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BAA 323 

Ancient Indian Numismatics 

Semester – VI 

Q1. Determine the source of coins as a source of ancient Indian History. 

Though numerous coins have been found on the surface, many have been found while
digging the mounds. The study of coins is called ‘numismatics’. Numismatics was used for
historiography as far back as the 12th century by Kalhana, the author of, Rajatarangini.
The earlier coins discovered in India are of copper and silver. 

However, ancient coins of gold, lead, etc., have also been found. The earliest coins of India
contain a few symbols, but the later coins mention the names of kings and gods or dates. 

Ancient people would store money in earthen­ware or brass vessels. Many such hoards,
containing I both indigenous coins and those minted abroad such I as in the Roman
Empire, have been discovered in I different parts of the country. 

The areas where they I are found indicate the region of their circulation. These coins have
enabled us to reconstruct the history and extent of several ruling dynasties, espe­cially of
the Indo-Greeks. 

About 31 of the Indo- Grcek kings and queens have been known mainly from coins alone.
Much of the history of the Kushanas has been revealed to us through their coins. Much of
the political life of the Sakas of Ujjain comes to us only through coins. 

Coins are a good source of administrative as well as constitutional history. The ancient
coins celebrate the victory of republics in some cases. They thus confirm the prevalence of
a republican consti­tution in ancient India. 

The administration under the Sakas and the Pahlavas has been reconstructed largely on
the basis of coins. The purity of the coins also reveals the economic conditions of a
period. 

Coins also portray kings and gods, and contain religious symbols and legends, by which
one can get an idea of the art and religion of the time. Portraits on some of the Indo-Greek
coins are considered the best examples of ancient portraiture art. 

Of late historians attach much importance to coins as a source material for the
reconstruction of ancient Indian history. For no other source reveals such information as
revealed by the coins. 

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For instance, the metal or metals used in the coins help to understand the advancement
made in the production of these. 

Distribution of coins indicate the areas that” had been under the control of the particular
king who issued such coins. Again, coins also throw light on the economic history. 

Also the coins in which names of kings appear enable historians to know about the
chronology of a ruling dynasty. 

The coins issued particularly by the Kushanas refer to the dates on which they were put
into circulation. This helps a lot to reconstruct an accurate history of the period. 

Q2. Write a critical note on the Indo-Greek coinage. 

The Indo-Greeks produced the next notable series of coins in the 2nd/1st

centuries BCE. Because the minting was done in a more polished manner, the Indo-
Greeks’ method of coinage became crucial. The coins were generally composed of silver,
and most were round (with a few rectangular or circular exceptions) and
depicted legends as well as the name of the issuing ruler. 

Indo Greek Coins 

From 180 BC to roughly 10 AD, the Indo-Greeks ruled. The Indo-Greeks

popularised the practise of depicting the ruler’s buster head on coins. 
Legends on their Indian coins were written in two languages: Greek on one side
and Kharosthi on the other. Zeus, Hercules, Apollo, and Pallas Athene were
among the Greek gods and goddesses depicted on Indo-Greek coins. 
The first series of coins featured Greek gods, while later coins had Indian gods as
well. 
These coins were notable because they included precise information on the
issuing monarch, the year of release, and occasionally a portrait of the ruling
monarch. 
Silver, copper, nickel, and lead were the most common metals used in coins. 
The coins of the Greek kings in India were multilingual, with the front side
printed in Greek and the back in Pali (in Kharosthi script). 
Later, Indo-Greek Kushan kings brought the Greek practice of etching portrait
heads on coins to India. 
On one side, a helmeted bust of the monarch was depicted, and on the reverse, the
king’s favorite deity. 
Kanishka’s coins were only minted with Greek characters. 
The Kushan Empire’s wide coinage impacted a great number of tribes, dynasties,
and kingdoms, who began issuing their own coins as a result. 

Kushan period Coins 

Conclusion 

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The quantity of their coins suggests huge
mining operations, notably in the Hindu-
hilly Kush’s region, as well as a
significant monetary economy. The Indo-
Greek struck multilingual coins in both the
Greek “round” and Indian
“square” standards, implying that
monetary circulation was widespread
across society. 

Q3. What do you know about Punch-Marked coins? Explain. 

Punch-marked coins, also known as Aahat coins, are a kind of early Indian coinage
dating from the 6th to 2nd centuries BC. It had an amorphous form. The first coins were
cast and die-struck on only one side. Coins with one to five marks or symbols included on
a single side are known as ‘Punch Marked.’ 

Punch Marked Coins 

The circulation of punch-marked coins, primarily composed of silver and

sometimes copper, established the most traditional form of currency. 
They were sometimes square, sometimes circular, but generally
rectangular. 
These were hammered using punches and dies to create the symbols. That is why
they are known as punch-marked coins. 
According to Panini’s Ashtadhyayi, the metallic parts of punch-marked coins
were stamped with symbols. 
Each unit was called a ‘Ratti,’ and it weighed 0.11 grams. The first trace of this coin
was discovered between the sixth and second centuries BC. 

Punch Marked Coins issued by Mahajanapadas 

Various Mahajanapadas issued punch-marked coins in the sixth century BC. 

Puranas, Karshapanas, and Panas, the first Indian punch-marked coins, were
produced in the 6th century BC by the numerous Janapadas and
Mahajanapadas of the Indo-Gangetic Plain. 
These coins had varied shapes, standard weights, and were made of silver with
diverse designs like a humped bull in Saurashtra, a Swastika in Dakshin Panchala,
and five symbols in Magadha. 
Magadhan punch-marked coins quickly became the most widely circulating
currencies in South Asia. 
They are described in the Manusmriti and Buddhist Jataka stories, and they
survived three centuries longer in the south than they did in the north. 

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Punch Marked Coins issued by Mahajanapadas 

Punch Marked Coins issued by Mauryan Period 

Punch marked coins during the Mauryan Period (322–185 BC) 

In his Arthashastra treatise, Chanakya, the prime minister to the first Mauryan
emperor Chandragupta Maurya, mentions the minting of punch-marked coins such
as rupya rupa (silver), suvarnarupa (gold), Tamra rupa (copper), and
sisa rupa (lead). 
The sun and the six-armed wheel were the most consistent of the several symbols
utilized. 
The coin, known as Karshapanas, held an average of 50–54 grains of silver and 32
rattis in weight. 

