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COINAGE
The empire fulfilled its mission for three and half centuries when it patronised and nourished the ancient Hindu culture of the country. The empire disappeared. But the literature, stone & copper inscriptions, monuments and coins of that period still survive. Treasure troves of Vijayanagara coins are found throughout South India. These coins, now, are not just relics of the past. They furnish information pertaining to contemporary political, economic and cultural history.

With the foundation of the empire, the currency system in South India became well regulated. Money economy became more regular though, to some extent trade transactions were done by way of barter. The scarcity of coins in the earlier medieval South India was completely removed. Harihara I established at Hampi a separate department of mints to regulate the minting operations. There was a central mint at Hampi and smaller mints were set up at various provincial capitals and other important places such as Barakur, Mangulur, Gandikota, Penukonda, Tirupati, Gutti, Adoni, Tadapatri, Madurai and Mysore. Because of the need for mass production of coins the government allowed some select feudatories also to mint their own coins. Lakkana Dandanayaka, the governor of Tekkali Rajya under king DevarayaII, minted his own coins with the sanction from the king.

Monetary System
The structure of Vijayanagara currency was carefully standardized. The monetary system was made uniform throughout the empire. Varaha, a gold coin with an approximate weight of 3.4 grams( 52 grains) was made the basic monetary unit. This coin was also called as Gadyana and Pon or Hon. To the English the coin was known as Pagoda. There were three varieties of varahas:-
  1. Ghattivaraha
  2. Doddavaraha and
  3. Suddhavaraha.
The Gold issues of the first two kings namely HariharaI and BukkaI were debased. In these coins the gold content was less compared to the subsequent issues of HariharaII and his successors.

TABLE OF COINS WITH THEIR RELATIVE VALUES AND WEIGHTS

GOLD COINS
Dodda varaha = Dodda gadyana =2 varahas = 120 grains    
1 gadyana = 1 varaha = 1 pon or hon = pagoda = 52 grains  
1 varaha = 2 pratapas = 52 grains = mada    
1 pratapa = 2 katis = 26 grains = half varaha    
1 kati = 13 grains = quarter varaha      
1 varaha = 1- pana (each 5-6 grains)        
1 chinna = one eigth varaha =6.5 grains      
1 pana = 4 haga = 5-6 grains      
1 haga = 2 bele =1.5 grains      
1 bele = 0.75 grain        
The coinage was sub-divided into several denominations. Coins were issued in gold, silver and copper. The coins were mostly circular in shape and were undated. The lowest denomination coin was a copper piece which was equal to 1/3600 of gold varaha. The coins were hammer-struck.
         
SILVER COINS  
Tara = Tairh = Tare = Tara = One of pana
Tara (another variety) = One sixteenth of pana      
         
