Indian Coinage - History
India's long history of minting coins began during the 1st millenium BC, and consisted mainly of copper and silver coins in the initial stages, minted by Janapadas, Empires and Imperial Dynasties of India. Even though, scholars remain divided over the origins of Indian coinage, the radio carbon dating of some of the earliest coins indicate their mintage to be in the 7th or 6th century BC. The first documented coinage started with 'Punch Marked' coins issued between the 7th-6th century BC and 1st century AD. Mostly made of silver, these bear symbols, each of which was punched on the coin with a separate punch rather than using a typical mintage technique of striking using a "Coin Die".
Coins by Janapadas:
These coinages can be classified into two periods : 1st first period (minted by the Janapadas or small local states) and the 2nd period, minted by the Imperial Maurian rulers, Chandragupta Maurya, Bindusara and Ashoka. These coins consisted of motifs from objects from nature like the sun, animals, trees, hills etc. and some were geometrical symbols.
Coins by Empires & Dynasties:
Pre-Gupta Coins:
The earliest issues of the coins from this period, between 2nd century BC and 2nd century AD, relate to those of the Indo-Greeks, the Saka-Pahlavas and the Kushans. Hellenistic traditions characterise the silver coins of the Indo-Greeks, with Greek gods and goddesses figuring prominently, apart from the portraits of the issuers. The Saka coinage of the Western Kshatrapas are perhaps the earliest dated coins, the dates being given in the Saka era which commences in AD 78. The Saka era represents the official calendar of the Indian Republic.
Earliest Kushan coinage is generally attributed to Vima Kadphises. The Kushan coins generally depicted iconographic forms drawn from Greek, Mesopotamian, Zorastrian and Indian mythology. Siva, Buddha and Kartikeya were the major Indian deities portrayed. Kushan gold coins influenced subsequent issues, notably those of the Guptas.
Between 270 BC to 30 BC, the Satavahanas, who ruled the region between the rivers, Godavari and the Krishna, minted coins that were mainly consisted of copper and lead. However, small portions of silver coins were known to exist. These coins of the Satavahanas carried portraits and bilingual legends.
Between 1st and 4th century AD, the Western Satraps, who ruled Western India minted copper coins. These coins commonly depicted motifs that were 'bull and hill' and the 'elephant and hill' types. These coins were the earliest Indian coins that bore dates on them.
During 4th and 6th century AD, the Guptas, who ruled most of the Northern India, minted some of the finest gold coins during the reign of their noted rulers, Chandragupta I, Samudragupta, Chandragupta II, and Kumaragupta. Gupta coins, often depicted the king on the obverse and a deity on the reverse; the deities were Indian and the legends were in Brahmi. This period was called the "Golden Age of India".
Post Gupta Coins:
Post-Gupta coinage (6th-12th centuries AD), is represented by a monotonous and aesthetically less interesting series of dynastic issues including those of Harsha (7th century AD, Kalachuri of Tripuri (11th century AD) and early medieval Rajputs (9th-12th centuries AD). Gold coins struck between this period are rare. These were revived by Gangeyadeva the Kalachuri ruler who issued the 'Seated Lakshmi Coins' which were copied by later rulers both in gold as well as in debase form. The Bull & Horseman type of coins were the most common motif appearing on coins struck by the Rajput clans. In western India, imported coins like the Byzantine solidi were often used reflecting trade with the Eastern Roman Empire.
South India Coins:
South Indian coin minting history dates back to the Sangam Age (300 BC to 300 AD) where the early Tamil dynasties of Chera, Chola and Pandyas minted punch marked copper, Lead and Silver coins. The symbols and motifs on South Indian coin issues were confined to dynastic crests such as the boar (Chalukya), bull (Pallava), tiger (Chola), fish (Pandya and Alupas), bow and arrow (Cheras) and lion (Hoysala) etc. The Yadavas of Devagiri issued 'Padmatankas' with an eight-petalled lotus on the obverse and a blank reverse. Coin legends refer to names or titles of the issuer in local scripts and languages. Decorative features are rare and divinities are almost absent till the medieval Vijayanagar period (14th - 16th centuries AD).
Coins of Sangam Age:
The Pandya coins found in the excavations from the river beds of modern day Tamilnadu consists of motifs such as fish (which was the royal emblem of Pandya kings) on the reverse and the sun, sadarachakra, the trisul, a dog, stupa etc., on the obverse. It may be mentioned that Roma coins have been found in the city of Madurai itself which shows that the Pandyan capital also had contact with imperial Rome. A number of square copper coins showing an elephant on the obverse and a stylized drawing identified as fish on the reverse has been assigned to the Pandyas of this age by all writers on South Indian numismatics.
