12/19/23, 8:21 AM The Economy of India History of Indian Currency- Examrace
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The Economy of India History of Indian Currency
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History of Indian Currency
Vedic Age
Uninscribed punchmarked coins were probably minted from 6th century B. C onwards
Among the earliest silver specimens are those in the shape of small bent bar, the largest
of which, the Satamana, weighted 180 grains (11.66 grams) .
The basic silver punch marked coin was Karsapana or Pana, of 57.8 grains (3.76
grams) : Masa or Masika weighted one-sixteenth of this (3.6 grains or 0.25 grams)
Punchmarked copper coins: a masa of 9 grains (0.58 grams) and a Karshapana of 144
grains (9.33 grams) , Quarter-masas in copper or Kakini (2.25 grains or 0.13 grams)
Nisaka and Hiranyapinda and Pala were Gold lum-sum
Kushanas
The Dinaras or Suvamas were based on the Roman
Denarius and were of 124 grains (8.04 grams) .
The Copper coins were large, of from 26 to 28 Masas, or 240 to 260 grains (15.55 to
16.85 grams)
Satavahanas
Issued Lead coins and Potin (Base silver) coins
Pre-Guptan and Guptan Coins
The Gold coins were called Dinaras, derived from Kushanas, with the weight 144 grains
(9.33 grams)
Silver coin was called . Rupaka based on Sakas of Ujjaini, weighted 32 - 36 grains (2.07 -
2.33 grams)
According to Fa Hsien COWRIES were very common means of exchange
Cowry shells - Varataka
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12/19/23, 8:21 AM The Economy of India History of Indian Currency- Examrace
Delhi Sultanate
Gold Coins called Tanka were equivalent to the Greek Drachm standard of 67 grains
Silver coins: dramma, tanka
Gahadavalas of Kanauj: 40 Rati standard Gold coinages were the highest.
The earliest Gold issued in the name of Muzzuddin Mohd. Bin Sam with conventionalized
usage of goddess Lakshmi on the obverse and the name of the ruler in Nagari characters
on the reverse.
Thakkura Pheru: Under Mubarak Kahlji - left a valuable treatise written in Apabhramsa
regarding exchange rate.
Pure silver-extremely scarce; only prevalent in Bengal, according to Juzhani; were broad
struck bull and Triglyph (Tridhari) coins of Chandra Dynasty. 300 coins have been found
from Mainamati in 12th century.
Iltutumish coins bear Sanskrit inscription: Gaura-Vijaya, recorded weight -170.8 and
172.18 gram
1 Tola and 96 Ratis (Gunjaseeds)
Jital was a silver coinage weight of 32 ratis.
Earliest Gold and Silver tankas remitted in Bengal -Bull and Horseman
One tankas was equivalent to 4
8 Jitals
1 tankas = 192 Dangs
1 tankas = 480 Dirams
1 dang was called Fils = 40 ratis: pure copper coin
Dirams: single or multiple smaller coins
During MBT Gold coins l⟋16th above and l⟋16th below the 196 Rati standards were
issued
Ibn Batuta mentions that in 1330,80 rati billion tanka replaced the relatively pure silver
tanka; and also Cowaries were prevalent.
During FST - only four silver 96 rati pure silver tankas have been recorded.
During Lodi Dynasty: Sikanderi - a copper coin with small silver alloy; Ruppayya was the
silver coin.
Muzzaffaries in Malwa
Mahmudis in Gujarat
During Sher Shah, Rupaya, basically of copper, was used; One Rupaya was equivalent to
178 grains
During the Mughals: Muhr or Ashrafi of 169 grains prevalent; Dam was of 323 grains, a
copper coin; During Aurangzeb Dams debased by 2⟋3rd;
During Aurangzeb highest number of mints around 40 and during Akbar it was 14 only
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Do-Dani: when the treasury issued coins in payments, these charges through deduction
of 5 per cent.
Officially one Rupee was equivalent 40 Dams
Weight and Measures
The basic unit was Raktika, which was equivalent to 1.83 grains (.118 grams)
According to Manu:
1. 5 Raktikas = 1 Masa
2. 16 Masas = 1 Karsa, tolaka, or suvarna
3. 4 karsa = 1 Pala, was 37.76 grams; one Partha was equivalent to 16 Pala and one
Drona was equivalent to 16 Parthas
4. 10 Palas = 1 Dharana
Measurement of Length
1. 8 yava = 1 Angula, i.e.. 2 cm
2. 12 angulas = 1 Vitasti (9inch; or 23 cm)
3. 2 Vitastis = 1 Hasta or aratni (cubit, 18 inch; 47 cm)
4. 4 Hastas = 1 dand (Rod) or Dhanus (bow, 6ft, 1.82 cm)
5. 2,000 Dhanus = lKrosa (cry) or goruta (call-call, 2 and quarter miles; 3.6 kms)
6. 4 Krosas = 1 Yojana (stage, 9 miles approx, 14.5 Km)
Measures of Time
1. 18 Nimesas = 1 Kastha (3 and half seconds)
2. 30 Kastha = 1 Kala land 3⟋5 mins.
3. 15 Kalas = 1 Nadika or Nalika (24 mins)
4. 30 Kalas or 2 Nadikas = 1 Muhurta or Ksana (48 mins)
5. 30 Muhurtas = 1 aho-ratra (day and night, 24 hours)
Eras
1. Vikrama Era: (58 B. C) : traditionally founded by a king called Vikramaditya, who drove
Sakas out of Ujjaini.
2. Saka Era: (78 A. D) : Founded by Kanishka
3. Gupta Era: (320 A. D) : Founded by Chandra Guptal
4. Harsha Era: (606 A. D) : Founded by Harshavardhana
5. Kalacuri Era (248 A. D) : Founded by Traikutaka Dynasty
6. Lakshmana Era: (1119 A. D) Founded by Lakshmana Sena
7. Saptarsi or Laukika Era: Current in Kashmir in middle ages, recorded in cycles of one
hundred years, each cycle commencing 76 years after each Christian era.
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8. Nevar Era: (878 A. D) : of Nepal
9. Kollam Era: (825 A. D) : of Kerala
10. Era of Vikramaditya VI Chalukya: (1075 A. D)
11. Era of the Kaliyuga (3102 B. C)
12. Buddha Era: (544 B. C) in Ceylon.
Sita means Furrow or Goddess of Agriculture: Sita as a daughter of Janaka has been
mentioned in Brihadanayaka Upanishad.
Kutumbin: A big family of Farmers
Kshetrapati or Lord of the field
Kautambaksheyra: Field owned by the cultivators themselves
Sakta: owned by certain individuals
Prakrsta or Krsta: tilled by certain individuals.
Prasthika: applied to a field that accommodated a prastha- full of seeds.
Sulgava and Baudh-yavihara: ceremonies to propitiate Rudra.
Vrishotsarga: ceremony for cattle breeding
Yakshma: a wasting disease affecting cattle.
Panyasiddhi: Ensuring success in trade.
Hiranyakesi - Grihya-sutra: “If we carry on trade to acquire wealth by means of our old
wealth, may Soma … prosper that.”
Vamasadi Gana mentions several forest products
1. Vamsa
2. Kutaja
3. Ikshu (Sugarcane)
4. Madhya (liquor)
Panini mentions coins like
1. Pana
2. Krshapana
3. Pada
4. Vaha
Measures and weights like
1. Adhaka
2. Achita
3. Patra
4. Drona
5. Prastha
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Apastamba Grihyasutra: “Goddess who spun and wore”
Samitri: actual a priest
Sanataka: student as a householder
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