COPPER COINS
Duggani = 2 kani or kakini = 250 grains    
kani = 125 grains = 2 Ara kani    
Jital = One third of Tara      
Kasu = 30 grains      
Ara Kasu = 15 grains      
The weight standard of the gold coins was based upon the Kalanju, an indigenous seed, or Molucca bean (Caesalpinia bonduc). The manjadi seed (Odenathera pavonina) served as the radical unit of measurement. Ten manjadis were regarded as equivilant to one Kalanju seed. The seeds are popularly known as Gundumani in Tamil and Guruginja in Telugu. Metallic pieces cut to the weight of these seeds were used. At a particular time and place the actual might vary from the average, for the coins were liable to deterioration or debasement. Reduced weight may also be a result of the increase in the price of the metal. Assaying and weighing were necessary before a coin could be accepted in payment for materials. Assaying was a regular occupation of goldsmiths. For purposes of testing and verification, touchstones and in some cases a gold bar of the royal standard of purity were kept, and the coins were received after a process of testing. Goldsmiths also acted as money changers and bankers. They used balances which were so sensitive that they would turn by a hair of the head.
This monetary system governed the public economy of the era in its various aspects:- Taxation, Defence Expenditure, Industry and Commerce, Cost of Living - Foreign trade et cetra. We can have an approximate idea of Varaha's external value (foreign exchange parity) and internal value (purchasing power-price levels) by studying the following:
Foriegn Exchange Parity
In the brisk foreign trade of the empire, currencies of foreign countries played a vital role. The Dinar of Egypt, the Portuguese Cruzado, Venecian Ducat and Sequin and the Florentine Florine were nearly equal to the varaha coins in weight. Example: The weight of Venecian Sequin was 52.40 grains and Duct was 53.40 grains whereas Varaha weighed 52 grains. This weight standard of varahas facilitated the foriegn trade of the empire.
Import of horses
Import of horses played a prominent part in the foreign trade. The effective demand for war-horses arose to meet the requirements of cavalry which formed an important wing of the army.   The strength of the cavalry may be gauged from the observations of Fernao Nuniz, a Portuguese traveller "The King (Krishnadevaraya) every year buys thirteen thousand horses of Ormus, of which he choses the best for his own stables and gives the rest to his captains... He took them dead or alive at three for a thousand Pardaos, and of those that died at sea they(horse-merchants) brought him the tail only, and he paid for it just as if it had been alive".  The animals were shipped from Arabia, Syria, Turkey and neighbouring countries through the ports of Dufar, Bahrain and Ormus and were disembarked at Bathecala , Cannanore and the Portuguese port of Goa.   From the port-towns the animals were transported overland to Vijayanagara city where the sale and delivery were effected.   The King of Portugal recieved a duty of 40 Cruzados on each horse and on the whole collected a revenue of 40,000 Ducts per annum.  During the year 1516, the purchase price per horse paid to the foreign horse-traders for four consignments were first Consignment - 500 cruzados, second Consignment - 600 cruzados, third Consignment - 400 cruzados and fourth Consignment - 300 cruzados.  Sassetti, a foreign traveller noted that during good years the horse trade produced a revenue in the city of Goa 120 to 150 thousand Ducts.  These prices must be considered fairly high considering the purchasing power of the money.  (Note- Pardaos, Cruzados  and Ducts  were the denominations of Portuguese money during that period). During the reign-period of Portuguese king Dom Manuel I(1495- 1521 A.D.) of De Aviz dynasty, the following types of coins were struct at Goa Mint.
     
Name of the coin Metal Weight in grams
Manoel or Cruzado gold 3.45  
Half Manoel gold 1.67  
Esfera Silver 3.58  
Half Esfera or vintem Silver 1.79  
Leal Copper 11.8  
Half Leal Copper 8.5  
Dinheiro Copper 4.00  
Cepaica Copper 3.1  
       
From the above it can be seen that in the currency systems of both Vijayanagara and Portugal the weight standards of gold coins were identical. This fecilitated the trade relations between the two countries.
           
Vijayanagara was at the zenith of its glory and material prosperity during the reign of King Krishnadevaraya. During this time Domingos Paes, a Portuguese traveller visited the capital during 1520-1522 A.D. He chronicled in detail, among other things, the prices at which various commodities were sold at the markets of Vijayanagara. Assuming that the value of Varaha is Rs 4/- a comparison of the prices prevailing at the time of King Krishnadevaraya at Vijayanagara city and the market prices that prevailed in 1979 can be arrived at as follows.
Price of Commodities
Commodity
Price in Krishnadevaraya's days
The amount in column(2) converted into modern currency
1979 market prices
3 chickens inside Vijanagar city
1 Vintem
1 1/2 annas or 10 Naya Paise
Rs. 6
6 Partridges
1 Vintem
1 1/2 annas or 10 Naya Paise
Rs. 8
12 doves
1 Vintem
1 1/2 annas or 10 Naya Paise
Rs. 9
Three bunches of grapes
A Fanam or a Hana
1/20 of a Varaha or 20 Naya Paise
Rs. 10
10 Pomegranates
A Fanam or a Hana
1/20 of a Varaha or 20 Naya Paise
Rs. 10
12 live sheep within Vijayanagar city
1/2 Viraha
Rs. 2
Rs. 120
It will thus be seen that the 1979 prices of commodities are nearly sixty times the price of commodities of the time of Krishnadevaraya.

