Lectures on Ancient Indian Numismatics (Carmichael Lectures, 1921) c8.88

c8.88

It is worth noticing in this connection that Kauṭilya in his Arthaśāstra speaks of Paṇa, Half-Paṇa, Quarter-Paṇa and One-eighth Paṇa as silver coins, and Māshaka, Half-Māshaka, Kākaṇī and Half-Kākaṇī as copper coins.² This information is interesting in more than one way. For, in the first place, we see that the smallest silver coin in Kauṭilya’s time was One-eighth Paṇa or Kārshāpaṇa. Secondly, the smallest copper coin in his time was Half Kākaṇī. As Kākaṇī denotes a lower denomination than Half-Māshaka, Kākaṇī could not have weighed more than one-fourth of a Māsha. Half Kākaṇī must, therefore, have weighed one-eighth of a Māsha, i.e., one-eighth of five Ratis. And as one Rati is equivalent to 1·83 grains, Half-Kākaṇī must have equalled 1·14 grains at the most. Just imagine having any coin weighing only a little above one grain! Such a thing is almost inconceivable in the present age.