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International Journal of Grid and Distributed Computing
Vol. 13, No. 1s, (2020), pp. 200-219
Review On History Of Indian Coinage
Dr (Ms) Swaroopa Rani N. Gupta
Department of Chemistry
Brijlal Biyani Science College Amravati, Maharashtra, India
e-mail:swargupta@yahoo.com
Abstract
India has been one of the earliest issuers of coins in the world (circa 6th Century BC). Few countries
rival India for the sheer diversity of its coinage be it minting techniques, motifs, sizes, shapes, the metals
used or for that matter the monetary history arising from the Monetary Standards India has experienced
(Tri-metallism, Bi-metallism, the Silver Standard, the Gold Exchange Standard as well as fiat money).
In history, Indian coins have played a crucial role in documenting political and economic changes over
time. Foreign coin hoards found in India throw light on Indian trade patterns in ancient, medieval, and
late pre-colonial times. The Motifs on coins have been impacted upon by the cultural ethos of different
regions at different time periods.
This paper deals with review on history of Indian coinage which includes Ancient India Coinage such
as Punch Marked Coins, Dynastic Coins (Kushan Coinage, Satavahana Coinage, Western Kshatrapa
Coinage, Other Coins, Gupta Coinage, Post-Gupta Coinage), South Indian Coinage, Foreign Coin
Hoards found in India; Medieval India Coinage; Mughal Coinage; Pre-Colonial India & Princely
States: Coinage such as the Maratha Confederacy, Coins of Avadh, Coins of Mysore, Coins of the Sikhs,
Coins of Hyderabad, Some Representative Coins of other Princely States; British India Coinage such
as Early Issues, Coins of William IV, Coins of Queen Victoria, Coins of Edward VII, Coins of George
V; Republic India Coinage such as The Frozen Series 1947-1950, The Anna Series, The Decimal Series,
Naya Paisa Series 1957-1964, Aluminium Series 1964 onwards, Contemporary Coins.
Key Words: Punch Marked Coins, Dynastic Coins, South Indian Coinage, Medieval India Coinage,
Mughal Coinage, Maratha Confederacy, Coins of Avadh, Coins of Mysore, Coins of the Sikhs, Coins
of Hyderabad, Coins of William IV, Coins of Queen Victoria, Coins of Edward VII, Coins of George V,
The Anna Series, The Decimal Series, Naya Paisa Series, Aluminium Series, Contemporary Coins.
1. Introduction
India has been one of the earliest issuers of coins in the world (circa 6th Century BC). Few countries
rival India for the sheer diversity of its coinage be it minting techniques, motifs, sizes, shapes, the metals
used or for that matter the monetary history arising from the Monetary Standards India has experienced
(Tri-metallism, Bi-metallism, the Silver Standard, the Gold Exchange Standard as well as fiat money).
In history, Indian coins have played a crucial role in documenting political and economic changes over
time. Foreign coin hoards found in India throw light on Indian trade patterns in ancient, medieval, and
late pre-colonial times. The Motifs on coins have been impacted upon by the cultural ethos of different
regions at different time periods.
This paper deals with review on history of Indian coinage which includes Ancient India Coinage such
as Punch Marked Coins, Dynastic Coins (Kushan Coinage, Satavahana Coinage, Western Kshatrapa
Coinage, Other Coins, Gupta Coinage, Post-Gupta Coinage), South Indian Coinage, Foreign Coin
Hoards found in India; Medieval India Coinage; Mughal Coinage; Pre-Colonial India & Princely States:
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Vol. 13, No. 1s, (2020), pp. 200-219
Coinage such as the Maratha Confederacy, Coins of Avadh, Coins of Mysore, Coins of the Sikhs, Coins
of Hyderabad, Some Representative Coins of other Princely States; British India Coinage such as Early
Issues, Coins of William IV, Coins of Queen Victoria, Coins of Edward VII, Coins of George V;
Republic India Coinage such as The Frozen Series 1947-1950, The Anna Series, The Decimal Series,
Naya Paisa Series 1957-1964, Aluminium Series 1964 onwards, Contemporary Coins.
2. An Overview
India has been one of the earliest issuers of coins in the world (circa 6th Century BC). Few countries
rival India for the sheer diversity of its coinage be it minting techniques, motifs, sizes, shapes, the metals
used or for that matter the monetary history arising from the Monetary Standards India has experienced
(Tri-metallism, Bi-metallism, the Silver Standard, the Gold Exchange Standard as well as fiat money).
