The remarkable similarities between Punch marked coin symbols with those appearing in the Indus seals have also been highlighted. D.D Kosambi proposed a connection between Mohenjodaro class IV silver pieces and class D pieces with the Punch marked coins based on their remarkable similarity and identity between D-class weights. The Indus Valley civilisation may have used metals of fixed weights such as silver for trade activities which is evident from the DK area of Mohenjo Daro from the late Harappan period (dated 1900–1800 BC or 1750 BC). Origin of currency in Indian subcontinent Prehistoric and Bronze Age origins Ĭowry shells were first used in India as commodity money. The tradition of Indian coinage in the 2nd millennium evolved with Indo Islamic rule in India. The kingdoms that minted their own coins included Gandhara, Kuntala, Kuru, Magadha, Panchala, Shakya, Surasena, Surashtra and Vidarbha etc. A variety of earliest Indian coins, however, unlike those circulated in West Asia, were stamped bars of metal, suggesting that the innovation of stamped currency was added to a pre-existing form of token currency which had already been present in the Janapadas and Mahajanapada kingdoms of the Early historic India. The coins of this period were Karshapanas or Pana. The Coinage of India began anywhere between early 1st millennium BCE to the 6th century BCE, and consisted mainly of copper and silver coins in its initial stage.
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