ABSTRACT
The history of coinage of India is as old as the recorded history of the country. Right from the age of later Vedic civilization, units of value either of copper or silver like the nishka, the satamana and krishnala, though not regular coins, had been in vogue. By the beginning of the early Magadhan epoch, even though the system of barter continued to be widely prevalent, regular coins had come into general circulation. Foreign commerce during the Maurya-Scythian era brought in a large quantity of specie to India, for Pliny complained about the drain of Roman coins to this country. It is believed that the institution of a gold coinage by the Kushans from the time of Kadphises II was much due to the influx of gold from the Roman Empire. The period that followed was marked by the use of improved coins. Imperial Guptas and their successors put gold and silver coins into circulation. Besides, other precious things like cowries and small pearls, were also used as media of exchange. More changes came about during the Muslim rule. Mohammad bin Tughluq, who was called the ‘Prince of moneyers’, experimented with the currency systems.
