Punch-Marked Coins: A Historical and Numismatic Study of Early Indian Currency

Abstract

Punch-marked coins represent the earliest standardized currency in the Indian subcontinent, circulating from approximately the 6th century BCE to the 2nd century CE. Predominantly made of silver, with occasional copper and rare gold examples, these coins were issued initially by Janapadas and later on by imperial authorities such as the Magadhan, Nanda, and Mauryan dynasties. Ancient literary sources, including the Arthashastra, Panini’s Ashtadhyayi, and Buddhist texts, provide references to various denominations such as karshapana, pana, ardha-pana, masaka, and kakini, reflecting a sophisticated and diversified monetary system. Punch-marked coins are characterized by distinctive symbols stamped on the obverse, including animals, trees, geometric designs, and solar motifs, while inscriptions are largely absent. The production of punch-marked coins involved multiple techniques, including punching, die-striking, repoussé, droplet casting, and laminated or silver-plated planchets, demonstrating advanced metallurgical knowledge and minting practices. Silver sources were both local and imported, highlighting extensive trade networks across the subcontinent and beyond. Archaeological evidence, including over two hundred hoards, reveals wide geographical distribution spanning present-day India, Pakistan, Afghanistan, Sri Lanka, and Bangladesh. Chronologically associated with Northern Black Polished Ware, these coins not only facilitated trade and economic integration but also offer insights into the political, cultural, and technological developments of early historic India.

Keywords: Punch-marked coins, Karshapana, Janapadas, Arthashastra, Panini, Early Indian numismatics.