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Punch Marked Coins issued by Mauryan Period 

Conclusion 

Punch-marked coins are a kind of early Indian coinage dating from the 6th to 2nd
centuries BC. The relative chronology of these coins has successfully proved that the first
punch-marked coins had one or two punches at first, with the number of punches rising
through time. 

Q4. Throw light on the gold coins of Samudragupta. 

The advent of the Common Era brought the rule of the illustrious Kushan and the Gupta
empires. When the mighty Kushan Empire crumbled, many small kingdoms acquired
territories. One such was the Gupta dynasty. Starting from a small kingdom in Magadha
in the late 3rd century CE, the Guptas gradually extended their rule over a large part of
Southern Asia. Under the able and strong leadership of many rulers, this dynasty grew
and became deeply rooted in the Indian subcontinent. The empire at its paramount
included all of northern India from the Indus in the west to the Brahmaputra in the east
and in the south it extended along the eastern coast of the Indian peninsula. 

The Gupta period is considered as the “Golden Age” of classical India. This was a time
when great universities flourished in Nalanda and Taxila, India made contributions in all
sectors like mathematics, science, astronomy, religion etc. The famous story tales of
Panchatantra, the very popular Kama Sutra, the epics of Ramayana and Mahabharata
were composed during the Gupta Era. Gupta art is regarded as the high point of classical
Indian art, and their coinage as among the most beautiful of ancient India. A general
atmosphere of peace and prosperity helped create a civilisation conducive to the cultural
advent and social growth. 

Coinage of the Guptas: An Introduction: 

The flourishing state of the economy was ascertained by a large number of gold coins
circulated by different Gupta rulers. Famous for their gold coins, the Gupta numismatic
art has an abundance of coins in the variety of designs. They also issued silver coins.

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However, coins made of copper, bronze or any other alloy metals are scarce. This
abundance of gold coins from the Gupta era has led some scholars to regard their reign as
the ‘rain of gold’. 

 Let’s explore this Gupta Numismatic Art through their noteworthy accomplishments and
downfall. 

General coin specifications: 

The Gupta gold coins are known as Dinars and they are the most extraordinary examples
of numismatic and artistic excellence. The coins, in general, depicted the ruling monarch
on the obverse and carried legends while the reverse depicted the figure of a goddess.
Gupta coinage started out imitating that of the mighty Kushans, but very soon had their
own identity which in turn became a forerunner for the dynasties and kingdoms to come
thereafter! 

Gupta coinage reached the height of metallurgy and iconography. After Indo-Greek and
Kushan coins, Gupta coinage made a huge come back with a true Indian taste in it. Being
indigenous, they portrayed the king, queen, and deities with Indian attire and with lots of
grace. Now let’s see the famous Gupta kings and their contribution to the acclaimed
Gupta numismatic art. 

Samudra Gupta: 

Samudragupta, a legendary king by the virtue of his military prowess and administrative
efficiency, was an important ruler of the Gupta Empire. His competent ruling produced
some high quality of gold coins and laid the foundation of the Golden Age of India. He is

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credited to have issued only gold coins (Dinar) during his reign in seven different types
(‘Lichhaviya’ type included). The coins of Samudragupta give us a lot of information on
the start of the mighty empire of Gupta, and its economy. 

Samudragupta’s coins according to their design and variety are known in

numismatic terms as: 

• Standard types are numerous and common. This type of coins shows the king carrying
a Garuda Dhvaja in his left hand and is shown wearing a cap. The reverse side of the coin
portrays the goddess Laxmi. 

• The Archer types, introduced for the first time in the Indian Numismatic, are rare and
they portray Samudra Gupta holding the bow.  

• Battle Axe type, Samudragupta’s coins featured weapons such as the battle axe, bow,
arrow and swords. His battle axe type has the legend “Kritantparashuh” on them. 

• Lichchavi type: The Licchaviya issue bears the image of King Chandragupta-I with his
queen Kumaradevi of Lichchavi family. Though the legend is specific to Chandragupta I, it
was issued by Samudragupta in memory of his father. 

• Kacha type coin bears the legend “Kacha, having conquered the earth, wins heaven by
the highest works”, while the reverse showed the legend “Exterminator of all the kings”. 

• The tiger slayer type coins of the king show him trampling a tiger as while shooting it
with a bow. The obverse legend reads “Vyagraparakramah”.  

• The Lyrist type has the king in a high backed couch, playing the Veena which rests on
his knees. The legend “Maharajadhiraja – Sri Samudragupta” decorates the obverse. 

• Asvamedha types are unique, we find a horse standing before a yupa or a sacrificial

post with legend around that decorates the King as the conqueror of heaven, earth, and
the oceans. 

All of his coin designs with their illustrious legends are indicative of the conquests of
Samudragupta and his attainment of paramount power. Samudragupta’s coinage features
a distinct Indian touch to it in reference to the depiction of the dresses, weapons,
goddesses, etc. as compared to the earlier Kushan coinage. 

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Q5. Throw light on the coins of Huvishka. 
Huvishka was the emperor of the Kushan Empire from the death of Kanishka (assumed
on the best evidence available to be in 150 CE) until the succession of Vasudeva I about
thirty years later. 

His rule was a period of consolidation for the Empire. Huvishka’s territory
encompassed Balkh in Bactria to Mathura in India, locations where it is known that he
minted his coinage. Gold coins and amulets in his effigy were found as far
as Pataliputra and Bodh Gaya, including one such amulet as an offering under
the Enlightenment Throne of the Buddha in Bodh Gaya, suggesting with other finds of
Kushan coins in the area that Kushan rule may have extended this far east. His reign
seems to have been essentially peaceful, consolidating Kushan power in northern India,
and moving the centre of the Kushan Empire to the southern capital city of Mathura. 

