The first coins are datable to the mid-millennium and are found mostly in an urban context. Of silver or copper, they were punch-marked (rather than minted) with symbols thought to be those of particular professional groups, markets and cities. They ‘were therefore a transitional form between traders’ tokens as units of value and legal tender issued by royalty’.12 The cash economy had evidently arrived, and with references to money-lending, banking and commodity speculation becoming commonplace in Buddhist literature it is clear that venture capital was readily available.
