Money Savings And Investments
Class 8 | Social Science — Economics | Unit 1
Class 8 Unit 1 Economics
Unit 1 Money, Savings and Investments
"Learning gives creativity, creativity leads to thinking, thinking provides knowledge, knowledge makes you great". –A.P.J. Abdul Kalam
Learning Objectives
1.To know about the Evolution of Money.
2. To know about the value, nature, function, and importance of money.
3. To understand about Savings and Investments.
4. To know about black money.
Introduction
Money is a fascinating subject and full of curiosities. It is important to capture this element for the students. The history of money and how various forms were used at different times is an interesting story. Modern forms of money are linked to the banking system. Money is a fundamental discovery, which has eased the day to day transactions, valuing goods and services and has allowed us to store the wealth and trade in future. "Money is anything which is widely accepted in payment for goods or in discharge of other business obligations" Robertson.
Evolution of Money
The word Money is derived from Roman word "Moneta Juno". It is the roman goddesses and the republic money of roman empire. The Indian rupee is derived from Sanskrit word 'Rupya' which means silver coin. Today we use paper notes, coins as money. But the evolution of this stage has not happened overnight. It took thousands of years to reach such a stage. There are many stages of evolution of money. The earliest and primitive stage is Barter system.
Barter system
Barter system is exchanging goods for goods without the use of money in the primitive stage. A barter system is an old method of exchange. This system has been used for centuries and long before money was invented. People exchanged services and goods for other services and goods in return. The value of bartering items can be negotiated with the other party. Bartering doesn't involve money which is one of the advantages. Hence Barter system had many deficiencies like,
1. Lack of double coincidence of wants,
2. Common measure of value
3. Indivisibility of commodities
4. Difficulties of storing wealth
Major stages of Evolution of Money
Commodity Money, Metallic Money, Paper Money, Credit Money or Bank Money, Near Money and recent forms of Money. Money has evolved through different stages according to the time, place and circumstances.
Commodity Money
In the earliest period of human civilization, any commodity that was generally demanded and chosen by common consent was used as money. Goods like furs, skins, salt, rice, wheat, utensils, weapons etc. were commonly used as money. Such exchange of goods for goods was known as 'Barter Exchange'.
Metallic Money
With progress of human civilization, commodity money changed into metallic money. Metals like gold, silver, copper, etc. were used as they could be easily handled and their quantity can be easily ascertained. It was the main form of money throughout the major portion of recorded history.
History of Metallic Money
The precious metals especially gold, silver, bronze were used for metallic money. The standard weight and fineness of metal particularly gold and silver with a seal on it became medium of exchange. They were of different denomination easily divisible, portable and were convenient in making payment. King Midas of Lydia innovated metal coin in the 8th century BC (BCE) by the ancient historian Herodotus. But gold coins were in use in india many centuries than in Lydia. The earliest issuers of coins in the world are the ancient Indians along with Chinese and lydians from the middle east. The first time Indian coins were minted in the 6th century BC (BCE) by the Mahajanpadas known as Puranas, Karshapanas or Panas. The Mauryas came up with the Punch Marked Coins minting of silver, gold copper or lead and Indo-Greek Kushan kings introduced the Greek custom of engraving portraits on the coins. Turkish sultans of Delhi has replaced the royal designs of Indian kings with Islamic Calligraphy by the 12th century AD (CE). The currency was made up of gold, silver and copper known as Tanka and lower valued coin known as Jittals. The Mugual Empire from 1526 AD (CE) consolidate the monetary system for the entire empire. In this era evolution of rupee occurred with Sher Shah Suri defeated Humayun and issued a silver coin of 178 gms known as rupiya and was divided into 40 copper pieces or paisa and during the whole Mugual period silver coin remained in use. During the British East India company i.e. 1600, the mughal currency remained popular but in 1717 AD (CE), Farrukhsiyar the Mughal Emperor gave permission to the Britishes to coin Mughal Money at the Bombay mint. The British gold coins were termed as Carolina, the silver coins as Angelina, the copper coins as cupperoon and the tin coins as tinny
Paper Money
It was found inconvenient as well as dangerous to carry gold and silver coins from place to place. So, invention of paper money marked a very important stage in the development of money. The development of paper money started on the basis of storage of gold and the receipts were issued by the goldsmiths for these storages. These receipts of goldsmiths were a substitute for money and became paper money. Paper money is regulated and controlled by Central Bank of the country. In India, printing, regulating, controlling the paper currencies are done by the Reserve Bank of India (RBI) which was established in 1935. At present, a very large part of money consists mainly of currency notes or paper money issued by the Reserve Bank of India.
