Punch Marked Coins (1000 BCE - 500 CE)

Sachin Kr. Tiwary
Punch Marked Coins (600 BCE-400 CE)
EARLIEST COINS OF THE INDIAN SUB-CONTINENT

Punch
Marked Coins
PMC
Location
Indian Sub-
continent
Period/Date
Pre-Mauryan
to Early
Shunga/600-
200 BCE
Material
Silver,
Copper
Sources
Literature
Epigrapghs
Art
Shape
Irregular (?)
Measurement
0.6 to 1.00
mm
thickness
PMC
Source of
Material
Types-02
Janapa/Local &
Imperial (with
05 symbols)
Purpose
Trade
Weight
32 Ratti or
3.4 Gram
Decline
Due to outer
Influence &
decline OF
Centralize Power

Types
Shakya
Janapada
Vidarbha/Andhra
Humped Bull
Mark on
Saurashtra
Gandhara
Janapada
Surasena Janapada a
"fish" over a "lion,"
with added taurines,
crescents & dots.
Magadh PMC
with several
marks, 05 to 07
Swastik Mark
on South
Panchala
“Bent-bar" Shatamana
Kuntala Janapada
Kuru Janapada

PMC
Can
explain
Contemporary
Flora
Contemporary
Fauna
Important
Symbols
Religious-
Secular
Technical
Advancement
Trade
Territory of an
Empire
Trade Relation
Internal &
External
• Issued initially by merchant
Guilds & later by States, the
coins represented a trade
currency belonging to a period
of intensive trade activity &
urban development.
• They are broadly classified into
two periods:
1) the first period (attributed to
the Janapadas or small local
states) &
2) the second period (attributed
to the Imperial Mauryan
period).

Location Map of PMC Uniqueness-
• They bear neither date nor any
name of kings.
• We only find a number of
symbols punched on the face
of these coins.
• The symbols found on these
coins are religious,
mythological or astronomical
in character.
• Among the marks commonly
found are the sun, the
elephant, cow, chariot, horse,
bull, jackal, tree, tiger or lion &
dharmachakra.
• The PMC were in circulation in
Northern India up to the
beginning of the Christian era.
• In Southern India they
continued to be in use for
three centuries more.

https://huntingtonarchive.org/resources/historicalMaps.php
Introduction-
Before the rise of Magadhan Empire in 6th
century BCE the entire Indian sub-continent was
divided into several Janapadas (small states) &
Maha-Janapadas due to the absence of any
imperial supremacy.
A good number of Janapadas are narrated in
ancient literature-
oVedic literature (17Janapada),
oAshtadhayi (38 Janapadas),
oRamayana (24 Janapadas),
oJataka (14 Janapadas),
oMahabharata (88 Janapadas) &
oBhuvanakosa Chapters of Puranas (175
Janapadas) etc.
Among these Janapadas, sixteen became
prominent during the time of Buddha &
according to Anguttara- nikaya they were
known as ‘Sodasa Mahajanapadas’

Sources- Art, Inscription, Literature
• They are mentioned in the Manu, Panini, & Buddhist Jataka stories & lasted three centuries
longer in the south than the north (600 BCE – 300 CE),
• The Jatakas give the descriptions of Kahapanas which were used very extensively in the daily
life of early Indian people.
• Kahapanas are its subdivisions are also mentioned in early Pali texts like Vinayapitaka,
Anguttara-nikaya & Majjhima-nikaya. In the Arhiya section of Ashtadhayayi (ca. 5th to 4th
century BCE).
• Panini refers Karshapana or pana (32 ratis) & its various subdivisions like ardhakarshapana,
pada-karshapana, dvimasa (1/8 Karshapana) & masa (1/16 Karshapana).
• Panini also mentioned other denominations of coin viz. vimastika (40 ratis), trimastika (60
rattis), satamana (100 rattis) & sana (12.5 rattis).
• Arthasastra of Kautilya-
o Silver coins (called pana, ardha-pana, pada & ashtabhaga) &
o copper coins (known as masaka, ardha-masaka, kakini & ardha-kakini).
• The earliest inscriptional reference to karshapana is found in Nasik Cave inscription (ca. 119-
124 BCE) of Dakhamitra, wife of Ushavadata.
• The earliest Artistic depiction of coin is found in Bharahut railing (ca.200 BCE).