The coinage of Huvishka is characterized by a great variety of designs and the large
quantity of gold coins that were minted: more gold coins from Huvishka are known than
from all other Kushan rulers combined. The locations of his mints were mainly
in Balkh and Peshawar, with smaller mints in Kashmir and Mathura. 

One of the great remaining puzzles of Huvishka’s reign is the devaluation of his coinage.
Early in his reign the copper coinage plunged in weight from a standard of 16g to about
10-11g. The quality and weight then continued to decline throughout the reign until at the
start of the reign of Vasudeva the standard coin (a tetradrachm) weighed only 9g. The
devaluation led to a massive production of imitations, and an economic demand for the
older, pre-devaluation coins in the Gangetic valley. However, the motivation (and even
some of the details) of this devaluation are still unknown. 

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Indian deities 

Huvishka is known to have restored a temple in Mathura, where provisions were made for
hospitality towards the Brahmans. Some of the coins of Huvishka also
featured Maaseno on his coins, the Kushan incarnation of the Hindu god Karttikeya,
or Skanda, whose epithet was “Mahasena”. This god being particularly important to
the Yaudheyas, it may have been incorporated into Kushan coinage when the Kushans
expanded into Yaudheya territory in order to establish control of the Mathura area. It may
also have been adopted as a way to appease the warlike Yaudheyas. In effect,
the Kushans became the suzerains of the Yaudheyas in the area. 

In a departure from his predecessor Kanishka, Huvishka also

added Oesho (“ΟΗϷΟ”, Shiva) on some of his coinage. In replacement of the Iranian god
of war Ořlagno, he also added several Indian war gods, such as Skando (Old
Indian Skanda), Komaro (Old Indian Kumara), Maaseno (Old Indian Mahāsena), Bizago
(Old Indian Viśākha), and even Ommo (Old Indian Umā), the consort of Siva. This could
suggest an evolution toward Indian deities among the Kushans, possibly motivated by the
enlisting of Indian warriors. 

Iranian deities 

Huvishka is also known to have included Iranian deities

in his pantheon. Between 164 and 174, he established a
temple to Pharro (“Royal splendour”)-Ardoxsho in the
stronghold of Ayrtam, near Termez, according to
the Ayrtam inscription.[12] He also issued numerous coins
in the name of these deities. Many more Iranian deities
are also known from his coinage, such
as Miiro (Mitra), Mao (the Lunar
deity Mah), Nana (Anahita), Atsho (Atar, “The Royal
fire”). Another Zoroastrian deity, the supreme god Ooromozdo (Ahura Mazda),
and Mazdo oana (“Mazda the victorious”) also appears. Other Zoroastrian deities
include Rishti (“Uprightness”, Arshtat), Ashaeixsho (“Best righteousness”, Asha
Vahishta), the Lunar deity Mah (Mao), Shaoreoro (“Best royal power”, Khshathra
Vairya). 

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Q6. What do you know about the coins of Demetrius? Describe. 
Demetrius I Anicetus, also called Damaytra was a Greco-Bactrian and later Indo-
Greek king (Yona in Pali language, “Yavana” in Sanskrit) (reigned c. 200–167 BC), who
ruled areas from Bactria to ancient northwestern India. He was the son of the Greco-
Bactrian Kingdom’s ruler Euthydemus I and succeeded him around 200 BC, after which
he conquered extensive areas in what is now
southern Afghanistan, Iran and Pakistan and India. 

He was never defeated in battle and was posthumously referred to as “the Unconquered”
(Aniketos) on the pedigree coins of his successor Agathocles. Demetrius I may have been
the initiator of the Yavana era, starting in 186–185 BC, which was used for several
centuries thereafter. 

“Demetrius” was the name of at least two and probably three Bactrian kings. The much
debated Demetrius II was a possible relative, whereas Demetrius III (c. 100 BC), is known
only from numismatic evidence. 

The coins of Demetrius are of five types. One bilingual type

with Greek and Kharoshthi legends exists; it is naturally associated with the
Indian Demetrius II. A series with the king in diadem are likely to be early issues of
Demetrius I. 

There is also one series representing a Gorgon shield on the obverse and a trident on the
reverse. 

There are also three types depicting elephants. The first type shows Demetrius (I) with
elephant-crown, a well-known symbol of India, which simply denotes his conquests in
India, as Alexander the Great had also done on his coinage before. One type represents an
elephant with Nike on the other side holding a wreath of victory. This sort of symbolism
can be seen on the reverse of the coins of Antialcidas in which Nike (supported by Zeus)
directly hands the victory wreath to the elephant on the same coin face. 

Indian coinage in Gandhara (after 185 BC) 

The year 186 BC, with the invasion of the Greco-Bactrians into India, marks an evolution
in the design of single-die cast coins in the coinage of Gandhara, as deities and realistic
animals were introduced. At the same time coinage technology also evolved, as double-die
coins (engraved on both sides, obverse and reverse) started to appear. The archaeological
excavations of coins have shown that these coins, as well as the new double die coins,

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were contemporary with those of the Indo-Greeks. According to Osmund
Bopearachchi these coins, and particularly those depicting the goddess Lakshmi, were
probably minted by Demetrius I following his invasion of Gandhara 

Elephant with the caduceus coinage 

One of Demetrius’ “elephant” types represents a rejoicing elephant, depicted on the front

on the coin and surrounded by the royal bead-and-reel decoration, and therefore treated
on the same level as a King. The elephant, one of the symbols of Buddhism and Gautama
Buddha, possibly represents the victory of Buddhism brought about by
Demetrius. Alternatively, though, the elephant has been described as a possible symbol of
the Indian capital of Taxila (Tarn), or as a symbol of India as a whole. 

The reverse of the coin depicts the caduceus, symbol of reconciliation between two
fighting serpents, which is possibly a representation of peace between the Greeks and
the Shungas, and likewise between Buddhism and Hinduism (the caduceus also appears
as a symbol of the punch-marked coins of the Maurya Empire in India, in the 3rd-2nd
century BC). 

Unambiguous Buddhist symbols are found on later Greek coins of Menander

I or Menander II, but the conquests of Demetrius I did influence the Buddhist religion in
India. 

