The first coinage systems in India consisted of cut-up pieces of silver, round or rectangular in shape, but of a specific weight, struck with punches on one side. Documentary evidence from early Indian texts suggests that before coinage became widespread, cattle and gold necklaces were the preferred means of payment.

The earliest coins show great regional variation in design and in the number of punches used, but under the Mauryans small round or square coins with five random punch-marks became standard. These coins circulated well beyond the borders of the Mauryan Empire and have been excavated at archaeological sites from northern Afghanistan to Sri Lanka. In Indian texts these issues are called karsapana.

The Mauryan punches always include a sun and a six-armed symbol. The other three may include representations of plants, animals, auspicious or religious symbols and everyday objects. Towards the end of the period more regional designs developed. Also made during this time were square copper coins with similar symbolic designs, but made by casting in moulds. These developed into the local coinages which eventually replaced Mauryan silver coinage.