Review on History of Indian Coinage

Home , Kushan coinage, Pagoda (coin), Silver coin

International Journal of Grid and Distributed Computing Vol. 13, No. 1s, (2020), pp. 200-219

Review On History Of Indian Coinage

Dr (Ms) Swaroopa Rani N. Gupta

Department of Chemistry Brijlal Biyani Science College Amravati, Maharashtra, India e-mail:[email protected]

Abstract

India has been one of the earliest issuers of coins in the world (circa 6th Century BC). Few countries rival India for the sheer diversity of its coinage be it minting techniques, motifs, sizes, shapes, the metals used or for that matter the monetary history arising from the Monetary Standards India has experienced (Tri-metallism, Bi-metallism, the Silver Standard, the Gold Exchange Standard as well as fiat money).

In history, Indian coins have played a crucial role in documenting political and economic changes over time. Foreign coin hoards found in India throw light on Indian trade patterns in ancient, medieval, and late pre-colonial times. The Motifs on coins have been impacted upon by the cultural ethos of different regions at different time periods.

This paper deals with review on history of Indian coinage which includes Ancient India Coinage such as Punch Marked Coins, Dynastic Coins (Kushan Coinage, Satavahana Coinage, Western Kshatrapa Coinage, Other Coins, Gupta Coinage, Post-Gupta Coinage), South Indian Coinage, Foreign Coin Hoards found in India; Medieval India Coinage; Mughal Coinage; Pre-Colonial India & Princely States: Coinage such as the Maratha Confederacy, Coins of Avadh, Coins of Mysore, Coins of the Sikhs, Coins of Hyderabad, Some Representative Coins of other Princely States; British India Coinage such as Early Issues, Coins of William IV, Coins of Queen Victoria, Coins of Edward VII, Coins of George V; Republic India Coinage such as The Frozen Series 1947-1950, The Anna Series, The Decimal Series, Naya Paisa Series 1957-1964, Aluminium Series 1964 onwards, Contemporary Coins.

Key Words: Punch Marked Coins, Dynastic Coins, South Indian Coinage, Medieval India Coinage, Mughal Coinage, Maratha Confederacy, Coins of Avadh, Coins of Mysore, Coins of the Sikhs, Coins of Hyderabad, Coins of William IV, Coins of Queen Victoria, Coins of Edward VII, Coins of George V, The Anna Series, The Decimal Series, Naya Paisa Series, Aluminium Series, Contemporary Coins.

1. Introduction

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Coinage such as the Maratha Confederacy, Coins of Avadh, Coins of Mysore, Coins of the Sikhs, Coins of Hyderabad, Some Representative Coins of other Princely States; British India Coinage such as Early Issues, Coins of William IV, Coins of Queen Victoria, Coins of Edward VII, Coins of George V; Republic India Coinage such as The Frozen Series 1947-1950, The Anna Series, The Decimal Series, Naya Paisa Series 1957-1964, Aluminium Series 1964 onwards, Contemporary Coins. 2. An Overview

ANCIENT INDIA COINAGE [1]

Punch Marked Coins The Indus valley civilisation of Mohenjo-Daro and Harappa dates back between 2500 BC and 1750 BC. There, however, is no consensus on whether the seals excavated from the sites were in fact coins.

Seals of Mohenjo-Daro Punch Marked Coin, Silver Bentbar

The first documented coinage is deemed to start with 'Punch Marked' coins issued between the 7th-6th century BC and 1stcentury AD. These coins are called 'punch-marked' coins because of their manufacturing technique. Mostly made of silver, these bear symbols, each of which was punched on the coin with a separate punch. Issued initially by merchant Guilds and later by States, the coins represented a trade currency belonging to a period of intensive trade activity and urban development. They are broadly classified into two periods : the first period (attributed to the Janapadas or small local states) and the second period (attributed to the Imperial Mauryan period). The motifs found on these coins were mostly drawn from nature like the sun, various animal motifs, trees, hills etc. and some were geometrical symbols.