ACTIVITY 1
Fill in the following Table:
| Sl.No. | Name in the Country | Name in Currency |
|---|
| 1 | India | |
| 2 | Germany | |
| 3 | Japan | |
| 4 | Singapore | |
| 5 | Malaysia | |
| 6 | Saudi Arabia | |
| 7 | USA | |
| 8 | UK | |
| 9 | Sri lanka | |
| 10 | Pakistan | |
Credit Money or Bank Money
Emergence of credit money took place almost side by side with that of paper money. People keep a part of their cash as deposits with banks, which they can withdraw at their convenience through cheques. The cheque (known as credit money or bank money), itself, is not money, but it performs the same as functions of money.
Near Money
The final stage in the evolution of money has been the use of bills of exchange, treasury bills, bonds, debentures, savings certificate etc.
Recent forms of Money
Plastic Money
The latest type of money is plastic money in the form of Credit cards and Debit cards. They aim for cashless transactions.
E-Money
Electronic Money is money which exists in banking computer systems and is available for transactions through electronic system.
Online Banking (Net Banking)
Online Banking, also known as internet banking is an electronic payment system that enables customers of a bank or other financial institutions to conduct a range of financial transactions through website.
E-Banking
Electronic banking, also known as National Electronic Funds Transfer (NEFT), is simply the use of electronic means to transfer funds directly from one account to another rather than by cheque or cash.
ACTIVITY 2
Prepare the duplicate model of different stages of Money, like Commodity money, Metal money, Plastic Money, etc. (including Barter System) Give the models to each group students. Teacher and students discuss about the different stages of money
Value of Money
Value of money is meant the purchasing power of money over goods and services in a country. Thus it is related to the price level of goods and services. But the relation between the value of money and price level is an inverse one.
Do You Know?
Symbol of Rupee: The Indian Rupee symbol designed by Mister Udayakumar, Villupuram Dist Tamil Nadu. It was approved by the Government of India on 15 July 2010.
The value of money is of two types
1. Internal value of money
2. External value of money
The Internal value of money refers to the purchasing power of money overdomestic goods and services. The External value of money refers to the purchasing power of money over foreign goods and services.
ACTIVITY 3
Students to know about the value of money, Set up your classroom like a shop or market Students are asked to purchase some commodities from the shop Do the market activities Teacher and students together discuss the value of money
Nature of Money
There has been lot of controversy and confusion over the meaning and nature of money Scitovsky states that "Money is a difficult concept to define, partly because it fulfils not one but three functions, each of them providing a criterion of moneyness those of a unit of account, a medium of exchange, and a store of value". Sir John Hicks, says that "Money is defined by its functions, anything is money which is used as money, "Money is what money does". These are the functional definitions of money because they define money in terms of the functions it performs. Some economists define money in legal terms saying that "anything which state declares as money is money". Such money possesses general acceptability and has the legal power to discharge debts. But people may not accept legal money by refusing to sell goods and services against the payments of legal tender money.On the otherhand, they may accept some other things as money winch are not legally defined as money in discharge of debts. This may circulate freely.
Functions of Money
Functions of money are classified into Primary or Main functions, Secondary functions and Contingent functions.
Primary or main functions
The important functions of money performed in every economy are classified under main functions:
1) Medium of exchange or means of payment Money is used to buy the goods and services.
2) Measure of value The values of all the goods and services are expressed in terms of money. It is easier to determine the rate of exchange between various type of goods and services.
Secondary functions
The three important secondary functions are
1) Standard of deferred payment Money helps the future payments too. A borrower borrowing money today places himself under an obligation to pay a specified sum of money on some specified future date.
2) Store of value or store of purchasing power Savings were discouraged under barter system as some commodities are perishable. The introduction of money has helped to save it for future as it is not perishable.
3) Transfer of value or transfer of purchasing power Money makes the exchange of goods to distant places as well as abroad possible. It was therefore felt necessary to transfer purchasing power from one place to another.