The Punch Marked Coins in silver of the Mauryans, circulated well in Cheran territory during 2nd century to 1st century BC. The only difference one may observe in these coinage is the additional local punches they carried in them. Imported Roman silver dinaris circulated and accepted well in the region too. Together with them, there existed another type of coinage issued in Copper by the Sangam age Cheras. Being in quadrilateral shapes, sometime they carried several punches (as inspired by the Mauryan coinage) and some carried the image such as elephant, horse etc., The symbols such as Elephant, Horse, Bow and Arrow all shows the interdependency of these "Muvvararasar" (Three Kings, Chera, Chola, Pandya). The smallest of the coins weighed around 2 gms, and the biggest ones were of around 6 gms.
The Sangam age Cholas issued square copper coins, with the Chola emblem, tiger on one side are being found, in good numbers in the Amaravati bed of Karur. These coins are not only interesting typologically but also seem to throw some light on minting coins. There are three distinct series of the tiger coin. Besides these square coins, the Karur town also yields a circular copper coin series. So far as the dating of these tiger coins are concerned, they are generally assigned to the Sangam age. Such square coins with tiger emblem have been found in the excavations at Kaveripumpattinam the ancient port of the Cholas by the Archaeological Survey of India.
Post Sangam Age Coins
The history of the Post Sangam age Imperial Cholas began around 850 A.D. with the advent of Vijayalaya. Vijayalaya, the great conqueror who established the Imperial Chola line captured Tanjore and fortified the city. The earliest Chola coin which could be definitely attributed to a chola ruler is that of Uttama. His territory extended upto Madras in the north and to Madurai in the south. At least two issues of this ruler are now identified. He issued a gold coin weighing 50 to 60 grains, with obverse and reverse exactly the same; a tiger seated to the left; opposite to a fish etc. The legend running around reads in grantha characters ‘Uttama Chola”.
One of the greatest rulers of India, who was not only a mighty conqueror, but also a most efficient administrator was Rajaraja I (985-1014). He extended Chola power upto the Tungabhadra in the north and Sri Lanka in the south. Rajaraja’s coinage is best known to South Indian numismats. It is found in several thousands. It looks as though for several centuries his coins were the main currencies circulating in Tamilnadu. Two types of his coins are well known. Type 1, bears on both the sides of the ‘bow-tiger-fish’ emblem and the legend ‘Sri Raja Raja’ written beneath in Nagari characters.The second type carries a standing man on the obverse and a seated figure on the reverse with the Nagari legend ‘Sri Raja Raja’ beneath his left arm. It is the later variety that is found in several thousands. Both these types are found in gold, silver and copper.
Rajaraja was succeeded by his might son Rajendra I, who perhaps was the only ruler of India to carry his arms to the far east across the sea and won several victories. So he assumed the title Kadaram Konda Chola. He brought the entire Ceylon under his control. In India itself he raced across eastern coast and conquered upto the Bangaladesh and marked his victory by bringing the sacred river of Ganges and assumed the title ‘Gangaikonda Chola’. Two series of coins which could definitely be assigned to Rajendra are well known. Both the group show the ‘bow-tiger-fish’ emblem on both the sides. The legend in one series reads Sri Rajendra’ and in the other “Sri Gangaikonda Chola.”
Medieval India Coins:
Coins of Mughals:
Technically, the Mughal period in India commenced in 1526 AD when Babur defeated Ibrahim Lodhi, the Sultan of Delhi and ended in 1857 AD when the British deposed and exiled Bahadur Shah Zafar, the last Mughal Emperor after the great uprising. The later emperors after Shah Alam II were little more than figureheads.
The most significant monetary contribution of the Mughals was to bring about uniformity and consolidation of the system of coinage throughout the Empire. The system lasted long after the Mughal Empire was effectively no more. The system of tri-metalism which came to characterise Mughal coinage was largely the creation, not of the Mughals but of Sher Shah Suri (1540 to 1545 AD), an Afghan, who ruled for a brief time in Delhi. Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century. Together with the silver Rupiya were issued gold coins called the Mohur weighing 169 grains and copper coins called Dam.