Obverse Reverse Obverse Reverse Obverse Reverse Seven Symbols Five Symbols Five Symbols Silver Punchmarked Coins

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Asmaka Janapada Imperial Series Imperial Series Imperial Series Imperial Punch Marked Coins

Dynastic Coins Dating of regular dynastic coin issues is controversial. The earliest of these coins relate to those of the Indo-Greeks, the Saka-Pahlavas and the Kushans. These coins are generally placed between the 2nd century BC and 2nd century AD. Hellenistic traditions characterise the silver coins of the Indo-Greeks, with Greek gods and goddesses figuring prominently, apart from the portraits of the issuers. These coins with their Greek legends are historically significant, as the history of the Indo-Greeks has been reconstructed almost entirely on their evidence. The Saka coinage of the Western Kshatrapas are perhaps the earliest dated coins, the dates being given in the Saka era which commences in AD 78. The Saka era represents the official calendar of the Indian Republic

Indo-Greek Coins

Kushan Coinage

Map of Kushan

Earliest Kushan coinage is generally attributed to Vima Kadphises. The Kushan coins generally depicted iconographic forms drawn from Greek, Mesopotamian, Zorastrian and Indian mythology. Siva, Buddha and Kartikeya were the major Indian deities portrayed. Kushan gold coins influenced subsequent issues, notably those of the Guptas.

Coins of the Kushans

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Satavahana Coinage The Satavahanas were the early rulers of the region between the rivers, Godavari and the Krishna. They were also referred to as the Andhras. They soon brought under their control, both the Western-Deccan and Central India. The dates of their coming in to power are contentious and are variously put between 270 BC to 30 BC. Their coins were predominantly of copper and lead, however, silver issues are also known. These coins carried the motifs of fauna like elephants, lions, bulls, horses, etc. often juxtaposed against motifs from nature like hills, tree, etc. The silver coins of the Satavahanas carried portraits and bilingual legends, which were inspired by the Kshatrapa types.

Coins of the Satavahana

Western Kshatrapa Coinage The term Western Kshatraps alludes to the set of rulers who ruled Western India between the 1stand 4thCentury AD. The legends on the coins were generally in Greek and Brahmi. Kharoshti too was used. The Western Kshatrap coins are reckoned to be the earliest coins bearing dates. The common copper coins are the 'bull and hill' and the 'elephant and hill' types.

Obverse Reverse Obverse Reverse

Rudrasimha I, 180-196 AD Viradaman, 234-238 AD Coins of the Western Kshatrapas

Other Coins In the interregnum between the fall of the Maurayans and the rise of the Guptas various tribal republics in the Punjab and monarchies in the Indo-Gangetic plain issued coins. Most coins were issued in Copper. The coins of the Yaudheyas were influenced in design and motif by the coins of the Kushans. They followed the weights of the Indo-bacterian rulers.

Coin of the Yaudheyas

Gupta Coinage Gupta coinage (4th-6th centuries AD) followed the tradition of the Kushans, depicting the king on the obverse and a deity on the reverse; the deities were Indian and the legends were in Brahmi. The earliest Gupta coins are attributed to Samudragupta, Chandragupta II and Kumaragupta and their coins often commemorate dynastic succession as well as significant socio-political events, like marriage alliances,

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the horse sacrifice, etc (King and queen type of coin of Chandragupta 1, Asvamedha type, etc.), or for that matter artistic and personal accomplishments of royal members (Lyrist, Archer, Lion-slayer etc.).

Obverse Reverse Obverse Reverse King as Horseman King as Lion Slayer

Obverse Reverse Obverse Reverse King & Queen Type Fan-Tailed Peacock Coins of the Guptas Post-Gupta Coinage Post-Gupta coinage (6th-12th centuries AD), is represented by a monotonous and aesthetically less interesting series of dynastic issues including those of Harsha (7th century AD, Kalachuri of Tripuri (11th century AD) and early medieval Rajputs (9th-12th centuries AD). Gold coins struck between this period are rare. These were revived by Gangeyadeva the Kalachuri ruler who issued the 'Seated Lakshmi Coins' which were copied by later rulers both in gold as well as in debase form. The Bull & Horseman type of coins were the most common motif appearing on coins struck by the Rajput clans. In western India, imported coins like the Byzantine solidi were often used reflecting trade with the Eastern Roman Empire.