Scene of buying Jetavan Garden for Lord
Buddha by Anathpindak a Businessman
200 BCE, Shunga Period, Bharahut Railing
In Indian Museum, Kolkata
Sources

जेतवन बुद्ध काल में श्रावस्ती का
प्रसिद्ध ववहार-उद्यान जहाां गौतम
बुद्धत्व प्राप्तत के पश्चात प्राय: ठहरते थे.
अश्वघोष ने बुद्धचररत, िगग 18 में, इि
वन के अनाथवपांडद िुदत्त द्वारा
राजकु मार जेत िे खरीदे जाने की कथा
का वर्गन ककया है. इि आख्याययका का
पाली बौद्ध िाहहत्य में भी वर्गन है
प्जिके अनुिार िुदत्त ने इि मनोरम
उद्यान को इिकी पूरी भूसम में स्वर्ग
मुद्राएां बबछाकर खरीदा था और किर बुद्ध
को िांघ के सलए दान में दे हदया था.
राजकु मार जेत ने इि धनरासि िे िात
तलों का एक वविाल प्रािाद बनवाया था
जो, चीनी यात्री िाह्यान के अनुिार, बाद
में जलकर भस्म हो गया था.

Introduction
Others Name- Puranas, Karshapanas or Pana, Shatmana.
Nomenclature- ‘Punch-Marked Coin’ because these coins were manufactured by punching
technique.
Shapes- Irregular shapes are gained by cutting up silver bars & then making the correct
weight by cutting the edges of the coin.
Types-
• PMC can be divided into two broad groups:
(1) IMPERIAL SERIES COINS - Coins having a group of five symbols on one side, the imperial
series coins, as defined by PL Gupta, & found from almost all over India abundantly;
(2) LOCAL OR REGIONAL COINS - Coins having less than a group of five symbols, either a
group of three or four, local or regional coins.
• Scholars believe that the imperial series coins were manufactured & circulated during the
Mauryan rule under state authority.

Janapada Punch-Marked Coins-
• The coins Sursena, Uttar Panchala, Dakshin Panchala, Vatsa, Kunala, Ashmaka & Surashtra bear only symbol,
whereas the other Janapadas issued coins with four symbols.
• Gandhara issued one hundred ratti bent-bar wheel-marked coins. The coins of Surashtra are thin & small &
weighted fifteen grains only.
• The coins of Vatsa. Kosala, Kasi, Magadha, Kalinga & Andhra Janapadas are thin in fabric & the ones of Malla
& Mulaka are thick.
• In fact the coins of various Janapadas differed from one other in their execution fabric, weight, quality of
metal & symbology.
Imperial Punch-Marked Coins-
• Most of these Janapadas were subsequently absorbed into Magadhan Empire.
• The next dynasty of Magadha i.e. the Sisunaga dynasty (ca. 430-364BCE) shifted the capital from Rajgir to
Patuliputra (modern Patana) are minted a new series of coinage.
• The Janapada PMC gradually disappeared by the end of the 4th century BCE when Magadhan Empire expanded.
• The new series of coins were different in number of symbols & weight from the Janapada coins.
• The Post-Jnapada PMC bear five symbols on the obverse & weight thirty two rattis standard & popularly known as
Karshapana or Imperial punch-marked coin.
• The new coinage was to be the model for the later coinage of Magadhan Empire & its successors under the Nanda
(ca. 364-324 BCE) & Maurya (ca 324-187 BCE) dynasties.
• Their currency Karshapanas were circulated in various parts of the country.

