Lectures on Ancient Indian Numismatics (Carmichael Lectures, 1921) c10.37

c10.37

But let us take the highest value it had in modern times, viz. 64 cowries in Mahārāṣṭra. A Kārshāpaṇa thus becomes equivalent to 20 modern pice, that is, five annas, although its weight is not even double that of a pice! Perhaps you may now say: granted that copper had much higher value than at present as no doubt this calculation shows, but how can any town or province have the highest denomination of coins which equals only five annas? And I may, therefore, tell you that in Cutch to this day the highest denomination known as Kori is about 4 annas only in worth!