1 Karshapana - Kosala Janapada

The Kosala janapada punched-mark series predates any centralized mint authority in the subcontinent — these were produced by a system of punch application, each mark struck independently by merchants, guilds, or state officials whose identities remain largely unresolved. Kosala itself was one of the sixteen mahajanapadas and a major political rival of Magadha during this period, before being absorbed by it sometime in the 4th century BC.

The ACR reference places this among the lighter-weight karshapana fractions documented by Shailendra Bhandare and others working the punch-mark series. At 2.72g, it sits at roughly half the standard karshapana weight, consistent with known Kosala fractional issues from this horizon.