Punch-marked coins of Magadha and the Mauryan period represent some of the earliest and most influential coinage in the Indian subcontinent, dating from approximately the 6th to the 2nd century BCE138.

Origin and Features

Punch-marked coins from Chandraketugarh displayed at the State Archaeological Museum in Kolkata, India wikipedia

• Earliest Coins: The first Magadhan punch-marked coins, known as karshapanas or Aahat coins, emerged around the 6th century BCE, slightly before or concurrent with the rise of the Magadha kingdom to imperial status126.

• Material and Shape: These coins were primarily made of silver, although copper variants appeared later, especially during the Mauryan era67.

• Shape: Typically, the coins were irregular, flat pieces cut from silver bars to a prescribed weight. Early Magadha coins weighed about 7.6 gm (35-mashaka), but soon a 3.5 gm karshapana standard became common5.

• Punch Marks (Symbols):

  • Early coins had one or two symbols; over time, the number increased to five as the system became standardized under the Nanda and Mauryan dynasties156.

  • Common symbols on Magadhan and Mauryan coins include the Sun, the distinctive six-armed Magadha symbol, a bull on a hilltop, Indradhvaja (a standard) flanked by taurines, and an elephant157.

  • Mauryan coins standardized five symbols, including a three-arched hill with a crescent, a branch of a tree by a four-squared railing, and a bull with taurine in front7.

Production

• Manufacturing Method: The coins were created by individually punching symbols with small dies onto metal blanks6. Only one side was usually marked.

• Local vs. Imperial Coinage: The earliest coins (often called Janapada coins) were regional issues of the Mahajanapadas. As Magadha and later the Mauryan Empire rose to power, coinage practices became more unified and widespread, evolving from local to "imperial" coinage610.

• Transition and Circulation: Coins from both Magadha and Maurya circulated widely throughout northern India. Their influence continued for centuries even after minting ceased in the late Mauryan period710.

Historical Impact

• Economics and Administration: The broad use of punch-marked coins facilitated trade, taxation, and administration across vast regions, illustrating the economic sophistication of Magadha and the Mauryas35.

• Texts and Archaeology: These coins are described in ancient texts such as the Manusmriti and Jataka stories and are prominent finds in archaeological sites like Chandraketugarh38.

The punch-marked coinage of Magadha and the Mauryans marks the foundational phase of Indian numismatics—setting standards for both monetary systems and royal symbolism that influenced subsequent Indian empires.