Abstract

Most likely the fist coin of India was minted just before 5th century BCE in northern and central India. The earliest coins of India are commonly known as Punch-marked coins. As the name suggests, these coins bear the symbol of various types, punched on metal pieces of specific size and weight. 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. In this write up we shall discuss the origin, growth and development of Punch marked coins in Indian Subcontinent in ancient times.