Ancient India, Magadha Janapada, Mauryan Empire, 322 to 185 BCE, Denomination: AR Karshapana, Composition: Silver, Weight: 2.92 grams, Diameter: 14×14 mm, About Very Fine, Scarce.

Obverse: Multiple punch marks showing varied symbols such as the Sun, animals (bull, elephant, rabbit), human figures, trees, flowers, and geometric motifs; symbol combinations differ on each coin.

Reverse: Usually blank or with a single small banker’s or verification mark added during circulation.

The Punch Marked Coins (PMCs) of the Mauryan Empire represent the earliest standardized silver currency system in ancient India. These coins emerged from the Magadhan monetary tradition and were used extensively across the Indo-Gangetic plain during the late 4th to 3rd centuries BCE. Unlike later die-struck issues, PMCs were produced by cutting silver sheets into irregular flans and impressing them with multiple official punch symbols.

Magadhan PMCs are typically characterized by five punch marks on the obverse, including solar symbols, animals, and geometric or nature-inspired motifs, reflecting state authority and economic regulation. The most common denomination was the Karshapana, weighing approximately 2.50 – 3.50 grams, while heavier units such as the Vimshatika are considerably rarer.

Circulating widely for trade, taxation, and state payments, these coins supported a highly centralized administrative system headquartered at Pataliputra. References in Buddhist Jataka literature and the Manusmriti confirm their broad acceptance, marking PMCs as the foundation of India’s imperial monetary economy.

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