Obverse Reverse Obverse Reverse Seated Lakshmi Bull & Horseman South Indian Coinage The symbols and motifs on South Indian coin issues were confined to dynastic crests such as the boar (Chalukya), bull (Pallava), tiger (Chola), fish (Pandya and Alupas), bow and arrow (Cheras) and lion (Hoysala) etc. The Yadavas of Devagiri issued 'Padmatankas' with an eight-petalled lotus on the obverse and a blank reverse. Coin legends refer to names or titles of the issuer in local scripts and languages. Decorative features are rare and divinities are almost absent till the medieval Vijayanagar period (14th- 16thcenturies AD).

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Obverse Reverse Obverse Reverse Obverse Reverse Coins of the Cheras 11th - 13th Centuries Coins of the Cheras 11th - 13th Centuries Coins of the Cholas 9th - 13th Centuries

Obverse Reverse Obverse Reverse Coins of the Alupas of Udipi 11th - 13th Centuries Padmatankas, Coins of the Yadavas of Devagiri 12th - 14th Centuries

Foreign Coin Hoards found in India Ancient India had considerable trade links with the Middle East, Europe (Greece and Rome) as well as China. This trade was carried out over land partly along what came to be alluded to as the silk route and partly through maritime trade. By the time of Pliny, the Roman historian, Roman trade with India was thriving, and indeed creating a balance of payments problem for the Roman Empire. In South India, which had a thriving maritime trade, Roman coins even circulated in their original form, albeit slashed at times as a gesture disclaiming intrusions of foreign sovereignty.

A slashed Roman Aureus of Augustus

Obverse Reverse Obverse Reverse Obverse Reverse

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Roman Find in South India Roman Find in South India Byzantine Find in South India

MEDIEVAL INDIA COINAGE [2]

Map of Medieval India, Courtesy Government of India

The Arabs conquered Sindh in 712 AD and ruled it as a province of the Caliphate. By the 9th Century AD, provincial governors established independent rule and struck their own coins. However, it was with the emergence of Turkish Sultans of Delhi in the 12th Century that a decisive break was made with the past and the existing motifs were gradually replaced by Islamic devices, largely calligraphy. The unit of account came to be consolidated and was referred to as the 'tanka' with the 'jittals' as the smaller value coins. With the Delhi Sultanate (1206-1526 AD) came the attempt at standardisation. This period was marked by a considerable expansion of the money economy. Coins were struck in gold, silver and copper. In the monetary system, the equation between gold and silver was probably at 1:10. The Khilji rulers issued coins in abundance with grandiloquent titles (Ala-ud-din Khilji struck coins assuming the title 'Sikandar al Sani', the second Alexander) as well as honorific epithets for mints (the Delhi mint bore titles 'Hazrat Dar-al-Khilafat, etc.).

Obverse Reverse Obverse Reverse Coin of Nasiru-d-din Mahmud 1246 - 1266 AD Coin of Ghiyasu-d-din Balban 1266 - 1287 AD Coins of the Delhi Sultanate

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Coins of the Khiljis

The coins of the Tughlaqs (1320-1412 AD) were superior in design and execution to those of the Khiljis. Muhammed bin Tughlaq (1325-1351 AD), took personal interest in his coinage, however, his monetary experiments were a failure and the cause of much misery. The first experiment was to make his coinage reflect the gold/silver price ratio prevailing in the free market. When this experiment failed the old gold and silver coins of about 11 grams were reintroduced. The next experiment was inspired by Chinese paper currency which had spurred the development of trade and commerce. Tughlaq attempted to establish a fiduciary system of coinage between 1329 to 1332 AD. He attempted to issue tokens of brass and copper. These tokens bore the legends such as : 'Sealed as a tanka of fifty ganis' together with appeals such as 'He who obeys the Sultan, obeys the Compassionate'. Mass forgeries rendered the experiment a total disaster and Tughlaq, to his credit, redeemed all tokens, forged or genuine, in specie. It may be noted that the experiments of Tughlaq were genuine experiments: while they were forced on the populace, they were not dictated by a bankrupt treasury. Gold coins were issued in very large numbers during the reign of Muhammed bin Tughlaq, thereafter gold coins became scarce. By the time of the Lodhis, coins were struck almost exclusively of copper and billon. In the provinces, the Bengal Sultans, the Jaunpur Sultans, the Bahamanis of the Deccan, the Sultans of Malwa, the Sultans of Gujarat, etc. struck coins. In the South, however, the Vijayanagar Empire evolved coinage of different metrology and design which was to remain as a standard in the region and influence coin design up to the 19th Century.