In history, Indian coins have played a crucial role in documenting political and economic changes over
time. Foreign coin hoards found in India throw light on Indian trade patterns in ancient, medieval, and
late pre-colonial times. The Motifs on coins have been impacted upon by the cultural ethos of different
regions at different time periods.[1]
ANCIENT INDIA COINAGE [1]
Punch Marked Coins
The Indus valley civilisation of Mohenjo-Daro and Harappa dates back between 2500 BC and 1750 BC.
There, however, is no consensus on whether the seals excavated from the sites were in fact coins.
Seals of Mohenjo-Daro Punch Marked Coin, Silver
Bentbar
The first documented coinage is deemed to start with 'Punch Marked' coins issued between the 7th-6th
century BC and 1stcentury AD. These coins are called 'punch-marked' coins because of their
manufacturing technique. Mostly made of silver, these bear symbols, each of which was punched on
the coin with a separate punch. Issued initially by merchant Guilds and later by States, the coins
represented a trade currency belonging to a period of intensive trade activity and urban development.
They are broadly classified into two periods : the first period (attributed to the Janapadas or small local
states) and the second period (attributed to the Imperial Mauryan period). The motifs found on these
coins were mostly drawn from nature like the sun, various animal motifs, trees, hills etc. and some were
geometrical symbols.
Obverse Reverse Obverse Reverse Obverse Reverse
Seven Symbols Five Symbols Five Symbols
Silver Punchmarked Coins
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Asmaka Janapada Imperial Series Imperial Series Imperial Series
Imperial Punch Marked Coins
Dynastic Coins
Dating of regular dynastic coin issues is controversial. The earliest of these coins relate to those of the
Indo-Greeks, the Saka-Pahlavas and the Kushans. These coins are generally placed between the 2nd
century BC and 2nd century AD. Hellenistic traditions characterise the silver coins of the Indo-Greeks,
with Greek gods and goddesses figuring prominently, apart from the portraits of the issuers. These coins
with their Greek legends are historically significant, as the history of the Indo-Greeks has been
reconstructed almost entirely on their evidence. The Saka coinage of the Western Kshatrapas are
perhaps the earliest dated coins, the dates being given in the Saka era which commences in AD 78. The
Saka era represents the official calendar of the Indian Republic
Indo-Greek Coins
Kushan Coinage
Map of Kushan
Earliest Kushan coinage is generally attributed to Vima Kadphises. The Kushan coins generally
depicted iconographic forms drawn from Greek, Mesopotamian, Zorastrian and Indian mythology.
Siva, Buddha and Kartikeya were the major Indian deities portrayed. Kushan gold coins influenced
subsequent issues, notably those of the Guptas.
Coins of the Kushans
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Satavahana Coinage
The Satavahanas were the early rulers of the region between the rivers, Godavari and the Krishna. They
were also referred to as the Andhras. They soon brought under their control, both the Western-Deccan
and Central India. The dates of their coming in to power are contentious and are variously put between
270 BC to 30 BC. Their coins were predominantly of copper and lead, however, silver issues are also
known. These coins carried the motifs of fauna like elephants, lions, bulls, horses, etc. often juxtaposed
against motifs from nature like hills, tree, etc. The silver coins of the Satavahanas carried portraits and
bilingual legends, which were inspired by the Kshatrapa types.
Coins of the Satavahana
Western Kshatrapa Coinage
The term Western Kshatraps alludes to the set of rulers who ruled Western India between the 1 stand
4thCentury AD. The legends on the coins were generally in Greek and Brahmi. Kharoshti too was used.
The Western Kshatrap coins are reckoned to be the earliest coins bearing dates. The common copper
coins are the 'bull and hill' and the 'elephant and hill' types.
Obverse Reverse Obverse Reverse
Rudrasimha I, 180-196 AD Viradaman, 234-238 AD
Coins of the Western Kshatrapas
Other Coins
In the interregnum between the fall of the Maurayans and the rise of the Guptas various tribal republics
in the Punjab and monarchies in the Indo-Gangetic plain issued coins. Most coins were issued in
Copper. The coins of the Yaudheyas were influenced in design and motif by the coins of the Kushans.
They followed the weights of the Indo-bacterian rulers.
Coin of the Yaudheyas
Gupta Coinage
Gupta coinage (4th-6th centuries AD) followed the tradition of the Kushans, depicting the king on the
obverse and a deity on the reverse; the deities were Indian and the legends were in Brahmi. The earliest
Gupta coins are attributed to Samudragupta, Chandragupta II and Kumaragupta and their coins often
commemorate dynastic succession as well as significant socio-political events, like marriage alliances,
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the horse sacrifice, etc (King and queen type of coin of Chandragupta 1, Asvamedha type, etc.), or for
that matter artistic and personal accomplishments of royal members (Lyrist, Archer, Lion-slayer etc.).