Depiction/Symbols over the Coins-
• PMC do not contain any inscription or legend.
But they usually contain some curious symbols.
• The positioning of symbols is more or less at
random through they tend to fall partly of the
edge of the flan & on larger coins there are
attempts to avoid overlapping.
• But most of the times symbols overlapped with
each other.
• On the other hand, on some coins the symbol
has weathered during their long currency.
Therefore, the symbols are different to identify
properly.
• In spite of these difficulties scholars are
identified 625 individual symbols & 1245
symbol groupings on PMC of Early Historic
India.
http://www.universalreview.in/assets/uploads/doc/e9d6d-265-273.universal_23.pdf

Metal & its Source-
Metal-Silver, Copper & Gold. (Silver is very common)
• The references to gold PMC in ancient literature are numerous. We came to know about a few
gold punched-marked coins from J.Allan, D. Upadhyaya & S.N.Chaturvedi, S.M Devi & A.L.
Basham’s writings. But the authenticity of these coins is not beyond doubt. Among these coins
some are taken by most of the scholars to be modern forgeries.
• Copper PMC are much rare. Quite a good number of copper PMC were noticed from various
sites of Rajasthan (Nagari, Rairh, Ismail ki- Doongari, Nagar , Noh, Ahar & Pandusar)
Maharashtra ( Kaundinyapur), Bihar (Madhaipur), Madhya Pradesh (Ujjain & Vidisha) & West
Bengal (Chandraketugarh & Deulpota, Mangalkot & Dihar).
Source- Copper: Bihar, Rajasthan & other place of Indian subcontinent.
Silver: Mons Capitali (Mount Abu of Aravalli Range, Rajasthan), Setai (Kulu region,
Himachal Predesh), Metri at Belary district of Uttar Pradesh & Zawar at Udaipur district in
Rajasthan, Orissa & at Beheraki & Laksmipur of Santhal Parganas in Bihar. Hindukush & Heart in
Afghanistan, Bawdwin in Myanmar & Yunnan in China. Myanmar & Even from Persia.

The Gandhara janapada was located in north-western India, in an area
stretching from Kabul in Afghanistan, through much of Pakistani & Indian
Punjab.
At some point in the sixth century BCE, Gandhara was conquered by the
Persian emperor Darius, who refers to it as one of his satrapies in an inscription
dated to c. 520 BCE. It was the richest of the twenty satrapies in Darius's
empire. The Achaemenid kings ruled Gandhara up until the time of Alexander.
The coins here are often attributed to the Achaemenids. Even if they were
Achaemenid issues, it is highly probable, however, that the basic design of
these coins dates back to the time of the independent Gandharan janapada.
The reason is that they are completely unlike any coins that circulated in
Persia, such as the running king type, obviously inspired by Greek coins.
Indeed, the Gandharan coins form the strongest proof that coinage originated
in India prior to the spread of Greek influence. For coins so radically different
from the Greek-inspired Persian coinage to circulate in a satrapy of the Persian
empire, it must have been the case that they already had a long history of
commercial use in the area. The Persians must have discovered, as did the
Greeks after them, that Indian merchants did not take easily to new styles of
coinage; they liked to stick with tried & true designs with which they were
familiar. IMPERIAL SERIES COINS

The Kuntala janapada was located in
southern Maharashtra & northern Karnataka
state. The usual coin from Kuntala has a
mysterious design that resembles a system of
pulleys. These coins have previously been
assigned to the Ashmaka janapada, but are
now assigned to Kuntala.
Because of the force of the striking of the die
on a round planchet, these coins have a
scyphate shape. This is very interesting,
because it tells us why, though most of history,
coin dies were made bigger than the flans.
Indian coins often (almost always!) have
portions of the design that are off the flan.
These coins explain why. If the dies had been
made to completely cover just the flan, the
coins would have ended up having curly edges
on at least part of the edge, because it would
have been well-nigh impossible to keep the die
exactly over the flan. LOCAL OR REGIONAL COINS

The Kuru janapada was located around the
modern city of Delhi, with its capital at
Indraprastha. It was said to include a considerable
area around, & to be ruled by the family of
Yudhishthira, the head of the Pandavas in
the Mahabharata. Mahapadma Nanda
incorporated the Kuru domain into the Magadhan
empire around 350 BCE.
The six coins presented here are not assigned by
Rajgor to any janapada. Rather, he simply calls
them "Babyal coins," after the town of Babyal in
the state of Haryana, where coins of this type were
said to have been found. However, according to
Mitchiner, this information is incorrect, & all known
coins of these types have been found in Sugh in
Ambala district. He & others have assigned them to
the Kurus, & indeed the known parts of the
Kuru janpada are in any case very close to Babyal.
LOCAL OR REGIONAL COINS

