Lakshmi Bearer of Riches- Indian Gold Coinage after the Tenth Century

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It has been thirty years since I last catalogued these coins, and a thorough update is long overdue. Because the numismatic trade has adopted the numbering system of the plates in Living Without Silber for the seated-Lakshmi gold coin series, I thought it best to leave that unchanged, adding alterations or new numbers where necessary for new discoveries. To the extent possible, I have attempted to catalogue every single coin accessible to me, as well as to list and describe every coin hoard in channels public or private.

This volume is focussed on North India, where my researches have been most intense. But the issues raised, and the phenomena illuminated, cannot be discussed in isolation of concurrent trends in southern India. Hence, I have attempted to throw some light on monetary developments in the southern region during this period, although 1 must caution that I do not claim any special expertise.

As Michael Bates often reminds us, coins are, first and foremost, money. Equally important, in my mind, is that the re-emergence of gold coinage in North India in the eleventh century (and South India in the tenth century), was not merely a monetary or economic phenomenon, but was indicative of strong cultural trends and changes in religious observance and practices. Hence, this volume is dedicated to the goddess who endows life with grace, beauty, and plenty.

Proponents of the Indian feudalism model have long hypothesized a 'paucity of coinage' in the post-Gupta, pre-Sultanate period (ca. 500-1200 CE). Prolonged, evidence-based push-back by generations of historians and numismatists has thoroughly debunked this tenet.

However, for true believers, the thesis of paucity has not been abandoned, but rather refined. The period of hypothetical decline has more recently been redefined as ending with a 'resumption of coinage' in the eleventh century. This viewpoint is necessarily based on the studied disinclination to recognize the immense scope and scale of both the Gurjara-Pratihara and the Bhillamala 'gadbaiya' silver dramma coinages of the eighth through tenth centuries. Still, there is a kernel of validity in the 'rebirth' idea. Namely, gold coinages were indeed re-introduced into broad circulation in both Northern and Southern India in the eleventh century, after being in abeyance for some time. In the North, the new seated-Lakshmi 'gold' coins were the first in circulation since the latest post-Kidarite electrum coins of the ninth century from the Punjab, i.e., after a hiatus of some two centuries.

In a recent article, I discussed this resumption of gold in North India in the context of a new series of metallographic results for the renowned trimetallic 'seated-Lakshmi' coinage. This was linked to a preliminary typology for the series. While many specific coinages were mentioned, the study treated 'seated-Lakshmi' coins as a class. The common aspect of their singular trimetallic (gold-silver-copper) composition was established as a fact well-known by medieval assayers. So, as well, was the tendency for gold content to diminish over time, i.e. for the coins to become debased. The coin's metrology was also common across issuers, adhering to a four-and-a-half masha (4.13 g) weight standard according to a medieval treatise (with fractions thereof). It was noted that all issuers followed the common design element of a seated goddess, facing, on one side and a three-line Sanskrit legend bearing a regal name, on the other. However, it was also noted that there were many small but noticeable differences of style and calligraphy between different issues.

The goddess of course, was Lakshmi, alias Sri, who had a special significance for the business and trading classes throughout India, be they Saivite, Vaisnavite or Jain. She was held in reverence by minting personnel, who prominently displayed her image in the workplace where coins were produced. Indeed, there was a nexus between Lakshmi, gold and good fortune in business that became enshrined in worship, during daily ceremonies and annual festivals alike. How appropriate, then, that the newly reinvented gold coinage of the eleventh century, should prominently display an image of the goddess on one face of the coin. The coin was money, no doubt, but was also a cultural object of considerable personal, family and community importance. It became part of the ceremony of worship, itself.

There remain many aspects of this reintroduction of Indian gold coinage still to be explored. This book will carry forward that preliminary analysis, attempting to address some fundamental questions about who created this coinage; where, when and why it was struck; and how it circulated.

One aspect of the coins, noted in that article but not emphasized, was the co-existence of two lineages or families of these coins: 'dynastic' (coins bearing the names of living kings, i.e. actual authorities) and 'posthumous' (coins bearing the names of former kings, i.e. nominal authorities). This book will explore the reasons for the divergent approaches, and show how this difference might highlight the relationship between rulers and financiers.

As mentioned, the common element in most, but not all, of these new coin issues, was the depiction of goddess Lakshmi or Sri. It is remarkable that a broad swath of states, as often engaged in competition as cooperation, should settle on a common motif and appearance for their new 'gold' coinage issues. The more so, as many of the seated-Lakshmi issues seem to be quite local in circulation. How did this come about? What forces were afoot that encouraged or enabled adoption of similar coinage designs by so many different political authorities? Indeed, were some of the coins issued by states at all?

As might be expected for such a significant and highly-visible coinage series, there is a long and rich literature around the seated-Lakshmi coins. As is true for many other aspects of Indian numismatics, the earliest systematic classification was published by Alexander Cunningham in the nineteenth century. Noteworthy in our time is an essay by David MacDowall proposing a typology for the Gangeyadeva coins Likewise, Michael Mitchiner illustrated many specimens of the series in historical context, in his influential catalogue." This was expanded by P.C. Roy in his review of all known issues." The series was also dealt with at length by this author." Perhaps the most perceptive analysis of the series was undertaken by Biswajeet Rath in his seminal study of the Dalmau hoard." This book will expand on some of the themes he proposed in his study.

At the outset, it must be understood that, although many Rajput dynasties issued at least some gold coins in the early second millennium, by far the largest mintages involved those bearing the names of Gangeyadeva and Govindachandra.

While their relative quantities will be discussed below in more detail, it is important to recognize that these two were the overwhelming majority of gold coins circulating in their time and place. The how and why of this fact, is the main focus of this book.