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- Published: 14 Feb 2011
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- Author: datbbelliotts
Coinage of India, issued by Imperial dynasties and smaller middle kingdoms of India began during the 1st millennium BC, and consisted mainly of copper and silver coins in its initial stage. Scholars remain divided over the origins of Indian coinage. What is known, however, is that metal currency was minted in India well before the Mauryan empire (322–185 BC), and as radio carbon dating indicates, before the 5th century BC. Numismatics plays a valuable role in determining certain period of Indian history. The Arthashastra, written by Kautilya, mentions minting of coins but also indicates that the violation of the Imperial Maurya standards by private enterprises may have been an offense.
period (2nd-1st century BC).]] The extensive coinage reserves of the Kushān empire (1st–3rd centuries CE) continued to influence the coinage of the Guptas (320 to 550 AD) and the later rulers of Kashmir. Gold, used for this trade, was apparently being recycled by the Kushān empire for their own coinage. Pliny the Elder (NH VI.101) complained about the drain of specie to India:
The Gupta empire issued a surplus of gold coins, depicting the Gupta kings performing various rituals. The South Indian kings reissued Roman coinage in their own name after defacing the coins in order to signify their sovereignty.
The Mughal coinage prevalent during Akbar's reign included the main small copper denomination, the dām (Hindi-Urdu: دام/दाम). Dām is believed to be the source of the (originally British) expression "to not give a damn" (i.e. to not care even a little). The dām was also referred to as the paisa (پیسہ/पैसा). Several East African terms for money, including pesa and tickey (from taka/tanka) originate from this interaction. They were of fine quality and could be exchanged in China for 15 silver coins of four-li weight each. Coins in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees came to be minted at the official Mints situated at Mumbai, Kolkata, Hyderabad, and Noida. The various operations related to coin circulation in the Republic of India are overseen by the Reserve Bank of India.
Category:Coins Category:Coins of India Category:Ancient currencies Category:Economic history of India
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