Silver Coin, Malwa In the South, the Vijayanagar contemporaries of the Delhi Sultanate and Mughals, were the other dynasty whose currency presents a rare example of a standardised issue which later provided a model for the European and English trading companies. The Kingdom of Vijayanagar was founded around 1336 AD by Harihara and Bukka in the region south of the River Krishna. The Vijayanagar period saw the advent of European traders especially the Portuguese. Krishnadevaraya encouraged foreign trade and this necessitated wider use of currency. Coins of the Vijayanagar kingdom was largely struck in gold and copper. Most Vijayanagar gold coins bore a sacred image on the obverse and the royal legend on the reverse. Amongst the significant gold coins of the Vijayanagar Empire were those bearing the image of the deity of Tirupati, i.e., Lord Venkatesvara represented either singly or with his two consorts. These coins inspired the 'Single Swami' Pagodas of the Dutch and French and the 'Three Swami' Pagodas of the English East India Company.

Coins of the Vijayanagar Empire

MUGHAL COINAGE [3]

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Technically, the Mughal period in India commenced in 1526 AD when Babur defeated Ibrahim Lodhi, the Sultan of Delhi and ended in 1857 AD when the British deposed and exiled Bahadur Shah Zafar, the last Mughal Emperor after the great uprising. The later emperors after Shah Alam II were little more than figureheads. The most significant monetary contribution of the Mughals was to bring about uniformity and consolidation of the system of coinage throughout the Empire. The system lasted long after the Mughal Empire was effectively no more. The system of tri-metalism which came to characterise Mughal coinage was largely the creation, not of the Mughals but of Sher Shah Suri (1540 to 1545 AD), an Afghan, who ruled for a brief time in Delhi. Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20thCentury. Together with the silver Rupiya were issued gold coins called the Mohur weighing 169 grains and copper coins called Dam. Where coin designs and minting techniques were concerned, Mughal Coinage reflected originality and innovative skills. Mughal coin designs came to maturity during the reign of the Grand Mughal, Akbar. Innovations like ornamentation of the background of the die with floral scrollwork were introduced. Jehangir took a personal interest in his coinage. The surviving gigantic coins, are amongst the largest issued in the world. The Zodiacal signs, portraits and literary verses and the excellent calligraphy that came to characterise his coins took Mughal Coinage to new heights.

Mohur-Humayun Sher Shah Suri Mohur-Akbar Mohur-Aurangzeb Mohur- Farrukhsiyar Coins of the Mughal Empire

The early years of Shah Jehan's reign brought forth a large variety of types; coin design was standardised towards the latter part of his reign. Aurangzeb, the last of the Grand Mughals was austere in his ways and orthodox in his beliefs. He did away with the Kalima, the Islamic Article of Faith from his coins, and the format of coins was standardised to incorporate the name of the ruler, the mint and the date of issue.

PRE-COLONIAL INDIA & PRINCELY STATES: COINAGE [4] The decline of the Mughal Empire commenced soon after the death of Aurangzeb. For a while, the military successes of the Marathas gave rise to the feeling that they would fill the vacuum left by the Mughals and don the imperial mantle. This was not to be. In the anarchy that followed, regional forces tended to reassert themselves and states with ancient antecedents, many of which had been independent during Medieval times, like the states of Rajputana, re-emerged. The dilution of central authority prompted Provincial Governors of the Mughals, to assume independence (e.g., the states of Avadh and Hyderabad). The turbulence of the times also gave rise to Military Adventurers who through force carved out kingdoms for themselves, like Scindia (Gwalior), and Hyder Ali (Mysore). Finally, there were 'states of convenience', - titular states whose ruling dynasty was supported either by the British (e.g., the Wodeyars) or the regional hegemon in the interest of high politics. When the British Crown took over the administration from the East India Company in 1858 there were over a hundered Princely States which were issuing coins nominally in the name of the Mughal Emperor. With the deportation of the last Mughal Emperor Bahadur Shah to Rangoon, the native rulers gradually replaced the Mughal superinscriptions on their coins with the name or portrait of the Queen of England as an expression of

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acceptance of British supremacy. Some coins like those of Mewar inscribed the word 'Dosti London' i.e. 'Friends of London' on their coins. The British over time curtailed the rights of the the Native States to strike their own coins. Representative Coinage of some of the States are depicted below.

