NUMISMATICS

INTRODUCTION

Numismatics is the study or collection of currency, including coins, tokens, and related objects. As numismatics is a important source of history and helps to reconstruct history so, the history of evolution of coinage system in India is interwoven with the history of progress made by mankind at different stages. The early antiquity of the Indian coinage can be fixed according to their circulation among the primitive communities in some different forms. With the evolution of human and their settlement in different localities and the extension and the growth of communities the need of exchange of different products arose. In ancient times the needs were limited and mostly supplied by nature, the trees and plants provided fruits and roots and the animals, meat to feed them the leaves and barks of trees and animal skins covered their bodies and the caves provided them shelter but gradually expanded into tribes or communities or civilization and consequently their need for different products evolved which resulted in the evolution of Barter system.

Barter system requires double coincidence of wants which means of the two persons participating in the transaction, what one requires must be in excess with the second person and the later person should be desirous of the commodity which is in excess with the former one but by the time it became difficult to fulfill the need because it was not easy to determine the relative value of the commodity so to combat the situation certain unit of value as a medium of exchange must be required as in the Vedic period , cow became such a medium. There is a mention that ten cows are required as the cost of an (image of) Indra. So, the wealth of person was now determined on the basis of cows one have. But this system did not last for long as the need of people expanded and the inability to fulfill the need in barter system because in barter system the sub- multiples were absent like one cannot pay half, or one – fourth, or one- eighth of a cow. However, this difficulty was overcome by the introduction of metal as a medium of exchange. But the introduction of metal as the medium of exchange was associated with the problem of its measure. However, the invention of balance facilitated the weighing of the metal, this was also associated with problem of standard of weight. In order to solve this problem weighing the use of ingots of definite weight and value were used for transaction. Dividing a piece of metal does not effects its intrinsic value. So metallic pieces of definite weight and more or less definite size and shape came in circulation by some recognized authorities, bearing some legend or devices came to be termed as coins. The earliest coins were perhaps manufactured by the Lydians or the Greeks settlers of Asia around 700 BC. These were of electrum, a natural alloy of gold and silver, which was later replaced by gold. Numismatics also are important source to reconstruct history as India does not have any written accounts prior to the Muhammadan conquest to construct the history of the period when written records were not available numismatics plays important role, some believes that numismatics merely confirms history but seldom modifies it but this is not true in case when written record are not available one has to depend on numismatics as much as epigraph. From the study of numismatics, political knowledge of the period can be reconstructed. 

Names of kings on their coins helps to determine the chronology. On some coins along with the name title of the king is also punched. Through coins the geographical area of the empire can be acquired on the basis of circulation of same kind of coins. Coins also provide us the economic information of any kingdom by the study of weight, purity, and material used for manufacturing. On the basis of the coins found in different region, the trade activity of a particular dynasty can be determined. The representation of different deities on the reverse of coins of the ruler also tells the inclination of ruler towards particular religion or sect, also the representation of various sacrifices like the aśvamedha helps to determine the practices or the sacrifices performed in that period. Administrative history can also be understand through the study of coins that a country or Jānapada autonomy was not unknown to India clears from the study of coins example: there were two types of coins, one of which was issued by Rājanya Jānapada and the other by the Śibi Jānapada of the mādhyamikā country. Regarding the origin of coinage in India, various scholars have presented different views like Altekar observes, ‗the origin of the coinage in ancient India is shrouded in considerable obscurity. The evidence available to decide the question is scantly, dubious and capable of different interpretations. ‘While other scholars like Wilson and Princep hold the view that no coins were available in India prior to the invasion of Alexander which means that Indians learnt the art of coinage from their contemporary Graeco-Bactrians. J. A. Decourdemanches and Allan advanced the Achaemenian origin theory of the coinage while Kennedy was perhaps the first scholar to propose that Babylonian coins served as prototypes for the earliest coins of India. Although other than the supporter of foreign origin of coinage scholars like Rapson, Thomas, Cunningham, S.K. Chakrabortty, and Bhandarkar who supported the indigenous origin of coinage in India. To prove that Indians have borrowed the art of coinage from others. Three conditions must be fulfilled: (i) the date of the beginning of coinage in that area must be earlier than its introduction in India. (ii) there should be sufficient similarity in shape, size, weight, etc. between the coins of India and those of that region. (iii) there should be evidence of the Indians coming in contact with the people of that country.

Now, to find out the origin of coinage between foreign origin theories and indigenous origin theories. There are three main theories to explain the foreign origin of coinage in India. Namely Greek Origin, Achaemenian origin and Babylonian origin theory, advocated by different scholars on the basis of various factors. Widely divergent views have been expressed by scholars as to the origin of coinage in India. These divergent views are also have been criticized by many scholars and thus conclusion of placing the origin of coinage in Ancient India could be made.