An Encyclopaedia of Indian Archaeology v1.c8.s1.1

v1.c8.s1.1

3.1.1 *Punch-marked*. Though terms like *niṣka*, *śatamāna* and *suvarṇa* are used in early Indian literature and gold passed by weight, the earliest actual coins were of silver and not gold. They consist of small thin roughly square, oblong, oval, rectangular and round pieces of metal of predetermined weight bearing up to five symbols impressed by individual punches. Known as punch-marked coins, the significance of their symbols, of which several hundreds are known, has given rise to much conjecture but remain largely unexplained. It is generally supposed that the earliest punch-marked coins owed their origin to silversmiths or bankers, not to the state. They antedate Alexander's invasion and may go back to the 6th-5th century bc The early coins have not been found in firmly datable archaeological context and attempts to establish their chronology by statistical estimates or the degree of their wear are not entirely convincing. However it is evident from excavations that the punch-marked coins belong to the same archaeological horizon as the NBPW [11.16]. Several thousands of them have been found in almost all parts of India. This and the references in Buddhist literature and the *Arthaśāstra* go to prove that money economy had become a familiar fact during the centuries preceding the Christian era.