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Minerals and Metals in Ancient India v2.c41.s8: Minting Coins

Minerals and Metals in Ancient India v2.c41.s8

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Minting Coins

v2.c41.s8.1

The *Arthaśāstra* described a system of coinage based on silver and copper. One silver *paṇa* had a specific weight *karṣa* or *suvarṇa* equalling 16 *māsakas*; its composition was one *māsaka* of hardening alloy (iron, tin, lead or antimony), 4 of copper and the rest or 11 of silver. Half-, quarter- and one-eighth *paṇa* coins had proportionally smaller weights but the same alloy composition as that of a *paṇa*. The weight of one *māsaka* copper coin was probably the same as that of a silver *paṇa*. The *māsaka*, half *māsaka*, quarter *māsaka* known as the *kākaṇī*, and half *kākaṇī* copper coins (progressively lower weights) had the same composition, viz., one-quarter hardening alloy and the rest copper (2.12.24).

v2.c41.s8.2

The Mint Master or *lakṣaṇādhyakṣaḥ* was supposed to supervise minting (2.12.24). *Lakṣaṇa* in this name refers to the emblem of the state stamped on the punch-marked coins. The use of the word *bimba* or die (4.4.20) suggests that the coins were punch-marked and not cast. Businessmen could have their coins made, but only under supervision in the mint owned by the state. The Examiner of coins or *rūpadarśakaḥ* was authorised to monitor the production, purchase, sell and proper currency (*paṇayātrā*) or circulation of the coins (2.12.25-26; 4.1.44).

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