Medieval Indian Coins and Coinage

The medieval period in Indian history, spanning roughly from the 8th to the 18th century, witnessed significant developments in coinage. This era saw the introduction of Islamic influences, the rise and fall of various dynasties, and the evolution of monetary systems that reflected the political, economic, and cultural changes of the time.

Early Medieval Period: The Transition from Hindu to Islamic Coinage

Rajput Coinage

Before the establishment of Islamic rule in India, Rajput kings issued coins that followed a consistent pattern. These coins typically included the name of the ruler on one side and the picture of Goddess Lakshmi on the other. The text on these coins was written in the Devanagari script, reflecting the Hindu cultural influence of the time.

The Ghurid Influence

When the Ghurid dynasty established their reign in Lahore, they introduced the ‘Bull Horsemen’ type of coins. These coins represented a transition between Hindu and Islamic coinage styles:

• Some coins featured a horseman on one side and Arabic inscriptions on the other.
• Others depicted a bull on one side and Arabic inscriptions on the other.
• Interestingly, some Ghurid coins, such as those of Muhammad Ghori, retained the figure of Goddess Lakshmi but included the ruler’s name in Nagari characters, demonstrating a blend of Hindu and Islamic elements.

The Delhi Sultanate: Standardization and Innovation

Iltutmish’s Monetary Reforms

Iltutmish, who ruled from 1211 to 1236 AD, played a crucial role in standardizing Islamic coinage in India:

• He introduced the silver Tanka and the copper Jital, which became the two primary coins of the Delhi Sultanate.
• The silver Tanka weighed 175 grains (approximately 11.6 grams) and represented one tola in the Indian native weight system.
• Iltutmish was the first to introduce “Pure Arabic Coins” in India, marking a significant shift from earlier coinages that bore Sanskrit characters and Hindu symbols.
• His coins were engraved with the title “The Mighty Sultan, Sun of the Empire and the Faith, Conquest-laden, Il-tutmish.”
• Notably, Iltutmish inscribed the name of the Khalifa of Baghdad on his coins, emphasizing his legitimacy as a Muslim ruler.

Subsequent Developments

• Balban later issued gold Tankas of the same weight as Iltutmish’s silver Tanka.
• The relationship between gold and silver was likely maintained at a ratio of 1:10, indicating a regulated bimetallic standard.

The Tughlaq Dynasty: Monetary Experiments and Innovations

Muhammad bin Tughlaq’s Radical Reforms

Muhammad bin Tughlaq (1325-1351 AD) is known for his ambitious and often controversial monetary experiments:

• Token Currency: Between 1329 and 1332 AD, he attempted to introduce token currency made of brass and copper. These coins bore legends such as “Sealed as a tanka of fifty ganis” and “He who obeys the Sultan, obeys the Compassionate.”
• New Coin Denominations:
  • He introduced a silver coin called “Adlis,” which was discontinued after seven years due to lack of popularity.
  • He also enlarged the gold dinar from 172 grains to 202 grains.
• Market-Reflective Coinage: Tughlaq attempted to align coin values with the free market gold/silver price ratio, an early attempt at a floating exchange rate system.

Firoz Shah Tughlaq’s Contributions

Firoz Shah Tughlaq introduced new coin denominations:

• Adha: Worth 50% of a Jital
• Bikh: Worth 25% of a Jital
• Other prevalent coins during this period included Shashgani (6 jitals) and Hastgani (48 jitals)

Regional Dynasties and Their Coinage

Bengal Sultans

The Bengal Sultans, ruling independently from Delhi, developed their own distinctive coinage. These coins often featured Bengali script alongside Arabic, reflecting the region’s linguistic and cultural diversity.

Bahmani Sultanate

In the Deccan, the Bahmani Sultanate issued coins that showed influences from both North Indian Islamic styles and local traditions. Their coins often bore elaborate calligraphy and sometimes included dates, providing valuable historical information.