The Maratha Confederacy While the Marathas have had a long history, they came into the limelight in the seventeenth century led by the charismatic leader Shivaji. The Maratha Confederacy consolidated itself after Aurangzeb's death in 1707 AD. Their military successes saw them overrun most of India by 1738 AD. The Marathas were set to be the only power in India to take on the Imperial mantle and build an Indian empire. Their fortunes suffered a setback with the battle of Panipat in 1761 AD. They, however, retained their hegemony over the Deccan till the end of the century. With the decline of central power, Maratha families established the states of Baroda, Gwalior, Indore, etc. As regards coinage, Shivaji first issued coins in 1664 AD when he assumed the title of Raja. Coins were again issued to commemorate his coronation at Raigadh in 1674 AD. These coins are rare. Maratha Mints and coinage were consolidated around the middle of the eighteenth century. Three types of Rupees were in circulation during this period, viz., the Hali Sicca, the Ankushi rupee which was the standard rupee of Pune, and the Chandori rupee which was on par with the Ankushi.

Copper

Silver, Pune Mint

Coins of the Marathas

Coins of Awadh The Province of Awadh, situated in Northern India, was governed by Nawab-Wazirs on behalf of the Mughal Emperor from around 1720 AD. With the decline of the Mughal Empire, the British Governor General, the Marquis of Hastings, persuaded Ghaziuddin Haidar, the Nawab-Wazir of Awadh, to cast off Mughal suzerainty and declare himself independent. Ghaziuddin was crowned in 1819, but the State of Awadh whose capital Lucknow, laid claimed the title of the cultural capital of India, did not survive even four decades. Despite Ghaziuddin's proclamation of independence, the first issues continued in the name of the Mughal Emperor, with the Awadh coat of arms on the reverse, before independent coins were issued. The coat of arms was imitative of the English and marked a departure from the traditional Mughal designs. Nasiruddin Hyder, Muhammed Ali, and Wajid Ali succeeded Ghaziuddin. The monetary system consisted of the gold ashrafi, (half, quarter, eighth and sixteenth of an ashrafi), the silver rupee with similar five denominations and the copper fulus. The defeat of the Nawab of Awadh at the Battle of Buxar (1764), precipitated the decline of the Kingdom. Wajid Ali Shah, the last Nawab was forced to abdicate in 1856 by Lord Dalhousie. During the 1857 uprising, the battle of Lucknow was one of the most bitterly fought battles. The revolutionaries are said to have minted coins in the name of the Nawab-Wazarat.

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Coins of Avadh

Coins of Mysore The Kingdom of Mysore was situated in Southwest India and was ruled by various Hindu dynasties. In 1761, Haider Ali a military adventurer deposed the Wodeyar ruler and proclaimed himself King. In the region, coins of both the Mughal and Vijayanagar standards were current. His coin issues coins of the pagoda types continued to carry the motifs and iconographic forms of the Vijayanagar period (e.g., Hara-Gauri) with his initial, the letter 'He' on the reverse. Tipu, his son, succeed him and assumed the title of Sultan. He introduced various innovations and new varieties in his coinage, continuing with the pagodas, the mohurs, and introduced his own standards. An interesting feature of his coins is that they do not bear his name. Tipu Sultan, a progressive ruler, was one of the few Indian princes to perceive the imperial designs of the British and oppose them; he, however, was slain in the battle of Srirangpatanam in 1799 after which the British reinstated Krishna Raja Wodeyar as King of Mysore. Krishna Raja Wodeyar continued to issue coins of the Vijayanagar and Mughal standards. The gold coins carried the Hara-Gauri motif and the King's name on the reverse. The silver coins were in the Mughal tradition, bearing the name of the Mughal Emperor, Shah Alam II on the obverse and the name of the mint on the reverse. Some of the smaller fraction coins carried the image of the deity Chamunda, the family deity of the Wodeyar family; other coins carried motifs drawn from nature and inscriptions in Nagri, Persian, Kannada, and English at various points of time.

