A Story of India in 12 Silver Coins

How monumental can a tiny object be? A five-gram rupee coin can be quite the storyteller, we’ve found. The study of coins or numismatics has been crucial in the reconstruction of many histories. Take the Indo-Greeks, for example. We know of their dominant presence around the Hindu Kush region, boasting a lineage of more than 35 rulers, thanks to the evidence of Indo-Greek coinage found by archaeologists. These small artefacts serve as chief sources of information. More than any other material object, coins help us map dynasties, political connections, religious and socio-cultural affiliations and, of course, fallen economies. Think about it, the story of Alexander the Great’s invasion would have been mere myth without coins!

 

In our exploration of Sarmaya’s ever-growing numismatics collection, we discovered entire universes within a single coin. From a collection of about 3,000 coins, we picked a set of 12 for this virtual experience to give you a sense of the diverse numismatic traces left in the Indian subcontinent. This selection spans the period between 4th century BC and 1858 AD and tells tales of urbanisation, trade activity and the rise and fall of empires. All these coins are silver, one of the oldest money-metals in India. Due to its sporadic availability and a scarcity of native deposits, silver was initially mined and imported from neighboring regions for use in coin production and distribution. It was this rise in the demand that led to increased mining of silver in India.

 

Each coin in this chronological sequence tells a separate and specific story. Each works as a peephole to a different part or era of the Subcontinent. You’ll encounter a fierce Muslim 13th-century queen who minted coins against her opposition. You’ll witness innovation in the form of a folded coin from Iran, which found itself a mint in the Malabar. You’ll see how power can show itself through poetry, as the couplets of Jahangir inscribed on his coins show us. Seen through the lens of just one metal, we bring you not just a historical and political view of our country, but also a measure of its artistic legacies.

 

Curated by Diksha Ahire and Kuhu Kopariha

A Silver Start to the Coinage of India

Silver Bent Bar, 5th to 4th century BCE

The practice of monetary transaction in the Indian subcontinent sees its advent with the exchange of objects like cowries gradually giving way to more standardised coins. Bent bars, the earliest coinage in the Indian subcontinent, are named for their manufacturing technique. These bars are strips cut from oblong ingots, reduced to the required weight by clipping and stamping. The ‘bend’ on these bars is caused by their being struck while hot, with a die on a wooden anvil, and they’re mostly found in silver. Some numismatists are of the view that the bent bar had its inception in the Indian subcontinent in late 5th-4th century BC from the Achaemenid Region after the opening of the maritime trade route. A number of them have been found in and around Taxila (present-day Punjab, Pakistan).

Many bent bars found in Nush-i-Jan in Iran and Mir Zakah in Afghanistan seem to be predecessors of Indian ones, which clearly shows that at some point there was a transition from the plain bar currency of Persia to the wheel-stamped Indian bar you see here. Identified as the silver Shatamanas, referred in the later Vedic literature, the bent bars were in circulation only for a brief period before the appearance of punch-marked coins.

Indo Greeks: The Reconstruction of History

Silver Drachm, 85 – 60 BCE, issued by Apollodotus II

Obverse (Greek): ‘Basileos Soteros Kai Filopators Apollodotoy’
Reverse (Kharosthi): ‘Maharajasa Tratarasa Apaladatasa’

Indo-Greek coins reveal the extent of Greek cultural influence in the Indian Subcontinent, established in the Hindu Kush region from 2nd century BCE to 1st century CE. With the absence of adequate literature, the existence of nearly 38 Indo-Greek kings and two queens has been proven through the evidence of coins. The Indo-Greeks followed the Attic system, whose standard unit for silver coins was the drachm. This coin was issued by Apollodotus II who occupied east and west Punjab in the waning days of the Indo-Greek empire.
Indo-Greek coinage used the more sophisticated die-struck method. They displayed only minor distinctions from the coins minted in the Bactrian regions in terms of material, appearances, weights, sizes and shapes. The designs and conventions were finer compared to the tribal, punch-marked, uninscribed coinage present in the Subcontinent. Typically, the obverse of the coins bore the bust of the king wearing a diadem, while the reverse consists of a figure of a deity such as Athena (as on this coin). It was also the Indo-Greeks who introduced bi-lingual and bi-scriptual coins, paving way to a tradition that is followed in Indian coinage even today.

The King in the South

Silver Fanam, 985 to 1014 CE, issued by Raja Raja Chola

Obverse: Portrait of the king
Reverse (Nagari): ‘Jaya Chola’

Early medieval India was witness to the power struggle between many ambitious dynasties and kingdoms. The imperial Cholas were one of the most powerful and influential of the lot, and fought continuously to maintain their supremacy over southern India.

