Recent archaeological research has uncovered that silver coinage from the first millennium AD reveals a sophisticated and interconnected economic system across Southeast Asia, stretching from Bangladesh to Vietnam. Published in the journal Antiquity, the study analyzed over 200 coins featuring a rising sun and the Srivatsa symbol, a religious motif of early Indian origin. These coins, first produced in Myanmar’s Irrawaddy basin as early as the fourth century AD, show remarkable consistency in design—typically 12 sun rays surrounded by 27 beads, influenced by Vedic astrology, with auspicious symbols like the swastika and moon on the reverse.
These coins circulated widely across kingdoms, including Funan in the Mekong Delta and regions in eastern India, indicating a broad economic network. Lead researcher Dr. Andrew Harris from the National University of Singapore emphasized that no other early Southeast Asian coin series demonstrates such extensive distribution. Notably, a coin from Bangladesh and another from Vietnam were struck using the same die, suggesting shared minting authority despite being over 2,000 kilometers apart.
The coins were typically made of 80–90 percent pure silver, weighing approximately 9.2–9.4 grams—equivalent to 80 ratti, an ancient Indian weight unit. Evidence of fractional pieces, such as halves and quarters, indicates that silver functioned not only in long-distance trade but also in everyday transactions, reflecting complex local economies.
Die studies of 245 securely sourced coins revealed patterns of circulation along both maritime and overland routes, including trans-peninsular portages across the Malay Peninsula that shortened sea travel significantly. A major hoard found in 1976 at Ban Moklaan, Thailand, containing hundreds of specimens, further supports interregional exchange.
Interestingly, some coins from Cambodia were cast rather than struck, indicating local replication of foreign currency. Ceramic moulds discovered in Thailand suggest smaller polities adapted circulating coinage to suit their needs. In central Thailand’s Dvaravati region, die-linked coins point to limited local minting using imported silver, showing that even smaller centers participated in broader monetary systems.
The research, led by Professor Maria De Iorio and Dr. Andrew Harris, offers new perspectives on trade dynamics, political relationships, and cultural integration in early Southeast Asia. It also highlights ongoing heritage challenges, as many coins are looted or melted down for bullion, particularly in Myanmar. Die analysis can help trace provenance and combat illicit trade in antiquities.
The findings align with medieval Chinese records describing Southeast Asia as a vital trade nexus linking the Near East, India, and China. Artifacts such as Roman glass and Persian ceramics found alongside these coins reinforce the region’s role as a commercial hub. By examining the production and movement of Rising Sun/Srivatsa coinage, researchers are reconstructing the economic, political, and cultural fabric of a connected medieval world.
The full study, titled “Currents of currency: utilising die studies to trace Rising Sun/Srivatsa coin distribution in first-millennium AD Southeast Asia,” is available in Antiquity.
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Coins Reveal Medieval Economic Connections in Southeast Asia
Archaeologists have revealed that coin production in first millennium AD Southeast Asia demonstrates far-reaching economic connections across the entire region, stretching from Bangladesh to Vietnam. The findings, published in Antiquity, highlight the complexity of these early medieval economies, showing they were as sophisticated as those of other contemporary civilisations.
The study examined more than 200 silver coins, many of which feature a rising sun on one side and the Srivatsa—an early Indian religious symbol—on the other. First minted in Myanmar’s Irrawaddy basin as early as the fourth century AD, these coins display striking uniformity. The sun design typically featured 12 rays encircled by 27 beads, a motif inspired by Vedic astrology, while the reverse combined the Srivatsa with auspicious symbols such as the swastika, moon, and sun.
The coins were not confined to one kingdom. Instead, Rising Sun/Srivatsa issues circulated widely, from the Gulf of Martaban in Myanmar to Funan in the Mekong Delta and as far as Bengal in eastern India. “No other early Southeast Asian coinage exhibits as widespread a distribution as those bearing Rising Sun/Srivatsa motifs,” explained Dr Andrew Harris of the National University of Singapore, lead author of the study. “However, the coins have rarely been analysed as an integrated artefactual dataset, with scholars often associating them with specific cultural-historical groups aligned with modern nation-state boundaries.”
