Within a span of approximately 2700 years of the historic epoch of India, umpteen realms ascended and fell to dust in various parts of the country. Some of them were gigantic enough to attain the expanse of an `empire`; others were so tiny that they held small territories, engaging an area of only a few square miles. But, all these states, with numerous ruling dynasties within them and several kings within these dynasties, indeed had put forth their own coins. As such, the country, which then extended from the Himalayas to Cape Comorin and from the tip of Burma to the Arabian Sea, possesses a cosmic historical treasure of several thousands of varieties of coins in various metals. It can thus very well be comprehended that the history of Indian coins and the system of coinage of yesteryears, goes to back to indeed undocumented times, every pain being taken to authenticate them in a systematised manner presently.

These coins in their own time devotedly had served the purpose for which they were cast. But beyond that, they still retain their worth and substantiality. History of Indian coins does provide an unparalleled series of historical documents. They call forth before an individual the life and times of those who had issued them. These historical Indian coins weave the texture of legends into their being and not simply exemplify it. The coins furnishes true information to an individual. In India however, one does not possess much literature of the ancient period which can serve as historical evidence in the modern sense. Such as the scenario that historians and researchers hold, it does not reveal many facts about the rulers, their names, dynasties, their thought and actions. But, all these mentioned facts have been well illustrated in umpteen instances on the coins. Coins serve as major authoritative sources to the study of Indian history, a reflection of the past. Simply put - coins are an essential medium of exchange for the Indian ancestors. Coins help apprehend the socio-political, cultural and administrative aspects of past kingdoms and rulers. They also help immensely in archaeology to determine dates. So, coins and its association with history of India, does possess immense significance for the study of this ancient land.

In the domain of religious history, Indian coins play an equally substantial role. The coins of the Kushanas, who ruled in north-western India during the first and second centuries A.D., support effigies of a number of Greek, Iranian, Buddhist and Brahmanical gods and goddesses. The representation of Buddha in human form is noticed for the first time on the coins of Kanishka, whereas, in an earlier representation, he is demonstrated rather symbolically. Likewise, history of Indian coins also states in its strategic format that eth earliest depiction of Shiva in human form with four hands is witnessed only on these coins. On the coins of the Guptas, one can witness the figures of Durga, Ganga and Lakshmi. In this context of the historical evolvement of Indian coins, quite evidently comes up the study of ancient coins of India, with the ushering in of the Hindu dynasties and its rulers.

The study of ancient Indian coins, also called numismatics, is both interesting and fascinating to pursue. The studies of ancient and medieval coinage have authenticated historical events cognised from literature, artefacts and archaeological findings. History of Indian coins have more than anything else, helped to determine chronology in archaeological excavation, when its presence in a particular stratum (a firm layer and not a mere dump) has fixed the date of the same. In essence, it was the decrypting of Kharosthi and Brahmi scripts, which allowed historians to read the ancient rock and other inscriptions. In this process thus the whole history of ancient India was unfolded. India has always been scintillating with various cultures since ancient times, witnessing numerous invasions and attacks by rulers of other regions of the world. India was always perceived as a land of bounty and unending wealth. Thus, it had arrested attention of some of the world`s most legendary rulers like Alexander, the Huns and the later Islamic rulers. Most kings and dynasties that had ruled over India would otherwise have remained totally unfamiliar and anonymous to contemporaneous Indians had it not been for the history of coins in India. The realms today have been made famous and given a place in history only because they have been inscribed on their coins. A very apt example is the Indo-Greeks and other nomadic kingdoms and dynasties, which existed in Afghanistan and Northwest India (present day Pakistan). One passage in the Rig Veda mentions the price of the image of Indra offered on sale to be ten cows!

