Relevance: GS-1 (Ancient History – Numismatics) • Source: The Print, ASI inputs

The Finding

Archaeologists excavating Gujari Mahal, Bharatpur (Rajasthan) have discovered punch-marked silver coins dated to the 7th century BCE, making them among the oldest physical currency forms in the Indian subcontinent. The coins carry symbols such as the sun, animals, and geometric marks, typical of early monetary systems.

History of Coins in India

• Punch-Marked Coins (7th–6th century BCE): Earliest known coins; linked to the Mahajanapada period.
• Indo-Greek Coins (2nd century BCE): Featured portraits, bilingual legends.
• Kushan Period: Gold coins with royal images; expansion of trade.
• Gupta Era (4th–6th century CE): Considered the “Golden Age” of Indian coinage.
• Delhi Sultanate & Mughals: Introduction of silver tanka, gold dinar, and standardisation under Sher Shah Suri’s rupiya.

Significance of the Rajasthan Discovery

• Pushes Indian currency history back by ~700 years, earlier than what was conventionally accepted.
• Confirms that structured economic systems and state-regulated exchange existed in northern India long before the Mauryan era.
• Provides clues to inter-regional trade, early metallurgy, and symbol-based governance.
• Supports textual references in Panini’s Ashtadhyayi and Mahajanapada records describing coin circulation.

UPSC Prelims Practice Question

Q. Which of the following are characteristics of Punch-Marked Coins?

1. Mostly made of silver.
2. Issued during the Mahajanapada period.
3. Featured cast moulding.

A) 1 and 2 only
B) 2 and 3 only
C) 1 and 3 only
D) 1, 2 and 3