The History of Bengal (Vol. I: Hindu Period; Vol. II: Muslim Period 1200–1757) v1.c19.s9.18

v1.c19.s9.18

Whatever may be the correct explanation of the relative value of gold and silver in the 5th century A.D., the immediate successors of the Gupta monarchs in Bengal, while adhering to the traditions of Gupta gold coinage, seem to have altogether given up the practice of minting silver coins. This is shown by the fact that while not a single silver coin of any of these rulers has yet been discovered, a number of gold coins bearing the legends of Śaśāṅka, Jaya(-nāga ?), Samāchā(radeva) and other kings³ have been found in different parts of Bengal. These coins, however, although conforming to the weight of the later Gupta gold coins (and consequently to that of Manu’s *suvarṇa*), are in most cases debased in metal content, and inferior in style and execution to those of their prototypes. The times were difficult; the forces of disruption were rampant on all sides; and the kings seem to have resorted to debasing their currency with a view to retaining as much gold in their own hands as possible. The process thus started seems to have been continued for several generations¹ till, by the operation of what is called the Gresham’s Law, gold coins wholly went out of circulation in Bengal.