Contingent functions
1. Basis of credit
2. Increase productivity of capital
3. Measurement and Distribution of National Income.
Savings in Banks and Investments
Savings
Savings are defined as the part of consumer's disposable income which is not used for current consumption, rather kept aside for future use. There are several ways through which a person can save money. The banking facilitates saving money through various forms of accounts.
1. Student Savings Account
Some banks offer saving accounts specifically for young people enrolled in high schools or colleges. The main features of these account is to maintain zero Balance.
2. Savings Deposits
Savings deposits are opened by customers to save the part of their current income. The customers can withdraw their money from their accounts when they require it. The bank also gives a small amount of interest to the money in the saving deposits.
3. Current Account Deposit
Current accounts are generally opened by business firms, traders and public authorities. The current accounts help in frequent banking transactions as they are repayable on demand.
4. Fixed Deposits
Fixed deposits accounts are meant for investors who want their principle to be safe and yield them fixed yields. The fixed deposits are also called as Term deposit as, normally, they are fixed for specified period.
Benefits of Savings
1. You will be financially independent sooner.
2. You would not have to worry any unforeseen expenses.
3. In future, you will have financial backup in place if you lose your job.
4. You will be prepared if your circumstances change.
5. You will be more comfortable in retirement.
6. Save today for better tomorrow
Intensity to save among the students
1. Teach them about taxes and accounting.
2. Involve them in grown-up money decisions.
3. Encourage them to apply for scholarship.
4. Help them budget and apply for student loans.
5. Teach them personal savings. Encourage them to open a student Sanchayeka Scheme.
Investments
The process of investing something is known as an investment. It could be anything, i.e. money, time efforts or other resources that you exchange to earn returns in future. Investment can be made in different investment vehicles like,
1. Stock
2. Bonds
3. Mutual funds
4. Insurance
5. Annuities
6. Deposit account or any other securities or assets
An investment always comes with risks of losing money, but it is also true that you can reap more money with the same investment vehicle. It has a productive nature that helps in the economic growth of the country.
Comparison of Savings and Investments
| Basis for comparison | Savings | Investments |
|---|
| Meaning | Savings represent that part of the person's income which is not used for consumption | Investment refers to the process of investing funds in capital asset, with a view to generate returns |
| Purpose | Savings are made to fulfill short term or urgent requirements | Investment is made to provide returns and help in capital formation |
| Risk | Low or negligible | Very high |
| Returns | No or Less | Comparatively high |
| Liquity | Highly liquid | Less liquid |
Black Money
Black Money is a form of unaccountable Money. Black Money is mostly created by business people. They do not show actual income earned in their economic activities. They show only a part of income earned for the purpose of Tax evasion. The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of the society. In India, black money is funds earned in the black market, on which income and other taxes have not been paid. The total amount of black money deposited in foreign banks by Indians is unknown. The root cause for the increasing rate of black money in the country is the lack of strict punishments for the offenders.
Effects of Black Money on economy
1. Dual economy (Dual economy in terms of developed sector on one side under developed sector on the other side.)
2. Tax evasion, thereby loss of revenue to government.
3. Undermining equity
4. Widening gap between the rich and poor
5. Lavish consumption spending
6. Distortion of production pattern
7. Distribution of scarce resource
8. Effects on production.
Do You Know?
Demonetization: In India, On 8-November-2016, the Government of India announced demonetization of all ₹500 and ₹1000 bank notes against Black Money.
Recent steps against Black Money
1 Under pressure from India and other countries, Switzerland has made key changes in its local laws governing assist foreign allegedly stashed in Swiss Banks.
2 Special Investigation Team appointed by government on the directions of Supreme Court on black money.
3 Demonetization
Some Legislative Framework in India against to Black Money
1 Prevention of money laundering act 2002
2 Lokpal and Lokayukta act
3. Prevention of corruption act- 1988
4. The undisclosed foreign Income and Asset Bill(Imposition of Tax) 2015
5. Benami transactions prohibition act 1988 amended in 2016
6. The Real Estate (Regulation and Development) Act, 2016
Recap
1. The word Money is derived from Roman word "Moneta Juno".
2. Barter System - Men exchanged goods for goods without the use of Money.
3. Some of the major stages through which money has evolved are Commodity Money, Metallic Money, Paper Money, Credit Money, Near Money and recent forms of Money.