The Panchala janapada was located in Uttar
Pradesh, originally stretching from the Himalayas to
the river Chambal. However, at some point, it was
divided into two parts. Uttar (or northern) Panchala
consisted of the Rohilkhand area, north of the Ganges,
with its capital at Ahichhatra. Dakshina (or southern)
Panchala comprised the area soouth of the Ganges &
north of the Chambal, with its capital at Kampila, in
modern Farrukhabad district.
Some time in the first half of the sixth century
BCE, Uttar Panchala was was conquered by the Kurus,
& only Dakshina Panchala remained independent. It
was eventually absorbed into the Magadhan empire by
Mahapadma Nanda around 350 BCE.
The coins here are from Dakshina Panchala. P.L. Gupta
reports that coins from this region are normally
covered with banker's marks on the reverse, to the
point where the obverse design becomes flattened &
obscured. However, on these coins, there are few
banker's marks. LOCAL OR REGIONAL COINS

Shakya Janapada- Perhaps some of the earliest known coins from India, these crude PMC were first found
in the town of Narhan in modern-day Uttar Pradesh. The Shakya janapada (also called Vajji or
Lichchavi janapada) was located on the Indo-Nepal border north of the modern town of Gorakhpur. Its
capital was Kapilavastu.
The coins were probably made from thick sheets of silver, which were then cut down to size to attain the
proper weight. Then a central punch was applied, rendering the coin somewhat scyphate in shape. Many of
the coins bear a central pentagonal symbol, while others carry other geometric symbols. Some of the coins
below also carry additional punches around the central symbol. In all probability, these were banker's marks.
According to Rajgor, the Shakya coinage adhered to a shatamana standard of 100 rattis. The shatamana was
divided into 8 shana. All the coins illustrated below would then be 5-shana (5/8 shatamana) pieces of 62.5
rattis (7.29 gm.) McIntyre asserts they are double karshapanas of 64 rattis (7.46 gm.); however, he reports a
weight range of 6.96 gm. to 7.22 gm., which would place all of his coins neatly within the 5-shana weight. On
the other hand, the karshapana might have weighed 3.43 gm, in which case the double karshapana would
be 6.86 gm.
LOCAL OR REGIONAL COINS

Punch-marked coin of the Nanda dynasty of
Magadha. The five symbols on this coin are:
Sun symbol, six-armed (Magadha) symbol,
bull on hilltop, Indradhvaja flanked by four
taurines, elephant. There's also an unofficial
countermark on the reverse.
Punch-marked coin of the Magadha dynasty
Symbols on Obverse:
Sun
Peacock
Sadara Chakra (Alternate Arrows & Taurines)
Hill with a Crescent
Hand in a Square
Symbols on Reverse:
Triskele (Four Taurines around a Pellet)
Triskele (Three Edges)
IMPERIAL SERIES COINS

The Mauryan coinage consisted almost exclusively of silver
karshapanas of roughly 3.4 gm, a series that continued the Magadha
karshapana series. Almost all Mauryan coins have five punches, as did
the Magadhan coins before them ... a sun, a "6-arm symbol" & three
others. Some of the last coins in the series also had a punch on the
reverse of the coin. Over time, the flans became smaller & thicker. The
economy must have been very prosperous, as the coins seem to have
been minted in the millions. Large hoards of Mauryan coins are found to
this day and, as a result, the coins are quite inexpensive, especially
considering their age. Unfortunately, we do not know what the punches
signify, nor do we know exactly which coins were issued by which kings.
Indeed, we are not even sure where the Magadhan series ends & the
Mauryan series begins.

