some notes on coinage in India

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The vedic term for a coin is taken to be Nishkas. (RV I.126.2) शतं राजà¥à¤žà¥‹ नाधमानसà¥à¤¯ निषà¥à¤•à¤¾à¤žà¥à¤›à¤¤à¤®à¤¶à¥à¤µà¤¾à¤¨ परयतान सदà¥à¤¯ आदम |

शतं ककà¥à¤·à¥€à¤µà¤¾à¤¨à¤¸à¥à¤°à¤¸à¥à¤¯ गोनां दिवि शरवो.अजरमा ततान || " A hundred necklets from the King, beseeching, a hundred gift-steeds I at once accepted; Of the lord's cows a thousand, I KakṣīvÄn. His deathless glory hath he spread to heaven. "

[This is a hymn to Bhavayavya by KakSIvAn

Dairghatamas]The Br Up speaks of a gift made to Yajnavalkya in the form of five padas of gold with which the horns of 1000 cows were hung, a total gift of 10,000 pads Weights of gold and probably, a gold currency was indicated in such terms as Ashtaprud [kathaka sambita, Chapter XI, I] or Satamana defined as a weight as 100 krishnalas.[satapatha Br V.5.5.16] It also refers [XII. 2.3.2] refers to payment of sacrificial fee in terms of gold, whether suvarna or satamana.

Panini continues to these Vedic terms for coins - Nishka, Satamana and Suvarna. Things valued in terms of Nishkas are called Naishikas, dvinaishkika, and so on [V.I. 20] A man of 100 Nishkas was called a Naishka- satika, a man of thousand, a Naishka-sahasrika [V.2.119]

An article bought for 1 Satamana is called Satamanam [V.i.27] Probably, Satamanam persisted into later India since 39 silver coins were found in the earliest layers at Taxila each weighing 100 rattis (or 180 grains)

This is further supported by the fact that a quarter of Satamana is called a Pada and we have excavated certain broad peices punched with 4 symbols, weighing 25 rattis. The other kind of silver coin known is Dharana mentioned in Arthasastra.

The average weight of a Karshapana is 56 grains which has been preserved through ages from perhaps Rgveda, through IVC, through liturgical times to Mauryans. The liturgical references about the weight include Kautilya, Manusmriti (VIII.136) and Yajnavalkya(I.136) as also Saratthadipani where the weight of a Rudradamaka coin (of 42 grains) is stated to be three fourths of a Purana (old) Karshapana.

Panini uses the term rupa (V.2.120) and explains the formation rupya as beautiful or stamped. The later sense applies to a coin, which was preserved till Arthasastra. Kautilya mentions an officer known as Rupdarsaka, the examiner of coins.

Patanjali in commenting on Varttika on Panini's sutra I.4.52 refers to a Ruapatarka or one who examines (darsayati) thekarshapanas. As per Kautilya, Rupyarupa is a silver coin and Tamrarupa is a copper coin.

 

Panini and Patanjali also have mentioned three gods being used for

commerce ie on coins,= siva, skandha and Visakha (ref Panini V.3.39)This is interesting since IVC renders some form of Siva (though it is shown to be a Yogi in Trayee bandhana mudra by Dhyanavsky) and Skanda.

Richard Mann recognizes two streams of Skanda = one pertaining to him being a disease healer, as a son of the Krittika and the other, as a warrior. IVC, belonging to post Mbh times, did depict some skanda icons, the fish indicating skanda's connection with Krittika and the arrow depicting him as a warrior.