Coins in Ancient & Medieval India
1. Relevance of Studying Coins
• Historical Insight: Coins provide valuable information on political history, trade, and economic conditions.
• Cultural Reflection: Depictions of deities, rulers, and symbols reveal religious beliefs and artistic styles.
• Economic Evolution: Coins trace metallurgy development, trade networks, and monetary policies.
• Chronological Evidence: Coin inscriptions help date historical events and reigns of rulers.
• Administrative Practices: Minting techniques reflect administrative efficiency and state control.
• Trade & Commerce: Foreign coins indicate international trade and cultural exchanges.
2. Coinage Details
Period/Dynasty Timeframe Material Key Features & Symbols Insights about Ruler/Dynasty Common Misunderstand-
Used ings/Subtle Points
Punch Marked Coins 6th–2nd Cen- [S] Irregular shapes, symbols like sun, Reflects decentralized economic Not all issued by kingdoms; some by
tury BCE humped bull, swastika, issued by structure; symbols varied region- guilds and merchants. Often mis-
Mahajanapadas. ally. taken as standardized, but highly re-
gionalized.
Mauryan Coins 322–185 BCE [S]CL Standard weights (32 Rattis), sym- Demonstrates state control over More administrative than com-
bols like sun and six-armed wheel, economy; uniformity in weight in- mercial. Often thought to be
mentioned in Arthashastra. dicates strong administrative over- widespread in daily trade but mostly
sight. for official use.
Indo-Greek Coins 180 BCE–10 CE SCLN Ruler portraits, bilingual inscrip- Indicates cultural assimilation; Often thought purely Hellenistic but
tions (Greek & Kharosthi), depic- adoption of Indian deities reflects adapted Indian symbols over time.
tions of Greek and Indian deities. gradual integration into local Mistaken as only Greek in language;
society. they used local scripts too. Greater
gold quality than Guptas. First to
introduce Gold coins in India.
Satavahana Coins 232 BCE–227 [L]C(S) Symbols like elephant, horse, lion, Emphasizes regional pride and in- Despite prominence, coins were rel-
CE Chaitya, Ujjain symbol; inscriptions digenous symbols; use of lead indi- atively crude compared to northern
in Prakrit. cates regional metal abundance. dynasties. Mistaken as widespread
in northern India.
Western Satraps/Indo- 35–405 CE S[C] King’s head on one side, Chaitya Reflects blending of foreign rulers ”Satrap” often confused with Per-
Scythians on the other; inscriptions in Prakrit with Indian religious symbolism; sian administration; these were local
(Brahmi, Greek scripts). Chaitya shows Buddhist influence. rulers with unique coinage. Misiden-
tified as purely foreign coins.
Gupta Coins 319–550 CE [A]SC Inscriptions in Sanskrit (Brahmi), Highlights Gupta patronage of arts Romanticized as ”Golden Age”
kings hunting/playing Veena, re- and religion; gold dominance shows coins, but later issues showed signif-
verse: Lakshmi, Durga, Garuda. economic prosperity. icant debasement. Assumed to be
uniformly high-quality throughout.
Vardhana Coins 6th–7th Cen- [A]S King’s bust on one side, peacock on Indicates Harshavardhana’s attempt Sometimes mistaken for Gupta coins
tury CE the other. to project regal imagery; peacock due to similar iconography. Miscon-
symbolizes cultural pride. ception that they had the same gold
content as Gupta coins.
Chalukyan Coins 6th–12th Cen- A[S]C Symbols: temples, lions, boars; in- Showcases regional architectural Eastern and Western Chalukyas had
tury CE scriptions in Kannada and Sanskrit. styles; inscriptions highlight the use distinct coinage styles, often over-
of local languages in administration. looked. Confused with other South
Indian dynasties’ coins.
Rajput Coins 11th–12th Cen- ACB(S) Seated goddess, horseman and bull Reflects martial culture and rever- Often seen as purely Hindu, but
tury CE motifs. ence for deities; horseman symbol- some show influences from neighbor-
izes warrior ethos. ing Islamic states. Misunderstood
as uniform across all Rajput clans.
Pandyan & Chola 6th–13th Cen- [C]SA Pandyan: Square shape, symbols Pandyan fish symbol indicates dy- Fish symbol in Pandyan coins signi-
Coins tury CE like elephant, later fish. Chola: nastic emblem; Chola coins reflect fied dynastic emblem, not trade. Of-
King on obverse, seated goddess on maritime dominance and temple pa- ten mistaken that Chola coins were
reverse. tronage. solely for local circulation.
Delhi Sultanate Coins 1206–1526 CE S[C] No images due to Islamic prohibi- Reflects Islamic influence on admin- Sultanate coins often seen as uni-
tion; inscriptions in Arabic/Persian, istration; mint names indicate re- form, but regional variations were
mint names, Hijri dates included. gional control. significant. Misinterpreted as lack-
ing artistic diversity.
Vijayanagara Empire 14th–17th Cen- A[S]C Inscriptions in Kannada/Sanskrit, Highlights Hindu revivalism and po- Despite being a Hindu empire, coins
Coins tury CE symbols: double-headed eagle, bull, litical symbolism; double-headed ea- showed Islamic influences in design
elephant, Hindu deities. gle represents imperial power. and weight standards. Mistaken as
exclusively religious symbols.
Mughal Coinage 1526–1857 CE A[S]C Akbar’s Ilahi Coins (1579), Ja- Reflects Akbar’s religious syn- Mughal coins are often assumed to
hangir’s zodiac coins, Noorjahan’s cretism (Din-i-Ilahi); Jahangir’s be static, but each emperor brought
name on coins. coins show personalization in significant changes. Misunderstood
rulership. as lacking local cultural elements.
