Rig Vedic period, though on a very limited
undoubtedly inconvenient as media of exchange. Though nishkas,
hiranyapindas and manas had become well-known pieces of recognized
weight and value, they cannot be called gold coins. The Panis formed the
great trading class both for inland and foreign trade. These Panis have been
condemned in several texts for their greed and hard heartedness. Bullocks
and pack-horses were used for road transport. Water transport was also
    In the later Vedic period, trade increased to an extent necessitating
organisation. Merchants organised themselves into guilds, known as ganas
(called srenis in the post-Vedic period). Vaishyas (sreshtins) carried on trade
and commerce. The haggling of the market had now become such a
pronounced feature of commerce that a whole hymn of the Atharva Veda
aims at procuring success in trade through clever bargaining. Money lending
also began to be practised by some people. Kusidin was a designation of the
usurer in the Satapatha Brahmana. Satamana and krishnala, beside nishka,
came to be used as units of value. In the Satapatha Brahmana, the gold piece,
named satamana, is frequently mentioned in connection with the honorarium
to be paid to the priests. Another type of gold piece, named suvarna has also
been mentioned in it. The Brihadaranyaka Upanishad mentions pada. But all
these were gold ornaments or pieces and did not represent coins.
Nature of Political Setup
Rajanya of Rigvedic Period The Vedic jana (tribe) incorporated a number
of vis (clans), which by the time of the Rig Veda were bifurcated into the vis
and the rajanya, the latter constituting the ruling families. The description of
the rajanya even in the later Vedic literature, depicts him as the epitome of
the hero. It was from among these families that the raja was chosen. In one
place, it is said that those who successfully complete the asvamedha sacrifice
will share in rashtra and become rajas worthy of consecration, whereas those
who fail to do so will remain       members of the rajanya and the vis. The