Q7. Give an account of the coins of Panchal. 

When the Mauryan empire collapsed, many new kingdoms emerged on its ruins. One
such kingdom to emerge in northern India was Panchala. This had been one of the 16
great mahajanapadas in the time of the Buddha. Draupadi, one of the central characters
of the Hindu epic, the Mahabharata, was reportedly a Panchala princess. This janapada
had been absorbed by Magadha as it pursued its program of expansion. But now the
kingdom was reconstituted under the Mitra kings, who issued a most interesting and
long-lived series of coins. Almost all the Panchala coins carry the name of the issuing king
in Brahmi letters; these are some of the earliest indigenous Indian coins to carry legends.
They typically carried an image of a deity on the obverse, most often the deity closely
associated with the name of the issuing ruler, and an incuse punch on the reverse which
had the legend bearing the king’s name along with the three symbols of the Panchala
kingdom above. 

Unfortunately, the exact dates of this kingdom’s existence, and the order in which the
kings ruled, are not known for certain and are the subject of some debate. K.M. Shrimali,
in his History of Panchala, dates the main series to about 150 BCE to 125 CE, followed by
a gap during the ascendancy of the Kushan Empire, which in turn was followed by the re-
establishment of a Panchala dynasty during c. 300-350 CE. We know that the last
Panchala king, Achyuta, was defeated by Samudragupta and therefore must have been his
contmporary. The dates given below for individual kings are based on the estimates of
Shrimali. 

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The coins of the main series below are divided into two series. The “Primary” series is the
more common series of coins found mostly in the area of Ahichhatra, the Panchala
capital, which is probably where they were minted. The “Secondary” series is a rarer
group with a distinct design and fabric, which was perhaps minted at a separate mint. 

The Panchala was a small kingdom that emerged in northern India after the Maurya
empire. This kingdom was mentioned as the home of the great Pandava Queen Draupadi
in Mahabharata and as one of the 16 Mahajanapada in Buddhist literature. 

Though the exact date of the kingdom is not known and nor details of the individual
kings, it is assumed the kingdom was established from 150 BC to 125 CE. They are again
established after the Kushana dynasty. 
The last king of Panchala, Achuyta was
defeated by Gupta king Samudragupta and the
kingdom got absorbed in Gupta empire. 
There are a number of Panchala kings who
issued copper coins. The coins are
characterised by bold strike of the royal Panchala emblem and the name of the king. The
opposite side shows the deity after which the king is named. 
This is a coin of panchalas of Ahichhatra, Vishnu Mitra (1st c
AD). 
Copper-Alloy 1/4 Karshapana with bold square punch. 

Obverse: Standing deity on railing facing front, 

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Q8. Write a note on the coinage of the Yaudheyos. 

Yaudheya or Yaudheya Gana was an ancient confederation that occupied the areas
between the Indus riverand the Ganges river. The word Yaudheya is a derivative of the
word yuddha or from yodha meaning warriors. They principally were kshatriya renown
for their skills in warfare, as inscribed in the Junagadh rock inscription of Rudradaman. 

Yaudheya were the rulers of South-Eastern Punjab and Rajasthan. Like many other tribes
they declared their independence after the death of Pushyamitra Sunga in the middle of
the second century B.C.E. The earliest reference to these people is available in the Panini’s
Astadhyayf where they have been mentioned as an ayudhajivi sangha, i.e. a people living
by profession of arms. 

The Junagadh inscription of 150 A.D. indicates the power and prestige enjoyed by the
Yaudheyas during the period by describing them as rendered proud as they were by
having manifested their title of heroes among all Ksatriyas. 

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The Bijaygadh inscription of about the third century A.D. speaks of one Maharaja and
Mahasenapati who happened to be the leader of Yaudhayas. 

The Allahabad inscription of Samudragupta mentions the Yaudheyas as an autonomous

tribe and they have been described as acknowledging the supremacy of the Gupta
emperor. The Brihatsamhita locates the Yaudheyas in the northern division and also
refers to a people called Yaudheyaka. The Markandeyapurana mentions them among the
peoples of north India while Garudapurana places their territory in the Madhyadesa. 

 Kautilya refers to this tribe as ‘sastropajivinah  a warrior clan. It finds mention also in
Patanjali’s Mahabhasya. They have also been referred in Mahabharata, Brihatsamhita and
Puranas. From about 200 BCE to 400 CE they were at the peak of their power. The
existence of this powerful clan has come to light from their coins and coin-moulds found
in large number in Sutlej, Multan, Bhatner, Sirsa, Hansi and Panipat. Most of these coins
depicted the god Karttikeya or also known as Brahmanyadeva. Yaudheya as we know it
were an ancient republican city state or tribe of traders and warriors. The name ‘Yudha’
itself means a proficient fighter. Yaudheyas claim that they descended from Yudhishthira.
Many ancient texts have mentioned this tribe; also historians of Alexander wrote about
people ‘living in exceedingly fertile territory and good at agriculture and brave in war’.
Yaudheya had a high social and political status; thus surviving the longest reign.
Yaudheya’s were probably at the height of their power and glory during the period
extending from circa mid-second century BCE to the fourth century CE when they struck
coins as well. 

Interaction with the Indo-Greeks (2nd-1st century BCE) 

Slightly northwest of Mathura in the region of Haryana, numerous coins of the Indo-
Greeks have been found together with those of the Yaudheyas, suggesting periods of
overlapping or successive rule. Such coins were found in the ancient villages of Khokrakot
(modern Rohtak), and Naurangabad, were Indo-Greek coin molds were also found,
suggesting Indo-Greek occupation of Haryana in the 2nd-1st centuries BCE. 

Coin of the Yaudheyas with depiction of Kumāra Karttikeya, 1st century BCE, Punjab. 

After that period, the Yaudheyas started to mint their own coins in a style highly
reminiscent of Indo-Greek coinage, and the Arjunayanas and Yaudheyas mention military
victories on their coins (“Victory of the Arjunayanas”, “Victory of the Yaudheyas”). It is
thought the Yaudheyas had become an independent kingdom at that point. 

