1/2 Karshapana - Shivamitra

Shivamitra was one of several local rulers operating in the Panchala region — roughly modern Uttar Pradesh — during a period when the Mauryan imperial structure had collapsed and successor powers had not yet consolidated. The punch-marked and cast copper issues attributed to these rulers represent the continuation of a coinage tradition that predates the Mauryas but persisted well into the post-Mauryan fragmentation. MACW 4509 is a catalogued reference within Mitchiner's system, though attribution of specific rulers within the Panchala series remains contested among specialists due to the overlapping use of symbols across dynastic lines.