Price of Land
S No Date A.D. Place Area of Land Price Remarks
1. 1415 Shimoga 1 Khanduga 15 Hana ..................
2. 1427 Chingleput 1925 Kuli 125 Pagoda Kuli measured by the measuring rod of 32 feet.
3. 1429 Chingleput 2000 Kuli 115 pagoda Kuli measured by the measuring rod of 32 feet.
4. 1456 Chingleput 12500 Kuli 750 pagoda Kuli measured by the measuring rod of 48 feet.
5. 1446 Thirunelveli 2 Ma 630 panam .................
6. 1458 Mysore Land Yielding 40 Pagoda. 400 pagoda .................
7. 1509 Mysore 30 Khandi of land 120 gadyana ................
8. 1524 Sringeri 30 Khandi of land. 120 gadyana ...............

Rates of Interest
S.No Date A.D. Place (noted by districts) Rate per cent per year Kind of Money Monthy, yearly, half-yearly, daily etc. (as reckoned) Remarks
1. 1407 Mysore 15 gold monthly 1 bele (1/2 a haga) per month on 1/2 gadyana
2. 1407 Mysore 15 gold monthly 1 bele (1/2 a haga) per month on 1/2 gadyana
3 1464 Travancore 24 gold yearly  
4. 1492 Mysore 21 gold monthly 2 hana for every 10 honnu.
5. 1510 Travancore 9 gold yearly 4 1/2 panam per year on 50 panam


Taxation

There are two interesting taxation measures of the times worth noting.1. A tax called Mulavise, which the merchants paid to the State, meant 1/16 th of the capital.  Instead of being collected in a lumpsum, it was collected in the form of duties on commodities sold in the market.  2. Social institutions like marriage were not exempted from taxes.  The tax on marriage was collected with great rigour.  It affected all members of society.  Sometimes the rate of tax was one Ruka for the bride and two for the bridegroom.  At other times the rate of two panas on every marriage.  The parents, too, were taxed for erecting a pandhal, taking out the bride and bridegroom in a procession.  This tax was so oppressive that many poor people remained unmarried for long years.  Finding the consequences serious to the social fabric, Krishnadevaraya issued a royal edict abolishing the tax throughout the empire.

Typology of coins

The typology of the coins is that on the obverse side the figures of Hindu Deities, animals, symbols and on the reverse side the issuing king's name or his title in Nandi Nagari or Deva Nagari or Kannada or Telugu or Tamil Script is depicted.

  • The deities shown are 1. Hanuman, Garuda, Siva-Parvati, Lakshmi Narayana, Lakshmi Narasimha, Brahma-Saraswathi, Nandhi, Venkateswara and Sita Rama.
  • The animals that are portrayed are bull, camel, elephant, horse, lion, varaha(boar) and the mythological double-headed eagle Gandabherunda.
  • The symbols that are appearing are Sankha, Chakra, Damuru, Parasu, Ankusa and Sword(Khadga).
  • The titles that are found are Sri Nilakantha stands for Devaraya I and Rayagajagandaberunda & Gajavetekara stands for Devaraya II. Each King chose his favourite of Dieties/Animals/Symbols as a device for his coinage.

Commemorative coins

Besides the above mentioned regular issues commemorative coins were also struck as detailed below:-