This silver fanam was issued by Raja Raja I, considered to be greatest of the Chola kings. Also known as Raja Kesari Varma, he was a celebrated warrior and efficient administrator who ruled from 985-1014 CE. It was during his reign that the Cholas were able to subdue the Cheras, Pandyas and later the western Chalukyas, extending his influence over the entirety of Sri Lanka, which is proven by the presence of his coinage there.

Raja Raja I’s coinage became the most commonly circulated currency in Tamil Nadu for a long time. The denomination ‘Fanam’ is a corruption of the Tamil word ‘Panam’, the generic term for money. His coins are characterised by the inscription ‘Sri Raja Raja’ or by having the King’s portrait, which is believed to have been the influence of Roman coins.

Remembering the Mighty Women

Silver Tanka, 1236 to 1240 CE, Razia Sultan

Obverse (Persian): al-sultan al-a'zam, shams al-dunya wa'l din iltutmish al-sultan nusrat amir al-mu'minin.
Reverse (Persian): fi 'ahd al-imam al-mustansir amir al-mu'minin

The Delhi Sultanate was an Islamic empire that controlled parts of the Subcontinent from 1206 to 1526 CE. The founder of the first of four dynasties, Iltutmish, introduced what are known as ‘pure Arabic’ coins to the region. In the 320 years of the Sultanate’s rule, only one women rose to the rank of ruler and issued coins in her name. Razia Sultan, ruler of the Mamluk Dynasty and daughter of Iltutmish, became the first Muslim woman in South Asia to issue coins.

Razia Sultan reigned from 1236 to 1240, her time as sultan cut short by a coup arranged by orthodox nobles of the court. The brevity of her reign and the instability it saw accounts for the scarcity of the Sultan’s coinage. She issued silver tankas and copper jitals, along with bullion coins during her reign. Initially, possibly due to the vulnerability of her position, she issued the silver coins in her father’s name with an additional term referring to herself—‘Nusrat’ meaning assistant. The coin here is of the Nusrat type. Later, somewhere in mid-1237, she issued coins bearing her name, ‘Razia-ud-duniya waddin’, and these coins pledge allegiance to the Caliph. This allegiance is indicative of the acceptance of a female ruler by the Caliph, legitimising her claim to the throne.

A New Dynasty, A New Denomination

Shahrukhi, AH (Hijri year) 910/1504-1505 CE, issued by Babur

Obverse (Persian): Kalima and the name of Kalifs are inscribed inside a cartouche (uninscribed)
Reverse (Persian): Al-Sultan-ul-Moazam Zahiruddin Muhammad Babur/ Bahador Khald-a-Allah Molkeh va sultaneh, zarb-e- badakshan.

With the end of the Delhi Sultanate, another power was established in Delhi. Babur, the founder of the Mughal empire, introduced the denomination called Shahrukhi to the Subcontinent. These silver coins were first issued by the Timurid ruler Shah Rukh in the 15th century. Babur was a descendant of both Timur and Genghis Khan and the Shahrukhi served to establish his ancestry. Coinage was now being used as a tool to legitimise the supremacy of the ruler.

Shahrukhi coins have a broad but thin flan. (A flan is a blank piece of metal on which inscriptions and patterns are made.) On the obverse, the coin has the Kalima and names of the four Caliphs, while on the reverse, the name of the king with the title and the name of the mint is mentioned. Usually Babur bore the elaborate title of “Al-Sultan Al-Azam Wa Al-Khakan Al-Mukarram Zahiruddin Muhammad Babur Badshah Ghazi” on Shahrukhi coins. The mints found on Babur’s Shahrukhi coins are Agra, Kabul, Jaunpur, Badakshah and Samarkand. The coins were adopted by emperors Humayun and Akbar as well.

During Akbar’s reign, the Shahrukhi typically weighed 72 grains, considerably lighter than the silver rupiya. The Shahrukhi and the copper daam were circulated in large numbers. Later, as Akbar’s empire expanded, newer silver denominations gained in popularity and the Shahrukhi was discontinued.