The coins of the Yaudheyas are known in primarily 3 Classes with sub-varieties within
them.  

Class 1, the earliest, is known as the ‘vrisha-gaja’ (bull-elephant) type with the legend
reading Yaudheyanam Bahudyanaka. The country of Bahudyanaka comprised of eastern
Haryana and portions of Uttar Pradesh.  

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Obv: Karttikeya (God of War) standing
facing, holding a filleted sceptre/spear in
right hand, left hand on hip, peacock on
left,  circular legend around in Brahmi:
Yaudheya Ganasya Jaya (“Victory to the
Yaudheya People”). 

Rev: Within a dotted circular border:

Goddess standing facing left, wearing
transparent garment, left hand on hip,
right hand raised in blessing, blank
fields. 

Class 2 has the Shanmukha (six headed)

Karttikeya on Obv and Goddess Shahsthi
(or Krittika) on the Rev with the legend
reading ‘Yaudheya Svamino Brahamanya
or Bhagvata Svamino
Brahmanyadevasya Kumarasya with
symbols of meru (mountain), vedika-
vriksha (tree in railing), river, deer/stag
etc. appearing on them. These coins
closely resemble the Kunindas coins with
only the script differing (Yaudheya coins
use only Brahmi whereas Kunindas use
Brahmi/Kharoshti). The Goddess on the
Rev is sometimes replaced by Shiva
holding a trident. On some coins,
Karttikeya and Shiva are shown wearing
the typical trousers of Later Kushanas.  

Obv: Same as Type 1 but with addition of

the word ‘dvi’ (two) in the legend. 

Rev: Similar to Type 1 but with a

‘Kalasha’ (pot) with 3 leaves in it on the
left, nandipada symbol on the right. 

Class 3 is the Karttikeya-Devasena type

with the Obv legend Yaudheya Ganasya
jaya and 3 Rev varieties discussed in my
original thread above. On some coins,
the Gupta influence is visible with the
standing Karttikeya resembling

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Samudragupta-Chandragupta and
Devasena resembling the walking
Lakshmi on Gupta coins. 

Obv: Same as Type 1 but with addition of

the word ‘tri’ (three) in the legend. 

Rev: Similar to Type 1 but with a conch

symbol on the left. 

Multan, on the east – Bhatner, Abohar,

Sirsa, Hansi, Panipat and Sonipat and on
the north – Kangra. These were listed
based on the assumptions of coin finds.
Even Haryana and Panjab were included
in the territory they might have ruled. 

The existence of a powerful clan known

as Yaudheyas has come to light mainly
from their coins and coin-moulds found
in large number in this area. 

Q9. Write a note on the Saka-Kshatrapa coins. 

The Kshatrapas have a very rich and interesting coinage. It was based on the coinage of
the earlier Indo-Greek Kings, with Greek or pseudo-Greek legend and stylized profiles of
royal busts on the obverse. The reverse of the coins, however, is original and typically
depict a thunderbolt and an arrow, and later, a chaitya or three-arched hill and river

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symbol with a crescent and the sun, within a legend in Brahmi. These coins are very
informative, since they record the name of the King, of his father, and the date of issue,
and have helped clarify the early history of India. 

Regnal dates 

Coin of Damasena. The minting date, here

153 (100-50-3 in Brahmi script numerals) of
the Saka era, therefore 232 CE, clearly
appears behind the head of the king. 

From the reigns of Jivadaman and Rudrasimha I,

the date of minting of each coin, reckoned in
the Saka era, is usually written on the obverse
behind the king’s head in Brahmi numerals, allowing for a quite precise datation of the
rule of each king. This is a rather uncommon case in Indian numismatics. Some, such as
the numismat R.C Senior considered that these dates might correspond to the much
earlier Azes era instead. 

Also the father of each king is systematically mentioned in the reverse legends, which
allows reconstruction of the regnal succession. 

Languages 

Kharoshthi, a script in use in more northern territories (area of Gandhara), is employed

together with the Brahmi script and the Greek script on the first coins of the Western
Satraps, but is finally abandoned from the time of Chastana. From that time, only the
Brahmi script would remain, together with the pseudo-Greek script on the facing, to write
the Prakrit language employed by the Western satraps. Occasionally, the legends are
in Sanskrit instead. 

The coins of Nahapana bear the Greek script legend “PANNIΩ IAHAPATAC

NAHAΠANAC”, transliteration of the Prakrit “Raño Kshaharatasa Nahapanasa”: “In the
reign of Kshaharata Nahapana”. The coins of Castana also have a readable legend
“PANNIΩ IATPAΠAC CIASTANCA”, transliteration of the Prakrit “Raño Kshatrapasa
Castana”: “In the reign of the Satrap Castana”. After these two rulers, the legend in Greek
script becomes denaturated, and seems to lose all signification, only retaining an aesthetic
value. By the 4th century, the coins of Rudrasimha II exhibit the following type of
meaningless legend in corrupted Greek script: “…ΛIOΛVICIVIIIΛ…”. 

Influences 

An imitation of Western Satrap coinage: silver coin of king Dahrasena (c. 

415–455 CE), of the Traikutaka dynasty. 

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The coins of the Kshatrapas were also very
influential and imitated by neighbouring or later
dynasties, such as the Satavahanas, and
the Guptas. Silver coins of the Gupta
kings Chandragupta II and his son Kumaragupta
I adopted the Western Satrap design (itself derived
from the Indo-Greeks) with bust of the ruler and
pseudo-Greek inscription on the obverse, and a royal eagle (Garuda, the dynastic symbol
of the Guptas) replacing the chaitya hill with star and crescent on the reverse. 

The Western Satrap coin design was also adopted by the subsequent dynasty of
the Traikutakas (388–456) or the Maitrakas (475–776). 

Q10. Give an account of the Kalchuri of Ratnapura Coins. 

