Kochi, the "Queen of the Arabian Sea," has always been more than just a spice hub. It was a sophisticated economic powerhouse with a monetary history as rich and layered as its famous Malabari cuisine. Long before the standardized Indian Rupee we use today, the Kingdom of Cochin hummed to the sound of local silver, gold, and copper coins that told the story of a sovereign state navigating a rapidly changing world.
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The Legend of the Silver Puthen
At the heart of Kochi's fiscal identity was the Puthen. Derived from the Malayalam word for "new," the Puthen was a unique silver coin that became the standard for the kingdom in the early 18th century.
What made the Puthen truly special was its design. Each coin featured a stylized Sankha (conch shell), a symbol of purity and sovereignty in Kerala's culture. For a citizen of the Cochin Kingdom, carrying a Puthen wasn't just about wealth; it was a badge of local identity. These coins weren't just used for buying goods; they were a statement against the encroaching uniformity of colonial powers.
A Melting Pot of Global Currency
Because Kochi was a primary port for the Dutch, Portuguese, and British, its markets were a fascinating "currency cocktail."
The Dutch Influence: During the Dutch occupation (1663–1795), copper "doits" from the Dutch East India Company (VOC) flooded the markets.
The Gold Fanam: Known locally as the Panam, these tiny gold coins were the preferred choice for high-value international spice trades.
The Copper Kasu: For the average person buying fish or vegetables in the local market, the copper Kasu was the daily workhorse.
This era required local merchants to be expert money-changers, constantly calculating the shifting exchange rates between the VOC Guilders, the British Sovereign, and the local Puthen.
The Anchal System: Postage as Currency
One of the most unique aspects of Kochi’s history is the Anchal System. This was the local postal department of the Kochi and Travancore kingdoms.
In a fascinating twist of economic history, Anchal stamps and revenue tokens often functioned as a proxy for currency. Because the postal system was so deeply integrated into the state's administration, these stamps—denominated in Puthens—were used to pay fines, taxes, and fees, essentially serving as a form of paper (or adhesive) money long before modern banknotes became common in the region.
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The Road to the Rupee
As the British Raj expanded its influence, the pressure to standardize currency grew. The transition wasn't overnight. For decades, the Kochi Puthen co-existed with the Travancore Rupee (the currency of its neighbor to the south) and the British Indian Rupee.
By the early 20th century, the Puthen began to retreat from the front lines of trade, becoming more of a ceremonial and administrative unit. Finally, in 1949, following India's independence and the integration of the princely states, the local coins of Kochi were officially retired, making way for the modern Indian Rupee.
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Preserving the Legacy
Today, these coins are rare treasures sought after by numismatists worldwide. They serve as a reminder that Kochi was never just a passive participant in global trade; it was a kingdom with its own voice, its own symbols, and its own unique way of measuring value.
The next time you walk through the historic streets of Fort Kochi, remember that beneath the modern pavement lies a history of silver conch shells and golden fanams—the untold story of a kingdom's economic soul.
Enjoyed this deep dive? Watch our full video on the "Lost Coins of Kerala" here:
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