Various Symbols over the Coins

Mauryan Coinage

VariousSymbolsovertheCoins

IMPERIAL SERIES COINSVarious Symbols over the Coins

Manufacturing-
These techniques consisted of two important processes, viz.
1) Preparing Planchets &
2) Striking coins from the Planchets.
Both the techniques embody a dozen techniques for the fabrication of PMC of India.
I. Techniques of preparing planchets- Planchets coin blanks were produced by
various techniques. Important among them are:
1. Technique of droplet coins- The technique was used widely for producing coins at
a mass scale. This technique can also be called as Bed of Charcoal Process. In this
process, silver pieces of required weight were placed in a crucible in the following
manner: Buttom of the crucible was filled with a layer of charcoal.
2. Techniques of scyphate/ cup-shaped coins- In this process, metal drops were
prepared by the droplet technique. However, the metal drops fresh from furnace
were beaten up with convex devices resulting in the saucer like shapes of the
planchets.
3. Techniques for producing coins with laminated flans- In this technique, coin
blanks were cut into approximate weight from metal sheets. Subsequently, the
pieces were weighed on scales. If the weight of a piece was found accurate, it was
sent for stamping. If the weight of a piece was found more than the stipulated
weight, corner of the pieces was cut to adjust the weight.
Scyphate/ cup-shaped Coin-

Technique of droplet coins-
Single- die technique

Techniques for producing coins with a planting of silver-
A few Janapada coins are encountered which seem to be original issues of a royal mint. The only
disparity observes among these coins is the metal. Here, instead of silver, these are of copper with
a planting of silver. These copper coins appear to be official forgeries of the coins issued either
purposely by the state or unofficially by mint authorities.
In the process, planchets of baser metal were prepared either by droplet technique or by clipping
from metal sheets. The planting of silver could have been carried out by one of the three different
methods:
The simplest method was to dip the planchets on a wash of molten silver, the coin being first
cleaned in a bath of borax or potash to make the silver adhere.
This method is dangerous as it involves use of mercury. Here the blank was put into an amalgam of
silver dissolved in mercury & then heating it to evaporate the mercury.
In the last process, planchets were prepared in base metal with a high silver content & were made
to appear silvery by a process of blanching. By this process, the flan was heated over a charcoal fire
in order to oxidize the copper on the surface leaving a silver-rich layer underneath. The oxide coat
was removed by immersion in a saline solution. The flan was then removed by immersion in a
salinsolution. The flan was then struck, & the process of striking helped to stabilize silver.
Other Manufacturing Technique

Technique of cast planchets- In this technique instead of
preparing planchet by any other method listed above, the
blanks were being cast in moulds. In the process, molten metal
was poured into round depression of a definite depth in a big
mould. By the technique ingots were flattened & were ready
for stamping. It appears that some of the Gandhara coins
known from the Chaman Hazuri hoard were produced by this
technique.
Technique for metal sheets- In this process metal was first
melted in crucible & was then cast into moulds. These moulds
were beaten up & sheets were made out of them. These
sheets were cut into strips, from which were then cut
planchets of appropriate weights. These planchets were
weighed. If found accurate weight they were sent for
stamping. If the weight was found in excess, corners were cut
to adjust the weight, & if the weight was found to less than
the stipulated one, such planchets were sent for re-melting.
Similar method has been narrated by Kautilya in his
Arthasastra.
Technique for metal sheets

II. Techniques of striking coins from planchets –
Various techniques were employed to struck coins from planchets. Among them
following are noteworthy:
Single- die technique- Single technique was used by the Janapadas
issuing coins with a single symbol. In the process, coin blanks of required
weight were prepared either by droplet technique or by cutting from
metal sheets. Subsequently, planchets were stamped with a die having a
complete design of the intended symbol. In some cases, the die used to
be smaller than the flans resulting in the full impression on the blanks. In
some other cases, the dies were bigger than the flans, hence resulting in
the partial impression.
Double- die technique - This technique was influenced by the Greek coins.
In the process, coin blank were prepared by casting method. Later on,
planchets were placed upon the anvil die. On to the blanks, a punched did
was placed & was hammered onto the top of the punch-die. The planchets
got squeezed between the two dies & received impression of dies on the
either side. Anvil dies, in case of Gandharian coins, were weakly engraved as
compared with the punch-dies. The presence applied was also not sufficient.
Hence resulting in the weak impression on the obverse. As compared to the
die-struck technique, the punch dies of this technique were more like
punches than a real die & covered the central portion of the flans.
StrikingcoinsfromthePlanchets

