Monetary history of Kashmir

However, monetary history of Kashmir dates back to the 6th-4th century B.C. (Kushana period).

Coins provide a valuable window into the socio-economic fabric of any society. In Kashmir, the monetary history can be traced back to the 6th-4th century B.C. (Kushana period) with the arrival of Scythians, Greeks and Dhythians in the Valley.

Coins of Philip of Macedon, Alexander the Great, Alexander II, Diodotus, Euthy demons, Menander, Apollodotus, Hippostratus, Lysis, Azes, Azelises and Sapalarsis have been found in Kashmir and are mentioned by Iqbal Ah. in his book on numismatics.

The punch-marked silver and copper coins, known as pana in ancient Sanskrit and Pali literature date back to the Kushana era and some of these coins which were sold at the SR Gunj area of Srinagar until recent years were scripted with Sharda and Devanagari languages. The mention of silver and gold coins is found in Kalhana’s Rajtaranghini.

The standard type of coin in Kashmir has remained unchanged since first introduced by Kanishka in 78 C.E down to the Muslim rule in 1339 C.E (almost 1261 years).

The oldest Muslim coin available in SPS Museum, Srinagar is that of Sultan Shah Mir (1339-42 C.E) while the oldest copper coin is that of Sultan Sikandar. The inscription on Shah Mir’s coin reads:

And in the central lozenge:

Sultan Sikandar’s coin has a similar inscription in the lozenge except for the other inscription that reads his name.

According to Stanley Lane Poole, a British orientalist and archaeologist, half of the coins at the British museum from Kashmir Sultanate are silver coins. The copper issues are usually round with a diameter of 0.8 inches, a loop or a knot of arabesque design in the midst. The silver coins are square with a breadth of 0.6 inches.

Srinagar was the only mint town during the Hindu rule and the entire duration of Muslim rule. Saraf Mohalla in the Zaina Kadal area of Srinagar is believed to be the locality of the royal mint.

On some coins from Sultanate era, the dates are given in numbers and on others in words as well as numbers. While some of them have dates in Arabic on others these are inscribed in Persian.

The design of Sultanate era coins is almost the same and there is very little variability with most of them having the same lozenge on the back namely, “Zarb-i-Kashmir.”

Na’ib-i-Khalifat-ur-Rahman appears on some of the coins from the Sultanate era, since the ruler looked upon himself as the lieutenant of the Caliph of the time. On some, Na’ib-Amir-ul-Mumineen is inscribed and on others, the regal title appears. On a few coins, honorary titles of Munir-ud-din and Nasir-ud-din have also been noticed.

The weight of silver coins from the Sultanate era would be 91-96 grains (not grams) and that of copper coins would be 83 grains.

Golden Dinar of Fateh Shah.

The Muslim Sultans of Kashmir introduced to Kashmiri coinage the bar and nought symbol, the kalima in Arabic, the legend of Al Sultan Al Azam (the supreme emperor), and a reference to Kashmir as the mint house (Zarb-i, Kashmir).

The coins would change according to the economic conditions of the time. For instance, Sultan Hassan Shah re-issued the old puntshu (derived from puntsh meaning 25) in a debased form when the economy was in a depression.

Sultan Hassan Shah also gave currency to the new coin called ‘dvitinnari’, which was made of lead and had an inscription of a naga (snake).

Just like the Emperor of France, Napoleon, who intended to conquer England and had his medals struck in anticipation of his imaginary conquest of England, the Kashmir coins can be found in Kings of neighbouring areas even when they didn’t rule Kashmir or were far from conquering it.

A silver coin from the Kashmir Sultanate.

An example being the coins of Islam Shah Sur (1545-1552 C.E) who never ruled Kashmir. These coins probably are evidence of a conspiracy against Mirza Haider Dughlat, who was the ruler of Kashmir (1541-1551 C.E) at that time. Similarly, there are coins of Mughal’s struck in Kashmir as early as 1557 by those pitting against Chaks.

When the Mughals came to power, Akbar had fine currency in gold and silver. However the most artistic currency was issued by Jahangir, the fourth Mughal Emperor. The sixth Mughal emperor Aurangzeb