For centuries, the ports of Kerala were the gateway to the East, and "Kochi" (Cochin) stood at the heart of the global spice trade. But while the world came for the "Black Gold" (pepper), they paid in real gold. Specifically, they paid in the most trusted currency of the medieval world: the Venetian Zecchino.
In this post, we explore the fascinating numismatic history of how a small Italian city-state’s currency became a staple of South Indian commerce and culture.
The Global Spice Route: From the Adriatic to the Arabian Sea
Long before the modern era of global finance, the maritime axis between Venice and Kochi was one of the most profitable trade routes in history. Venice dominated the Mediterranean, acting as the middleman for Asian goods entering Europe. Kochi, meanwhile, was the primary collection point for Malabar pepper, cardamom, and ginger.
The trade was simple but massive: Venetian galleys transported gold and silver to Egypt and the Levant, where it was exchanged with Arab traders who brought it across the Indian Ocean to the Malabar Coast.
The Venetian Zecchino: The "USD of the Middle Ages"
The Venetian Ducat, or Zecchino, was first minted in 1284. For collectors, it is a marvel of consistency. For over 500 years, the weight (
This stability made it the most trusted coin in the Kochi markets. Merchants didn't need to weigh or assay every coin; the image of the kneeling Doge and St. Mark was a guarantee of value that spanned continents.
Iconography and Local Interpretation
The coins feature:
Obverse: The Doge (ruler) of Venice kneeling before St. Mark.
Reverse: Christ in a mandorla, surrounded by stars.
Interestingly, as these coins permeated Kerala, they were often reinterpreted through local cultural lenses. In some instances, the figures were associated with local deities or historical figures, leading to unique regional names and folklore surrounding the "foreign gold."
The Mystery of the 'Sanar' Imitations
Such was the prestige of the Zecchino that local goldsmiths in Kerala began producing their own versions. Known to collectors as 'Sanar' coins, these were local imitations that simplified the Venetian design.
While they were technically "counterfeits" in the eyes of Venice, in the Malabar markets, they served as a secondary tier of currency. For numismatists today, these 'Sanar' imitations are highly sought after because they represent a unique fusion of European design and Indian craftsmanship.
A Legacy in Gold
The fall of the Venetian Republic in 1797 eventually stopped the flow of new Zecchinos, but the coins remained in circulation and in family hoards across Kerala for generations. Even today, archaeological finds in coastal Kerala frequently unearth these golden links to the past.
Collectors’ Corner
Are you looking to add historical trade coins or local Malabar coinage to your collection?
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Have you ever found a Venetian coin or a 'Sanar' imitation in India? Share your story in the comments below!
#Numismatics #KeralaHistory #VenetianDucat #CoinCollecting #IndianHistory #Kochi #SpiceTrade #GoldCoins

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