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Karshapana (,
IAST The International Alphabet of Sanskrit Transliteration (IAST) is a transliteration scheme that allows the lossless romanisation of Brahmic family, Indic scripts as employed by Sanskrit and related Indic languages. It is based on a scheme that ...
: ''Kārṣāpaṇa''), according to the Ashtadhyayi of Panini, refers to ancient Indian coins current during the 6th century BCE onwards, which were unstamped and stamped (''āhata'') metallic pieces whose validity depended on the integrity of the person authenticating them. It is commonly supposed by scholars that they were first issued by merchants and bankers rather than the state. They contributed to the development of trade since they obviated the need for weighing of metal during exchange. ''Kārṣāpaṇas'' were basically silver pieces stamped with one to five or six ''rūpas'' ('symbols') originally only on the obverse side of the coins initially issued by the
Janapadas The Janapadas () () (c. 1100–600 BCE) were the realms, republics (ganapada) and kingdoms (sāmarājya) of the Vedic period in the Indian subcontinent. The Vedic period reaches from the late Bronze Age into the Iron Age: from about 1500 BCE to ...
and
Mahajanapadas The Mahājanapadas were sixteen Realm, kingdoms and aristocracy, aristocratic republics that existed in ancient India from the sixth to fourth centuries BCE, during the History of India#Second urbanisation (c. 600 – 200 BCE), second urbanis ...
, and generally carried minute mark or marks to testify their legitimacy. Silver punch-marked coins ceased to be minted sometime in the second century BCE but exerted a wide influence for next five centuries.


Etymology

The punch-marked coins were called "''Kārṣāpaṇa''" because they weighed one kārsha each.


History

The period of the origin of the punch-marked coins is not yet known, but their origin was indigenous.


Literary References

The word, ''Kārṣāpaṇa'', first appears in the Sutra literature, in the ''Samvidhān Brāhmana''. Coins bearing this name were in circulation during the ''Sutra'' and the ''Brāhmana period'' and also find a mention in the early
Buddhist Buddhism, also known as Buddhadharma and Dharmavinaya, is an Indian religion and List of philosophies, philosophical tradition based on Pre-sectarian Buddhism, teachings attributed to the Buddha, a wandering teacher who lived in the 6th or ...
(
Dhammapada The ''Dhammapada'' (; ) is a collection of sayings of the Buddha in verse form and one of the most widely read and best known Buddhist scriptures.See, for instance, Buswell (2003): "rank among the best known Buddhist texts" (p. 11); and, "on ...
verse 186): : ''Na kahapana vassena titti kamesu vijjati appassada dukha kama iti vinnaya pandito.'' : "Not by a shower of coins can sensual desires be satiated; sensual desires give little pleasure and are fraught with evil consequences (dukkha)." and
Persian Persian may refer to: * People and things from Iran, historically called ''Persia'' in the English language ** Persians, the majority ethnic group in Iran, not to be conflated with the Iranic peoples ** Persian language, an Iranian language of the ...
texts of that period. Patanjali's mid 2nd century BCE commentary,
Mahabhashya ''Mahabhashya'' (, IAST: '','' , "Great Commentary"), attributed to Patañjali, is a commentary on selected rules of Sanskrit grammar from Pāṇini's treatise, the ''Aṣṭādhyāyī'', as well as Kātyāyana's ''Vārttika-sūtra'', an elab ...
, on ''vārttikas'' of
Kātyāyana Kātyāyana (कात्यायन) also spelled as Katyayana ( century BCE) was a Sanskrit grammarian, mathematician and Vedic priest who lived in ancient India. Origins According to some legends, he was born in the Katya lineage origina ...
, on Pāṇini's, c. 400 BCE,
Aṣṭādhyāyī The (; ) is a grammar text that describes a form of the Sanskrit language. Authored by the ancient Sanskrit scholar Pāṇini and dated to around 6th c. bce, 6-5th c.BCE and 4th c.BCE, it describes the language as current in his time, specifica ...
, likely composed at Salatura, in the
Achaemenid The Achaemenid Empire or Achaemenian Empire, also known as the Persian Empire or First Persian Empire (; , , ), was an Iranian empire founded by Cyrus the Great of the Achaemenid dynasty in 550 BC. Based in modern-day Iran, it was the large ...
satrapy of
Gandāra Gandāra, or Gadāra in Achaemenid inscriptions (Old Persian cuneiform: :Wikt:𐎥𐎭𐎠𐎼, 𐎥𐎭𐎠𐎼, , also transliterated as since the nasal "n" before consonants was omitted in the Old Persian script, and simplified as or somet ...
, uses the word, "''Kārṣāpaṇa''", to mean a coin – :कार्षापणशो ददाति :"He gives by the Kārṣāpaṇa coin" or : :कार्षापणम् ददाति :"He gives a Kārṣāpaṇa", while explaining the use of the suffix – शस् taken up by Pāṇini in Sutra V.iv.43, in this case, कार्षापण + शः to indicate distributivity. The''
Shatapatha Brahmana The Shatapatha Brahmana (, , abbreviated to 'SB') is a commentary on the Yajurveda, Śukla Yajurveda. It is attributed to the Vedic sage Yajnavalkya. Described as the most complete, systematic, and important of the Brahmanas (commentaries on the ...
'' speaks about ''Kārṣāpaṇas'' weighing 100 ratis which kind were found buried at Taxila by John Marshall in 1912.


