COINAGE

The usage of coins has had an impact on the system of transactions among people. Since the advent of coinage, the archaic method of the barter system that existed within the society since the early days of civilization had gradually faded away. Giving rise to a standardised form of transaction, coins. Coinage refers to the process of minting of coins with the usage of various metals, standardised within the boundaries of a particular region under the governance of a particular dominion; these coins are used to buy several products.

The ancient history of Coinage 

• Vedic period (1500-600BC) had textual evidence of the early days of coins in India, namely nishka, nishka greeva, suvarna, and shatmana are the gold coins associated with the gold coins that were in practice of monetary transaction.
• Janapadas(600-500 BCE) it was during this period that the textual and archaeological evidence regarding usage of coins were found to be in prominence. During this period, the Indian subcontinent witnessed the first urbanisation. Buddhist texts and Panini’s texts note Karshapana, nishka, pada, vimsatika and trin shatika were the first of the coins. The process of coinage includes weightage which was conducted by black and red seeds of gunja berry. In the southern part of India, the weight of coins was calculated by relating the weight of manjadu and kalonji seeds.
• Introduction of punch-marked coins were irregular; the minting was conducted using silver and copper, rectangular and often circle in shape.
• Coinage during the Mauryan period (321-180 BC) marked the first standardised royal authorization, it was during this time indo-greek coins were introduced which were minted using silver, the language inscribed on the coins were mostly Prakrit.

• The Kushana dynasty (1st – 4th CE) introduced gold and copper coins, marking higher and lower value respectively, inscribed in Greek and Kharosthi script with idols and figures.
• The Gupta period marked the most efficient coinage, minting gold coins with mudras of rulers.
• During the period of imperial Cholas and Cheras, animal crests were used that resembled political conquest and powers.

Coinage in the mediaeval period

• Delhi sultanate marked the mediaeval era of coinage in India. It was during this time minting was done using gold, silver, and bronze, where Tanka were the silver coins and Jital were copper coins.
• During the days of the Khilji era, alloys, that is, billon coins were introduced that minted grand titles on them.
• It was during the time of the Tughlaq dynasty that witnessed several experiments in the coinage and relative processes. It was during this time the first paper currency was introduced which however failed.
• In the southern part of India, in the Vijayanagara Empire, gold and copper coins were in practice with the image of Lord Tirupati were mostly minted on the coins. It was during this time that marked the influence of colonisation in the coinage of India. The ‘Single Swami’ symbolised that of Dutch and French and ‘Three Swami’ symbolised the East India Company.

Modern Coinage in India

Post-Mughal era along with the beginning of princely states and colonisation marked the beginning of the usage of rupees in India, which varied from one princely state to the other. After the Independence and unification of princely states, the government standardised the coins in turn through the process of coinage across India, with the introduction of the Anna and Paisa series of coins. In the year 2011, the Indian coinage act was introduced that marked prohibition upon illegal melting and destruction of coins.

Conclusion

Coinage is a process that refers to the process of minting coins used for standardising the process of financial transactions and conductance of monetary deals within coins, within the territorial boundary of a country. In India, over time several procedures were introduced regarding the minting and circulation of coins, which marked the introduction of metals and alloys that marked an evolution in the process of coinage. Implementation of the coinage act in 2011 marked the insurance of the process and conservation of coins in India.