The study of ancient coins in India is both motivating and fascinating at the same point of time. India had served as a steaming pot of umpteen cultures since primeval times, witnessing countless invasions and onslaughts by rulers of other regions of the world. Since prehistoric times, India was always perceived as a land of bounty and colossal wealth. Thus, the country had veered the attention of some of the world`s most celebrated rulers like Alexander, the Huns and the Islamic rulers. It is indeed a complex situation to know today precisely from where the concept of coinage first evolved. But, based upon available evidences, it appears that the concept of `money` (as coins, which by definition here would entail a piece of metal of determined weight embossed with symbol of authority for financial transaction), was conceived by three different civilisations independently and almost at once. The ancient coins were introduced as a means to trade things of daily usage in Asia minor, India and China in 6th century B.C.

It is nowhere recorded in the still-existing literature how coins were manufactured during the early period in India. However, Kautilya (also legendary as Chanakya), the minister of Chandragupta Maurya, has referred in a passage to the counterfeiters of coins (Kutarupakaraka) in his `Arthasastra`, the book on state-craft, which was compiled during the 4th century B.C. Therein, Kautilya has stated a list of objects that were used in the manufacture of coins. Metal was first melted in crucibles (musha) and purified with alkalis (kshara). It was then beaten into sheets in an anvil (adhikarni) with a hammer (mushtika), cut into pieces with clippers (sandansa) and ultimately embossed with dies or punches bearing symbols (bimba-tanka). Thus was the gradual build of ancient coins in India, a facet which was most extraordinary during those laidback times. Apart from the automatic devices, almost the same procedure is used even today in the manufacture of coins in mints all over the world.

However, even prior to the advent of the first ever cast and moulded ancient coins of India, there did exist an entirely different sort of economical transaction, which is verily regarded as the precursor of coin-making. It is understood that self-subsistent economy was very much prevalent in ancient India, during the Pre-Vedic era. A family would generally cultivate and produce what was required for themselves. Step by step, these small families came together to establish small communities or tribal clans. That was when the needs of people were upgraded from the `self subsistence economy` to `barter economy`, where goods were switched between people or amongst various communities. People began to comprehend the limitations of the barter system economy, primarily because two commodities were never of the matching value. Particular affairs got preference over the others and a higher value was attached to them. This ensued in differences between parties or most often, there was no equal benefit of business interest to one of the parties due to the transaction.

That was also when the want for a `common commodity` as a medium of exchange arose and they are precisely considered as the harbingers of ancient coins in India. The mammoth granaries discovered at the Mohenjo Daro and Harappa excavation sites substantiate to the fact that agricultural products were used as authentic medium of exchange. The Vedic people used cows as a medium of exchange and this is very much apparent from several ancient literary sources like the Aitreya Brahmana, the Rig Veda and the Ashtadhyayi. One passage in the Rig Veda mentions the price of the image of Lord Indra`s idol was offered on sale in exchange of ten cows! Similarly, in the Aitreya Brahmana, there is an allusion to the number of cows as an evaluation of wealth. Cows had remained as a dependable medium of exchange till the later part of the post-Vedic period. This is evident from specific passages of Ashtadhyayi of Panini. Cows conformed to the needs of the age, as they were not easily perishable, could be moved from one place to another and had the capacity to reproduce, work and supply milk. However, cows were a bothersome medium of exchange, as they demanded to be cared for and some degree of skill in rearing. Hence, this medium was highly inappropriate for large transactions and long-term savings etc.

This mentioned troubles paved way to the need for a more secure medium of exchange - metals. The problem of how to use them was also solved by formulating balances and weights and the metals were chiselled according to a pre-determined standard weight. Metal was weighed in favour of seeds and various kinds of seeds (krishnala seeds or Abrus Precatorius) were introduced in different regions as standard weights according to their availability. However, transactions involving metal were equally wearisome. Scales were required to weigh the metals and touchstones to resolve the purity of the metal had to be utilised. In addition, there were problems of widespread adulteration of metal, forgery etc., that again ensued in a loss of value in transactions. Hence, official authorities or merchant guilds stamped metal pieces and carried on a check to guarantee authenticity and the purity of the metal content. This `metallic` age of transaction can be definitely stated as the most legitimate precursor to the arrival of ancient coins to India.

Most likely the first coins of ancient India were minted just before 5th century B.C. in northern and central India. Although, few historians have proposed (based on Vedic records) that India minted perhaps the first coins of the world which were prefaced even earlier than Lydian/Ionian coins, in 8th century B.C., most scholars stand in disagreement with this theory. Both literary and archaeological evidence confirm that the Indians invented coinage somewhere between 5th to 6th century B.C. Panini had penned in his Ashtadhyayi in 4th-5th century B.C. in which he has mentioned Satamana, Nishkas, Sana, Vimastika, Karshapana and it`s various sub-divisions to be used in financial transactions. Thus, coins are known in ancient Indian literature since 500 B.C. There also exists a strong belief that silver as a metal which was not available in Vedic India (pre 600 B.C.), had become abundantly available by 500-600 B.C. Most of the silver came from Afghanistan and Persia as a result of international transaction.

