The core thesis of this paper is that the Sino-Kharosthi coin was not simply a product created to meet the demands of trade. Instead, it was a deliberate and sophisticated synthesis engineered by the rulers of Khotan. It was designed to cleverly establish and proclaim their own sovereign status between the two great civilizational spheres of the Han Dynasty and the Kushan Empire. Its design represents a meticulous fusion of monetary standards, languages, scripts, and cultural symbols.
Part 1: The Kingdom of Khotan: A Crossroads of Civilizations
This chapter aims to establish the grand historical and cultural context in which the Sino-Kharosthi coin emerged. It argues that Khotan was not a passive recipient of cultural flows but an active shaper and integrator.
1.1 The Oasis Kingdom: Strategic Geography and Economic Foundation
Khotan (modern-day Hotan) is situated on the southern edge of the Tarim Basin, between the Taklamakan Desert and the Kunlun Mountains, its lifeblood sustained by the Yurungkash (White Jade) and Karakash (Black Jade) rivers. This unique geographical position made it a crucial oasis hub on the southern route of the Silk Road, connecting Dunhuang in the east withthe Pamir Plateau in the west. It was an essential waypoint for ancient caravans traversing the vast desert (see Figure 1).
Khotan's economic strength was intrinsically linked to its strategic position, primarily built upon the production of highvalue, low-weight goods suitable for long-distance transport. The most famous of these was Khotan jade, whose trade history can be traced back to the Shang and Zhou dynasties, making it a vital source of jade for ancient China. Furthermore, after a Khotanese princess legendarily hid silkworm eggs in her headdress and brought them into the kingdom, a prosperous silk and carpet manufacturing industry also developed. This ability to control key trade routes and produce high-value commodities laid a solid economic foundation for the Khotanese kingdom's political autonomy and cultural confidence, equipping it with the capacity to issue its own distinctive currency.
1.2 A Cultural Melting Pot: The Confluence of Saka, Indic, and Sinic Civilizations
Khotan was not a state founded by a single ethnic group but a multicultural community. Its founding legend is itself acomposite narrative, pointing to a son of the Indian King Ashoka who was exiled and an exiled Chinese prince who jointly established the kingdom's foundations. This explains Khotan's ancient division into eastern and western cities and its mixed population structure.
Ethnically, its primary inhabitants were the Saka people, who spoke an Eastern Iranian language. Culturally and linguistically, however, Khotan was deeply influenced by surrounding powers. The Kharosthi script and Gāndhārī language used on the coins clearly indicate a profound cultural imprint from northwestern India and the Kushan Empire. Simultaneously, the Chinese character inscriptions on the coins and Khotan's historical status as a vassal state to the Han and Tang dynasties on multiple occasions demonstrate the long-term political and cultural influence of the Central Plains dynasties.
Therefore, Khotanese society was itself a hybrid woven from Iranian, Indic, and Sinic civilizational elements. The coexistence of two scripts on the Sino-Kharosthi coin is the most direct manifestation of this deep-rooted composite character of its social fabric; it was a currency designed for a populace of diverse cultural backgrounds.
1.3 The Rise of a Buddhist Sanctuary
Buddhism was the core and soul of Khotanese civilization. It is said that Buddhism was introduced to Khotan in 84 BCE, making it one of the earliest Buddhist kingdoms in the world. Thereafter, Khotan developed into a major center for Mahayana Buddhism, with close ties to the Buddhist communities of Gandhara and Kashmir. It was not only home to numerousmonasteries and a large monastic population, as recorded by the eminent Chinese monks Faxian and Xuanzang, but it also played a crucial role as a bridge for the eastward transmission of Buddhism to the Central Plains. The Sanskrit originals of several important sutras that profoundly influenced Chinese Buddhism, such as the Pancavimsatisahasrika Prajnaparamita Sutra and the Avatamsaka Sutra, were first obtained from Khotan before being translated into Chinese.
Khotan's founding myth even linked the kingdom directly to the Buddha, claiming that the Buddha himself had visited the land and prophesied that it would become a place where the Dharma would flourish. This profound religious atmosphere meant that Buddhism was not just a faith but constituted Khotan's national identity and cultural "soft power." In such a context, incorporating Buddhist symbols onto a coin—the most authoritative symbol of the state—was likely not merely decorative but a political act expressing faith and the divine legitimacy of the rulers.
Part 2: A Numismatic Deconstruction of the Hotan Horse Coin
This chapter will analyze the features of the Sino-Kharosthi coin from a numismatic perspective, revealing how each design element served the overall goal of cultural integration.
2.1 Form and Technology: Western Technique, Eastern Object
In their form, the Sino-Kharosthi coins completely abandoned the traditions of Central Plains coinage. They are round butlack the central square hole, a stark departure from the "round sky, square earth" design philosophy that had characterized Chinese coins from the Qin Ban Liang to the Han Wuzhu. More importantly, their manufacturing technique was striking, a method originating from the Greco-Roman and Kushan worlds, rather than the casting method traditional to China.