Silver, Standards, and Fractions
Analysis reveals that these coins were usually made of high-quality silver, with purity ranging from 80–90 percent, and in some cases reaching almost 100 percent. They typically measured 28–35 mm in diameter and weighed around 9.2–9.4 grams—equivalent to 80 ratti, an ancient Indian weight based on seed measures.
Importantly, archaeologists also found evidence of fractional coins—halves, quarters, and smaller cuts—as well as miniature denominations. These point to complex local economies that used silver not only for prestige and trade but also in daily transactions.
A Shared Economic Network
The research team compiled 245 coins with secure origins from across Southeast Asia and conducted detailed die studies. In one striking discovery, the obverse sides of a coin from Bangladesh and another from Vietnam were shown to have been struck with the same die. This suggests that despite being separated by more than 2,000 kilometres, they may have been minted by the same authority or even the same craftsman. “This offers compelling evidence of extensive long-distance circulation,” Dr Harris noted.
Such findings demonstrate that, like Rome, India, and Central Asia, Southeast Asia had currency systems that underpinned trade, politics, and cultural exchange in the medieval period.
Overland and Maritime Routes
The circulation of these coins also helps trace Southeast Asia’s ancient trade routes. Evidence points to the use of trans-peninsular portages across the Malay Peninsula, which linked the Andaman Sea and the Gulf of Thailand. This shortcut saved months of sailing around the peninsula and shows that Rising Sun coins moved along both coastal and overland corridors.
The largest hoard of such coins was discovered in 1976 at Ban Moklaan in Thailand, numbering hundreds of specimens. Die matches between coins from this hoard and others in mainland Thailand provide further confirmation of interregional trade across river and sea.
Casting Coins and Local Mints
One surprising finding is that not all coins were struck with dies in the manner of Greco-Roman or Indian issues. Some coins from Cambodia’s Konlah Lan hoard were instead cast in moulds, suggesting local replication of imported currency. Ceramic moulds for Rising Sun and conch/Srivatsa coins have been found in Thailand, providing rare evidence of how smaller polities imitated or adapted circulating money.
In central Thailand, at Dvaravati sites along the Chao Phraya River, die-linked coins suggest limited local minting from imported silver. These finds indicate that coinage was not just a tool of powerful states but also a flexible medium of exchange for smaller centres integrated into wider networks.
Implications for Trade and Heritage
“The die study presented here has considerable implications for understanding early Southeast Asian trade networks, providing insights into key ports and settlements, further assessing the role of weighted silver in ancient trade, and mapping the expansion and contraction of currency-based economies in mainland Southeast Asia along with the polities that minted them,” adds coauthor and project Primary Investigator Professor Maria De Iorio, also of the National University of Singapore.
The research also sheds light on ongoing challenges in heritage preservation. Many early Southeast Asian coins are looted, melted down for silver, or sold without provenance on the antiquities market. In Myanmar, coins have even been observed being turned into bullion by modern silversmiths. Die studies provide a way to identify such illicit material and distinguish forgeries from authentic finds. As Dr Harris observed, “Die studies will assist in better tracing the provenance of coins from Myanmar, advancing our understanding of historical coin usage and minting practices while helping to curtail the illicit facilitation of antique-coin collection in this region.”
A Connected Past
The findings confirm what medieval Chinese chronicles noted as early as the second century AD—that Southeast Asia was a vital crossroads of trade linking the Near East, India, and China. Excavations across the region have uncovered Roman glass, Indian jewellery, and Persian ceramics alongside these silver coins, further illustrating its role as a hub of exchange.
By studying the circulation and production of Rising Sun/Srivatsa coinage, archaeologists are uncovering not only economic patterns but also the political and cultural ties that bound Southeast Asia together more than a millennium ago.
The article, “Currents of currency: utilising die studies to trace Rising Sun/Srivatsa coin distribution in first-millennium AD Southeast Asia,” by Andrew Harris, Rafael Cabral, Maria De Iorio, Pipad Krajaejun and Chong Guan Kwa, appears in Antiquity. Click here to read it.
Top Image: Assorted Rising Sun/Srivatsa coins found at Oc Eo An Giang, Vietnam and Angkor Borei, Cambodia, held at the Ho Chi Minh City History Museum and SOSORO Museum of Economy and Money, Phnom Penh