Where coin designs and minting techniques were concerned, Mughal Coinage reflected originality and innovative skills. Mughal coin designs came to maturity during the reign of the Grand Mughal, Akbar. Innovations like ornamentation of the background of the die with floral scrollwork were introduced. Jehangir took a personal interest in his coinage. The surviving gigantic coins, are amongst the largest issued in the world. The Zodiacal signs, portraits and literary verses and the excellent calligraphy that came to characterise his coins took Mughal Coinage to new heights.
The early years of Shah Jehan's reign brought forth a large variety of types; coin design was standardised towards the latter part of his reign. Aurangzeb, the last of the Grand Mughals was austere in his ways and orthodox in his beliefs. He did away with the Kalima, the Islamic Article of Faith from his coins, and the format of coins was standardised to incorporate the name of the ruler, the mint and the date of issue.
Vijayanagar Empire:
The Vijayanagara Empire was a South Indian empire based in the Deccan Plateau, It was established in 1336 by Harihara I and his brother Bukka Raya I. It lasted until 1646 although its power declined after a major military defeat in 1565 by the Deccan sultanates. Vijayanagara had a sophisticated currency system. Coins were minted from many mints in the empire. The main one was located in Hampi. The empire also minted coins at Penugonda and Tirupati with Nagari, Kannada and Telugu legends usually carrying the name of the ruler. Vijayanagara coinage is astonishing with its array of coins in gold, silver and copper. Gold, silver and copper were used to issue coins called Gadyana, Varaha, Pon, Pagoda, Pratapa, Pana, Kasu and Jital. The coins contained the images of various Gods including Shiva & Parvathi, Balakrishna (infant Krishna), Venkateshwara (the presiding deity of the temple at Tirupati), Goddesses such as Bhudevi and Sridevi, divine couples, animals such as bulls and elephants and birds. The earliest coins feature Hanuman and the Garuda (divine eagle), the vehicle of Lord Vishnu.
Pre-Colonial India & Princely States:
Coins of Princely States:
The decline of the Mughal Empire commenced soon after the death of Aurangzeb. For a while, the military successes of the Marathas gave rise to the feeling that they would fill the vacuum left by the Mughals and don the imperial mantle. This was not to be. In the anarchy that followed, regional forces tended to reassert themselves and states with ancient antecedents, many of which had been independent during Medieval times, like the states of Rajputana, re-emerged. The dilution of central authority prompted Provincial Governors of the Mughals, to assume independence (e.g., the states of Avadh and Hyderabad). The turbulence of the times also gave rise to Military Adventurers who through force carved out kingdoms for themselves, like Scindia (Gwalior), and Hyder Ali (Mysore). Finally, there were 'states of convenience', - titular states whose ruling dynasty was supported either by the British (e.g., the Wodeyars) or the regional hegemon in the interest of high politics. When the British Crown took over the administration from the East India Company in 1858 there were over a hundered Princely States which were issuing coins nominally in the name of the Mughal Emperor. With the deportation of the last Mughal Emperor Bahadur Shah to Rangoon, the native rulers gradually replaced the Mughal superinscriptions on their coins with the name or portrait of the Queen of England as an expression of acceptance of British supremacy. Some coins like those of Mewar inscribed the word 'Dosti London' i.e. 'Friends of London' on their coins. The British over time curtailed the rights of the the Native States to strike their own coins. Representative Coinage of some of the States are depicted below.
Coins of Marathas:
While the Marathas have had a long history, they came into the limelight in the seventeenth century led by the charismatic leader Shivaji. The Maratha Confederacy consolidated itself after Aurangzeb's death in 1707 AD. Their military successes saw them overrun most of India by 1738 AD. With the decline of central power, Maratha families established the states of Baroda, Gwalior, Indore, etc. As regards coinage, Shivaji first issued coins in 1664 AD when he assumed the title of Raja. Coins were again issued to commemorate his coronation at Raigadh in 1674 AD. These coins are rare. Maratha Mints and coinage were consolidated around the middle of the eighteenth century. Three types of Rupees were in circulation during this period, viz., the Hali Sicca, the Ankushi rupee which was the standard rupee of Pune, and the Chandori rupee which was on par with the Ankushi.
