic, on the other hand Sanskrit in Devanagari script! Later, Muhammad Ghuri introduced gold and silver coins. On one side of the gold coin is a portrait of Lakshmi, on the other side the name is engraved in Devanagari script.

Ghiyasuddin Balban's Silver Tanka; Image Source: COININDIA

Coins were exchanged by Turkish sultans in the 12th century, and Islamic calligraphy took its place. Moreover, there are changes in the design, legends, dates, coins, etc. These coins were made of silver, copper and gold, which were called tanka. The ratio of gold to silver was 1:10. The coins weighed 11.6 grams, later known as the single ‘tola’ of precious metal measurements. Coins of different denominations were also circulated at this time.

Rupee of Sher Shah Suri; Image Source: COININDIA

During the Mughal period, the name of the ruler or caliph was usually engraved on one side of the coin and ink on the other. During the reign of Emperor Babur, only silver coins were in circulation, but later gold and copper coins were introduced. Mughal coins were widely circulated through the hands of Emperor Sher Shah Suri. A type of silver coin whose name was ‘Rupee’ from which the current currency of India ‘Rupee’ came into circulation. Gold coins were called seals and copper coins were called prices. Moreover, Emperor Akbar issued coins of different denominations. For example: Rama and Sita engraved coins, Meherabi seals (hexagonal gold coins) etc.

Emperor Akbar's Mehrabi Mohar; Image Source: Indian Coins and History

Besides, coins with their portraits are also found in the time of Akbar and Jahangir. The designs and craftsmanship of the coins are artistic patterns of the Mughal period. Moreover, the zodiac, portraits, literary patterns, calligraphy, etc. of the coins took the coins of this period to new heights. Later, Emperor Aurangzeb introduced certain denominations of coins in which the name of the ruler, the mint and the date of circulation were mentioned.

The greatest achievement of the Mughals was the unification of the monetary system. the introduction of the same currency throughout the empire.

Coins during the English period

Initially, the coins minted by the East India Company were made in the Mughal style. In 1818, for the first time, their own style of coinage was minted at the Mumbai Mint. The gold coins were called carolina, the silver coins were called angelina, the copper coins were called caperun and the tins were called tinny. Later, in 1835, the Coinage Act 1835 was issued and the common currency was introduced. The new coin bears a portrait of King William IV and the value of the coin in English and Persian.

Queen Victoria Seal; Image Source: The East India Company

A portrait of Queen Victoria has been found on coins since 1840. The Indian Coinage Act of 1908 enacted the Mint and established the standard of coinage. Due to the increase in the price of copper, nickel was used instead of copper. When the price of silver rose during World War II in 1939, the practice of hoarding silver coins began. As a result, the use of silver coins gradually decreased. At this time quaternary silver coins (coinage made by mixing 3 more types of metals with silver) came into circulation. In 1947, nickel coins were introduced instead.

Notes on paper

Paper notes were introduced in the 18th century through European trading companies in India. As trade expanded, so did the spread of notes. Later, during the British rule, Bank of Hindustan, The General Bank of Bengal and Bihar, The Bengal Bank issued the first paper currency. However, all the three banks were closed due to mismanagement. The Bank of Calcutta was established in 1808 (renamed The Bank of Bengal in 1809). Later notes were printed from here.

The oldest note in India is the 250 Sikka Rupee issued by the Bank of Bengal on 3 September 1812 Image Source: The Better India

In 181, the Paper Currency Act of 1861 was enacted. As a result, private banks lose the ability to issue their notes. At that time notes were printed from The Bank of England. The notes were in two languages ​​and contained pictures of Queen Victoria. Before the establishment of the Reserve Bank of India (RBI) in 1935, notes were issued by the Government of British India. In 1936, the RBI issued the first note with a picture of King George VI.

Needless to say, currency is not just an economic indicator of a country or a state. These coins are a visual witness to the cultural, social conditions, legends, etc. of that time. And so there is a separate branch of higher education and research on currency - Numismatics.

It has taken hundreds of years to reach from currency to notes or modern economy! After the independence of India in 1947, along with the radical change in the entire economy, there was also a change in notes and currency. That story will be another day!