Day 28 : Discuss the evolution of coinage in India from ancient to modern times. Illustrate with examples from different periods and types of coinage in India. (150 words)
21 Dec 2023 | GS Paper 1 | Indian Heritage & Culture
Approach / Explaination / Answer
- Start the answer with a discussion that sets a context for the question.
- Discuss the evolution of the coinage system in India.
- Illustrate with examples from different periods and types of coinage in India.
- Conclude Suitably.
Introduction
- The study of coinage in history is called numismatics. The evolution of coinage in India is a fascinating journey, reflecting the cultural, political, and economic dynamics of each era.
Body
- Ancient India:
- Punch-Marked Coins (6th Century BCE - 2nd Century BCE): The earliest of these coins relate to those of the Indo-Greeks, the Saka-Pahlavas, and the Kushans featuring punch-marked coins with symbols representing rulers and regions.
- Mauryan Empires: The Mauryan Empire introduced silver and copper coins, featuring symbols like the bull and elephant.
- Gupta Empires: The Gupta Empire marked a peak, with gold coins showcasing intricate artistry, symbolizing economic prosperity.
- Medieval Period:
- Delhi Sultanate: Introduction of Islamic coinage with Persian inscriptions. Silver Tanka and copper Jital became prominent, featuring calligraphy and geometric designs.
- Mughal Empire: Akbar standardised the coinage system, introducing a silver coin, Rupiya.
- Colonial Era:
- European Powers: Coins issued by the Portuguese and Dutch showcased a blend of Indian and Western design elements.
- East India Company: The British East India Company introduced standardized coinage with the introduction of the Anna.
- Post-Independence:
- Decimal System: India adopted the decimal system in 1957. Introduction of the Indian Rupee (INR) as the official currency.
- Modern Themes: Post-independence coins featured national symbols like the Ashoka Pillar, Mahatma Gandhi, and various cultural motifs.
- Digital Transformation: With the rise of digital transactions, the focus is shifting from physical coins to virtual currency and cashless transactions.
Conclusion
From the symbolic punch-marked coins of ancient times to the technologically advanced, diverse coinage of today, India's monetary history stands as a testament to its rich heritage and adaptation to changing times.