Coins of Mysore:
The Kingdom of Mysore was situated in Southwest India and was ruled by various Hindu dynasties. In 1761, Haider Ali a military adventurer deposed the Wodeyar ruler and proclaimed himself King. In the region, coins of both the Mughal and Vijayanagar standards were current. His coin issues coins of the pagoda types continued to carry the motifs and iconographic forms of the Vijayanagar period (e.g., Hara-Gauri) with his initial, the letter 'He' on the reverse. Tipu, his son, succeed him and assumed the title of Sultan. He introduced various innovations and new varieties in his coinage, continuing with the pagodas, the mohurs, and introduced his own standards. An interesting feature of his coins is that they do not bear his name. Tipu Sultan, a progressive ruler, was one of the few Indian princes to perceive the imperial designs of the British and oppose them; he, however, was slain in the battle of Srirangpatanam in 1799 after which the British reinstated Krishna Raja Wodeyar as King of Mysore. Krishna Raja Wodeyar continued to issue coins of the Vijayanagar and Mughal standards.
Coins of Sikhs:
Guru Nanak laid the foundations of a religious community, which gradually metamorphised into the Sikh Empire, a formidable military power in North Western India. The whole tract of land between Jhelum and Sutlej was divided among the Sikh chieftains. Around 1777 AD, coins were issued from Amritsar without the name of the Mughal Emperor and were called 'Nanak Shahi'. These coins bore the name of Guru Gobind Singh, the tenth and the last Guru of the Sikhs. The most distinguished statesman amongst the chieftains was Ranjit Singh who successfully recaptured Amritsar, Ludhiana, Multan, Kashmir and Peshawar. Most coins struck during the reign of Ranjit Singh bear a large leaf on one side and bear Persian legends. He also introduced coins with Gurumukhi legends, mostly of the copper variety.
Coins of Hyderabad:
The Princely State of Hyderabad was founded around 1724 when Mir Qamar-ud-Din, the Mughal Viceroy of the Deccan, assumed independence under the title of Asaf Jah and founded the dynasty of the Nizams of Hyderabad. In the post 1857 era, the State of Hyderabad was one of the largest Princely States in India and later came to be known as the 'Dominion of His Exalted Highness, the Nizam'. The State which covered territories presently included in Andhra Pradesh, Maharashtra, and Karnataka was assimilated into the Indian Union in September 1948. In matters of currency and coinage, the coins of the Nizams were issued in the name of the Mughal Emperor till 1858 when a coin legend was introduced with the name of the founder of the state, Asaf Jha. Thereafter, they were struck independently and the new coins were termed the 'Hali Sicca', i.e., the current coins. In 1903-04 coins were machine struck for the first time. These coins featured the Charminar on the obverse with Persian inscription Nizam-ul-mulk Bahadur Asaf Jah around it. The reverse carried the value. These coins confirmed to the British coins in denominations and metals.
British India:
Early English settlements in India had three broad grouping: those in Western India (Bombay & Surat), those in South India (Madras) and those in the Eastern Province of Bengal (Calcutta). Early English coins accordingly developed along three broad strands in consonance with the local acceptability of the coins for the purposes of trade.
The coins of Bengal were developed along the Mughal pattern, those of Madras were struck along South Indian lines both in design and metrology (Pagoda) as well as along Mughal designs. The English coins of Western India developed along Mughal as well as English patterns. It was only in 1717 AD that the English obtained permission from the Emperor Farrukhsiyar to coin Mughal money at the Bombay mint. English pattern coins were struck at the Bombay Mint. The gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. By the early 1830, the English had become the dominant power in India. The rise of one dominant power after over a hundred years of turmoil, enabled the enactment of the Coinage Act of 1835 and for uniform coinage to be issued.
Newly designed coins with the effigy of William IV on the obverse and the value on the reverse in English and Persian, were issued in 1835. The coins issued after 1840 bore the portrait of Queen Victoria. The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India.
Edward VII succeeded Queen Victoria and the coins issued bore his effigy. The Indian Coinage Act, 1906 was passed which governed the establishment of Mints as well as the coins that would be issued and the standards that would be maintained (Rupee 180 grains, Silver 916.66 standard; Half Rupee 90 grains, Quarter Rupee 45 grains). George V succeeded Edward VII. Acute shortage of silver on account of World War I, led the British Government to issue paper currency of One Rupee and Two and a half Rupees. The silver coins of smaller denominations were issued in cupro-nickel. George V was in turn succeeded by Edward VIII. However no coins were issued during his short reign. George VI ascended the throne in 1936. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins.
India attained freedom on 15th August 1947. However the existing coinage was continued as the frozen series till January 26th 1950 when India became a Republic.