The Kalachuri rulers of Ratnapura issued gold, silver and copper coins, which bear the
issuer’s name in Nagari script. The coins feature four types of design: 

Gaja-shardula: Depicts a fight between a lion and an elephant. This design occurs
on all their gold coins, and some copper coins. 
Hanumana: Depicts Hanuman in various poses, such as flying, crushing a demon
(while sitting or standing), holding a trishula, or holding a flag. Only copper coins
feature this design. 
Lion: Depicts a lion, sometimes with a human head. Featured on copper and silver
coins. 
Dagger: Features a dagger on copper coins. 

Hoards of their coins have been found at following places: 

Sanasari (or Sonsari) 

36 gold coins of Jajjaladeva 
96 gold coins of Ratnadeva 
459 gold coins of Prithvideva 

Sarangarh 
26 gold coins of Jajjaladeva 
29 gold coins of Ratnadeva 
1 gold coin of Prithvideva 

Bhagaund 
12 gold coins of Prithvideva 

Dadal-Seoni 
136 gold coins of Jajjaladeva, Ratnadeva and Prithvideva 

Bachchhanda 
9 gold coins, plus some other conins 

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 Ratanpur 
10 gold coins of Ratnadeva 

Sonpur and Baidyanatha 

11 gold coins of Jajjaladeva 
9 gold coins of Ratnadeva 
5 gold coins of Prithvideva 

3 silver coins of Prithvideva were discovered from the Mahanadi riverbed near Balpur.

Thousands of copper coins issued by them have also been discovered, including a hoard of
3900 copper coins at Dhanpur in Bilaspur district. 

Q11. What is Satamana? 

A shatamana (lit. 100 units) weight system has been first mentioned in Satapatha
Brahmana which is equal to 100 krishnalas, each krishnala being equal to one ratti. The
weight of the ancient Indian silver Karshapana and satamana coin is given below; 1
Satamana = 100 Rattis / 11 grams of pure silver. 

Q12. Discuss the Punch-marked coins of early India. 

Symbols are a way of communicating beyond words, and various types of symbols have
existed from 100,000 BCE and even earlier. In early India a number of symbols were
found, particularly on a group of coins commonly termed ‘punch-marked coins’. Punch-
marked coins are dated from the 6th century BCE and continued to be used to a limited
extent up to the 3rd century CE. They were most prolific in pre-Mauryan and Mauryan
times and are usually made of silver, irregular in size and shape, but of a standard weight.
Some were cut from flattened silver bars, and then punched with various symbols. Others
were oval, square, oblong or rectangular. While the scholar Joe Cribb traces their origin to
the Achaemenids, others feel they were an indigenous development. The 6th century BCE
was the time when mahajanapadas or large states developed in India, and they issued
coins, including punch-marked coins. Magadha, one of the mahajanapadas, developed
into the Nanda and later the Mauryan empire. Early coins were punched with just one or
two symbols, later ones with five. 

Thousands of punch-marked coins have been found all over India, though there were
some regional differences. The coins are also found buried in hoards, indicating that they
were viewed as a form of wealth. Ancient texts refer to early coins as karshapana, masha,
pana and purana. Silver coins were generally called purana or dharana. Historians have
analysed these coins in terms of trade and sovereignty, but some have focused more
closely on these strange and mysterious symbols. Around 450 symbols can be identified,
though they include variations of a single symbol. Two types of symbols occur on most of
the coins, a sun with radiating rays, and a six-armed symbol. Then there are various
geometric, plant, nature, and animal symbols. Geometric symbols include dots, circles,
rectangles and squares, a ladder symbol, wheels and swastikas. There are bows and
arrows, an axe-head, and a kind of victory symbol referred to as a jayadhvaja. A symbol

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with three or more arches is called a hill symbol, and may be topped with a crescent, an
animal, a peacock or something else. Numerous types of plants are depicted, some in pots,
some in railings. A mushroom is clear on some coins. There are insects with many legs, a
scorpion, and fish. Animals include bulls, goats, elephants, dogs and hare. Among reptiles
there are snakes and frogs. Sometimes humans are depicted, including a woman in a skirt,
and men dancing. One symbol resembles the anthropomorph, a type of copper implement
found in the much earlier Copper Hoard Culture. 

The coins must have been used in trade, but the symbols had their own meaning. They
have been related to tribal groups and to totems, or identified with royal power. The
three-arched hill, surmounted by a crescent or peacock is said to be a symbol of Mauryan
power. Some have interpreted it as representing a Buddhist stupa, or the sacred mountain
Meru. The six-armed symbol, which occurs in seventy different varieties, is thought to
represent an issuing authority, with its various forms possibly indicating individual rulers
or dynasties. Other coin symbols have been associated with villages and towns, hills and
rivers. They have even been seen as tantrik symbols. A taurine symbol was also used on
pillars and could be a votive symbol connected with the god Shiva. Geometric signs have
been linked with the Brahmi alphabet, and may represent the first letter of a personal
name. 

Though a lot has been written about these symbols, they remain mysterious, and much
more analysis could be done. A book by Genevieve Von Petzinger, The First Signs, on
geometric symbols of Ice Age Europe indicates that some of these symbols may be
universal, as dots, crosses, plants and snakes, are among those found in caves across
Europe. She feels the symbols in the recesses of dark caves could be related to
Shamanism, and to trance states. During Shamanistic trances, symbols similar to those on
punch-marked coins are said to be seen. Perhaps the mushroom and dancing men could
also be connected with such states? Probably, though, this is just too fanciful an
interpretation for symbols on coins, but the universality of symbols needs to be
recognised. 

In India, many of the symbols continued to be used by later dynasties, both on coins and
as representative of the dynasty. For instance the three-arched hill was used in later
Taxila coins, and on coins of the Shunga dynasty. The three-arched hill, fish, and elephant
are also found on Pandya coins in south India. The typical symbol of the Chera dynasty
was the bow and arrow. These are only a few examples of how the symbols continue to be
used over time. Even today symbols are used in so many different ways, in road signs, in
representing a political party, or even in forms of dress and ornamentation. Future
historians may face as much difficulty in understanding and analysing the symbols of
political parties, as we have in understanding those on the punch-marked coins of long
ago! 

Q13. What do you know about Nana? 

