Punch marked coins

-santosh kumar
m.a. history
Origins of coinage are a transitive phase in historical tradition as it marks more than
just technical or economical changes. Coins are important source for all phases of
history and need to be studied with all its features taken into consideration. To
understand the history and understanding of coinage we need to be aware of the
fact what makes a coin a valid source of exchange. Different technologies were used
for manufacturing coins from time to time the earliest of which is known as the
punching method. Due to application of punching these earliest specimens of
coinage are known as punch marked coins. Scholars have studied a lot the nature,
meteorology, extent and influence of coins. Here we will take into cognizance the
different attributes of these coins and also their historical evolution.

The oldest coins found in the subcontinent are the punched marked coins which are
mostly made of silver though we also find copper coins. Punched marked coins were
found all over the subcontinent and although coins of different shapes, sizes and
better metallurgical technology came to be used after Mauryan period, punched
marked coins remained in circulation until early Christian centuries, and in
peninsular India its circulation was even longer. Though we dont find any legend
inscribed on these coins it has been postulated by different scholars that these
coins were issued by the royal house. Initially the punching was done on the
obverse side of the coins with reverse kept blank but later we find the punching
inscribed on both the sides. Different methods of punching were employed for the
purpose. One of the method involved use of molten metal on a plain surface and
then impressions punched on that surface. Sometimes we see metal being beaten
into small pellets in molten form and impressed when still hot. Such coins are crude
in shape and size and are believed to be belonging to an earlier period. In another
method of coin making metal was turned into long bars and in the process of
stamping these coins become a little elongated and bent and thus are known as
bent bars. They are also known as wheeled coins due to wheel type marks. In a 3 rd
method we find coins manufactured in the form of circular globules of flattened
metals impressed on them. Fourthly, silver was beaten into sheets of required
thickness and then strips of appropriate weight were cut off from the same Punched
marked coins continued to be issued majorly in the Mauryan period. According to
K.M. Shrimali the origin of punch marked coins is very much an issue of debate as
scholars have tried to place the origins of these coins from 650-400 bce. The
measuring unit of these coins continued to be kahapana (or karshapana). Apart
from the archaeological evidence of these coins that has been found in the form of
hoards (like the Taxila hoard studied by D.D. kosambi) we also find literary
references of the same. A very prominent example of this is found from the
Buddhist sources where we get evidence of anathpindaka giving away jeta vana to
gautam Buddha after paying huge money in the form of metal currency to owner of
the vihara. Similarly, we get evidence of pana from Arthashastra, Asthadhyayi etc.
In the opinion of A.L.Basham, the uninscribed punch-marked coins were minted from
the 6th century B.C. onwards and were in circulation for many centuries, though the
assumption of scholars like A.S. Altekar who date the punch marked coins to 800
bce based on the references in katyayana sutra which has been criticized by D.C.
Sircar for anachronism in dating of both punch marked coins as well as katyayana
sutra.

Smith has tried to classify punch marked coins on different parameters such as
metal, shape as well as number of symbols on the reverse of the coins. Silver coins
are divided into different types like silver ingots with three symbols on obverse and
blank reverse; bent bars with 3 symbols on obverse and blank reverse, rectangular
coins with either blank reverse, with 1 symbol on reverse, with 2 symbols on reverse
or with 3 or more symbols on reverse; roughly circular or oval coins with either
blank reverse, with one symbol on reverse, or with 2 or more symbols on reverse.
Similarly we find copper coins of different denominations and sizes- approximately
square coins with blank, one symbol or more than one symbol on the reverse;
distinctly oblong coins with blank reverse or one or more symbols on the reverse.

Thousands of punch-marked coins have been discovered virtually from all parts of
the Indian subcontinent, often in big hoards consisting of five to eight thousand
pieces. They are of numerous denominations and fabric series, earlier ones being
local, found in restricted areas, and later ones, 'universal' or imperial punch-marked
coins found almost throughout the country. The coins of the local series were
chronologically earlier than the coins of the Imperial series and they mainly
represented the coinage of the various Janapadas of the early Budhist age. The
Imperial series was the coinage of the Magadhan Empire and it has further been
classified into six categories. The hoards of the Imperial coins generally do not
include the local type of coins. But in a few hoards, where local type of coins are
known along with the Imperial coins, the former are few in number and are in a
quite worn-out condition. This shows that the regional coinage was anterior to the
Imperial coinage. But some scholars have criticized this classification.
Michael Mitchiner has divided the punch marked coins into two broad types- locally
found pre-mauryan coins, and Mauryan imperial coins series which were in
circulation from north to south. According to P.L. Gupta, the coins of Period I of the
Golakpur hoard may be attributed to Ajatasatru (552-520 B.C.). The coins of period
II were issued by the successors of Ajatasatru in between 520-440 B.C., the coins of
period III were in all probability issued by Sisunaga and his successors. The coins of
period IV may be attributed to the kings of the Nanda dynasty, while the coins of
period V may be attributed to Chandnagupta Maurya. But it is not certain if all the
coins of this period were issued by him. Some of the varieties might belong to his
son Bindusara. S.R.Goyal has criticized the universality f imperial type coins by
pointing out that there was no Imperial power in South India in the sixth century
B.C. and coins of the Imperial series, which are recovered from all over India, strictly
speaking, should be ascribed to the Nandas and Mauryas.