This technological choice was in itself a strong cultural statement. By adopting Western minting technology, Khotan aligned its coin production with the prestigious Hellenistic and Kushan traditions, thereby visually and tactilely distinguishing its currency from the Sinic monetary system of the East. This choice was not merely technical but carried clear geopolitical implications. The coins were primarily issued in two denominations: a large unit of 24 zhu and a small unit of 6 zhu.
2.2 Bilingual Inscriptions: A Linguistic Bridge
2.2.1 The Kharosthi Legend: The Voice of the West One side of the coin bears a Kharosthi inscription.
Kharosthi was an alphabet widely used in the ancient Gandhara and Kushan Empires, originating from northwestern India. The inscription contains the royal title, typically read as "Maharajasa rajatirajasa..." (meaning "Great King, King of Kings..."), followed by the ruler's name, such as "Gurgamoya." This "King of Kings" title was very common on coins in Central Asia, being the standard formula used by empires like the Kushan and Parthian to declare supreme authority. By adopting this title and script, the rulers of Khotan ensured their currency could be understood and accepted in westward and southward trade by merchants and polities of that cultural sphere, directly linking their own ruling legitimacy to the power structure of the Hellenistic-Kushan world.
2.2.2 The Chinese Inscription: The Voice of the East
The other side of the coin is inscribed with Chinese seal script. The inscription on the large coin reads " 重廿四銖銅錢 " (Bronze coin, weight twenty-four zhu), while the small coin reads " 六銖錢 " (six zhu coin). Here, the "zhu" is a unit of weight and currency originating from Han China. Since Emperor Wu of Han issued the Wuzhu coin, it had become the cornerstone of the Central Plains' monetary system. By clearly marking the valuein "zhu" on its coins, Khotan was making a clear nod to the great eastern power—the Han Empire. This made the coin's value clearly identifiable and easy to circulate and exchange within the Han cultural-economic sphere. Even while adopting a Western coin form, Khotan still acknowledged the authority of the Han dynasty in its metrological standard.
2.3 Imagery and Symbols: Local Identity and Universal Concepts
2.3.1 The Central Asian Steed: A Symbol of Power and Wealth
The most striking image on the coin is a fine horse (sometimes a camel), which is the origin of its common name, the "Hotan Horse Coin." The horse was an indispensable element in Central Asian steppe culture and the Silk Road trade, serving as a vital strategic resource and a symbol of wealth, speed, and status. Historical records note that Khotan was famous for producing fine horses and camels. Therefore, the image of the horse carries multiple meanings: it represents the caravan trade upon which Khotan depended for survival, and it also symbolizes the kingdom's military strength and its cultural identity rooted in Central Asia. In a country deeply influenced by Buddhism, the horse was also often regarded as a sacred animal, playing the role of a medium connecting the mortal and spiritual worlds, which adds a deeper religious dimension to the imagery.
2.3.2 The Mysterious Tamgha: Royal Seal or Symbol of Faith?
In the center of the reverse of the 24-zhu large coin, there is usually a unique symbol, known academically as a "Tamgha" (clan emblem). Interpretations of this symbol vary. Some believe it is a variant of the Chinese character " 贝 " (bèi), symbolizing wealth; others see it as the exclusive emblem of the Khotanese royal family. However, a very compelling explanation is that this symbol is the Buddhist "endless knot" or Śrīvatsa. The Śrīvatsa is an ancient auspicious symbol widely used in the three major Indian religions—Buddhism, Hinduism, and Jainism—often depicted on the chest of deities (like Vishnu) or as one of the Eight Auspicious Symbols. In Buddhist art, it can be represented as a triangular swirl or an endless knot.
Considering Khotan's background as a devout Buddhist nation, placing a sacred symbol like the Śrīvatsa in the center of thecoin would undoubtedly imbue thecurrency with sanctity. It would symbolize that the kingdom's economic prosperity was blessed by the Buddhas, thereby greatly consolidating the divine legitimacy of the rulers.
Other symbols, such as "cowrie-shell" or "laurel wreath" patterns, may respectively symbolize wealth, victory, or power. Their final interpretation awaits corroboration from excavated texts.
2.4 Metrological Standard: An Ingenious Fusion of Eastern and Western Systems
The most ingenious design of the Sino-Kharosthi coin lies in its metrological system. It adopted the Chinese "zhu" as its unit of weight, setting the denominations at 24 zhu and 6 zhu. These two denominations form a precise 4:1 exchange ratio. This 4:1 relationship is uncommon in traditional Chinese monetarysystems but was a core feature of the Hellenistic monetary system, namely the relationship between the tetradrachm and the drachm. The monetary system of the neighboring Kushan Empire was a direct successor to this Hellenistic tradition.
