Numismatics is the study and collection of coins, tokens, and other coin-like objects that people used as currencies throughout history. People over time used those currencies as mode of payments for goods and services as well as to settle debt.

Major numismatic stages in India:

• Ancient India coinage: The first documented coinage is deemed to have started with punch marked coins. This era included coins attributed to ‘Janapadas’ as well as the ‘Mauryan period. Symbols were punched on the coin with a separate punch.
• Dynastic coins: These coins relate to those of the Indo-Greeks, the Saka-Pallavas and the Kushans. Hellenistic traditions characterise the silver coins of the Indo-Greeks, with Greek gods and goddesses figuring prominently, apart from the portraits of the issuers.
  • This stage also includes coinage from the Gupta, Post-Gupta and South Indian Empires of Cholas, Cheras, Pandyas, Pallavas and Hoysalas, among others.
• Coins of Medieval period: With the emergence of Turkish Sultans of Delhi in the 12th century, 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.
• During Vijayanagar Empire, coins were largely struck in gold and copper and most gold coins of the period bore a sacred image on the obverse and the royal legend on the reverse.
  • The system of tri-metallism created by Sher Shah Suri characterised the Mughal coinage. He issued silver coins called Rupiya, which remained largely unchanged till the early 20th century, gold coins called the Mohur and Copper coins called Dam.
• British India Coinage: Enactment of Coinage Act, 1835 led to uniform coinage with effigy of Prince Williams IV on the obverse and the value on the reverse in English and Persian. Coins after 1840 bore the portrait of Queen Victoria.
  • The Indian Coinage Act, 1906 governed the establishment of mints as well as the coins that will be issued along with standards.
• Coins of modern India: The First Rupee coin of the Indian republic was minted in 1950. Other denominations of coins included the Anna series. In 1957, India shifted to the decimal system.

Significance of numismatic study in understanding history:

• Sources of historical information through inscription: Coins are part of archaeological sources and are as important as the inscription in history. They confirm the information derived from literature.
• Help in identification of connections and key events: Tracing ancient Indian coins showcases the marketplaces along the Silk Road, the trade route that connected the East and West; conquerors and their traveling mints; wars; and lost kingdoms.
• Key sources for chronological confirmation: Coins with dates are very valuable for the framework of Indian chronology. For instance, coins are almost our sole evidence with regard to the Indo Scythian and Indo Bactrian Kings.
• Placing the extent and influence of empires: The inscription on the coin indicates territory over which the rulers ruled. The discovery of the same kind of coins at different places helps in fixing the coverage of various kingdoms in ancient India.

Thus, the numismatic study of India not only provides an insight into political events, extent, and personalities, but also into social, economic, and cultural life of people in those times.