Kakatiyas of Telangana

The Kakatiya dynasty, which ruled parts of modern-day Telangana and Andhra Pradesh, issued coins in various metals:

• Gold coins were known as Gadyanam or Mada
• Silver coins were called “Rukalu” (10 Rukalu = 1 Mada)
• They also minted copper and lead coins
• The Kakatiya coins were engraved in Nandinagari script, a sister script of Devanagari

The Vijayanagar Empire: A Southern Powerhouse

Coin Types and Iconography

The Vijayanagar Empire developed a distinctive coinage system that influenced South Indian and even European coinage for centuries:

• Varaha: Introduced by Tirumala Raya, the first crowned king of the Aravidu Dynasty, the Varaha was a gold coin weighing approximately 3.4 grams (52 grains).
• Garuda: Issued by Achyuta Raya of the Tuluva Dynasty (reign: 1529-1542 AD).
• Balakrishna and Venkatesha: Krishnadevaraya (reign: 1509–1529 AD) issued coins featuring images of Balakrishna and Venkatesha.
• Hanuman: The founders of the empire, Harihara and Bukka, struck coins with the image of Hanuman.

Economic Significance

• The extensive coinage of Vijayanagar reflects the empire’s economic prosperity and its engagement in international trade.
• Their coins were known by various names such as Godyana, Pagoda, and Varaha.
• The gold varahan coin issued by Krishna Deva Raya featured a seated Vishnu on one side and a three-line legend “Shri Pratap Krishna Raya” in Sanskrit on the other side.

The Mughal Era: Artistic and Numismatic Excellence

Babur’s Coinage

• Babur introduced the “Shah Rukh,” a 72-grain silver coin.
• These coins initially had a round shape but were later converted to square-shaped coins.
• One side of the coin contained the name of the king along with his title and date.

Akbar’s Innovations

Akbar’s coinage reflected his syncretic religious policies:

• In 1579, he issued gold coins called “Ilahi” coins to propagate his new religious idea of ‘Din-i-Illahi’.
• The Ilahi coins bore the inscription “God is great, may his glory be glorified” and were valued at 10 rupees each.
• “Sahansah” was the largest gold coin issued by Akbar.
• Some of Akbar’s coins featured the Hindu symbol of Swastika alongside the Islamic “Kalima” (affirmation of faith).
• He also issued gold half mohurs with depictions of Rama and Sita, and some silver coins had the words “Rama” and “Gobind” on them.

Jahangir’s Artistic Coins

Jahangir’s reign saw some of the most artistic coins of the Mughal period:

• He introduced coins bearing zodiac signs, a unique feature in Mughal coinage.
• Some of his coins featured couplets and the name of his wife, Noorjahan.

Standardization under Shah Jahan

The standard gold coin of the Mughals, the Mohur, was firmly established during this period:

• It weighed about 170 to 175 grains.
• According to Abul Fazl’s ‘Ain-i-Akbari’, one Mohur was equivalent to nine rupees.
• Half and quarter mohurs were also minted.

The Maratha Empire

Shivaji’s Coinage

• Shivaji and his successors issued coins in gold and copper.
• The script used on the coins was Nagari.
• Coins bore the name “Chhatrapati Shivaji” on one side and “Sri Raja Siva” on the other.
• Mints were established in various locations including Bagalkot, Mulher, Chandor, Kolaba, Sangli, Miraj, and Panhala.

Peshwa Period

• During the Peshwa period, a copper coin called “Shivrai” was issued.
• This coin remained in circulation until the East India Company’s rule in the Bombay Presidency.

The Advent of European Trading Companies

East India Company’s Coinage

• The East India Company received permission to mint its own coins through a royal farman (decree) from the Mughal Emperor Farrukhsiyar in 1717.
• The Company’s coins were inspired by existing Indian designs, such as the “Pagoda” coins modeled after Vijayanagar coinage.

Technological Aspects and Metallurgy

Medieval Indian coins were produced using die-striking techniques, with the quality varying across dynasties and periods. Advanced metallurgical techniques were employed to maintain consistent purity in gold and silver coins, particularly in major economic centers.