Obverse Reverse Obverse Reverse
King as Horseman King as Lion Slayer
Obverse Reverse Obverse Reverse
King & Queen Type Fan-Tailed Peacock
Coins of the Guptas
Post-Gupta Coinage
Post-Gupta coinage (6th-12th centuries AD), is represented by a monotonous and aesthetically less
interesting series of dynastic issues including those of Harsha (7th century AD, Kalachuri of Tripuri
(11th century AD) and early medieval Rajputs (9th-12th centuries AD). Gold coins struck between this
period are rare. These were revived by Gangeyadeva the Kalachuri ruler who issued the 'Seated Lakshmi
Coins' which were copied by later rulers both in gold as well as in debase form. The Bull & Horseman
type of coins were the most common motif appearing on coins struck by the Rajput clans. In western
India, imported coins like the Byzantine solidi were often used reflecting trade with the Eastern Roman
Empire.
Obverse Reverse Obverse Reverse
Seated Lakshmi Bull & Horseman
South Indian Coinage
The symbols and motifs on South Indian coin issues were confined to dynastic crests such as the boar
(Chalukya), bull (Pallava), tiger (Chola), fish (Pandya and Alupas), bow and arrow (Cheras) and lion
(Hoysala) etc. The Yadavas of Devagiri issued 'Padmatankas' with an eight-petalled lotus on the obverse
and a blank reverse. Coin legends refer to names or titles of the issuer in local scripts and languages.
Decorative features are rare and divinities are almost absent till the medieval Vijayanagar period (14th-
16thcenturies AD).
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Obverse Reverse Obverse Reverse Obverse Reverse
Coins of the Cheras 11th - 13th Centuries Coins of the Cheras 11th - 13th Centuries Coins
of the Cholas 9th - 13th Centuries
Obverse Reverse Obverse Reverse
Coins of the Alupas of Udipi 11th - 13th Centuries Padmatankas, Coins of the
Yadavas of Devagiri 12th - 14th Centuries
Foreign Coin Hoards found in India
Ancient India had considerable trade links with the Middle East, Europe (Greece and Rome) as well as
China. This trade was carried out over land partly along what came to be alluded to as the silk route and
partly through maritime trade. By the time of Pliny, the Roman historian, Roman trade with India was
thriving, and indeed creating a balance of payments problem for the Roman Empire. In South India,
which had a thriving maritime trade, Roman coins even circulated in their original form, albeit slashed
at times as a gesture disclaiming intrusions of foreign sovereignty.
A slashed Roman Aureus of Augustus
Obverse Reverse Obverse Reverse Obverse
Reverse
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Roman Find in South India Roman Find in South India Byzantine Find in South
India
MEDIEVAL INDIA COINAGE [2]
Map of Medieval India, Courtesy Government of India
The Arabs conquered Sindh in 712 AD and ruled it as a province of the Caliphate. By the 9th Century
AD, provincial governors established independent rule and struck their own coins. However, it was
with the emergence of Turkish Sultans of Delhi in the 12th Century that a decisive break was made with
the past and the existing motifs were gradually replaced by Islamic devices, largely calligraphy. The
unit of account came to be consolidated and was referred to as the 'tanka' with the 'jittals' as the smaller
value coins. With the Delhi Sultanate (1206-1526 AD) came the attempt at standardisation. This period
was marked by a considerable expansion of the money economy. Coins were struck in gold, silver and
copper. In the monetary system, the equation between gold and silver was probably at 1:10. The Khilji
rulers issued coins in abundance with grandiloquent titles (Ala-ud-din Khilji struck coins assuming the
title 'Sikandar al Sani', the second Alexander) as well as honorific epithets for mints (the Delhi mint
bore titles 'Hazrat Dar-al-Khilafat, etc.).
Obverse Reverse Obverse Reverse
Coin of Nasiru-d-din Mahmud 1246 - 1266 AD Coin of Ghiyasu-d-din Balban 1266 - 1287
AD
Coins of the Delhi Sultanate
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Coins of the Khiljis
The coins of the Tughlaqs (1320-1412 AD) were superior in design and execution to those of the Khiljis.
Muhammed bin Tughlaq (1325-1351 AD), took personal interest in his coinage, however, his monetary
experiments were a failure and the cause of much misery. The first experiment was to make his coinage
reflect the gold/silver price ratio prevailing in the free market. When this experiment failed the old gold
and silver coins of about 11 grams were reintroduced. The next experiment was inspired by Chinese
paper currency which had spurred the development of trade and commerce. Tughlaq attempted to
establish a fiduciary system of coinage between 1329 to 1332 AD. He attempted to issue tokens of brass
and copper. These tokens bore the legends such as : 'Sealed as a tanka of fifty ganis' together with
appeals such as 'He who obeys the Sultan, obeys the Compassionate'. Mass forgeries rendered the
experiment a total disaster and Tughlaq, to his credit, redeemed all tokens, forged or genuine, in specie.
