Lectures on Ancient Indian Numismatics (Carmichael Lectures, 1921) c9.59

c9.59

It is a pity that Kauṭilya gives us no information about the subordinates who served under Lakshaṇādhyaksha or about the process in which coins were manufactured in his time. The second officer he mentions in connection with coins is Rūpadarśaka. “Rūpadarśaka,” says he, “shall establish the circulation of coined money (paṇa-yātrā), whether relating to commercial transactions or admissible into the treasury. (The premia levied on coins) shall be (from the manufacturer) 8 per cent known as rūpika, (from the seller and purchaser) 5 per cent as vyājī, (from the appraiser) one-eighth Paṇa per cent as Pārīkṣika, and a fine of 25 Paṇas from (persons) other than the manufacturer, the seller and the purchaser, or the appraiser.” Now, what does this passage tell us? It appears that there was regular trade carried on in coined money in Kauṭilya’s time. In the first place, it seems that there was a system of free coinage, that is to say, any private individual could bring any quantity of bullion to the mint for being coined on his own account. For this he had to pay the premium of 8 per cent called Rūpika. Secondly, there was a regular sale and purchase of coins going on, for which both the parties had to pay 5 per cent on their profit to the state. Thirdly, there appears to have been a class of men called Parīkṣitṛi, or Pārakhs in modern parlance, who remained in business locality and to whom the people brought, for appraising, coins coming from all quarters in the course of commerce. These appraisers must certainly have derived some profit, though perhaps not a huge one as compared with the first two classes of dealers, and had therefore to pay only one-eighth per cent called Pārīkṣhika. It is possible to conceive that in these monetary transactions there was occasionally transgression of law, and such offenders were punished with a fine of twenty-five Paṇas. All these transactions, it will be seen, relate to the commercial sphere, i.e. to vyavahārika-paṇa-yātrā, as Kauṭilya calls it. Rūpadarśaka had to regulate this traffic in coins, and also collect whatever was due to the state on that account. But the Rūpadarśaka was not connected with coin transactions going on in the commercial circles only. He had also to supervise Kośa-praveśya-paṇa-yātrā, that is to say, the coined money to be entered into the royal treasury. In another place, Kauṭilya tells us that the officer called Sannidhātṛi shall receive into the treasury only such hiraṇya or gold coins as have been declared to be pure by Rūpadarśaka and destroy those that are not genuine. What this exactly means we do not know. But certainly money must pour into royal treasury in a variety of ways, such as taxes, tribute and so forth. There is therefore every chance of counterfeit coins being also smuggled along with good money. And it seems that it was the duty of the Rūpadarśaka to see that none but genuine coins were deposited in the treasury.