The earliest coin minted in today's territory of Nepal was in ShakyaMahajanapada, along the India–Nepal border at around 500 BCE. Shakya coins were an example of a coin invented in the Indian subcontinent which continued to be used in Nepal alongside India for over 1500 years.[1]
Silver punch mark coin of the Maurya empire, with symbols of wheel and elephant. 3rd century BCE.
In the Maurya Empire, punch marks were widely used in the southern region of Nepal and also imported from hills and the Kathmandu valley. Mauryan coins were punch-marked with the royal standard to ascertain their authenticity.
The Kushan Empire expanded into Nepal in the early 1st century CE and introduced Kushan coins. They were used in the Southern region widely and made of copper.[2]
Copper coin of Jishnu Gupta (c. 622–633) of the Nepalese Licchhavi Dynasty. Obverse. The inscription above the winged horse is Sri Jishnu Guptasya
The Licchavi Kingdom of Nepal established its root in the Kathmandu Valley from c. CE 576 to 750. This marked the beginning of the Classical period of Nepal. Lichhavi Coins were the first coins widely used in the Kathmandu Valley and its surrounding hills.[3]
Nepalese silver mohar in the name of King Bhupatindra Malla (ruled 1696–1722) of Bhadgaon (Bhaktapur), dated Nepal Era 816 ( = AD 1696), obverse. Silver mohars of this type were also exported to Tibet where they circulated along with other Malla mohars
After a major reform in coinage, a new style of silver coins called Mohar (Initially called Mhendramalli) were struck in Nepal with a reduced weight standard of 5.4 g. in silver.[3]
In CE. 1865, the first copper coins were issued for the Kathmandu Valley in the denomination of Copper Paisa, Double Paisa and Dam with inscription in Devanagari script.[3]