Heritage
Kashmir’s Lost Coins: The hidden history minted in metal
A look at Kashmir’s coinage reveals the region’s rich history, from ancient empires to sultanate rule and beyond.
Coins are more than a currency. They are miniature time capsules that preserve history of a civilisation by serving as tangible records of its economy, politics and art and sometimes its propaganda and legitimacy.
The usually accepted dates of the beginning of monetary history in Kashmir are 1st to 3rd-century C.E when the earliest coins were found in the Kashmir valley.
However, monetary history of Kashmir dates back to the 6th-4th century B.C. (Kushana period). Iqbal Ah. in his book on numismatics, mentions Greek and Scythians coins found in Kashmir from Philip of Macedon, Alexander the Great, Alexander II, Diodotus, Euthy demons, Menander, Apollodotus, Hippostratus, Lysis, Azes, Azelises and Sapalarsis.
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 Sikander. 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 adopted a standard type of coin. Afghan coins were similar to the Mughal coins. Ahmad Shah’s coin bore numerous inscriptions, some of which read:
Got the inscrutable command Ahmad the King to stamp the silver and gold currency from legendary fish to moon.
The sky brings gold and silver from the sun and moon,
In order that it may stamp on the face of the coin the name of Timur Shah.
Kashmir’s mint Durrani coin.
Coins of Kashmir dating back to the period of Mughal Empire of Nur al-din Jehangir.
Ahamd Shah had a seal made in form of a peacock baring the following lines:
O bestower of Victory,
Government is God’s.
In 1808-1810 C.E, Ata Muhammad Khan Bamzai, the Afghan governor issued coins in the name of popular Kashmiri mystic Sheikh Noor-ud-Din.
The Sikh rulers (1820 to 1846) continued to inscribe Persian legends on their coins, so did the early Dogras (1846 to 1947). Once such coin struck in Srinagar in 1819 C.E reads:
Abundance, the sword, victory and ready help,
Guru Gobind Singh obtained from Nanak.
A Dogra coin simply reads: 
Value of these coins
There used to be a minimum value called ‘Kowri’, which was a monetary token in Kashmir and was a sea-shell called ‘haar’. Thus the term Haru means money in Koshur language.
Eight ‘Kowris’ were equal to one ‘bahagain’, two ‘bahagain’ were equal to one ‘punsu’, four ‘punsu’ made one ‘hath’, ten ‘hath’ were equal to sasun (or Saas) and hundred sasun equal to one ‘laksa’ (lakhs) and 100 laksa equal to one koti (crore).
During the reign of third Mughal Emperor Akbar, the term ‘hath’ applied to one copper coin equivalent to one ‘dam’ and one-fortieth of a Rupee.
The ‘sasun’ was equal to 10 dams for 1/4 of a Rupee. In ancient times, the value of Dinar was so small to be 1/12 of a bahagain.
Till 1947, Kashmir had a minting factory at Zarab Khana in the Zaina Kadal area of Srinagar. The structure existed till 1972 and was demolished during the filling of Nallah Mar, a navigational canal running through the old city of Srinagar.
Zarabi and Tanki Families were usually associated with the minting of coins. Minting was also done on a smaller scale at Tanki Sarai and Tanki Pora areas of Srinagar.
Coins whisper tales of empires, of kings and traders in whose hands they’ve rolled. They bear the mark of faith and might and cast a nations story in light.