Coin of Hyder Ali Rupee of Tipu Sultan

Coins of the Sikhs Guru Nanak laid the foundations of a religious community, which gradually metamorphised into the Sikh Empire, a formidable military power in North Western India. This transformation was brought about on account of continued Mughal oppression. Constant harassment by the Mughal forces because of the failure of the Sikhs to embrace Islam, led to the emergence of Sikh militarism. However it was with the defeat of Ahmad Shah Durrani at Sirhind in 1710, that the Sikh league also known as Khalsa, came into its own. The whole tract of land between Jhelum and Sutlej was divided among the Sikh chieftains. Around 1777 AD, coins were issued from Amritsar without the name of the Mughal Emperor and were called 'Nanak Shahi'. These coins bore the name of Guru Gobind Singh, the tenth and the last Guru of the Sikhs. The most distinguished statesman amongst the chieftains was Ranjit Singh who successfully recaptured Amritsar, Ludhiana, Multan, Kashmir and Peshawar. The treaty of 1809, with the British, confirmed his right to rule the tracts he had occupied south of Sutlej. However, after his death, the Sikh Empire began to deteriorate and was finally annexed to the British Empire in 1849. Most coins struck during the reign of Ranjit Singh bear a large leaf on one side and bear Persian legends. He also introduced coins with Gurumukhi legends, mostly of the copper variety.

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Coins of the Sikhs

Coins of Hyderabad The Princely State of Hyderabad was founded around 1724 when Mir Qamar-ud-Din, the Mughal Viceroy of the Deccan, assumed independence under the title of Asaf Jah and founded the dynasty of the Nizams of Hyderabad. In the post 1857 era, the State of Hyderabad was one of the largest Princely States in India and later came to be known as the 'Dominion of His Exalted Highness, the Nizam'. The State which covered territories presently included in Andhra Pradesh, Maharashtra, and Karnataka was assimilated into the Indian Union in September 1948. In matters of currency and coinage, the coins of the Nizams were issued in the name of the Mughal Emperor till 1858 when a coin legend was introduced with the name of the founder of the state, Asaf Jha. Thereafter, they were struck independently and the new coins were termed the 'Hali Sicca', i.e., the current coins. In 1903-04 coins were machine struck for the first time. These coins featured the Charminar on the obverse with Persian inscription Nizam- ul-mulk Bahadur Asaf Jah around it. The reverse carried the value. These coins confirmed to the British coins in denominations and metals.

Obverse Reverse Obverse Reverse Obverse Reverse Ashrafi Rupee 8 Annas

Obverse Reverse Obverse Reverse 4 Annas 2 Annas Coins of Hyderabad

Some Representative Coins of other Princely States

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Coins of Datia State Coins of Faridkot State

Obverse Reverse Obverse Reverse Obverse Reverse Rupee Half Rupee One Fourth Rupee

Obverse Reverse Obverse Reverse One Eight Rupee One Sixteenth Rupee Coins of Udaipur

BRITISH INDIA COINAGE[5]

Early English settlements in India had three broad grouping: those in Western India (Bombay & Surat), those in South India (Madras) and those in the Eastern Province of Bengal (Calcutta). Early English coins accordingly developed along three broad strands in consonance with the local acceptability of the coins for the purposes of trade.

The coins of Bengal were developed along the Mughal pattern, those of Madras were struck along South Indian lines both in design and metrology (Pagoda) as well as along Mughal designs. The English coins of Western India developed along Mughal as well as English patterns. It was only in 1717 AD that the English obtained permission from the Emperor Farrukhsiyar to coin Mughal money at the Bombay mint. English pattern coins were struck at the Bombay Mint. The gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoonand tin coins Tinny. By the early 1830, the English had become the dominant power in India. The rise of one dominant power after over a hundred years of turmoil, enabled the enactment of the Coinage Act of 1835 and for uniform coinage to be issued.

Newly designed coins with the effigy of William IV on the obverse and the value on the reverse in English and Persian, were issued in 1835. The coins issued after 1840 bore the portrait of Queen Victoria. The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India.

Edward VII succeeded Queen Victoria and the coins issued bore his effigy. The Indian Coinage Act, 1906 was passed which governed the establishment of Mints as well as the coins that would be issued and the standards that would be maintained (Rupee 180 grains, Silver 916.66 standard; Half Rupee 90 grains, Quarter Rupee 45 grains). George V succeeded Edward VII. Acute shortage of silver on account of World War I, led the British Government to issue paper currency of One Rupee and Two and a half Rupees. The silver coins of smaller denominations were issued in cupro-nickel. George V was in turn succeeded by Edward VIII. However no coins were issued during his short reign. Geroge VI ascended the throne in 1936. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins.