India's long history of minting coins began during the 1st millenium BC, and consisted mainly of copper and silver coins in the initial stages, minted by Janapadas, Empires and Imperial Dynasties of India. Even though, scholars remain divided over the origins of Indian coinage, the radio carbon dating of some of the earliest coins indicate their mintage to be in the 7th or 6th century BC. The first documented coinage started with 'Punch Marked' coins issued between the 7th-6th century BC and 1st century AD. Mostly made of silver, these bear symbols, each of which was punched on the coin with a separate punch rather than using a typical mintage technique of striking using a "Coin Die".
Coins by Janapadas:
These coinages can be classified into two periods : 1st first period (minted by the Janapadas or small local states) and the 2nd period, minted by the Imperial Maurian rulers, Chandragupta Maurya, Bindusara and Ashoka. These coins consisted of motifs from objects from nature like the sun, animals, trees, hills etc. and some were geometrical symbols.
Coins by Empires & Dynasties:
Pre-Gupta Coins:
The earliest issues of the coins from this period, between 2nd century BC and 2nd century AD, relate to those of the Indo-Greeks, the Saka-Pahlavas and the Kushans. Hellenistic traditions characterise the silver coins of the Indo-Greeks, with Greek gods and goddesses figuring prominently, apart from the portraits of the issuers. The Saka coinage of the Western Kshatrapas are perhaps the earliest dated coins, the dates being given in the Saka era which commences in AD 78. The Saka era represents the official calendar of the Indian Republic.
Earliest Kushan coinage is generally attributed to Vima Kadphises. The Kushan coins generally depicted iconographic forms drawn from Greek, Mesopotamian, Zorastrian and Indian mythology. Siva, Buddha and Kartikeya were the major Indian deities portrayed. Kushan gold coins influenced subsequent issues, notably those of the Guptas.
Between 270 BC to 30 BC, the Satavahanas, who ruled the region between the rivers, Godavari and the Krishna, minted coins that were mainly consisted of copper and lead. However, small portions of silver coins were known to exist. These coins of the Satavahanas carried portraits and bilingual legends.
Between 1st and 4th century AD, the Western Satraps, who ruled Western India minted copper coins. These coins commonly depicted motifs that were 'bull and hill' and the 'elephant and hill' types. These coins were the earliest Indian coins that bore dates on them.
During 4th and 6th century AD, the Guptas, who ruled most of the Northern India, minted some of the finest gold coins during the reign of their noted rulers, Chandragupta I, Samudragupta, Chandragupta II, and Kumaragupta. Gupta coins, often depicted the king on the obverse and a deity on the reverse; the deities were Indian and the legends were in Brahmi. This period was called the "Golden Age of India".
Post Gupta Coins:
Post-Gupta coinage (6th-12th centuries AD), is represented by a monotonous and aesthetically less interesting series of dynastic issues including those of Harsha (7th century AD, Kalachuri of Tripuri (11th century AD) and early medieval Rajputs (9th-12th centuries AD). Gold coins struck between this period are rare. These were revived by Gangeyadeva the Kalachuri ruler who issued the 'Seated Lakshmi Coins' which were copied by later rulers both in gold as well as in debase form. The Bull & Horseman type of coins were the most common motif appearing on coins struck by the Rajput clans. In western India, imported coins like the Byzantine solidi were often used reflecting trade with the Eastern Roman Empire.
South India Coins:
South Indian coin minting history dates back to the Sangam Age (300 BC to 300 AD) where the early Tamil dynasties of Chera, Chola and Pandyas minted punch marked copper, Lead and Silver coins. The symbols and motifs on South Indian coin issues were confined to dynastic crests such as the boar (Chalukya), bull (Pallava), tiger (Chola), fish (Pandya and Alupas), bow and arrow (Cheras) and lion (Hoysala) etc. The Yadavas of Devagiri issued 'Padmatankas' with an eight-petalled lotus on the obverse and a blank reverse. Coin legends refer to names or titles of the issuer in local scripts and languages. Decorative features are rare and divinities are almost absent till the medieval Vijayanagar period (14th - 16th centuries AD).
Coins of Sangam Age:
The Pandya coins found in the excavations from the river beds of modern day Tamilnadu consists of motifs such as fish (which was the royal emblem of Pandya kings) on the reverse and the sun, sadarachakra, the trisul, a dog, stupa etc., on the obverse. It may be mentioned that Roma coins have been found in the city of Madurai itself which shows that the Pandyan capital also had contact with imperial Rome. A number of square copper coins showing an elephant on the obverse and a stylized drawing identified as fish on the reverse has been assigned to the Pandyas of this age by all writers on South Indian numismatics.