Finds

The Golakpur (
Patna Patna (; , ISO 15919, ISO: ''Paṭanā''), historically known as Pataliputra, Pāṭaliputra, is the List of state and union territory capitals in India, capital and largest city of the state of Bihar in India. According to the United Nations, ...
) find pertains to the period of
Ajatashatru Ajatasattu (Pāli: ) or Ajatashatru (Sanskrit: ) in the Buddhist tradition, or Kunika () and Kuniya () in the Jain tradition (reigned c. 492 to 460 BCE, or c. 405 to 373 BCE), was one of the most important kings of the Haryanka dynasty of Mag ...
. The Bhir Mound finds (1924-1945), at
Taxila Taxila or Takshashila () is a city in the Pothohar region of Punjab, Pakistan. Located in the Taxila Tehsil of Rawalpindi District, it lies approximately northwest of the Islamabad–Rawalpindi metropolitan area and is just south of the ...
(present day Pakistan), includes Maurya coins and a coin of
Diodotus I Diodotus I Soter (Greek language, Greek: , ''Diódotos Sōtḗr''; c. 300 BC – c. 235 BC) was the first Hellenistic period, Hellenistic king of Bactria. Diodotus was initially satrap of Bactria, but became independent of the Seleucid Empire, Se ...
(255-239 BCE) issued in 248 BCE. The, c.380 BCE, Chaman Hazuri hoard (Kabul) includes two varieties of punch-marked Indian coins along with numerous Greek coins of 5th and early 4th centuries BCE,: "The most important and informative of these hoards is the Chaman Hazouri hoard from Kabul discovered in 1933, which contained royal Achaemenid sigloi from the western part of the Achaemenid Empire, together with a large number of Greek coins dating from the fifth and early fourth century BC, including a local imitation of an Athenian tetradrachm, all apparently taken from circulation in the region." thereby indicating that those kind of ''Kārṣāpaṇas'' were contemporaneous to the Greek coins and in circulation as legal tender.


