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Introduction Of Coins In India

April 02, 2012 | Comments: 0 | Views: 221

In the olden days in India before people started using coins as legal tender, many people used objects such as feathers, cattle grain, or piece of metal as means of payment. People used to acquire things through the barter system, which is a mutual exchange of goods. Though bartering had many merits, it had its own share of problems as well. Due to the problems with the barter system, people started looking for a simpler way to provide payment for goods and services..

This led to coins being introduced into the Indian economy. These new forms of currency were made from piece of metal stamped with symbols, letters, and pictures that was made according to specific weights and purity. This was guaranteed by an authority figure so the system would be fair.

The earliest coins in India were issued in the 6th century BC. These were called Punch-marked coins. The silver and copper coins had symbols imprinted on them with metallic punches, hence their name. These are the earliest known coins, but may not have been the earliest actually produced. This is simply because earlier coins were shapeless pieces of precious metals like gold and silver and they did not have any kind of inscription or symbols punched onto it. Their value was reckoned by weight. After the punch-marked coins, coins made of gold or silver were introduced.

Between 600 BC and 2000 BC, Indians used silver Punch Marked Coins as currency. Beginning in 200 BC, the coinage system of India went through a dramatic change. It was during this period that the Indian coins were categorized into two different coin families, the North and the South Indian coins.

This was due to invaders attacking and subduing the Northern zone of India and influencing its coinage and monetary system there. Foreign powers such as Rome invaded India and had business activities with foreign nations, thereby welcoming in the change in the coinage system. The number of invaders who travelled to the South was fewer and so the coinage system of South is different from that of the North. Therefore, every coin collector can differentiate between a North Indian and a South Indian coin.

Collectors are still not certain about the minting of Gold Punch Marked coins. Copper Punch Marked Coins were quite common and they were minted centuries after the silver coins went out of circulation. Later on in BC 300, inscribed coins with or without picture were introduced and the silver punch marked coins started diminishing.

With the growth of Indian civilization, many different varieties of coins were thus introduced and minted in India.

Are you interested in purchasing rare Indian coins? Then, kindly refer to this website:

Source: EzineArticles
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