The Early History of the Deccan (Parts I–XI) v1.c8.s13.55

v1.c8.s13.55

Like many other contemporary dynasties of the Deccan, the Vākāṭakas issued no state currency. We have shown already how the view that Rudrasena, Pravarasena and Pṛithvīsheṇa had issued their own coinages is altogether untenable. Retail commerce on a small scale was carried out with cowries (shells) as the means of exchange. Barter was also extensively practised. Bullion was used for more important transactions. The rate of interest probably varied from 12 to 24 per cent.