Mauryan Period

During the
Mauryan Period The Maurya Empire was a geographically extensive Iron Age historical power in South Asia with its power base in Magadha. Founded by Chandragupta Maurya around c. 320 BCE, it existed in loose-knit fashion until 185 BCE. The primary sourc ...
, the punch-marked coin called ''Rūpyārūpa'', which was same as ''Kārṣāpaṇa'' or ''Kahāpana'' or ''Prati'' or ''Tangka'', was made of alloy of silver (11 parts), copper (4 parts) and any other metal or metals (1 part).The early indigenous Indian coins were called ''Suvarṇa'' (made of gold), ''Purāṇa'' or ''Dhārana'' (made of silver) and ''Kārṣāpaṇa'' (made of copper). The Golakpur (Patna) find is mainly pre-Maurya, possibly of the Nanda era, and appear to have been re-validated to make them kośa- praveśya (legal tender); the coins bearing larger number of marks are thought to be older in origin. The Maurya Empire was definitely based upon money-economy. The punch-marked copper coins were called ''paṇa''. This type of coins were in circulation much before the occupation of
Punjab Punjab (; ; also romanised as Panjāb or Panj-Āb) is a geopolitical, cultural, and historical region in South Asia. It is located in the northwestern part of the Indian subcontinent, comprising areas of modern-day eastern Pakistan and no ...
by the Greeks who even carried them away to their own homeland. Originally, they were issued by traders as blank silver bent-bars or pieces; the Magadha silver punch-marked ''Kārṣāpaṇa'' of Ajatashatru of
Haryanka dynasty The Haryanka dynasty was the ruling dynasty of Magadha, according to the Buddhist text Mahavamsa between 544 BC and 413 BC though some scholars favour a later chronology (5th century BCE to first half of 4th century BCE). Initially, the capi ...
was a royal issue bearing five marks and weighing fifty-four grains, the
Vedic upright=1.2, The Vedas are ancient Sanskrit texts of Hinduism. Above: A page from the '' Atharvaveda''. The Vedas ( or ; ), sometimes collectively called the Veda, are a large body of religious texts originating in ancient India. Composed ...
weight called ''kārsha'' equal to sixteen ''māshas''. Even during the Harappan Period (ca 2300 BCE) silver was extracted from ''argentiferous galena''. Silver ''Kārṣāpaṇas'' show lead impurity but no association with gold. The internal chronology of ''Kārṣāpaṇa'' and the marks of distinction between the coins issued by the Janapadas and the Magadhan issues is not known, the
Arthashastra ''Kautilya's Arthashastra'' (, ; ) is an Ancient Indian Sanskrit treatise on statecraft, politics, economic policy and military strategy. The text is likely the work of several authors over centuries, starting as a compilation of ''Arthashas ...
of
Kautilya ''Kautilya's Arthashastra'' (, ; ) is an Ancient Indian Sanskrit treatise on statecraft, politics, economic policy and military strategy. The text is likely the work of several authors over centuries, starting as a compilation of ''Arthashas ...
speaks about the role of the ''Lakshanadhyaksha'' ('the Superintendent of Mint') who knew about the symbols and the ''Rupadarshaka'' ('Examiner of Coins'), but has remained silent with regard to the construction, order, meaning and background of the punched symbols on these coins hence their exact identification and dating has not been possible. The term ''Kārṣhāpaṇa'' referred to gold, silver and copper coins weighing 80 ''ratis'' or 146.5 grains; these coins, the earliest square in shape, followed the ancient Indian system of described in
Manu Smriti The ''Manusmṛti'' (), also known as the ''Mānava-Dharmaśāstra'' or the Laws of Manu, is one of the many legal texts and constitutions among the many ' of Hinduism. Over fifty manuscripts of the ''Manusmriti'' are now known, but the earli ...
. Use of money was known to Vedic people much before 700 BCE. The words, ''Nishka'' and ''Krishnala'', denoted money, and ''Kārṣāpaṇas'', as standard coins, were regularly stored in the royal treasuries. The local silver punch-marked coins, included in the Bhabhuā and Golakpur finds, were issued by the Janapadas and were in circulation during the rule of the Brihadratha dynasty which was succeeded by the
Haryanka dynasty The Haryanka dynasty was the ruling dynasty of Magadha, according to the Buddhist text Mahavamsa between 544 BC and 413 BC though some scholars favour a later chronology (5th century BCE to first half of 4th century BCE). Initially, the capi ...
in 684 BCE; these coins show four punch-marks - the sun-mark, the six-armed symbol, arrows (three) and taurine (three) which were current even during the rule of
Bimbisara Bimbisāra (in Buddhist tradition) or Shrenika () and Seniya () in the Jain histories ( or ) was the King of Magadha (V. K. Agnihotri (ed.), ''Indian History''. Allied Publishers, New Delhi 262010p. 166f. or ) and belonged to the Haryanka d ...
(c. 492-c.460 BCE).
Ajatashatru Ajatasattu (Pāli: ) or Ajatashatru (Sanskrit: ) in the Buddhist tradition, or Kunika () and Kuniya () in the Jain tradition (reigned c. 492 to 460 BCE, or c. 405 to 373 BCE), was one of the most important kings of the Haryanka dynasty of Mag ...
(552-520 BCE) issued the first Imperial coins of six punch-marks with the addition of the bull and the lion. The successors of Ajatashatru who ruled between 520 and 440 BCE and the later Shishunaga dynasty and the
Nanda dynasty The Nanda Empire was a vast empire that governed in Magadha and Gangetic plains with an enormous geographical reach in 4th-century BCE northeastern India, with some accounts suggesting existence as far back as the 5th century BCE. The Nandas ...
issued coins of five symbols – the sun-mark, the six-armed symbol and any three of the 450 symbols. The Maurya coins also have five symbols – the sun-mark, the six-armed symbol, three-arched hill with a crescent at the top, a branch of a tree at the corner of a four-squared railing and a bull with taurine in front. Punch-marked copper coins were first issued during the rule of
Chandragupta Maurya Chandragupta Maurya (Sanskrit: elp:IPA/Sanskrit, t̪͡ɕɐn̪d̪ɾɐgupt̪ɐ mɐʊɾjɐ (reigned 320 BCE – c. 298 BCE) was the founder and the first emperor of the Maurya Empire, based in Magadha (present-day Bihar) in the Indian ...
or
Bindusara Bindusara (320 BCE – 273 BCE) () was the second Mauryan emperor of Magadha in Ancient India. The ancient Greco-Roman writers called him Amitrochates, a name likely derived from his Sanskrit title ''Amitraghāta'' ("slayer of enemies"). ...
.


Numismatic study

While subcontinental punchmarked coins were initially ignored by Western numismatics, British colonial administrators James Princep and Alexander Cunningham published initial findings in the 19th century. Indian numismatists followed with a deeper examination of karshapana, notably Durga Prasad, D.D. Kosambi, A.S. Altekar, and Parmeshwari Lal Gupta. Gupta and Hardaker's ''Punchmarked coinage of the Indian subcontinent: Magadha-Mauryan series'', last updated in 2014, is the most complete catalog of karshapana for those issuers but does not include other ancient punchmarked coins. Gupta and Hardaker classify punchmarked coins into nine series (0-VIII), analyze evidence from eleven "hoards" (buried coin deposits), and present illustrated tables of 625 unique marks found on the coins, and an illustrated catalog of 649 coin types. By careful consultation of this reference, most silver punchmarked coins can be identified.Gupta, P.L. & T. Hardaker. 2014. ''Punchmarked Coins of the Indian Subcontinent: Magadha-Mauryan Series.'' IIRNS Publication. Mumbai.


References


Sources

* {{Historic Indian currency and coinage Ancient currencies Coins of India Ancient India Historical currencies of India