The Punch Marked Coins in silver of the Mauryans, circulated well in Cheran territory during 2nd century to 1st century BC. The only difference one may observe in these coinage is the additional local punches they carried in them. Imported Roman silver dinaris circulated and accepted well in the region too. Together with them, there existed another type of coinage issued in Copper by the Sangam age Cheras. Being in quadrilateral shapes, sometime they carried several punches (as inspired by the Mauryan coinage) and some carried the image such as elephant, horse etc., The symbols such as Elephant, Horse, Bow and Arrow all shows the interdependency of these "Muvvararasar" (Three Kings, Chera, Chola, Pandya). The smallest of the coins weighed around 2 gms, and the biggest ones were of around 6 gms.
The Sangam age Cholas issued square copper coins, with the Chola emblem, tiger on one side are being found, in good numbers in the Amaravati bed of Karur. These coins are not only interesting typologically but also seem to throw some light on minting coins. There are three distinct series of the tiger coin. Besides these square coins, the Karur town also yields a circular copper coin series. So far as the dating of these tiger coins are concerned, they are generally assigned to the Sangam age. Such square coins with tiger emblem have been found in the excavations at Kaveripumpattinam the ancient port of the Cholas by the Archaeological Survey of India.
Post Sangam Age Coins
The history of the Post Sangam age Imperial Cholas began around 850 A.D. with the advent of Vijayalaya. Vijayalaya, the great conqueror who established the Imperial Chola line captured Tanjore and fortified the city. The earliest Chola coin which could be definitely attributed to a chola ruler is that of Uttama. His territory extended upto Madras in the north and to Madurai in the south. At least two issues of this ruler are now identified. He issued a gold coin weighing 50 to 60 grains, with obverse and reverse exactly the same; a tiger seated to the left; opposite to a fish etc. The legend running around reads in grantha characters ‘Uttama Chola”.
One of the greatest rulers of India, who was not only a mighty conqueror, but also a most efficient administrator was Rajaraja I (985-1014). He extended Chola power upto the Tungabhadra in the north and Sri Lanka in the south. Rajaraja’s coinage is best known to South Indian numismats. It is found in several thousands. It looks as though for several centuries his coins were the main currencies circulating in Tamilnadu. Two types of his coins are well known. Type 1, bears on both the sides of the ‘bow-tiger-fish’ emblem and the legend ‘Sri Raja Raja’ written beneath in Nagari characters.The second type carries a standing man on the obverse and a seated figure on the reverse with the Nagari legend ‘Sri Raja Raja’ beneath his left arm. It is the later variety that is found in several thousands. Both these types are found in gold, silver and copper.
Rajaraja was succeeded by his might son Rajendra I, who perhaps was the only ruler of India to carry his arms to the far east across the sea and won several victories. So he assumed the title Kadaram Konda Chola. He brought the entire Ceylon under his control. In India itself he raced across eastern coast and conquered upto the Bangaladesh and marked his victory by bringing the sacred river of Ganges and assumed the title ‘Gangaikonda Chola’. Two series of coins which could definitely be assigned to Rajendra are well known. Both the group show the ‘bow-tiger-fish’ emblem on both the sides. The legend in one series reads Sri Rajendra’ and in the other “Sri Gangaikonda Chola.”
Medieval India Coins:
Coins of Mughals:
Technically, the Mughal period in India commenced in 1526 AD when Babur defeated Ibrahim Lodhi, the Sultan of Delhi and ended in 1857 AD when the British deposed and exiled Bahadur Shah Zafar, the last Mughal Emperor after the great uprising. The later emperors after Shah Alam II were little more than figureheads.
The most significant monetary contribution of the Mughals was to bring about uniformity and consolidation of the system of coinage throughout the Empire. The system lasted long after the Mughal Empire was effectively no more. The system of tri-metalism which came to characterise Mughal coinage was largely the creation, not of the Mughals but of Sher Shah Suri (1540 to 1545 AD), an Afghan, who ruled for a brief time in Delhi. Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century. Together with the silver Rupiya were issued gold coins called the Mohur weighing 169 grains and copper coins called Dam.