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India attained freedom on 15thAugust 1947. However the existing coinage was continued as the frozen series till January 26th1950 when India became Republic. [6]

EARLY ISSUES [6]

Obverse Reverse Obverse Reverse Obverse Reverse Mohur Shah Alam II, Murshidabad Two Pagodas in Madras Presidency The Surat Rupee

COINS OF WILLIAM IV [7]

Obverse Reverse Obverse Reverse Obverse Reverse Rupee One, Silver Half Rupee, Silver Quarter Rupee, Silver

Obverse Reverse Obverse Reverse Obverse Reverse Half Anna, Copper Quarter Anna, Copper Half Pice, Copper

Coins of Queen Victoria [8]

Obverse Reverse Obverse Reverse Obverse Reverse

Two Annas, Silver Quarter Rupee, Silver Half Rupee, Silver

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Obverse Reverse Obverse Reverse One Rupee, Silver One Mohur Coins of Queen Victoria (Young Bust)

Obverse Reverse Obverse Reverse Obverse Reverse One Twelfth Anna, Bronze Half Pice, Bronze Quarter Anna, Bronze

Obverse Reverse Obverse Reverse Obverse Reverse Half Anna, Bronze Two Annas, Silver One Fourth Rupee, Silver

Obverse Reverse Obverse Reverse Obverse Reverse

Half Rupee, Silver One Rupee, Silver One Mohur Coins of Queen Victoria (Mature Bust)

Obverse Reverse Obverse Reverse Obverse Reverse One Twelfth Anna, Bronze Half Pice, Bronze Quarter Anna, Bronze

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Obverse Reverse Obverse Reverse Obverse Reverse Half Anna, Bronze Two Annas, Silver One Fourth Rupee, Silver

Obverse Reverse Obverse Reverse Half Rupee, Silver One Rupee, Silver Coins of Queen Victoria (Empress)

COINS OF EDWARD VII [9]

Obverse Reverse Obverse Reverse Obverse Reverse One Twelfth Anna, Bronze Half Pice, Bronze One Quarter Anna, Bronze

Obverse Reverse Obverse Reverse Obverse Reverse One Anna, Copper-Nickel Two Annas, Silver One Fourth Rupee, Silver

Obverse Reverse Obverse Reverse Half Rupee, Silver One Rupee, Silver

COINS OF GEORGE V [10]

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Obverse Reverse Obverse Reverse Obverse Reverse 1/12 Anna (One Pie) 1/2 Pice 1/4 Anna (1 Pice)

Obverse Reverse Obverse Reverse Obverse Reverse One Anna Two Annas Quarter Rupee

Obverse Reverse Obverse Reverse Obverse Reverse Half Rupee One Rupee Fifteen Rupees

Major Design Change

Obverse Reverse Obverse Reverse Obverse Reverse Two Annas Four Annas Eight Annas

REPUBLIC INDIA COINAGE [11]

India won its independence on 15thAugust, 1947. During the period of transition India retained the monetary system and the currency and coinage of the earlier period. While Pakistan introduced a new series of coins in 1948 and notes in 1949, India brought out its distinctive coins on 15thAugust, 1950. Chronologically, the main considerations influencing the coinage policy of Republic India over time have been:  The incorporation of symbols of sovereignty and indigenous motifs on independence;  Coinage Reforms with the introduction of the metric system;  The need felt from time to time to obviate the possibility of the metallic value of coins rising beyond the face value;

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 The cost-benefit of coinisation of currency notes Independent India Issues could broadly be categorised as The Frozen Series 1947-1950 This represented the currency arrangements during the transition period upto the establishment of the Indian Republic. The Monetary System remained unchanged at One Rupee consisting of 192 pies. 1 Rupee = 16 Annas 1 Anna = 4 Pice 1 Pice = 3 Pies

The Anna Series This series was introduced on 15thAugust, 1950 and represented the first coinage of Republic India. The King's Portrait was replaced by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger on the one Rupee coin. In some ways this symbolised a shift in focus to progress and prosperity. Indian motifs were incorporated on other coins. The monetary system was largely retained unchanged with one Rupee consisting of 16 Annas.

