Studies in Ancient Indian Coins

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Numismatics as a science and coin collection as a hobby has become very popular during the past two centuries. The study of ancient coins contributed a great deal to the Indian history helping in the decipherment of our ancient Brahmi and Kharosthi scripts and bringing to light the names of many unknown ancient kings. The study of ancient coins reveals many aspects of our past and it is true that every coin has a story to tell and some history to reveal.

Though Telangana now happens to be the youngest and 29th state in India, it had been a distinct entity from ancient times. First major family to rule this region was Asmaka janapada and it was succeeded successively by Nanda and Maurya dynasties. Most illustrious dynasty to rule this region next was Satavahana and their rule commenced in the later part of first century B.C. Satavahana was the first dynasty from Dakshinapath or Deccan that ruled north of Vindhyas. During their long rule Satavahanas provided peace and prosperity through trade with Rome etc. After the fall of Satavahana Empire many dynasties ruled this region. Author made a study of the coins from Telangana and these articles were published in different journals and these are compiled in this book.

Deme Raja Reddy is a well-known neurosurgeon and a numismatist. He is an authority on coins of the Deccan and published more than twenty books on the subject. He wrote more than 100 articles on coins in national and international journals. He was the past president of the south Indian numismatic society of Chennai and also that of the numismatic society of India of Varanasi. He was also the editor of the two journals published by these societies. He was the past president of the Telangana history congress and also the president of ancient section of the Andhra Pradesh history congress. He was the recipient of Marremanda Rama Rao medal of the numismatic society of India and P.L. Gupta medal of the south Indian numismatic society. Presently he is the chairman of the numismatic society of India and president of the South Indian Numismatic society as well.

The origin of money in India and its manufacture makes an interesting study. Barter system of exchange of goods was prevalent in ancient India right from the Vedic period. But eventually the barter economy has given way slowly to money economy through the medium of coins for their obvious advantages. Coins made of metals are durable, portable, homogenous and easily divisible. The origin of coins in India dates back to sixth and seventh centuries B.C. and during this time local janapadas in different parts of India issued their first coins. This was followed by national coinage during the Magadhan, Nanda and Mauryan periods and post Mauryan disintegration, the coinage continued to be issued by ruling authorities in various parts of the country. Asmaka was one of the sixteen 'mahapadas' of ancient India and it was only mahajanapada south of Vindhyas. Its capital was Poudanam (later known as Bodhan) in Nizamabad district of Telangana and the coins of this janapada have been discovered. All the coins during ancient period were hand made till the introduction of machine-made coins during the colonial era.

Coins are pieces of metal issued by the governing authority and intended to be used as a medium of exchange. Ramatankas and other religious tokens are not coins. Until the 18th and 19th centuries the coins were assigned monetary worth based on the concept of intrinsic value. For example, the value of gold coin would be equal to the current value of the metal it contained then. Modern coins have the face value stamped on them, which may bear no relationship to its intrinsic value.

The Amir's of Sind first issued Islamic coins in India in the eighth century AD and their regular coinage commenced in the eleventh to twelfth century AD by the Delhi sultans. The Islamic coins are unique not only for their calligraphy but also for the wealth of information that they provide. Asaf Jahi coins are also noted not only for their excellent calligraphy but also for mentioning the year of its manufacture, regnal year of the ruler, the mints name. and Abjad number 92 besides the legend is distinctive in Asaf Jahi coins.

Paper money as we know today was introduced in India in the late 18th century AD. Bank of Hindostan in Kolkata started the issue of paper money in 1770 AD. British India commenced issuing paper money after the introduction of the paper currency Act of 1861 AD. and so did the princely states such as Asaf Jahi. Paper money has slowly taken over the functions of coins and today plastic money is replacing the role of both coins and paper currency.