  1. To strengthen his army Devaraya II modernised his Armed Forces by induction of a Camel Corps. At that time, these animals which were native to the deserts of Rajasthan were brought into South India.To commemorate this event copper coins were issued wherein the figure of camel was shown on the obverse. visit catalogue.
  2. Krishnadevaraya offered a gift of Navarathna Prabhavali - Makara - Thorana to his Istadevta Lord Venkateswara at Thirumala on 15th October 1515. To commmemorate this event a special gold coin weighing 119.7 grains was issued known as Dodda Varaha or Double Varaha. The coin bears on the obverse a well delineated figure of Lord Venkateshwara inside a Makara Torana or Prabhavali. The Prabhavali is not only beautifully portrayed but also given great importance in the coin's design.
  3. The same monarch in the course of his military campaign against the Gajapathi king of Kalinga (Orissa) captured in the year 1514 the important fort of Udayagiri (District Nellore). There he siezed as a war booty a beautiful image of seated Balakrishna, carried it off to his capital Hampi and there he installed the same in a newly built temple and arranged regular worship. To commemorate this historical event special gold coins were issued. On the obverse of this coins is shown an image of seated Balakrishna with the right hand holding a lump of butter. He attatched great importance to the celebration of Krishna Jayanthi festival. visit catalogue.
  4. It is well known that Timmarasu was responsible for the accession of Krishnadevaraya to the Vijayanagara throne against the wishes of Vira Narasimha. Timmarasu became the Prime Minister of Krishnadevaraya and enjoyed a special status. Krishnadevaraya performed Kannakabishekam to Timmarasu. To commemorate this great event special copper coins were issued in which the Kannada legend 'Krishnadeva' on the obverse and 'Timmarasaguru' on the reverse was inscribed. This is the unique coin where the name of the Emperor and his Prime Minister appear together. visit catalogue.
  5. Portrait coins (copper) were issued by King Sriranga I. The unusual design adopted make this coin unique. On the reverse is shown the figure of a standing person holding in his right hand a sword pointing downwards. The left hand is placed on the chest. Tuft of hair is made in the shape of sideknot (Koppu) and thrown a little to the left of the head. On the obverse the following is depicted. The varaha(boar) to right facing a khadga with the Sun and the Moon above. The standing person portrays a youthful figure with a regal bearing and could represent king Sriranga. The varaha was the Raja Lanchana of the Vijayanagara Empire. This coin is the only known, so far, portrait type coin of the Vijayanagara monarch. visit catalogue.

Impact on post-Vijayanagara Coinage

Even after the decline and disappearance of the Vijayanagara kingdom, its coinage had widespread impact on the coinages of the various successor-powers such as the Nayakas of Keladi, Madurai, Thanjavur, and Gingee, the Wodeyars of Mysore, Sultan Haider Ali and the East India Company.
Uma Maheswara motif of the Vijayanagara type.    
On 22nd August 1639, King Venkata Devaraya III granted the privelege of coining money to the Honourable English East India Company so that it can meet the needs of its commercial necessities with a stipulation that the English should not fail to preserve on their coinage the representation of that Diety, who was the favourite object of his worship namely Lord Venkateswara of Tirupathy. The company commenced the minting of gold Pagoda coins showing on the obverse,
the figure of Lord Venkateswara with and without His two consorts - Sri Devi & Bhu Devi. The last Vijayanagara king Sri Ranga Raya III died on 16th December 1672. On that day the last great Hindu kingdom ended. But the impact of Vijayanagara coinage did not end. It continued in the English merchants' coins of Vijayanagara typology that circulated as legal tender money until 1818. The Pagoda coinage was issued in three series - Three Swamy Pagodas, Star Pagodas and Gopuram Pagodas.

Conclusion
Studies in the Vijayanagara coins are vibrant. Besides the four published catalogues new finds are being reported in the journals of numismatic societies. While referring the catalogues we should remember that some of them use the British measures of weight and length (grains - inches) whereas some others adopted the metric system of weight and length (grams - centimeters). A conversion table is furnished for ready reference.

CONVERSION TABLES

BRITISH TO METRIC UNITS AND VICE VERSA
SIZES WEIGHTS
Inches
Centimeters
Grains
Milligrams
0.01
0.0254
1
64.9
0.02
0.0508
2
126.8
0.03
0.0762
3
194.7
0.04
0.1016
4
259.6
0.05
0.127
5
324.5
0.06
0.1524
6
389.4
0.07
0.1778
7
454.3
0.08
0.2032
8
519.2
0.09
0.2286
9
584.1
0.1
0.254
10
649
0.2
0.508
20
1268
0.3
0.762
30
1947
0.4
1.016
40
2596
0.5
1.27
50
3245
0.6
1.524
60
3894
0.7
1.778
70
4543
0.8
2.032
80
5192
0.9
2.286
90
5841
1.0
2.54
100
6490
Recently an interesting information came to light that the figures of some of the sculptures found on the monuments at Hampi were reproduced as devices on coins. Research on the metrology of the gold, silver, copper coinage system has to be undertaken. Weights of different species of coins and their inter relationship have to be determined with mathematical precision. Likewise metallurgical studies can be undertaken. We should acquire, study, preserve and conserve the Vijayanagara coins for they reflect the cultural heritage of the times. The Vijayanagara coins occupy an unique position in the history of Indian Coinage.