Obverse Reverse Obverse Reverse Obverse Reverse Rupee One, Nickel Half Rupee, Nickel Quarter Rupee, Nickel

Obverse Reverse Obverse Reverse Obverse Reverse Two Anna, Cupro-Nickel One Anna, Cupro-Nickel Half Anna, Cupro- Nickel

Obverse Reverse One Pice, Bronze

The Decimal Series The move towards decimalisation was afoot for over a century. However, it was in September, 1955 that the Indian Coinage Act was amended for the country to adopt a metric system for coinage. The Act came into force with effect from 1stApril, 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. For public recognition, the new decimal Paisa was termed 'Naya Paisa' till 1stJune, 1964 when the term 'Naya' was dropped.

Naya Paisa Series 1957-1964 Denomination - Metal, Weight, Shape, Size

International Journal of Grid and Distributed Computing Vol. 13, No. 1s, (2020), pp. 200-219

Rupee One - Nickel, 10 gms, Circular, 28 mm Fifty Naye Paise - Nickel, 5 gms, Circular, 24 mm Twenty Five Naye Paise - Nickel, 2.5 gms, Circular, 19 mm Ten Naye Paise - Cupro-Nickel, 5 gms, Eight Scalloped, 23 mm (across scallops) Five Naye Paise - Cupro-Nickel, 4 gms, Square, 22 mm (across corners) Two Naye Paise - Cupro-Nickel, 3 gms, Eight Scalloped, 18 mm (across scallops) One Naya Paisa - Bronze, 1.5 gms, Circular, 16 mm

With commodity prices rising in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and Aluminium-Bronze were gradually minted in Aluminium. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity.

Aluminium Series 1964 onwards

Denomination - Metal, Weight, Shape, Size One Paisa - Aluminium-Magnesium, 0.75 gms, Square, 17 mm (Daigonal) Two Paise - Aluminium-Magnesium, 1 gm, Scalloped, 20 mm (across scallops) Three Paise - Aluminium-Magnesium, 1.25 gms, Hexagonal, 21 mm (Diagonal) Five Paise - Aluminium-Magnesium, 1.5 gms, Square, 22 mm (Diagonal) Ten Paise - Aluminium-Magnesium, 2.3 gms, Scalloped, 26 mm (across scallops) Twenty Paise - Aluminium-Magnesium, 2.2 gms, Hexagonal, 26 mm (diagonal), 24.5 mm (across flats)

Over a period of time, cost benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the seventies; Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Re 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s.

Contemporary Coins Denomination - Metal, Weight, Shape, Size Five Rupees - Cupro-Nickel, 9.00 gms, Circular, 23 mm Two Rupees - Cupro-Nickel, 6.00 gms, Eleven Sided, 26 mm One Rupees - Ferratic Stainless Steel, 4.85 gms, Circular, 25 mm Fifty Paise - Ferratic Stainless Steel, 3.79 gms, Circular, 22 mm Twenty Five Paise - Ferratic Stainless Steel, 2.83 gms, Circular, 19 mm Ten Paise - Ferratic Stainless Steel, 2.00 gms, Circular, 16 mm

International Journal of Grid and Distributed Computing Vol. 13, No. 1s, (2020), pp. 200-219

References

[1] https://rbi.org.in/Scripts/mc_coinage.aspx [2] https://rbi.org.in/Scripts/mc_ancient.aspx [3] https://rbi.org.in/Scripts/mc_medieval.aspx [4] https://rbi.org.in/Scripts/mc_mughal.aspx [5] https://rbi.org.in/Scripts/mc_colonial.aspx [6] https://rbi.org.in/Scripts/mc_british.aspx [7] https://rbi.org.in/Scripts/mc_british_earlyissues.aspx [8] https://rbi.org.in/Scripts/mc_british_WilliamIV.aspx [9] https://rbi.org.in/Scripts/mc_british_QueenVictoria.aspx [10] https://rbi.org.in/Scripts/mc_british_EdwardVII.aspx [11] https://rbi.org.in/Scripts/mc_british_GeorageV.aspx [12] https://rbi.org.in/Scripts/mc_republic.aspx