The most ancient coins of India are commonly acknowledged as `punch-marked coins`. The Ashtadhyayi cites that the metallic pieces were stamped (ahata) with symbols (rupa). These were in circulation along with the unstamped variety of metallic coins which were referred to as the nishka, satamana and pada. There is also a mention of shana and karshapana, terms employed for different monetary denominations. As the name indicates, these coins carry the symbols of assorted types, punched on pieces of silver of defined weight. Fascinatingly, the earliest Indian coins have no determined shapes and were mostly unifaced. Secondly, these coins are deficient in any inscriptions scripted in contemporary languages and almost always struck in silver. These unique characters makes ancient Indian coins stand very much apart from their contemporaries in Greece. Punch-marked coins are marked with 1-5 (and at times more) marks, representing a choice of symbols. Two well acknowledged numismatists, D. B. Spooner and D.R. Bhandarkar, after careful study, independently had concluded that the punching of these umpteen symbols exemplifying animals, hills, tree and human figures followed a definitive pattern and these coins were always issued under royal authority.

During Rig-Vedic period, tiny kingdoms had begun to come to existence all over the Indian subcontinent from Kabul (Kubha in Sanskrit) to upper Ganges. Most of these were the small states under hereditary monarchs and few republics. These small and large states were referred to as Janapadas and Mahajanpadas. Approximately in 6th century B.C., sixteen Mahajanapadas or realms rose to pre-eminence in India. According to the ancient text Anguttara Nikayas (a Buddhist scripture, the fourth of the five nikayas, or compendiums in the Sutta Pitaka) these Mahajanapadas were - Anga, Magadha, Kashi, Koshala, Vajji, Malla, Vatsa, Chedi, Kuru, Panchala, Matsya, Surasena, Ashvaka, Avanti, Gandhar and Kamboja. One of the most ancient coins of India was minted by one of these mentioned realms. Each of the kingdom had issued distinctive type of silver coins to facilitate commercial traffic.

Approximately during 600 B.C., in north-western part of India, Takshashila or Taxila and Pushkalavati, became significant commercial centres for trade and commerce with Mesopotamia. These wealthy satraps (provinces) had ushered in a unique coinage to facilitate the trade. The collection comprised silver concave bars of 11 gms, which are popularly called as `Taxila bent bars` or `Satamana bent bars`. Satmana or Shatamana corresponded to 100 rattis of silver in weight (Shata means 100 while mana means unit). These silver bars were perforated with two septa-radiate (seven arms) symbols, one at each end. These bent bars do truly symbolise one of the oldest and ancient coins of India. Ancient Indian coinage was based upon `Karshapana` unit that consisted 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 brilliant scarlet coloured seed). Auxiliary denominations of Karshapana, like half Karshapana (16 ratti), quarter Karshapana (8 ratti) and 1/8 of Karshapana (4 ratti) were also minted.

In ancient India, precisely during 600-321 B.C., several Janapadas had 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. However, five symbol punch marked coins were first issued by Magadha, which were continued during the subsequent Mauryan expansion. Ajatashatru (legendary ruler of Magadha Empire, son of Bimbisara) was followed by numerous kings, who eventually lost this kingdom to the family of the Nandas. To maintain the colossal army of 200,000 infantry and 3000 elephants, (supported by Greek evidence), the Nandas had to resort to heavy taxation which was detested by people. They found their new leader in Chandragupta Maurya (321-297 B.C.) who eventually with the help of Taxilian Bramhin Kautilya or Chankya overthrew the Nanda ruler and laid the foundation of the illustrious dynasty of Maurya.

Most likely, the emperors of the Mauryan dynasty ruled the largest empire that ever existed in the Indian subcontinent. Chandragupta Maurya, his son Bindusara and later, Bindusara`s son Ashoka, were intimidating enough to extend their realm, which very much is borne in the coins from this time in ancient India. During Ashoka`s reign, the Mauryan empire reached its zenith, covering an area from present-day Afghanistan in west to Assam in the east and in north from Himalayas to current-day Andhra Pradesh in southern India. Several imperial punch marked ancient coins under Indian scenario; have been discovered in all the regions which cover contemporary India, Pakistan and Afghanistan, truly representative of the glory of the impressive Mauryan Empire.

The great Stupa at Sanchi is perhaps the finest extant relic of the Mauryan Empire. The famous Lion-Capital glistening in polished white sandstone, realistically represents the artistic achievements of Indian artists and patronage of their masters. This very Lion-Capital that Ashoka erected at Sarnath (in modern day Madhya Pradesh) has become the national emblem of the Republic of India. Ancient coins and coin-making in India has been very much successful to influence the present generation mints, which still espouse by such primeval methods, however, with a dash of modernity. All the coins and currency notes of modern India have this four-lion symbol on it.