It may be noted that the experiments of Tughlaq were genuine experiments: while they were forced on
the populace, they were not dictated by a bankrupt treasury. Gold coins were issued in very large
numbers during the reign of Muhammed bin Tughlaq, thereafter gold coins became scarce. By the time
of the Lodhis, coins were struck almost exclusively of copper and billon. In the provinces, the Bengal
Sultans, the Jaunpur Sultans, the Bahamanis of the Deccan, the Sultans of Malwa, the Sultans of Gujarat,
etc. struck coins. In the South, however, the Vijayanagar Empire evolved coinage of different metrology
and design which was to remain as a standard in the region and influence coin design up to the 19th
Century.
Silver Coin, Malwa
In the South, the Vijayanagar contemporaries of the Delhi Sultanate and Mughals, were the other
dynasty whose currency presents a rare example of a standardised issue which later provided a model
for the European and English trading companies. The Kingdom of Vijayanagar was founded around
1336 AD by Harihara and Bukka in the region south of the River Krishna. The Vijayanagar period saw
the advent of European traders especially the Portuguese. Krishnadevaraya encouraged foreign trade
and this necessitated wider use of currency. Coins of the Vijayanagar kingdom was largely struck in
gold and copper. Most Vijayanagar gold coins bore a sacred image on the obverse and the royal legend
on the reverse. Amongst the significant gold coins of the Vijayanagar Empire were those bearing the
image of the deity of Tirupati, i.e., Lord Venkatesvara represented either singly or with his two consorts.
These coins inspired the 'Single Swami' Pagodas of the Dutch and French and the 'Three Swami'
Pagodas of the English East India Company.
Coins of the Vijayanagar Empire
MUGHAL COINAGE [3]
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Technically, the Mughal period in India commenced in 1526 AD when Babur defeated Ibrahim Lodhi,
the Sultan of Delhi and ended in 1857 AD when the British deposed and exiled Bahadur Shah Zafar,
the last Mughal Emperor after the great uprising. The later emperors after Shah Alam II were little more
than figureheads.
The most significant monetary contribution of the Mughals was to bring about uniformity and
consolidation of the system of coinage throughout the Empire. The system lasted long after the Mughal
Empire was effectively no more. The system of tri-metalism which came to characterise Mughal
coinage was largely the creation, not of the Mughals but of Sher Shah Suri (1540 to 1545 AD), an
Afghan, who ruled for a brief time in Delhi. Sher Shah issued a coin of silver which was termed the
Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely
unchanged till the early 20thCentury. Together with the silver Rupiya were issued gold coins called the
Mohur weighing 169 grains and copper coins called Dam.
Where coin designs and minting techniques were concerned, Mughal Coinage reflected originality and
innovative skills. Mughal coin designs came to maturity during the reign of the Grand Mughal, Akbar.
Innovations like ornamentation of the background of the die with floral scrollwork were introduced.
Jehangir took a personal interest in his coinage. The surviving gigantic coins, are amongst the largest
issued in the world. The Zodiacal signs, portraits and literary verses and the excellent calligraphy that
came to characterise his coins took Mughal Coinage to new heights.
Mohur-Humayun Sher Shah Suri Mohur-Akbar Mohur-Aurangzeb Mohur-
Farrukhsiyar
Coins of the Mughal Empire
The early years of Shah Jehan's reign brought forth a large variety of types; coin design was standardised
towards the latter part of his reign. Aurangzeb, the last of the Grand Mughals was austere in his ways
and orthodox in his beliefs. He did away with the Kalima, the Islamic Article of Faith from his coins,
and the format of coins was standardised to incorporate the name of the ruler, the mint and the date of
issue.
