These coins were made from flat sheets of metals with symbols hammered later.
They continued to circulate in many parts till early centuries AD and in peninsula for much longer.
These coins were most likely issued by state though the possibility of guild issued coins in some areas cannot be ruled out.
The marks included sun, tree, mountain, wheel, animals, geometric designs etc. These could have religious or political significance.
Often they also have a secondary punch mark which was added later without reheating the coin.
Classification
They are divided into 4 series based on their weight, number and nature of punch marks and area of circulation.
The Taxila-Gandhara type in NW had heavy weight standard and single punch.
The Kosala type in middle Gangetic valley had heavy weight and multiple punches.
Magadhan style had lighter weight and multiple punches
Avanti type in W India had light weight and single punch.
Significance
The discovery of many hoards suggests that tax payment was also done in cash.
These coins have been found in S India as well in megalithic age suggesting development of N-S trade. Items of import from S were gold, pearls and precious stones.
Saka-Pahlava / Saka-Scythian Coins
Significance
One series of coins of Saka king, Moga, found at Taxila show Greek god Zeus with a scepter in his left hand and Goddess Nike in his right indicating he conquered Indo-Greeks of Gandhara region.
Some coins suggest the practice of conjoint rule.
Indo-Greek Coins
Characteristics
They circulated to south of Hindukush. They are well minted, die-struck, round and usually made of silver. First coins to be found south of Hindukush were of Dimitrius. His empire extended up to east Punjab and Sind. But while he was in India there wa sa revolt back home in Bactria by Eukratidis and after conquering Bactria he pushed towards India as well. Probably he could extend his empire up to western Punjab and Jhelum.
They bear the name, portrait of the kings on one side and religious symbols on the other. They were the first coins which can be definitely attributed to any kings.
Significance
Coins of Menander (found as far north as Kabul to as far south as Mathura) and Strato show them slowly aging from teens to old men indicating their long rules.
Many coins have been issued jointly indicating conjoint rule.
The reverse of the coins usually had religious symbols indicating the religion of the king. Some of their coins are of Athenian ‘owl’ type indicating continued ties with Mediterranean (since such coins were in circulation around Mediterranean). Such symbols were Indian indicating their indianization. Deities could be depicted iconographically or as symbols. They also tell us about the spread of various religions in that time and also about the secular nature of the greek polity. In the choice of motifs, the copper coins were generally more eclectic and specific to the region.
They followed Indian weight system indicating their indianization.
These coins were bilingual and biscript indicating that coins were minted keeping regional needs in mind. Scripts used were Greek and Kharosti.
Some coins were restruck indicating conflicts or succession.
It changed the tradition of coin minting in India. Until then coins were of irregular shape and only some signs were punched on them. Now they became much more standardized and the image of the ruler began to appear.
Impact of Greek Contacts
In war strategies, drama, coin minting, calendar, medicinal system, astrology, philosophy.
Satavahna Coins
Characteristics
Most Satvahna coins were die struck though some were casted as well.
They were mainly lead coin, though copper and bronze money was also issued.
The legends were generally in Prakrit language in Bramhi script. But the portrait coins use a dravidian language and Brahmi script.
He restruck Saka king Nahapana’s coins at Jogalthambi in Nasik which indicates he had defeated the Sakas. His coins have also been found in Malwa, Maharastra, Kathiawar, AP and Karnataka.
His gold and silver coins style him rajan. They have been found from Ajmer and Nasik. His capital was Minnagara and his empire stretched from Lower Indus, Rajasthan, Malwa, Gujarat, N Maharastra.
Since none of his coins mention any overlord, he ruled more or less independently.
More than 8K coins of Saka king Nahapana have been found in Nasik, restruck by Gautamiputra Satkarni. This tells us that Gautamiputra Satkarni had indeed defeated the Saka king.
He issued copper coins in imitation of Roman coins.
His coins were found south of Hindukush indicating Kushana incursion into India began in his rule. His initial coins tell us he was a feudatory of the last Greek king, Hermius. But later on he began to issue coins in his own name.
His coins show an association with Buddhism.
The practice of conjoint rule can be seen from his later coins.
His coins use Greek script on one side and Kharosti on the other.
He crossed the Indus and captured Taxila and Punjab as well. He issued gold coins even as far as Bengal and Odisha. But the gold coins could have circulated there for intrinsic value as well. This at least indicates trade relations.