4. Value of money is meant the purchasing power of money over goods and services in a country.
5. Money is defined by its functions: anything is money which is used as money:"Money is what money does".
6. Savings are defined as the part of consumer's disposable income which is not used for current consumption, rather kept aside for future use.
7. Black Money is money earned through any illegal activity controlled by country regulations.
GLOSSARY
Coincidence accident தற்செயல் Demonitization to officially stop using particular பண மதிப்பு குறைப்பு Dual Economy an economic system that consists of two very different parts இணைபொருளாதாரம் Purchasing Power the value of money considered as the amount of goods it will buy வாங்கும் சக்தி Unanimity the state of being unanimous ஒரு மனதாக முடிவெடுத்தல் Tax Evasion ways of illegally paying less tax வரி ஏய்ப்பு Deterioration the process of becoming progressively worse மோசம் அடைதல்
Evaluation
Exercise 1. Choose the correct answer
1. Which metals were used for metallic money?
a) gold b) silver c) bronze d) all the above
2. Who designed the symbol of rupees of Indian rupee?
a) Udayakumar b) Amartya Sen c) Abijith Banerjee d) None of these
3. The value of money is
a) Internal value of money b) External value of money c) Both a & b d) None of these
4. Which is the Bank Money?
a) Cheque b) Draft c) Credit and Debit cards d) All the above
5. Pick out the incorrect one: Investment can be made in different vehicle.
a) Stock b) Bonds c) Mutual fund d) Pay tax
6. Among the following who are responsible for Black Money?
a) Tax evaders b) Hoaders c) Smugglers d) All of the above Exercise 2. Fill in the blanks
1. Online Banking is also known as .
2. is what money does.
3. Electronic banking is also known as .
4. Credit cards and Debit cards are Money.
5. In the year Reserve Bank of India was established.
Exercise 3. Match the following
| 1. Barter system | |
| 2. Reserve Bank act | |
| 3. E-Money | |
| 4. Savings | |
| 5. Black money | |
Options: tax evaders, Electronic Money, Consumer's disposable income, exchanged goods for goods, 1935
Exercise 4. Write the one word answer
1. The word Money is derived from?
2. Who Prints and issues paper currencies in India?
Exercise 5. Choose the correct statement
1. Barter system had many deficiency like
1. Lack of double coincidence of wants
2. No difficulties of storing wealth
3. Common measure of value
4. Indivisibility of commodities
a) 1 and 2 is correct b) 1and 4 is correct c) 1, 3 and 4 is correct d) All are correct Exercise 6. Find out the odd one
1. Recent forms of money transactions are
a) Credit card b) Barter system c) Debit card d) Online banking
2. Effects of black money on economy is
a) Dual economy b) Undermining equity c) No effects on production d) lavish consumption spending Exercise 7. Write short answer
1. What is the Barter System?
2. What are the recent forms of money?
3. Short note on E-Banking and E-Money.
4. What are the essential of Money in your life?
5. What is the Value of Money?
6. What is Savings and Investment?
7. What is meant by Black Money?
8. What are the effects of black money on economy?
Exercise 8. Write Brief answer
1. What are the disadvantages of barter system?
2. Write about the evolution of Money.
3. What are the functions of Money? and explain it.
4. Explain the types of bank Deposits.
5. What are the difference between savings and investment?
6. What are the effects of black money on economy?
Exercise 9. Project and Activity
1. Students are asked to prepare a chart containing dummy images of new and old currencies in India and also from other countries.
2. Go to your nearest Post Office and know about the savings scheme in India and teachers and students are discuss about the savings schemes.
Exercise 10. Life skills
1. Students to know about the value of money, Set up your classroom like a shop or market.
2. Students are asked to purchase some commodities from the shop,Do the market activities.
3. Teacher and students together discuss the value of money.
REFERENCE BOOKS
1. Jhingan - Monetary Economics
2. JagdishHanda – Monetary economics
3. Wynne A. H. Godley – Monetary economics
4. Mervyn K. Lewis – Monetary Economics
INTERNET RESOURCES
www.investopedia.com
www.vikaspedia.com
www.coinsindia.com
ICT CORNER
Money, Savings and Investments
Steps
• Open the Browser and type the URL given below (or) Scan the QR Code.