PRE-COLONIAL INDIA & PRINCELY STATES: COINAGE [4]
The decline of the Mughal Empire commenced soon after the death of Aurangzeb. For a while, the
military successes of the Marathas gave rise to the feeling that they would fill the vacuum left by the
Mughals and don the imperial mantle. This was not to be. In the anarchy that followed, regional forces
tended to reassert themselves and states with ancient antecedents, many of which had been independent
during Medieval times, like the states of Rajputana, re-emerged. The dilution of central authority
prompted Provincial Governors of the Mughals, to assume independence (e.g., the states of Avadh and
Hyderabad). The turbulence of the times also gave rise to Military Adventurers who through force
carved out kingdoms for themselves, like Scindia (Gwalior), and Hyder Ali (Mysore). Finally, there
were 'states of convenience', - titular states whose ruling dynasty was supported either by the British
(e.g., the Wodeyars) or the regional hegemon in the interest of high politics. When the British Crown
took over the administration from the East India Company in 1858 there were over a hundered Princely
States which were issuing coins nominally in the name of the Mughal Emperor. With the deportation
of the last Mughal Emperor Bahadur Shah to Rangoon, the native rulers gradually replaced the Mughal
superinscriptions on their coins with the name or portrait of the Queen of England as an expression of
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acceptance of British supremacy. Some coins like those of Mewar inscribed the word 'Dosti London'
i.e. 'Friends of London' on their coins. The British over time curtailed the rights of the the Native States
to strike their own coins. Representative Coinage of some of the States are depicted below.
The Maratha Confederacy
While the Marathas have had a long history, they came into the limelight in the seventeenth century led
by the charismatic leader Shivaji. The Maratha Confederacy consolidated itself after Aurangzeb's death
in 1707 AD. Their military successes saw them overrun most of India by 1738 AD. The Marathas were
set to be the only power in India to take on the Imperial mantle and build an Indian empire. Their
fortunes suffered a setback with the battle of Panipat in 1761 AD. They, however, retained their
hegemony over the Deccan till the end of the century. With the decline of central power, Maratha
families established the states of Baroda, Gwalior, Indore, etc. As regards coinage, Shivaji first issued
coins in 1664 AD when he assumed the title of Raja. Coins were again issued to commemorate his
coronation at Raigadh in 1674 AD. These coins are rare. Maratha Mints and coinage were consolidated
around the middle of the eighteenth century. Three types of Rupees were in circulation during this
period, viz., the Hali Sicca, the Ankushi rupee which was the standard rupee of Pune, and the Chandori
rupee which was on par with the Ankushi.
Copper
Silver, Pune Mint
Coins of the Marathas
Coins of Awadh
The Province of Awadh, situated in Northern India, was governed by Nawab-Wazirs on behalf of the
Mughal Emperor from around 1720 AD. With the decline of the Mughal Empire, the British Governor
General, the Marquis of Hastings, persuaded Ghaziuddin Haidar, the Nawab-Wazir of Awadh, to cast
off Mughal suzerainty and declare himself independent. Ghaziuddin was crowned in 1819, but the State
of Awadh whose capital Lucknow, laid claimed the title of the cultural capital of India, did not survive
even four decades. Despite Ghaziuddin's proclamation of independence, the first issues continued in the
name of the Mughal Emperor, with the Awadh coat of arms on the reverse, before independent coins
were issued. The coat of arms was imitative of the English and marked a departure from the traditional
Mughal designs. Nasiruddin Hyder, Muhammed Ali, and Wajid Ali succeeded Ghaziuddin. The
monetary system consisted of the gold ashrafi, (half, quarter, eighth and sixteenth of an ashrafi), the
silver rupee with similar five denominations and the copper fulus. The defeat of the Nawab of Awadh
at the Battle of Buxar (1764), precipitated the decline of the Kingdom. Wajid Ali Shah, the last Nawab
was forced to abdicate in 1856 by Lord Dalhousie. During the 1857 uprising, the battle of Lucknow
was one of the most bitterly fought battles. The revolutionaries are said to have minted coins in the
name of the Nawab-Wazarat.
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Coins of Avadh
Coins of Mysore
The Kingdom of Mysore was situated in Southwest India and was ruled by various Hindu dynasties. In
1761, Haider Ali a military adventurer deposed the Wodeyar ruler and proclaimed himself King. In the
region, coins of both the Mughal and Vijayanagar standards were current. His coin issues coins of the
pagoda types continued to carry the motifs and iconographic forms of the Vijayanagar period (e.g.,
Hara-Gauri) with his initial, the letter 'He' on the reverse. Tipu, his son, succeed him and assumed the
title of Sultan. He introduced various innovations and new varieties in his coinage, continuing with the
pagodas, the mohurs, and introduced his own standards. An interesting feature of his coins is that they
do not bear his name. Tipu Sultan, a progressive ruler, was one of the few Indian princes to perceive
the imperial designs of the British and oppose them; he, however, was slain in the battle of
Srirangpatanam in 1799 after which the British reinstated Krishna Raja Wodeyar as King of Mysore.
Krishna Raja Wodeyar continued to issue coins of the Vijayanagar and Mughal standards. The gold
coins carried the Hara-Gauri motif and the King's name on the reverse. The silver coins were in the
Mughal tradition, bearing the name of the Mughal Emperor, Shah Alam II on the obverse and the name
of the mint on the reverse. Some of the smaller fraction coins carried the image of the deity Chamunda,
the family deity of the Wodeyar family; other coins carried motifs drawn from nature and inscriptions
in Nagri, Persian, Kannada, and English at various points of time.