Rupee- The Origin Story

Rupee, AH (Hijri year) 963-1014/1556-1605 CE, issued by Akbar

Obverse (Persian): Jalla jalalahu allahu akbar
Reverse (Persian): Zarb Elichpur, aban (month)

Rupee, a currency used today by a sixth of the world’s population, dates back to the Mauryan and Gupta period. Their coins were called Rupyarupa and Rupaka respectively, derived from the Sanskrit ‘Rupyakam’ meaning silver coin. However, it was Sher Shah Suri of the Suri Dynasty, who standardised the rupiya. Suri defeated Humayun, drove him to exile and reigned over Mughal territory from 1538 to 1545. He minted an 11g silver coin called the rupiya, replacing the earlier 10g tanka. He also issued copper coins in the denomination of paisa.

When Humayun regained the throne, he continued the weight standard pattern and denomination of the ‘Rupiya’. It was adopted by all Mughal Emperors and gained popularity across India especially during the reign of Aurangzeb. Later, it was adopted by the British as well and finally after independence it became the standard currency of modern India. The rupee is also the unit of currency in Pakistan, Sri Lanka, Maldives, Bhutan and Nepal.

This coin is a silver rupee, issued during Akbar’s reign, and minted in Elichpur in present-day Maharashtra.

Experiments of an Emperor - Poetry

Yaft couplet coin, AH (Hijri year) 1035/RY (Regnal year) 21/1626 CE, issued by Jahangir

Obverse (Persian): Yaft dar Agra ruye zar zewar
Reverse (Persian): Az Jahangir Shah, Akbar Shah, 1037 (read in continuation)

Among the Mughals, Jahangir was undoubtedly the greatest patron of the arts and took keen interest in his coinage. Under his reign, Mughal coins saw their golden age. They were treated as artifacts and showcase an impressive variety. Emphasising both design and inscriptions, one can find beautiful calligraphy as well as portraiture and floral designs in the coins during his reign.

When it comes to poetry on coins, couplets were rarely found during the Gupta period though metric legends made an occasional appearance. With the Mughals, this trend grew. Akbar’s gold mohurs had poetry and Jahangir adopted this practice from his father. He issued coins with a variety of couplets and they had names like Inayat, Ta Falak, Hamisha and Sakht noorani. The Tuzuk-e-Jahangiri tells us that Nur Jahan once received the following verse from her husband: 'Ba Hukma Shah Jahangir Yafta sad zewar ba nam-e-Noor Jahan Badshah Begum zer', which translates to 'This gold has a hundred beauties gained with the inscription of the name of Noor Jahan, the Badshah Begum'. This is known as the Sad Zewar couplet.

The coin above contains the Yaft couplet (Persian) and it reads: 'Yaft dar agra ruye zar zewar az Jahangir Shah, Akbar Shah', meaning ‘Received ornament of gold at Agra from Jahangir Shah, (son of) Akbar Shah’. This tells us that the couplet was originally meant to be inscribed on a gold coin but the same die was later used to strike silver coins as well.

Experiments of an Emperor - Symbolism

Zodiac coin, AH (Hijri year) 1037, issued by Jahangir

Obverse: Figure of a ram facing left (sign of Aries), radiant sun behind
Reverse (Persian): Jahangir Badshah Akbar Badshah Zarb Ahmadabad, 1027

Among Jahangir’s innovative coinage, the most controversial yet unique was the Zodiac series. The Tuzuk-e-Jahangiri mentions that Jahangir ordered the inscription detailing the month of issue, typically present on the reverse of the coin, to be replaced with the star constellation figure. He issued gold and silver coins with all 12 zodiac signs on the reverse. The original Tuzuk-e-Jahangiri contains illustrations of the entire set. Not only were these designs completely original, they were also controversial for flouting the edicts of orthodox Islam. Aniconism is the belief that pictorial representations of living beings is a sin close to idolatry. As a result, Jahangir developed a reputation as a provocateur with the Zodiac series and coins that carried his portrait. His son Shah Jahan, being a more devout believer, discontinued these series during his reign and ordered all these coins melted, making them very rare.

This Aries coin was issued in Jahangir's name from Ahmedabad, where the first lot of zodiac coins were minted.

Queen of the Realm

Silver Rupee, AH (Hijri year) 1034, issued by Nur Jahan

Obverse (Persian): Ba Hukma Shahe Jahangir Yaft Sad Zewar
Reverse (Persian): Ba Name Nur Jahan Badshah Begum Zar

Born as Mehrunissa in Kandahar to Mirza Ghiyas Beg and Asmat Begum, Nur Jahan was one of the most influential Mughal empresses. Apart from Razia Sultan, Nur Jahan is the only Muslim woman in South Asia to have her name inscribed on coins. She married Jahangir in her mid-thirties and was his twentieth wife. The royal couple were both patrons of the arts. They commissioned many gardens, mosques, serais and tombs during their reign.

