name the social classes which issued punch marked coins in this period. what light do these coins throw on the economy of this time?
Answers
According to V.A. Smith, the punch marked coins were issued by guilds and silversmiths. While John Allan is of the view that the coins were issued by a government authority instead of private individuals.
The coins show that there was economic progress. Trade was organized and well developed. People did not exchange goods as was done in the barter system. They had a convenient standard form of money to buy and sell goods.
Punch marked coins were introduced by the Mahajanapadas. They had the markings of various symbols on them and played a pivotal role on India’s economy. These coins were primarily made of silver although there were some copper coins as well. Most of the punch marked coins were rectangular in shape while they were round or square occasionally.
These coins were also used during the Mauryan period in large numbers with about 450 different types of punches featuring on them. Each coin was made with about 50 to 54 grams of silver.