Coin of Hyder Ali Rupee of Tipu Sultan
Coins of the Sikhs
Guru Nanak laid the foundations of a religious community, which gradually metamorphised into the
Sikh Empire, a formidable military power in North Western India. This transformation was brought
about on account of continued Mughal oppression. Constant harassment by the Mughal forces because
of the failure of the Sikhs to embrace Islam, led to the emergence of Sikh militarism. However it was
with the defeat of Ahmad Shah Durrani at Sirhind in 1710, that the Sikh league also known as Khalsa,
came into its own. The whole tract of land between Jhelum and Sutlej was divided among the Sikh
chieftains. Around 1777 AD, coins were issued from Amritsar without the name of the Mughal Emperor
and were called 'Nanak Shahi'. These coins bore the name of Guru Gobind Singh, the tenth and the last
Guru of the Sikhs. The most distinguished statesman amongst the chieftains was Ranjit Singh who
successfully recaptured Amritsar, Ludhiana, Multan, Kashmir and Peshawar. The treaty of 1809, with
the British, confirmed his right to rule the tracts he had occupied south of Sutlej. However, after his
death, the Sikh Empire began to deteriorate and was finally annexed to the British Empire in 1849. Most
coins struck during the reign of Ranjit Singh bear a large leaf on one side and bear Persian legends. He
also introduced coins with Gurumukhi legends, mostly of the copper variety.
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Coins of the Sikhs
Coins of Hyderabad
The Princely State of Hyderabad was founded around 1724 when Mir Qamar-ud-Din, the Mughal
Viceroy of the Deccan, assumed independence under the title of Asaf Jah and founded the dynasty of
the Nizams of Hyderabad. In the post 1857 era, the State of Hyderabad was one of the largest Princely
States in India and later came to be known as the 'Dominion of His Exalted Highness, the Nizam'. The
State which covered territories presently included in Andhra Pradesh, Maharashtra, and Karnataka was
assimilated into the Indian Union in September 1948. In matters of currency and coinage, the coins of
the Nizams were issued in the name of the Mughal Emperor till 1858 when a coin legend was introduced
with the name of the founder of the state, Asaf Jha. Thereafter, they were struck independently and the
new coins were termed the 'Hali Sicca', i.e., the current coins. In 1903-04 coins were machine struck
for the first time. These coins featured the Charminar on the obverse with Persian inscription Nizam-
ul-mulk Bahadur Asaf Jah around it. The reverse carried the value. These coins confirmed to the British
coins in denominations and metals.
Obverse Reverse Obverse Reverse Obverse
Reverse
Ashrafi Rupee 8 Annas
Obverse Reverse Obverse Reverse
4 Annas 2 Annas
Coins of Hyderabad
Some Representative Coins of other Princely States
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Coins of Datia State Coins of Faridkot State
Obverse Reverse Obverse Reverse Obverse
Reverse
Rupee Half Rupee One Fourth
Rupee
Obverse Reverse Obverse Reverse
One Eight Rupee One Sixteenth Rupee
Coins of Udaipur
BRITISH INDIA COINAGE[5]
Early English settlements in India had three broad grouping: those in Western India (Bombay & Surat),
those in South India (Madras) and those in the Eastern Province of Bengal (Calcutta). Early English
coins accordingly developed along three broad strands in consonance with the local acceptability of the
coins for the purposes of trade.
The coins of Bengal were developed along the Mughal pattern, those of Madras were struck along South
Indian lines both in design and metrology (Pagoda) as well as along Mughal designs. The English coins
of Western India developed along Mughal as well as English patterns. It was only in 1717 AD that the
English obtained permission from the Emperor Farrukhsiyar to coin Mughal money at the Bombay
mint. English pattern coins were struck at the Bombay Mint. The gold coins were termed Carolina, the
silver coins Anglina, the copper coins Cupperoonand tin coins Tinny. By the early 1830, the English
had become the dominant power in India. The rise of one dominant power after over a hundred years
of turmoil, enabled the enactment of the Coinage Act of 1835 and for uniform coinage to be issued.
Newly designed coins with the effigy of William IV on the obverse and the value on the reverse in
English and Persian, were issued in 1835.
The coins issued after 1840 bore the portrait of Queen Victoria. The first coinage under the crown was
issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India.