Mitchiner further classifies these coins into 4 parts- heavy weight standard with
multiple punches commonly known as kosala type coins in the middle ganga valley;
heavy weight standard with single punch or the Taxila Gandhara type coins; light
weight standard with single punch type or the Avanti standard in the western India;
and light weight standard with multiple punch type or the Magadha-maurya
standard which had a wide range of circulation. Among the coins of the punch-
marked class, the rectangular silver bars are generally believed to be the oldest.
Some of these bars are bent in shape and the manufacturing techniques are also
different from the ordinary punch-marked coins. Thus some scholars believe that
the bent bar silver coins precede the punch-marked coins and punch-marked coins
came into use later under the Mauryas.

In the peninsular region of the south, punch-marked coins are found in association
with Roman coins. Many such hoards have been recovered from the regions of Tamil
Nadu, Karnataka and Kerala and new discoveries are continuously reported from all
parts of the south. Several punch-marked coins along with Roman coins were
reported from random exposures of Pandukulis (Megalithic tombs) in south India,
especially from Coimbatore - Erode areas. But the absence of punch-marked coins
in the western Megaliths and relative paucity in later times show that they might
have reached the west coast rather late, more or less at the same time as Roman
coins, the hoards of which far outnumber the punch-marked coins hoards in the
west coast, unlike the eastern Tamilakam and Deccan in general. Scholars believe
that all the punch-marked coins that were found in the south seem to have travelled
from the north and they do not show any sign of their having been minted here. It is
also probable that the silver punch-marked coins were reaching the south through
the religious migrants after the urbanization in the north (Mahajanapadas) and the
rise of religious faiths like Jainism and Budhism mainly under the patronage of
trading communities.
Some of the symbols of the animals marked on the reverse may represent the
totemic nature of the tribes or clans. Some geometrical signs have been taken to
represent Brahmi letters and they may represent the initial letter of a personal
name. According to Durga Prasad, similarly Romila thapar asserts that some of the
symbols were symbols of identification of the royal authority. Some scholars held
the view that this coinage was issued by certain private authorities while others
considered it as a government, issue. According to V.A. Smith, The punch-marked
coinage was a private coinage issued by guilds and silversmiths with the permission
of the rating powers. This theory was also accepted by D.C. Sircar. Durga Prasad
strongly refuted the view that the punch marked coins were private issues while
John Allan is of the view that these coins were issued by a government authority
and not by private individuals. Theobald has classified the symbols into 6 types-
human figure, implements and buildings, animal figure, tree branches and fruits etc,
solar or planetary symbols, miscellaneous or unknown symbols.

The main purpose of a coin is not to carry a legend, portrait or cult marks but to put
into circulation a piece of metal cut to a standard weight. Kosambi added two more
dimensions to this approach. The first is based on an assumption that the reverse
marks on punch marked coins were put by traders or traders guilds, and the fact,
demonstrated by him, that the greater the number of reverse marks the less the
weight, would be a calculable measure of the length of the circulation period of
individual coins in a group. Kosambi calculated the interval between two reverse
marks to have been of twelve years duration. This linear regression theory, as it is
known asserts that over the years due to regular use, coins lose their metal content
in the form of depreciation of weight. So through statistical analysis he calculates
that in every 12 years a punch marked coin loses its weight by 0.5 grams. The
second dimension is the consideration of the absorption rate of coins. Coins tend
gradually to disappear in the process of circulation. Broadly speaking, this rate of
absorption is proportional to the number of coins in circulation. In considering the
circulation history of coins represented in a hoard this assumption is important,
because, as Kosambi could show. The number of coins per reverse mark decreased
in a very regular geometric progression. He also use the same statistical analysis to
assert that the reverse signs on the punch marked coins may represent shroff signs
as a token for purity of the coinage or its continued usage. Due to the loss in weight
of the coinage it may be required for the rulers to keep track of the depreciated
coins, and to re-circulate the coins a royal symbol was punched unto it.

Coins are often taken as a symbol of the economic condition of a period but the
actual importance of coinage is often undermined due to the overreliance on textual
sources as well as our methodological incompetency to work with coins to construct
history. Bu it is no longer viable to get satisfied with an essentially text centric
history and thus a historian needs to aware himself with the methods of
numismatist. In this way we can make more and effective use of coins as a source
of history.