Ashoka was the last emperor of the Mauryan Dynasty, which to decline soon after his death. Numerous kingdoms arose out of ruins from 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 highly ancient Indian coins issued by these republics/kingdoms are occupying both historically and numismatically. Kuninda, referred to as Kulinda in ancient literature, issued very attractive silver coinage during the late 2nd century B.C. These ancient coins were in fact issued by king Amoghbhuti, who had ruled in the fertile valley of Yamuna, Beas and Sutlej rivers (modern day Punjab in northern India). The obverse of the coins depicts a deer and goddess Lakshmi holding a lotus in her lifted hand. Between the horns of the deer, a cobra symbol is also portrayed. The reverse further delineates 6 symbols, comprising a hill and river below, Nandipada (hoof of bull), a tree in railing, Swastik and a `Y` shaped symbol. Captivatingly, these Kuninda coins from ancient India were pretty much bilingual. On the obverse, legends were embossed in Prakrit, penned in Brahmi script, whereas, the reverse was done in Kharoshti. The legends on the obverse reads Rajnah Kunindasya Amoghabhutisya maharajasya. The reverse carries Maharajasa in Kharoshti script at the same place where Indo-Greece and Saka coins delineated their ruler`s names.

These very ancient coins from India exemplify the first ever effort of an Indian ruler to issue silver coinage, which could compete in commercial issues with that of Indo-Greek coinage. Indo-Greek kings who ruled in neighbouring areas (Bactria and Punjab) had begun issuing splendid illustrations of silver coins which, were highly sought after. This made Amoghbhuti to introduce coins of purely Indian design, but of outstanding loveliness to certify economic pre-eminence over his neighbours. The Kuninda kingdom was eventually invaded by Kushan and Shakas in middle of first century B.C. Both, Indo-Greek and Kuninda kingdoms were annexed to make the next great empire of India, the Kushana Empire.

Casting Technique of Ancient Indian Coins
Copper coins in ancient India were moulded by casting from moulds and were extensively circulated almost all over northern India and are acknowledged in several varieties. These coins are not ascribed to any particular state or ruler, as they are determined all through the northern and central parts of India. The most familiar of them are the small round coins with an elephant on the obverse and a three arched hill on the reverse. At times, two such coins are also witnessed to be attached to each other with a small band of metal between the two. It is not however understandable whether they were meant for circulation in that form as coins of double value or the men were simply addicted to minting business. These ancient coins of India were though very much in circulation from the 3rd century B.C. till 3rd century A.D.

A profound influence of foreign invaders on ancient Indian coins and mintage was very much apprehensible in these times. With the advent of the Greeks, the Indian coinage underwent a sizeable metamorphosis. The refined execution of the ruler`s bust, portrayal of their gods and goddess with legends on the Indo-Greek coins exalted the later coinage of the Indian rulers too. The Kushana Empire, the Satvahana Dynasty and the Western Kshatrapa Dynasty had replicated the silver drachms and tetra drachms of the Indo-Greek kings very authentically. Such a move lent a tremendous impetus to the construction of Indian history, as rulers during this era also incorporated their name and sometimes their father`s name on the coins with dates. The brisk trade between Rome and India had introduced the Roman denarii (the Roman currency system) in India. Indian spices were imported to Rome in exchange for Roman gold in the form of Roman gold coins. The dearth of Roman coins for trade transactions led to the casting of these coins in India and consequently, umpteen Roman coin dies have been discovered in the Karur region of Tamil Nadu in South India.

Dynastic Coins of Ancient India
The geological dating of regular dynastic coin issues in present day India is ridden with controversies. The earliest of these instance of ancient Indian coins relate to those of the Indo-Greeks, the Saka-Pahlavas and the Kushanas. These coins are generally positioned within the 2nd century B.C. and 2nd century A.D. Hellenistic traditions personify the silver coins of the Indo-Greeks, with Greek gods and goddesses being visible prominently, apart from the portraits of the issuers. These coins with their Greek legends are historically of much significance, as the historical maturation of the Indo-Greeks has been reconstructed almost entirely on their evidence. The Saka coinage of the Western Kshatrapas are conceivably the earliest dated coins, the dates being stated in the Saka era that commences in A.D. 78. The Saka era, in this context, constitutes the official calendar of the Indian Republic.

The mass of foreign coin hoards discovered in the country, in regard to the ancient coinage in India, has been of much usage to research and historical data evaluation. Ancient India did possess considerable trade links with the Middle East, Europe (Greece and Rome) as well as China. This trade was executed and followed up over land, partly along what came to be referred to as the Silk Route and partly through maritime trade. By the time of Pliny, the Roman historian, Roman trade with India was indeed flying high, and establishing a steadiness of payments problem for the Roman Empire. In South India, which had a thriving maritime trade, Roman coins were even passed around in their original form, although slashed at times as a gesture foreswearing encroachments of `foreign sovereignty`.

As a conclusive ending to the gradual melting away of ancient coins in India, towards the ushering in of the Medieval coinage in India, the highly diversified and motleyed groups of coins can be viewed with their regard and casting and meticulous differentiation in chiselling up. Indeed, these various types of ancient coins of India, were perhaps only mastered and built by excellent man power, which stood out from each of the governing generation, with their sheer defining of a perfect line.