Where coin designs and minting techniques were concerned, Mughal Coinage reflected originality and innovative skills. Mughal coin designs came to maturity during the reign of the Grand Mughal, Akbar. Innovations like ornamentation of the background of the die with floral scrollwork were introduced. Jehangir took a personal interest in his coinage. The surviving gigantic coins, are amongst the largest issued in the world. The Zodiacal signs, portraits and literary verses and the excellent calligraphy that came to characterise his coins took Mughal Coinage to new heights.
The early years of Shah Jehan's reign brought forth a large variety of types; coin design was standardised towards the latter part of his reign. Aurangzeb, the last of the Grand Mughals was austere in his ways and orthodox in his beliefs. He did away with the Kalima, the Islamic Article of Faith from his coins, and the format of coins was standardised to incorporate the name of the ruler, the mint and the date of issue.
Vijayanagar Empire:
The Vijayanagara Empire was a South Indian empire based in the Deccan Plateau, It was established in 1336 by Harihara I and his brother Bukka Raya I. It lasted until 1646 although its power declined after a major military defeat in 1565 by the Deccan sultanates. Vijayanagara had a sophisticated currency system. Coins were minted from many mints in the empire. The main one was located in Hampi. The empire also minted coins at Penugonda and Tirupati with Nagari, Kannada and Telugu legends usually carrying the name of the ruler. Vijayanagara coinage is astonishing with its array of coins in gold, silver and copper. Gold, silver and copper were used to issue coins called Gadyana, Varaha, Pon, Pagoda, Pratapa, Pana, Kasu and Jital. The coins contained the images of various Gods including Shiva & Parvathi, Balakrishna (infant Krishna), Venkateshwara (the presiding deity of the temple at Tirupati), Goddesses such as Bhudevi and Sridevi, divine couples, animals such as bulls and elephants and birds. The earliest coins feature Hanuman and the Garuda (divine eagle), the vehicle of Lord Vishnu.
Pre-Colonial India & Princely States:
Coins of Princely States:
The decline of the Mughal Empire commenced soon after the death of Aurangzeb. For a while, the military successes of the Marathas gave rise to the feeling that they would fill the vacuum left by the Mughals and don the imperial mantle. This was not to be. In the anarchy that followed, regional forces tended to reassert themselves and states with ancient antecedents, many of which had been independent during Medieval times, like the states of Rajputana, re-emerged. The dilution of central authority prompted Provincial Governors of the Mughals, to assume independence (e.g., the states of Avadh and Hyderabad). The turbulence of the times also gave rise to Military Adventurers who through force carved out kingdoms for themselves, like Scindia (Gwalior), and Hyder Ali (Mysore). Finally, there were 'states of convenience', - titular states whose ruling dynasty was supported either by the British (e.g., the Wodeyars) or the regional hegemon in the interest of high politics. When the British Crown took over the administration from the East India Company in 1858 there were over a hundered Princely States which were issuing coins nominally in the name of the Mughal Emperor. With the deportation of the last Mughal Emperor Bahadur Shah to Rangoon, the native rulers gradually replaced the Mughal superinscriptions on their coins with the name or portrait of the Queen of England as an expression of acceptance of British supremacy. Some coins like those of Mewar inscribed the word 'Dosti London' i.e. 'Friends of London' on their coins. The British over time curtailed the rights of the the Native States to strike their own coins. Representative Coinage of some of the States are depicted below.
Coins of Marathas:
While the Marathas have had a long history, they came into the limelight in the seventeenth century led by the charismatic leader Shivaji. The Maratha Confederacy consolidated itself after Aurangzeb's death in 1707 AD. Their military successes saw them overrun most of India by 1738 AD. With the decline of central power, Maratha families established the states of Baroda, Gwalior, Indore, etc. As regards coinage, Shivaji first issued coins in 1664 AD when he assumed the title of Raja. Coins were again issued to commemorate his coronation at Raigadh in 1674 AD. These coins are rare. Maratha Mints and coinage were consolidated around the middle of the eighteenth century. Three types of Rupees were in circulation during this period, viz., the Hali Sicca, the Ankushi rupee which was the standard rupee of Pune, and the Chandori rupee which was on par with the Ankushi.