Travel accounts detail that during the waning years of Jahangir’s reign, Nur Jahan effectively ran the administration. British ambassador Thomas Roe states in his account of the Mughal court that Nur Jahan “governs him (Jahangir), wynds him up at her pleasure”.
The inscription on this coin can be translated as: “(Coin struck) by the order of Shah Jehangir, (This) gold has a hundred beauties gained with the inscription of the name of Noor Jehan, the Badshah Begum.” These coins can be seen as proof of Nur jahan’s influence over the administration. Accounts of Jahangir's death mention that the Empress interfered in Shah Jahan’s accession so as to keep her influence intact. This, however, was unsuccessful and on ascending the throne, Shah Jahan discontinued her coins and ordered them to be melted down, again making them very rare.

International Currency, Accepted Everywhere

Larin, AH 910/1504-1505 CE, issued by Ali Adil Shah II

A hairpin? A fish-hook? No, the inscriptions stamped on either sides marks this unusual object as a coin. The Larin is a currency named after the city of Lar in Iran, a thriving trade centre in the 16th century. Apart from Iran, the Larin was minted and exchanged in Arabia, Sri Lanka, India and the Maldives. Seventeenth-century travellers give accounts of the Larin being the 'chief currency of the Malabar Coast in India'. It was reportedly used extensively everywhere from Sindh to Malabar, but evidence of its mints have only been traced to the Adilshahi Sultanate of Bijapur.

The Larin was first minted by the Safavid ruler Shah Tahmasp. Iran’s long-standing trade relationships between Egypt, Arabia, Persia, India and China led to the use of this common currency across kingdoms. The reason for its popularity was that it was easy to mint and it helped traders to avoid the complicated foreign exchange math involved in moving goods through several foreign ports, each with its own currency system.

In 1846, a hoard of 400 Larins were found near Ratnagiri in Maharashtra. The coin inscriptions mentioned Ali Adil Shah II and the Dhabol mint. Typically, these coins have ‘Sultan Ali Adil Shah' written on one side and ‘Zarb Lari Dangi (Persian Denomination) Sikka' on the other. According to numismatists, Larins were in use in India till the 18th century, after which no sources or hoards were found to indicate how their usage declined.

The Company’s Dilemma

One rupee, 1840, issued by the East India Company

Obverse: Bust of Queen Victoria
Reverse: East India Company 1840 - one rupee within an olive branch

Before 1835, English coins in India were limited to three principal kinds of rupees: the ‘Sicca rupee’ in Bengal, the ‘Surat-rupee’ in Bombay, and the ‘Arcot rupee’ in Madras. By 1806, English currency became monometallic with silver being the only acceptable metal. But it was only after 1835 that the silver rupee was standardised and introduced throughout the nation as legal tender.

The Madras Arcot coin was based on the English model with the head of the ruler of England inscribed on the obverse and ‘East India Company’ on the reverse. After the Revolt of 1857, as the Company was disbanded and power over the Indian empire transferred to the British Crown, the rupee also saw minor changes. After 1862, the escutcheon (a shield or emblem carrying the coat of arms) of the East India Company was replaced with the bust of the Queen and this was called the ‘Government rupee’.

Return of the Queen

Silver Nazarana coin, Vikram Samvat year 1915/1858 CE, issued by Prithviraj Singh

Obverse (Persian): 'Malik-e-muazzam victoria badshah inglistan'
Reverse (Persian): 'Sana Julus zarb Jhalawar' with a Jhar leaf

Nazaranas are limited-edition coins with a long history. They were used not as currency but as gifts to a superior or souvenirs to mark special occasions. Nazaranas were expensive to make and struck with utmost care on a larger flan than usual to accommodate legends in their entirety. This silver Nazarana coin was minted in the name of Queen Victoria by Prithviraj Singh, the son and successor of the first Raja of Jhalawar, Madan Singh. It’s part of what numismatists call the new Madan Shahi series. Madan Singh Jhala was the regent of the kingdom of Kotah, when the rightful royals of the state rebelled against him. A stalemate ensued, which the British broke by splitting the state and carving out Jhalawar in 1837 for Madan Singh to rule. He died in 1945, succeeded by his son, Maharaja Rana Prithviraj Singh.

Nazarana coins were larger than average and objects of delicate beauty. This coin in particular was part of the lot minted immediately after the Queen's Proclamation of 1858, which marked the end of East India Company’s rule as the administrator of the Indian state and made the Queen the sovereign head of India.