His copper coins show an association with Siva as they show images of Siva, Nandi and trident.
He assumes very high sounding titles in his coins indicating the presence of a feudatory system.
His coins use Greek script on one side and Kharosti on the other.
The coins were issued west of Indus only though their empire included Gangetic basin as well.
For day-to-day transactions, there were copper and lead coins. The presence of large number of copper coins is a proof that the monetization level in the economy had increased to a great extent even among the common people. The standardization of the coins also shows that the monetization had penetrated deep enough among in the economy.
In one set of coins his name is written in Greek while in the other in Persian script. In his gold coins, the obverse has his own image while the reverse has the image of a god / goddess.
The dinar type coins obviously indicate Roman influence.
The decreasing purity of the coins with time indicate decline of Kushana prosperity.
The Kushanas use the title ‘devaputras’ indicating attempts to link divinity with kingship.
Kanishka’s coins show Indian (Buddha, Uma, Siva), Greek as well as Iranian (Mayo the moon and Maero the sun) religious symbols. This indicates his religious tolerance in terms of state policy. His successor Huvishka’s coins show both Buddhism and Sivaism while his successor Vasudeva’s coins show Sivaism. It also shows that Sivaism was the most popular religion in that region along with Buddhism.
The use of Bactrian language in his coins indicates that Bactria was the centre of his empire.
Gupta Coins
Characteristics
The Guptas issued large number of gold coins called dinar. The obverse generally had a representation of the king and reverse a deity.
The silver coins had the king on the obverse and a motif (garuda) on the reverse. Copper coins are rare.
Significance
Earliest coins have been found in UP indicating UP was the beginning site of the Guptas. Some coins of a prince Kacha after CG-1 have been found indicating SG had a political adversary who he eliminated.
Gupta coins throw light on the military trends of the age. Horsemen are shown on the coins, not chariots or elephants. This shows that horsemen were increasing in importance and chariots and elephants decreasing.
Garuda indicates mark of Vishnu. Images of durga and laxmi on the coins indicate shakti worship was becoming popular. Ashvamedha coins indicate prevalence of brahmanical rituals among the ruling class to claim legitimacy. These coins also throw light on script of the age and are pieces of miniature art.
Gupta gold coins were 10g each and were found only in urban centers and along the trade routes thus indicating they were not used by commoners. Gupta copper coins are very few (no copper coins have been recovered before CG II except Ramgupta and even after that they remain rare), which suggest the depth of monetization of economy was very shallow. Coins were not used in day-to-day transactions by common people. Even the literature tells us gold coins were used by the big merchants in big transactions and commoners used barter or shells or copper powder (Fa-Hein). The coins were also getting debased towards the later years of the empire. LR was also paid in kind indicating monetization was not high.
They show the qualities expected of a ruler - warrior, brave, sacrifices and protector of social order, patron of art.
CG I’s coin show him with his Licchavi wife indicating Licchavis were still an important political force. His coins were the first to have the title maharajadhiraja indicating he was the first important ruler. It also indicates the feudal nature of polity.
SG’s coins tell us he was an illustrious warrior. His coins mention that he performed ashvamedha yajna and was invincible. SG’s coins show him in various poses - indicating various qualities he possessed or claimed to possess. Archer type coin, battle-axe type, killing a tiger, ashvamedha type, standard type (he holds a staff and performs a sacrifice), veena type. The tiger type coins show he had conquered Bengal since tigers are only found there. His title in the coins also indicates his conquests.
CG II’s coins contain the titles - param-bhagvata (which tells us about his being vaishnavite and the divine association of kingship) and vikramaditya. This tells us he was a vaishnavite and defeated a foreign ruler, possibly Saka. His silver coins also tell us that he defeated the sakas because silver coins were circulated by Sakas only.
Kumargupta’s peacock coins indicate he was a follower of Kartikeya. His coins also show him performing ashvamedha yajna.
Skandagupta also uses the title vikramaditya indicating he defeated the Huns.
These coins tell us about the metallurgical skills, level of prosperity and indication of monetization in the economy. They were also called dinars indicating Roman trade links. Many Gupta coins have been found in hoards and some are in mint condition which (together with their aesthetic beauty) led some scholars to believe that they were meant for presentation only and not circulation. But obviously this was not the case.