By Prof. A.V. Narasimha Murthy, former Head, Department of Ancient History & Archaeology, University of Mysore
South India, comprising Karnataka, Andhra, Tamil Nadu and Kerala, has a distinctive system of coinage from ancient times which continued till recently when the Britishers introduced almost a common system of coinage for the entire country with some exceptions of kingdoms ruled by Maharajas or Sultans like those of Mysore, Hyderabad, etc. Varieties of coins look like cumbersome today, but it has to be remembered that it worked fairly well. Another unique feature is the continuity of coinage from its inception. The earliest coins are called punch-marked coins because five or six punches were made on them and each punch represented a particular entity. In fact these coins have been taken to be of the Mauryan rulers including Ashoka. In South India punch-marked coins are the earliest. It is noteworthy that a silver punch-marked coin was found at Banavasi in Karnataka, and this is perhaps the earliest coin of Karnataka. Similar coins have come from Tamil Nadu also. Thus these coins were in circulation in South India till the Pallava coins came into vogue. In this connection I should hasten to add that Sangam age is a highly accomplished culture in Tamil Nadu and Sangam age coins have been discovered in many places there. This brings great antiquity to the South Indian coinage perhaps to the first or second century AD.