Coins of Mysore:
The Kingdom of Mysore was situated in Southwest India and was ruled by various Hindu dynasties. In 1761, Haider Ali a military adventurer deposed the Wodeyar ruler and proclaimed himself King. In the region, coins of both the Mughal and Vijayanagar standards were current. His coin issues coins of the pagoda types continued to carry the motifs and iconographic forms of the Vijayanagar period (e.g., Hara-Gauri) with his initial, the letter 'He' on the reverse. Tipu, his son, succeed him and assumed the title of Sultan. He introduced various innovations and new varieties in his coinage, continuing with the pagodas, the mohurs, and introduced his own standards. An interesting feature of his coins is that they do not bear his name. Tipu Sultan, a progressive ruler, was one of the few Indian princes to perceive the imperial designs of the British and oppose them; he, however, was slain in the battle of Srirangpatanam in 1799 after which the British reinstated Krishna Raja Wodeyar as King of Mysore. Krishna Raja Wodeyar continued to issue coins of the Vijayanagar and Mughal standards.
Coins of Sikhs:
Guru Nanak laid the foundations of a religious community, which gradually metamorphised into the Sikh Empire, a formidable military power in North Western India. The whole tract of land between Jhelum and Sutlej was divided among the Sikh chieftains. Around 1777 AD, coins were issued from Amritsar without the name of the Mughal Emperor and were called 'Nanak Shahi'. These coins bore the name of Guru Gobind Singh, the tenth and the last Guru of the Sikhs. The most distinguished statesman amongst the chieftains was Ranjit Singh who successfully recaptured Amritsar, Ludhiana, Multan, Kashmir and Peshawar. Most coins struck during the reign of Ranjit Singh bear a large leaf on one side and bear Persian legends. He also introduced coins with Gurumukhi legends, mostly of the copper variety.
Coins of Hyderabad:
The Princely State of Hyderabad was founded around 1724 when Mir Qamar-ud-Din, the Mughal Viceroy of the Deccan, assumed independence under the title of Asaf Jah and founded the dynasty of the Nizams of Hyderabad. In the post 1857 era, the State of Hyderabad was one of the largest Princely States in India and later came to be known as the 'Dominion of His Exalted Highness, the Nizam'. The State which covered territories presently included in Andhra Pradesh, Maharashtra, and Karnataka was assimilated into the Indian Union in September 1948. In matters of currency and coinage, the coins of the Nizams were issued in the name of the Mughal Emperor till 1858 when a coin legend was introduced with the name of the founder of the state, Asaf Jha. Thereafter, they were struck independently and the new coins were termed the 'Hali Sicca', i.e., the current coins. In 1903-04 coins were machine struck for the first time. These coins featured the Charminar on the obverse with Persian inscription Nizam-ul-mulk Bahadur Asaf Jah around it. The reverse carried the value. These coins confirmed to the British coins in denominations and metals.
British India:
Early English settlements in India had three broad grouping: those in Western India (Bombay & Surat), those in South India (Madras) and those in the Eastern Province of Bengal (Calcutta). Early English coins accordingly developed along three broad strands in consonance with the local acceptability of the coins for the purposes of trade.
The coins of Bengal were developed along the Mughal pattern, those of Madras were struck along South Indian lines both in design and metrology (Pagoda) as well as along Mughal designs. The English coins of Western India developed along Mughal as well as English patterns. It was only in 1717 AD that the English obtained permission from the Emperor Farrukhsiyar to coin Mughal money at the Bombay mint. English pattern coins were struck at the Bombay Mint. The gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. By the early 1830, the English had become the dominant power in India. The rise of one dominant power after over a hundred years of turmoil, enabled the enactment of the Coinage Act of 1835 and for uniform coinage to be issued.
Newly designed coins with the effigy of William IV on the obverse and the value on the reverse in English and Persian, were issued in 1835. The coins issued after 1840 bore the portrait of Queen Victoria. The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India.
Edward VII succeeded Queen Victoria and the coins issued bore his effigy. The Indian Coinage Act, 1906 was passed which governed the establishment of Mints as well as the coins that would be issued and the standards that would be maintained (Rupee 180 grains, Silver 916.66 standard; Half Rupee 90 grains, Quarter Rupee 45 grains). George V succeeded Edward VII. Acute shortage of silver on account of World War I, led the British Government to issue paper currency of One Rupee and Two and a half Rupees. The silver coins of smaller denominations were issued in cupro-nickel. George V was in turn succeeded by Edward VIII. However no coins were issued during his short reign. George VI ascended the throne in 1936. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins.
India attained freedom on 15th August 1947. However the existing coinage was continued as the frozen series till January 26th 1950 when India became a Republic.