Punch-marked technique-This technique was employed by the
states issuing coins with more than one symbol. In the present
manufacturing process planchets of required weight were
produced either by droplet technique or by cutting required pieces
from metal sheets. Once the blank of required weight were ready
they were stamped with either one, two, three, four of five
different punches. While punching the symbols no special care was
taken of the chronology & many a times they were overlapped by
each other resulting in a mixture of symbols. Sometimes a punch
was stamped more than once, thus having an excess of such a
symbol.
Repousse technique - Literary meaning of the word Repousse is
‘shaped or ornamented with patterns in relief made by hammering
or pressing on the reverse side’. The technique can also be
identified as Utpiditanka mudra. The first half of the word,
Utapidita, stands for ‘well pressed’ & the second half for ‘devices
legend’ etc. the complete word denoted the coin having devices,
legend etc., pressed well from one side. The other side bears a
negative impression of the obverse side in intaglio.

Shalaka (bent-bar) technique- Shalaka or Bent
bar coins were issued by the Gandhara Janapada.
In this process, bars were first cut from oblong
ingots. The width of the ingot determined the
length of the coin, the thickness remained the
same & the strip was therefore cut to a width
which, combined with the other two dimensions,
would give approximately the required weight.
After being cut, the bar was adjusted more
exactly to the correct weight by chiseling at the
corners. Subsequently, the blank bars were
stamped with dies. The dies were impressed
twice, once at each end of the bar. The faces of
these dies were circular & convex, thus producing
a concave incuse & accentring the curvature at
the ends of the coins. The dies were
subsequently wider then the bars on which they
were impressed, so that the complete impression
is hardily seen. However, the curvatures of the
bars help in preserving the impression in
circulation.

Overstriking technique- In these techniques, existing
coins of the same Janapada or of a neighboring state
were overstruck with new devices.
This could have been done in two ways:
i) Restriking &
ii) Clipping
In the Restriking process, existing coins were
recalled from markets by the mint authorities. These
old issues were restruck with a punch or punches
having new devices & were put back into circulation.
A general pattern observed in this process is that
normally the blank or the reverse sides of the old
coins were used for striking new symbols.
In clipping process, existing coins of the same state
or of a neighboring state were withdrawn from
circulation. These coins were clipped into halves or
quarters & were punched subsequently by the
minting authorities with new symbols. It is observed
that bigger denominations were cut into fractions by
the traders without any royal symbols whereas
bigger coins of other states were clipped by the mint
authorities to serve them as their own issues.

Dating-
• The punch-marked coin covers a long range of period & the limit of this period can hardly
be determined certainly.
• The beginning of punch-marked coin has been speculated by several scholars in various
dates ranging from 1000 BCE to 4th century BCE.
• A. Cunningham thought that the PMC evolved around 1000 BCE.
• According to J.Allan the PMC were circulated during the 3rd century & 2nd century BCE &
might go back to the 4th century BCE.
• P.L.Gupta & T.R.Harhaker suggested that the PMC struck from the 6th century BCE or
earlier to the 2nd century BCE.
Decline of PMC & Replacement with Cast Coin-
In the North, following the fall of the Maurya Empire & the increased influence of
the Greco-Bactrians & Indo-Greeks, PMC were replaced by cast die-struck coins.

Sources- • http://www.suvarnamohur.com/suvarna-mohur-story.php?pagename=012-the-mauryas-empire-main-coin.jpg&slide=9
• http://www.suvarnamohur.com/suvarna-mohur-story.php?pagename=013-the-mauryas-empire-coins.jpg&slide=10
• https://shodhganga.inflibnet.ac.in/bitstream/10603/23934/9/09_chapter%2005.pdf
• https://www.youtube.com/watch?v=heSB4nhPMmI
• https://www.youtube.com/watch?v=5ZeOoO-NDgU&t=329s
Thank you

Punch Marked Coins (1000 BCE - 500 CE)

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