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Nana is first attested by name on a coin of Sapadbizes, a 1st-century BCE king
of Bactria who preceded the Kushans. In this singular case, Nana is depicted as a
lion. Nana then reappears two centuries later on the coins and seals of the Kushan kings,
in particular of the mid-2nd century CE Kanishka I. 

Q14. On the coins of which king ‘Boddo’ legend is found? 

Kushana Coins 

Q15. Which scripts were used on Kushana Coins? 

The language of inscriptions is typically the Bactrian language, written in a script
derived from Greek. Many coins show the tamga symbols (see table) as a kind of
monogram for the ruler. 

Q16. Write a short note on Gupta coins. 

The Gupta Empire was a prehistoric Indian empire that existed from the early fourth
century CE to the late sixth century CE. It covered much of the Indian subcontinent at its
peak, from around 319 to 467 CE. Historians refer to this period as India’s “Golden Age”.
The Gupta numismatic art contains a plethora of coins in a wide range of designs. A
high number of gold coins circulated by many Gupta kings attested to the economy’s
thriving state. Coins made of copper, bronze, or any other alloy metal, on the other
hand, are scarce. Because of the profusion of gold coins from the Gupta dynasty, some
scholars refer to their reign as the “rain of gold.” 

Gupta Age Coins 

The Gupta gold coins, known as Dinars, are the most exceptional instances of
Numismatics and artistic perfection. 
The face of the coins generally portrayed the governing king and carried legends,
while the reverse depicted the figure of a goddess. 
Gupta coinage was at the pinnacle of metallurgy and imagery. Following
the Indo-Greek and Kushana coins, Gupta coinage made a great resurgence
with a distinct Indian flavour. 
The Gupta emperors carry a spear, a battle-axe, a bow, or a sword. The trident
seen on the right field is replaced here with the Garuda-headed
standard (Garuda Dhwaja), the Gupta dynasty’s royal symbol. 
Along with these changes, the Guptas kept the practice of writing the king’s name
perpendicularly on the left hand in Chinese script. 
Similarly, a circle Brahmi inscription was inscribed around the king, at the edge of
the flan. 
The goddess Ardoksho, seated on a high-backed throne and holding a cornucopia
in her left arm and a fillet (pasha) in her right, was retained on early Gupta
coins, but she was gradually transformed into her Indian
counterpart, Lakshmi, with a lotus in her hand, first seated on a throne and then
on lotus. 

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 The most popular Gupta coin depicts the ruler with a bow in his left
hand. This type was issued by all of the dynasty’s kings. In addition, the monarch is
portrayed carrying an arrow in his right hand. 
The king is depicted seated on a sofa playing the Veena on certain coins
of Samudragupta and Kumaragupta I. 
These coins were most likely issued as a gracious homage to the king’s
achievements. 
They’re dressed in Indian garb and playing the Indian lute while sitting cross-legged
on a high-backed, elegant couch. 

Gupta Gold coins 

Numismatic Art by Gupta Kings 

Samudra Gupta 

The Gupta Empire was ruled

by Samudragupta, a renowned
king known for his military strength
and administrative efficiency. 
His competent leadership resulted in some high-quality gold coins, laying the
groundwork for India’s Golden Age. 
During his reign, he is said to have issued only gold coins (Dinar) in seven
different types (including the ‘Lichhaviya’ type). 
The coins of Samudragupta reveal a great deal about the beginnings of the Gupta
dynasty and its economy. 
In numismatic terms, Samudragupta’s coins are classified as follows, based on their
design and variety: 

Standard type 

The standard types are many and widely used. The king is depicted holding
a Garuda Dhwaja in his left hand and wearing a hat in this sort of currency. 
The goddess Laxmi is shown on the coin’s reverse side. 

The Archer type 

The Archer types, which are rare and depict Samudra Gupta holding the bow, were
introduced for the first time in Indian Numismatics. 

Battleaxe type 

Weapons such as the battle-axe, bow, arrow, and swords were featured on
Samudragupta’s coins. 
The legend “Kritantparashuh” appears on his battle-axe type. 

Lichchavi type 

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 The Licchavi highlights the main King Chandragupta-I and his Lichchavi
family queen Kumaradevi. 
Despite the fact that the legend is specific to Chandragupta I,
Samudragupta issued it in commemoration of his father. 

Kacha type 

The inscription on the front of the Kacha type coin reads, “Kacha, having conquered the
earth, gains heaven by the highest works,” while the reverse reads, “Exterminator of all
the monarchs.” 

The tiger slayer type 

The king’s tiger slayer coins depict him crushing a tiger while firing a bow at it.
“Vyagraparakramah” says the obverse legend. 

The lyrist type 

In the Lyrist type, the king is seated in a high-backed couch, playing the Veena on
his knees. 
The front bears the legend “Maharajadhiraja – Sri Samudragupta.” 

Asvamedha type 

Asvamedha types are one-of-a-kind; we see a horse standing in front of a yupa or

a sacrificial post, surrounded by legends proclaiming the King to be the conqueror of
heaven, earth, and the oceans. 
All of Samudragupta’s coin designs, with their legendary tales, are symbolic of
his victories and ascension to supreme authority. 
In comparison to the older Kushan currency, Samudragupta’s coinage had a
unique Indian flavour to it in terms of the representation of clothes, weapons, gods,
and so on. 

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Coins of Samudra Gupta 

Chandragupta Ⅱ 

He is known to have minted eight different gold coins (Dinars). 

Chandragupta II, known as “Vikramaditya” because of his coins, also issued
silver (Denaree) and copper (Daler) coins, which were likely distributed in the
region acquired from the Western Kshatrapas. 

Archer type 

In contrast to his father, who issued a lot of Standard Type coins, Chandragupta

II minted a number of Archer Type coins. 
The legend “Deva Sri Maharajadhiraja Sri Chandragupta” appears on the
archer type. 

Couch type 

Chandragupta’s Couch Type coins are the rarest of his pieces, with only two known
variants in the collection. Both have the legends “roop kurti” and “Vikrama,” although
they differ in numerous ways. 

The chhatra type 

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The Chhatra type had a royal parasol-wielding attendant over Chandragupta. 