Tracing down the line of the historical evolvement of Indian coins and moving further from the ancient period in Indian coinage, the Early Middle Ages was ushered in by the powerful Gupta Empire and their rulers like Chandragupta I, Skandagupta and Samudragupta. However, the prominence of Hindu rulers had diminished in the historical scale, with the arrival of Muslim invaders and their dynasties from places like Arab, Persia and Turkey. The ultimate ushering in of the Delhi Sultanate (1206-1526 A.D.) had become successful to entirely alter the outline of Indian coins and mintage. Coins in Medieval India were given special touch, marked as it was by a considerable elaboration of the `money economy`. Medieval Indian coins also point out the economic statuses of those times. Delhi Sultanate sultans, namely Ala ud din Khilji of Khilji Dynasty and Qutb ud din Aibak of Slave Dynasty, had issued an immense variety of gold and silver coins in blowing numbers, due to their treasury being full with the pillage and plunder of southern kingdoms.

History of Indian coins also help in discovering the personal traits of individual kings who had indeed issued them. For instance, Muhammad Bin Tughlaq from Tughlaq Dynasty, who has always been considered much ahead of his times, had minted coins in the name of his dead father whom he had slain in repentance during his early years of rule. His successor Feroz Shah Tughlaq had brought out coins in the name of his dead son. However, the coining history of India once more took a dramatic turn under the advent of the Mughal Empire in the early 16th century. Beginning from emperor Zahiruddin Mohammed Babur and perhaps mostly expanding under the reign of Jalaluddin Mohammed Akbar, Mughal mintage took India towards scaling heights, achieving worldwide fame.

The pre-colonial India and princely states coinage history becomes visible soon after the decline of the Mughal Empire, precisely after the death of Aurangzeb. The anarchy that had ensued as a disastrous outcome to the downfall of such a powerful central authority, had prompted for various provincial governing bodies to assert their supremacy, like the states of Oudh and Hyderabad, Gwalior, Rajputana and Mysore. These tiny realms had begun to accede to the gradual coming in of the British power and their East India Company, a facet that can very well be witnessed in their issuing of coins. Acceptance of British relationship and friendship could be seen in the historical Indian coins inscriptions. History of Indian coins was awaiting its major breakthrough once more under the British Empire with Her Highness Queen Victoria.

British casting of coins was the first ever instance of the arrival of modern coins in India. The earliest coins minted from Surat under British East India Company were moulded in European style. However, owing to much unpopularity, the British obtained the right to belt their own rupees in the name of the Mughal emperor. History of Indian coins states in the chronological order that the ones issued after 1840, had held the portrait of Queen Victoria. The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title of Empress of India. Edward VII ascended after Queen Victoria and the coins issued, bore his model. The Indian Coinage Act was passed in 1906, which ordered the establishment of Mints as well as the coins that would be issued and the criteria that would be maintained (Rupee 180 grains, Silver 916.66 standard; Half Rupee 90 grains, Quarter Rupee 45 grains). However, acute shortage of silver in consequence of World War I, led the British Government to issue paper currency of One Rupee and Two and a half Rupees. This significant move was very much followed as a pathbreaking lineage towards the historic system of coining under Republic India.

India acquired its Independence on 15th August, 1947. During the period of sufficient and most-wanted transition, India retained the monetary system and the currency and coinage of the earlier colonial period. While the recently divided Pakistan had introduced a new series of coins in 1948 and notes in 1949, India brought out its distinguishing coins on 15th August, 1950. Besides the usage of copper, gold and silver coins in history of India, it was for the very first time in the history of Indian coins that `pice` and `anna` systems were introduced in metals like nickel and bronze, aluminium and eventually, the arrival of stainless steel. The last mentioned metal usage are the ones that still shell out coins in various moulds and designs, which Indians are acquainted with. The introduction of paper currency was perhaps the most sublime breakthrough after British Raj, which had remained witness of the bringing in of bank notes printed from Mint and issued by the Reserve Bank of India under strict legal rules. The colonial distinction and liberation from clutches of English rulers that India was a `sovereign, socialist secular, democratic republic`, was thoroughly underlined in the rupee notes, with the bearing of the image of Mahatma Gandhi, the Father of the Nation.