• Go to Currency converter
• Go to drop down menu, select any country name (Ex.India-America)
Website URL: https://fx-rate.net/
Book-back Exercises — Questions & Answers
Answers generated strictly from the Samacheer Kalvi textbook content. Attempt each question first, then click "Show Answer" to check.
1. Choose the correct answer
1. Which metals were used for metallic money?
a) gold b) silver c) bronze d) all the above
Answer: d) all the above
Explanation: The precious metals especially gold, silver, bronze were used for metallic money.
2. Who designed the symbol of rupees of Indian rupee?
a) Udayakumar b) Amartya Sen c) Abijith Banerjee d) None of these
Answer: a) Udayakumar
Explanation: The Indian Rupee symbol designed by Mister Udayakumar, Villupuram Dist Tamil Nadu.
3. The value of money is
a) Internal value of money b) External value of money c) Both a & b d) None of these
Answer: c) Both a & b
Explanation: The value of money is of two types: 1. Internal value of money 2. External value of money.
4. Which is the Bank Money?
a) Cheque b) Draft c) Credit and Debit cards d) All the above
Answer: d) All the above
Explanation: Bank money includes credit money such as cheques, and recent forms include credit cards and debit cards.
5. Pick out the incorrect one: Investment can be made in different vehicle.
a) Stock b) Bonds c) Mutual fund d) Pay tax
Answer: d) Pay tax
Explanation: Investment can be made in different investment vehicles like Stock, Bonds, Mutual funds, Insurance, Annuities, Deposit account or any other securities or assets. Paying tax is not an investment vehicle.
6. Among the following who are responsible for Black Money?
a) Tax evaders b) Hoaders c) Smugglers d) All of the above
Answer: d) All of the above
Explanation: The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of the society.
2. Fill in the blanks
1. Online Banking is also known as ____.
Answer: internet banking
2. ____ is what money does.
Answer: Money
3. Electronic banking is also known as ____.
Answer: National Electronic Funds Transfer (NEFT)
4. Credit cards and Debit cards are ____ Money.
Answer: Plastic
5. In the ____ year Reserve Bank of India was established.
Answer: 1935
3. Match the following
3. Match the Following
| 1. Barter system | a) tax evaders |
| 2. Reserve Bank act | b) Electronic Money |
| 3. E-Money | c) Consumer's disposable income |
| 4. Savings | d) exchanged goods for goods |
| 5. Black money | e) 1935 |
Answers: 1-d, 2-e, 3-b, 4-c, 5-a
4. Write the one word answer
1. The word Money is derived from?
Answer: Roman word "Moneta Juno"
2. Who Prints and issues paper currencies in India?
Answer: Reserve Bank of India (RBI)
5. Choose the correct statement
1. Barter system had many deficiency like
1. Lack of double coincidence of wants
2. No difficulties of storing wealth
3. Common measure of value
4. Indivisibility of commodities
a) 1 and 2 is correct b) 1 and 4 is correct c) 1, 3 and 4 is correct d) All are correct
Answer: c) 1, 3 and 4 is correct
Explanation: Barter system had deficiencies like lack of double coincidence of wants, common measure of value, and indivisibility of commodities. Statement 2 is incorrect as it mentions "no difficulties" when there were actually difficulties of storing wealth.
6. Find out the odd one
1. Recent forms of money transactions are
a) Credit card b) Barter system c) Debit card d) Online banking
Answer: b) Barter system
Explanation: Barter system is the primitive stage of money evolution, while credit cards, debit cards and online banking are recent forms of money.
2. Effects of black money on economy is
a) Dual economy b) Undermining equity c) No effects on production d) lavish consumption spending
Answer: c) No effects on production
Explanation: According to the chapter, black money does have effects on production. The other options are all mentioned as effects of black money on economy.
7. Write short answer
1. What is the Barter System?
Answer: Barter system is exchanging goods for goods without the use of money in the primitive stage. A barter system is an old method of exchange used for centuries before money was invented. People exchanged services and goods for other services and goods in return.
2. What are the recent forms of money?
Answer: Recent forms of money include Plastic Money (credit cards and debit cards), E-Money (Electronic Money), Online Banking (Net Banking), and E-Banking (National Electronic Funds Transfer). These aim for cashless transactions and electronic payment systems.
3. Short note on E-Banking and E-Money.
Answer: E-Banking is electronic banking also known as National Electronic Funds Transfer (NEFT), which uses electronic means to transfer funds directly from one account to another. E-Money is Electronic Money that exists in banking computer systems and is available for transactions through electronic system.