The Lion Slayer type 

The Lion Slayer type, which depicted the king standing and shooting a lion with a bow,
had the legend “Simhavikrama” inscribed on it. 

Horse Man Type 

Chandragupta II introduced the Horse Man Type coin design, which represents the King
riding a horse. 

Standard Type 

The Standard Type has a design that is comparable to that of Samudragupta. 

Chakarvikrama Type 

Chakarvikrama Type, an exceptionally rare type with a Chakra or wheel on the obverse
and the legend “Chakravikramah” on the reverse. 

Kalsa type 

Another extremely rare type of Chandragupta II is the Kalasha Type, which portrays a
Kalasha or a water pot. 

Coins of ChandraGupta Ⅱ 

Kumaragupta Ⅰ 

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 Kumaragupta-I, also known as “Mahendraditya” on coinage, minted 14 different
varieties of gold (Dinar) and silver (Denaree) coins. 
His coinage alone speaks volumes about the scope and prosperity of his reign. 
His long reign saw both the apex and the fall of the kingdom, as Hun invasions
disturbed the Gupta Empire later in his reign. 

The Archer type 

It represents the King standing to the left, carrying an arrow in his right hand and a bow
in his left. 

Swordsman Type 

King is pictured holding a sword in his left hand and reciting the Bramhi legend “Gama –
vajitya – sucharitaihi – kumaragupta – Divam – jayati” 

The Asvamedha Type 

It was created to memorialise the Horse Sacrifice. The obverse legend reads “Jayati Divam
Kumarah,” while the reverse legend reads “Sri Asvamedha Mahendra.” 

Horseman Type 

King on a horse with legends adorning his strength and victories on the obverse and the
“Ajitamahendraha” legend on the reverse. 

Lion Slayer 

It depicts the king slaying a lion and has the legend “shri mahendra simha” or
“simhamahendrarah” on the reverse. 

Tiger Slayer 

Similar to the lion slayer type, this coin depicts the king slaying the tiger on the obverse,
with the legend “‘Sriman vyaghra balaparakramah” on the reverse. 

Peacock or Kartikeya type 

Probably the most beautiful of his coins, depicting the King with his right hand handing a
cluster of grapes to a Peacock. 

The Pratapa Type 

It is a very rare type that represents the king with two servants bearing the Garuda
Standard on both sides. The legend “Shri Pratapah” appears on the reverse. 

Elephant Rider Type 

Despite the unclear markings, this variant is attributed to Kumaragupta I due to

similarities in coin design and manufacture. 

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 The coin depicts the King riding an elephant with an attendant. 
Kumargupta reintroduced the previous rulers’ Lyrist Type and King-Queen Type
coinage. 
His Elephant-Rider-and-Lion-Slaying Type demonstrates his athletic and
hunting abilities. 
His Rhino-Slayer Type variation is one-of-a-kind, featuring a rhino for the first
time in Indian numismatic art! 
Kumaragupta I issued silver and copper coins for circulation in West India, but
they were of a low quality. 
They often featured the king’s bust on the obverse and a peacock or garuda (eagle)
on the reverse. 
Despite the fact that he created a wide range of coins, his coinage lacked artistic
beauty and consistency. 

Coins of Kumara Gupta 

Skanda Gupta 

During Skandagupta’s reign, the famed Gupta Period began to wane. 

Skandagupta, whose name appears on coins as “Kramadithya,” minted four
varieties of gold dinars and three types of silver denarees. 

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 The Gupta gold coins, once the pinnacle of numismatic art, began to lose their
lustre, and the political tension was visible in coin designs and workmanship. 
The standard Archer type represents the King with a bow, arrow, and a Brahmi
legend “kramadithya.” 
King and Lakshmi Type: On the obverse, the King is depicted with the goddess,
and on the reverse, the Brahmi Legend ‘Sri Skandaguptah’ is depicted. 
The monarch is riding a horse in the Horse Man style. 
In Chattra Type, the King is accompanied by an attendant offering a fire altar. 
His silver coins come in three designs: the King’s bust on the obverse, a Bull, a Fire
Altar, or a Peacock on the reverse. 
Purugupta and Kumaragupta-II minted only one sort of gold coin, the Archer
type. 
Budha Gupta’s coins were similar to those of his predecessor, but the aesthetic
quality was much lower. 
The lack of uniformity in the same coin design is indicative of the once-mighty
empire’s steady collapse. 

Conclusion 

The Gupta Empire represents the pinnacle of Indian classical coinage. It was the most
wonderful era in Indian history. This period in Indian history was known as ‘Sone Ki
Chidiyan.’ The glory of Gupta coinage would never be witnessed again. Even the Mughal
Empire couldn’t compete with the Gupta money’s creative exhibition of Indianite motifs,
poetry, and inventiveness. 

Q17. Who is the author of Tribal Coins? 

Devendra Handa 

Q18. Name the Indian diety depicted on Indo-Greeks coins. 

The coinage depict various Indian iconography: Krishna-Vasudeva, with his large

wheel with six spokes (chakra) and conch (shanka), and his brother Sankarshan-
Balarama, with his plough (hala) and pestle (masala), both early avatars of Vishnu. 

Q19. Who was the first ruler to issue gold coins in ancient India? 

The Indo-Greeks were the first rulers in India to issue coins which can definitely be
attributed to the kings. They were the first to issue gold coins in India. 

Q20. Who introduced Asvamedha type coins in Gupta dynasty? 

Samudra Gupta (350-370 CE) made extensive conquest and made his influence over
the rulers of the south-eastern coast as well as over the rulers beyond his frontiers in the
north-west. He celebrated as Ashwamedha (horse-sacrifice). He issued his gold coins on
this occasion called Ashwamedh-Type. 

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Q21. Write the name of Gupta ruler, who used silver for miniting coins. 

Chandragupta II was the first Gupta ruler to issue silver coins. 

Q22. Who introduced ‘Chakravikram’ type coins in Gupta Dynasty? 

Vikramaditya or Chandragupta II 

Q23. Write the name of Script used in Gupta coins. 

Later Brahmi Script 

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