The Origins of Coinage
The Indian coinage system
We are not sure when coinage began in the Indian sub-continent, but it probably started in the North West, some time between the sixth and early fourth century BC. Silver bars with a punch at either end were among the earliest forms of Indian money.
Under the Mauryan empire, which ruled all but the southern tip of India by the mid-third century BC, a coinage with five punch-marks became standard. The punches often had carefully-made geometric designs, but also showed pictures of elephants, bulls, plants, the sun, the moon, a boat, etc. These symbols, together with pictures of Hindu gods and goddesses, were used on the coinages produced by the states which arose after the decline of the Mauryan empire in the second century BC. Some kingdoms, such as the Satavanas, introduced inscriptions and round coins under the influence of the Greek world.
 
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| Gandhara, silver fractional coin, 5th c. BC. © Fitzwilliam Museum |
Narhan, silver half-satamana, 5th c. BC. © Fitzwilliam Museum |
 
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| Magadha, silver punch-marked coin, 4th c. BC. © Fitzwilliam Museum |
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