4. What are the essential of Money in your life?
Answer: Money is a fundamental discovery which has eased day to day transactions, valuing goods and services, and has allowed us to store wealth and trade in future. It serves as medium of exchange, measure of value, and store of purchasing power.
5. What is the Value of Money?
Answer: Value of money is the purchasing power of money over goods and services in a country. It is of two types: Internal value (purchasing power over domestic goods) and External value (purchasing power over foreign goods and services).
6. What is Savings and Investment?
Answer: Savings are the part of consumer's disposable income not used for current consumption but kept aside for future use. Investment is the process of investing money, time or resources to earn returns in future through various vehicles like stocks, bonds, and mutual funds.
7. What is meant by Black Money?
Answer: Black Money is a form of unaccountable money earned through illegal activities. In India, it is funds earned in the black market on which income and other taxes have not been paid. It is accumulated by criminals, smugglers, hoarders, and tax-evaders.
8. What are the effects of black money on economy?
Answer: Effects include dual economy, tax evasion causing loss of government revenue, undermining equity, widening gap between rich and poor, lavish consumption spending, distortion of production pattern, distribution of scarce resources, and effects on production.
8. Write Brief answer
1. What are the disadvantages of barter system?
Answer: Barter system had many deficiencies: lack of double coincidence of wants, absence of common measure of value, indivisibility of commodities, and difficulties of storing wealth. These problems made it inconvenient for trade and commerce, leading to the evolution of money as a medium of exchange. The system required both parties to want what the other had to offer simultaneously.
2. Write about the evolution of Money.
Answer: Money evolved through different stages: Barter system (earliest), Commodity Money (using furs, skins, salt, rice), Metallic Money (gold, silver, copper coins), Paper Money (currency notes issued by central banks), Credit Money or Bank Money (cheques, drafts), Near Money (bills, bonds, debentures), and recent forms like Plastic Money (credit/debit cards), E-Money, and Online Banking for cashless transactions.
3. What are the functions of Money? and explain it.
Answer: Functions are classified into Primary (Medium of exchange for buying goods/services, Measure of value for expressing worth), Secondary (Standard of deferred payment for future obligations, Store of value for saving wealth, Transfer of value for distant trade), and Contingent functions (Basis of credit, Increase productivity of capital, Measurement and Distribution of National Income). These functions make money essential for economic activities.
4. Explain the types of bank Deposits.
Answer: Types include: Student Savings Account (for young people with zero balance requirement), Savings Deposits (for saving current income with small interest), Current Account Deposit (for business firms enabling frequent transactions, repayable on demand), and Fixed Deposits or Term deposits (for investors wanting safe principle with fixed yields for specified periods). Each serves different banking needs.
5. What are the difference between savings and investment?
Answer: Savings represent income not used for consumption but kept aside for future use, serving short-term or urgent requirements with low risk, no/less returns, and high liquidity. Investment refers to investing funds in capital assets to generate returns, providing for capital formation with very high risk, comparatively high returns, and less liquidity. Both serve different financial purposes.
6. What are the effects of black money on economy?
Answer: Black money creates dual economy (developed and underdeveloped sectors), causes tax evasion leading to government revenue loss, undermines equity, widens gap between rich and poor, encourages lavish consumption spending, distorts production patterns, affects distribution of scarce resources, and impacts overall production. These effects harm economic stability and social justice in the country.
📝 Summary
- Money evolved through different stages from the primitive barter system to modern forms, including commodity money, metallic money, paper money, credit money, and near money.
- The barter system involved exchanging goods for goods without money, but had major deficiencies like lack of double coincidence of wants, no common measure of value, indivisibility of commodities, and difficulties in storing wealth.
- Commodity money used commonly demanded goods like furs, skins, salt, rice, wheat, and utensils as medium of exchange in early human civilization.
- Metallic money used metals like gold, silver, and copper which were easily handled and their quantity could be easily ascertained, becoming the main form of money throughout major portions of recorded history.
- The first Indian coins were minted in the 6th century BC by the Mahajanpadas known as Puranas, Karshapanas or Panas, with various rulers like Mauryas, Indo-Greek Kushan kings, and Turkish sultans contributing to coin development over centuries.