ABSTRACT
Gujarat, endowed with a long coastline from Kathiawad to Daman, is known for its maritime tradition and prospects as the Gujarat coast houses a number of ports, bustling with sustained activities of both indigenous and non-indigenous merchants. In sharp contrast to this, the gradual disappearance of the fine gold currency in South Asia from around 550 CE onwards and the circulation of debased gold currency, or the minting of gold coins of questionable intrinsic quality have been strongly argued as a sure signal of the steady slump of India’s long-distance maritime trade. The significant point to note is that the hundika, chirika and adesa as instruments of credit and as alternate moneys were known in areas as far away as Kashmir. Both the Rajatarangini of Kalhana and the Lokaprakasa of Kshemendra were well acquainted with these alternatives to metallic medium of exchanges.