Edward VII succeeded Queen Victoria and the coins issued bore his effigy. The Indian Coinage Act,
1906 was passed which governed the establishment of Mints as well as the coins that would be issued
and the standards that would be maintained (Rupee 180 grains, Silver 916.66 standard; Half Rupee 90
grains, Quarter Rupee 45 grains). George V succeeded Edward VII. Acute shortage of silver on account
of World War I, led the British Government to issue paper currency of One Rupee and Two and a half
Rupees. The silver coins of smaller denominations were issued in cupro-nickel. George V was in turn
succeeded by Edward VIII. However no coins were issued during his short reign. Geroge VI ascended
the throne in 1936. The compulsion of the Second World War led to experiments in coinage where the
standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued
from 1940. In 1947 these were replaced by pure Nickel coins.
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India attained freedom on 15thAugust 1947. However the existing coinage was continued as the frozen
series till January 26th1950 when India became Republic. [6]
EARLY ISSUES [6]
Obverse Reverse Obverse Reverse Obverse
Reverse
Mohur Shah Alam II, Murshidabad Two Pagodas in Madras Presidency The Surat
Rupee
COINS OF WILLIAM IV [7]
Obverse Reverse Obverse Reverse Obverse Reverse
Rupee One, Silver Half Rupee, Silver Quarter Rupee,
Silver
Obverse Reverse Obverse Reverse Obverse Reverse
Half Anna, Copper Quarter Anna, Copper Half Pice,
Copper
Coins of Queen Victoria [8]
Obverse Reverse Obverse Reverse Obverse
Reverse
Two Annas, Silver Quarter Rupee, Silver Half Rupee, Silver
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Obverse Reverse Obverse Reverse
One Rupee, Silver One Mohur
Coins of Queen Victoria (Young Bust)
Obverse Reverse Obverse Reverse Obverse
Reverse
One Twelfth Anna, Bronze Half Pice, Bronze Quarter Anna,
Bronze
Obverse Reverse Obverse Reverse Obverse
Reverse
Half Anna, Bronze Two Annas, Silver One Fourth Rupee,
Silver
Obverse Reverse Obverse Reverse Obverse
Reverse
Half Rupee, Silver One Rupee, Silver One
Mohur
Coins of Queen Victoria (Mature Bust)
Obverse Reverse Obverse Reverse Obverse Reverse
One Twelfth Anna, Bronze Half Pice, Bronze Quarter Anna,
Bronze
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Obverse Reverse Obverse Reverse Obverse Reverse
Half Anna, Bronze Two Annas, Silver One Fourth Rupee,
Silver
Obverse Reverse Obverse Reverse
Half Rupee, Silver One Rupee, Silver
Coins of Queen Victoria (Empress)
COINS OF EDWARD VII [9]
Obverse Reverse Obverse Reverse Obverse Reverse
One Twelfth Anna, Bronze Half Pice, Bronze One Quarter Anna,
Bronze
Obverse Reverse Obverse Reverse Obverse Reverse
One Anna, Copper-Nickel Two Annas, Silver One Fourth Rupee, Silver
Obverse Reverse Obverse Reverse
Half Rupee, Silver One Rupee, Silver
COINS OF GEORGE V [10]
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Obverse Reverse Obverse Reverse Obverse Reverse
1/12 Anna (One Pie) 1/2 Pice 1/4 Anna (1
Pice)
Obverse Reverse Obverse Reverse Obverse Reverse
One Anna Two Annas Quarter
Rupee
Obverse Reverse Obverse Reverse Obverse Reverse
Half Rupee One Rupee Fifteen
Rupees
Major Design Change
Obverse Reverse Obverse Reverse Obverse Reverse
Two Annas Four Annas Eight Annas
REPUBLIC INDIA COINAGE [11]
India won its independence on 15thAugust, 1947. During the period of transition India retained the
monetary system and the currency and coinage of the earlier period. While Pakistan introduced a new
series of coins in 1948 and notes in 1949, India brought out its distinctive coins on 15thAugust, 1950.
Chronologically, the main considerations influencing the coinage policy of Republic India over time
have been:
The incorporation of symbols of sovereignty and indigenous motifs on independence;
Coinage Reforms with the introduction of the metric system;
The need felt from time to time to obviate the possibility of the metallic value of coins rising beyond
the face value;
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The cost-benefit of coinisation of currency notes
Independent India Issues could broadly be categorised as
The Frozen Series 1947-1950
This represented the currency arrangements during the transition period upto the establishment of the
Indian Republic. The Monetary System remained unchanged at One Rupee consisting of 192 pies.
1 Rupee = 16 Annas
1 Anna = 4 Pice
1 Pice = 3 Pies
The Anna Series
This series was introduced on 15thAugust, 1950 and represented the first coinage of Republic India. The
King's Portrait was replaced by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger
on the one Rupee coin. In some ways this symbolised a shift in focus to progress and prosperity. Indian
motifs were incorporated on other coins. The monetary system was largely retained unchanged with
one Rupee consisting of 16 Annas.
