Archaeologists uncover coin moulds linked to ancient Greek king Apollodotus 2

Hindustan Times

01-07-2025

A handful of old, clay moulds found by archaeologists during excavations at Amba Ghat in the historic town of Vadnagar in Gujarat have opened up an unlikely window into India's ancient past. What is interesting is that these moulds were used to make coins, possibly of silver, but not a single coin was found along with them. What is even more interesting though is that these moulds are connected to Apollodotus II, who belonged to the Indo-Greek dynasty which ruled parts of northwestern India more than 2,000 years ago between the 2nd and 1st centuries BCE. Apollodotus II is known for issuing bilingual coins with Greek and Kharosthi (script) inscriptions called drachmas, which had high silver content and were used in ancient trade especially along the western coast of India. The research – carried out by archaeologists Abhijit Ambekar from the Archaeological Survey of India (ASI); Abhijit Dandekar from the archaeology department of Deccan College Pune; and Disha Seth from 2016 to 2023 with the findings published in 2024–2025 –raises big questions like why were the coins issued by a long dead king being made centuries later, that too in Gujarat, far away from what was once his kingdom. (HT PHOTO)
Then again, the clay moulds were discovered in layers of soil that date back to around the 5th century CE which is at least 500 years after Apollodotus II's death. This has led the archaeologists to believe that the coins made using these clay moulds might have been fake coins made long after the originals were no longer available.
The research – carried out by archaeologists Abhijit Ambekar from the Archaeological Survey of India (ASI); Abhijit Dandekar from the archaeology department of Deccan College Pune; and Disha Seth from 2016 to 2023 with the findings published in 2024–2025 –raises big questions like why were the coins issued by a long dead king being made centuries later, that too in Gujarat, far away from what was once his kingdom.
Dandekar told Hindustan Times, 'A total of 37 clay coin moulds were found during excavations at Vadnagar's Amba Ghat area. These moulds would have been used to make coins, likely made of silver. Strangely however, not a single coin was found with the moulds.'
The researchers/archaeologists believe that Vadnagar might have been a local hub where these coins were reproduced, possibly to meet ongoing demand in trade markets. The moulds found show signs of reuse and some have double impressions, meaning that more than one coin could be cast at once. According to the research, the clay used in these moulds might have come from outside Vadnagar, or it may have changed due to the high heat involved in making the coins which suggests that some technical knowledge was used in this process.
Dandekar said, 'The researchers believe that Vadnagar may have been a centre for coin reproduction, particularly of coins that were once popular in long-distance trade. The presence of clay moulds suggests cast coin production, which could indicate attempts to supply the market with replicas when genuine coins became rare.'
Furthermore, the study reinforces Gujarat's deep-rooted connection with the ancient sea trade. Classical texts such as the Periplus of the Erythraean Sea mention Barygaza or modern-day Bharuch in Gujarat. 'Old Greek travel texts like the Periplus of the Erythraean Sea even mention Apollodotus's coins being used in Bharuch, a major port in Gujarat. A large horde of such coins was found earlier in Ghogha, a coastal village nearby,' Dandekar shared.
According to the study, the persistence of Apollodotus's coins in trade long after his dynasty had faded shows how coinage, especially silver coinage, remained valuable across centuries and regions.
Co-author Ambekar said, 'Even without finding the coins, these moulds tell us a lot about the trade and economy of that time. The discovery of Indo-Greek coin moulds in Vadnagar suggests that these coins were likely preferred for trade exchanges, especially due to international commercial connections from Bharuch. Their continued circulation till the 5th or 6th century CE could be one reason for their reproduction, as indicated by the coin moulds found at the site.'
Co-author Seth said, 'Original coins were never made using moulds. The discovery of coin moulds in Vadnagar is significant and gives us a deeper understanding of Gujarat's history. This find adds new importance to the region, especially Vadnagar, where the shell industry was also flourishing. These coin moulds were found nearly 500 years after the original coins were in use, which gives them historical value. Originally, coins were produced using the punch-marking, die-striking and casting methods. But the moulds we discovered suggest that people in Vadnagar may have found the original coins and used them as models to create new moulds.'