Introduction of Coinage

2020-04-27 11:46 :10

Economy, Emergence of Coins during Mahajana

Various kinds of traders: shopkeepers (apanika), retailers (KrayaVikrayika) and money investors (Setthi-Gahapati)
Coins came into use in this period for the first time in ancient India, were punchmarked coins.
Coins promoted organised commerce, they bear various kinds of symbols on one side and were issued by merchants led to the rise of money lending class.
The coin of highest value was the silver satamana. This was followed by the Karsapana. The copper masas and kakani were coins of smaller denomination

Gautama Dharmasutra refers to increased corporatisation. Terms in Buddhist texts viz Vinaya Pitaka such as shreni, nigama, puga, vrata etc show the emergence of guilds.
Pali texts contain the first reference to coins words such as Kahapana, Nikkha, kamsa, pada, masaka and Kakanika.
Punch marked coins most of them silver were discovered → qualitative change in economic transactions and long term implication for trade.
Gahapati and Setthi emerged as new social elites during this period.