Lectures on Ancient Indian Numismatics (Carmichael Lectures, 1921) c7.67.4

c7.67.4

In fact, unstamped metallic currency also was not unknown in the Ṛig-Vedic period, and is distinguished from the Nishkas by a distinct phraseology. Thus Maṇḍala VI contains a hymn, which is a panegyric by the Ṛishi Garga of the King Divodās, son of Śriñjaya.² In this hymn there is one Ṛik which enumerates the gifts bestowed by this king on the poet-priest. And among these mention is made of *daśa hiraṇya-piṇḍa* which the Ṛishi received. Now, what does *hiraṇya-piṇḍa* mean here? As these *hiraṇya-piṇḍas* have been specifically mentioned as ten, it appears that each *hiraṇya-piṇḍa* conformed to a definite recognised value. And as the word *piṇḍa* shows, it was bullion beaten into somewhat definite, *i.e.*, probably roundish, shape. The *hiraṇya-piṇḍas*, which the seer Garga received, appear, therefore, to be buttons of gold which passed as unstamped money in the Ṛig-Vedic period. Of course, there is nothing strange in both stamped and unstamped money circulating in one and the same period. Not many years ago, as you will recollect, the Ḍhābuās, which were unstamped copper coins, circulated freely in Bengal along with stamped coinage of various denominations. We need not, therefore, be surprised, if we find from the Ṛig-veda that both *hiraṇya-piṇḍas* and Nishkas, *i.e.*, unstamped and stamped money, were current at one and the same time.