Obverse Reverse Obverse Reverse Obverse Reverse
Rupee One, Nickel Half Rupee, Nickel Quarter Rupee,
Nickel
Obverse Reverse Obverse Reverse Obverse Reverse
Two Anna, Cupro-Nickel One Anna, Cupro-Nickel Half Anna, Cupro-
Nickel
Obverse Reverse
One Pice, Bronze
The Decimal Series
The move towards decimalisation was afoot for over a century. However, it was in September, 1955
that the Indian Coinage Act was amended for the country to adopt a metric system for coinage. The Act
came into force with effect from 1stApril, 1957. The rupee remained unchanged in value and
nomenclature. It, however, was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. For public
recognition, the new decimal Paisa was termed 'Naya Paisa' till 1stJune, 1964 when the term 'Naya' was
dropped.
Naya Paisa Series 1957-1964
Denomination - Metal, Weight, Shape, Size
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Rupee One - Nickel, 10 gms, Circular, 28 mm
Fifty Naye Paise - Nickel, 5 gms, Circular, 24 mm
Twenty Five Naye Paise - Nickel, 2.5 gms, Circular, 19 mm
Ten Naye Paise - Cupro-Nickel, 5 gms, Eight Scalloped, 23 mm (across scallops)
Five Naye Paise - Cupro-Nickel, 4 gms, Square, 22 mm (across corners)
Two Naye Paise - Cupro-Nickel, 3 gms, Eight Scalloped, 18 mm (across scallops)
One Naya Paisa - Bronze, 1.5 gms, Circular, 16 mm
With commodity prices rising in the sixties, small denomination coins which were made of bronze,
nickel-brass, cupro-nickel, and Aluminium-Bronze were gradually minted in Aluminium. This change
commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was
introduced in 1968 but did not gain much popularity.
Aluminium Series 1964 onwards
Denomination - Metal, Weight, Shape, Size
One Paisa - Aluminium-Magnesium, 0.75 gms, Square, 17 mm (Daigonal)
Two Paise - Aluminium-Magnesium, 1 gm, Scalloped, 20 mm (across scallops)
Three Paise - Aluminium-Magnesium, 1.25 gms, Hexagonal, 21 mm (Diagonal)
Five Paise - Aluminium-Magnesium, 1.5 gms, Square, 22 mm (Diagonal)
Ten Paise - Aluminium-Magnesium, 2.3 gms, Scalloped, 26 mm (across scallops)
Twenty Paise - Aluminium-Magnesium, 2.2 gms, Hexagonal, 26 mm (diagonal), 24.5 mm (across flats)
Over a period of time, cost benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise
coins in the seventies; Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one
rupee in 1992. The very considerable costs of managing note issues of Re 1, Rs 2, and Rs 5 led to the
gradual coinisation of these denominations in the 1990s.
Contemporary Coins
Denomination - Metal, Weight, Shape, Size
Five Rupees - Cupro-Nickel, 9.00 gms, Circular, 23 mm
Two Rupees - Cupro-Nickel, 6.00 gms, Eleven Sided, 26 mm
One Rupees - Ferratic Stainless Steel, 4.85 gms, Circular, 25 mm
Fifty Paise - Ferratic Stainless Steel, 3.79 gms, Circular, 22 mm
Twenty Five Paise - Ferratic Stainless Steel, 2.83 gms, Circular, 19 mm
Ten Paise - Ferratic Stainless Steel, 2.00 gms, Circular, 16 mm
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References
[1] https://rbi.org.in/Scripts/mc_coinage.aspx
[2] https://rbi.org.in/Scripts/mc_ancient.aspx
[3] https://rbi.org.in/Scripts/mc_medieval.aspx
[4] https://rbi.org.in/Scripts/mc_mughal.aspx
[5] https://rbi.org.in/Scripts/mc_colonial.aspx
[6] https://rbi.org.in/Scripts/mc_british.aspx
[7] https://rbi.org.in/Scripts/mc_british_earlyissues.aspx
[8] https://rbi.org.in/Scripts/mc_british_WilliamIV.aspx
[9] https://rbi.org.in/Scripts/mc_british_QueenVictoria.aspx
[10] https://rbi.org.in/Scripts/mc_british_EdwardVII.aspx
[11] https://rbi.org.in/Scripts/mc_british_GeorageV.aspx
[12] https://rbi.org.in/Scripts/mc_republic.aspx
ISSN: 2005-4262 IJGDC 219
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