Lectures on Ancient Indian Numismatics (Carmichael Lectures, 1921) c7.17

c7.17

Now, if we take up Pāṇini's *Aṣṭādhyāyī* which is useful not only for the study of Sanskrit grammar but also for constructing the social, religious and economic history of India, we find that in *adhyāya* V and *pāda* 1 he mentions certain affixes which have the sense of *tena krītam*, i.e. "purchased with this price" and *tad=arhati*, i.e. "which deserves that." You can at once perceive that here is a section which must throw some light on the economic condition of India in Pāṇini's time and the various media of exchange then prevalent. And, as a matter of fact, this natural expectation is more than fully realised through a study of these Sūtras. We are not, however, here concerned with a detailed specification of these media of exchange. Our present object is merely to ascertain whether there are any references to the use of coins in Pāṇini's work, and if so, what kinds are mentioned. And somewhat startling as it may appear, we notice that Pāṇini refers to at least seven kinds of coins. Not only does he speak of the Kārshāpaṇas but also of Nishkas, Śatamānas and so forth. Pāṇini, as I have repeatedly told you, has to be assigned to the middle of the 6th century B.C. at the latest. And if seven different types of metallic currency were prevalent in India about 550 B.C., the beginning of the art of coin-making in this country must be placed earlier than 700 B.C.