This design was nothing short of genius. The rulers of Khotan adopted an Eastern unit of account (zhu) but placed it within a Western denominational structure (4:1). The result was a coin that could be seamlessly understood and accepted by two major economic systems. A Han merchant from Chang'an could calculate its weight and value based on the "zhu," while a Kushan or Sogdian merchant could immediately recognize the 4:1 exchange relationship and equate it to their familiar tetradrachm/drachm system. This design dramatically reduced transaction costs in cross-cultural trade and demonstrated the Khotanese court's sophisticated understanding of international finance and commerce.
Part 3: Chronological Verification and Periodization
This chapter will evaluate the issuing period of the SinoKharosthi coins, synthesize the authoritative conclusions from the numismatic community, and analyze an innovative dating method from the perspective of the evolution of Chinese calligraphy.
3.1 Numismatic Consensus: Cribb's Chronological Framework
Modern authoritative research on Sino-Kharosthi coinage is founded on a series of papers published by the Britishnumismatist Joe Cribb in the Numismatic Chronicle in 1984 and 1985. Through typological analysis, coin hoard evidence, and comparison with Kushan coinage, Cribb established a chronological framework for this coin series. Recent discoveries have largely confirmed his conclusion that the Sino-Kharosthi coins were primarily issued from the 1st century to the early 2nd century CE. Research indicates these coins are closely associated with the reigns of the first four rulers of the Kushan Dynasty. In fact, Sino-Kharosthi coinage is considered the only reliable physical evidence for the history of Khotan during this specific period, as related Chinese and Tibetan historical records were all written several centuries later. Therefore, the generally accepted chronological framework in the numismatic community provides us with a solid chronological anchor.
Evolution of script style and inference of minting period (Seal → Clerical → Regular), can serve as a supplementary basis for coin dating: 1. Small Seal Script Period (late Western Han): The character " 六 " on the coin is cursive and slender (+/– 25 CE). 2. Clerical Script Period (mid-Eastern Han): Strokes are straight,showing clear features of clerical transformation (25–220 CE). 3. Incipient Regular Script (Wei-Jin & Northern/Southern Dynasties): Character form is square, brushwork is lively, dating pushed to the late Jin dynasty. Verification Method: Comparison with excavated stele inscriptions and bronze inscriptions (see "Collection of Chinese Epigraphy").
Another innovative dating perspective comes from examining the evolution of the calligraphic style of the Chinese character " 六 " (six) on the small coins to infer their relative chronology. The core of this method is to compare the script on the coins with that on excavated artifacts with clear dates (such as steles and bronze vessels) (see Figures 3, 4, 5). The evolutionary sequence of Chinese characters is roughly Seal Script, Clerical Script, and then Regular Script.
Observing the actual coins (see Figures 3, 4, 5), one can find different styles of the character " 六 ". Some have rounded, turning strokes and elongated structures, retaining the characteristics of Small Seal Script. Others have strokes that tend to be straight and structures that are square, exhibiting features of Clerical Script. By comparing these styles with the character " 六 " on specimens such as the Han Xiaocheng Ding (Western Han), the Han Yanguang Remnant Stele (122-125 CE), the Wu Changuo Shan Stele (276 CE), and the Jin Yuankang Bricks (291-299 CE), a relative stylistic sequence can be established. For instance, the script on the Yanguang Remnant Stele is described as "miùzhuàn"—"neither clerical nor seal"—a transitional formbetween the two, which provides a chronological reference for judging coins with similar script styles.
3.3 Integrated Chronology: Reconciling the Evidence
Although calligraphic analysis offers an insightful method for internal sequencing, its application to coin dating has limitations. First, there is the possibility of stylistic lag, meaning that official script used in a peripheral region (like Khotan) might have been more conservative than in the Central Plains heartland, continuing to use older script forms. Second, the differences in medium and craftsman—the work of a die engraver on a tiny metal flan—may not perfectly correspond to the formal style of a calligrapher on a large stone stele. Finally, seal script and clerical script had a long period of coexistence during the Han dynasty.
Therefore, the most prudent conclusion is to use calligraphic analysis as a supplementary tool to refine the macrochronological framework established by numismatists. That is, within the broad range of the 1st to 3rd centuries CE, coins with the character " 六 " in a more archaic Small Seal style likely belong to earlier issues (c. 1st century CE), while those showing clear clerical script features probably belong to later issues (c. 2nd-3rd centuries CE). This approach, while respecting the primacy of archaeological and numismatic evidence, effectively incorporates the value of philological analysis. It allows us to move from the macro-judgment that "these coins were issued in the 1st-3rd centuries" to a more refined view that "within this period, Type A (seal script style) may be earlier than Type B (clerical script style)." As for the inference that some coins date as late as the Jin dynasty, this is less likely, because by the late 3rd century, the Kharosthi script had largely fallen out of use, and later Khotanese coins adopted the Brahmi script instead.
Part 4: The Context of the Coinage: Economic, Political, and Cultural Roles
This chapter will synthesize all the preceding analyses to explore the multiple roles played by the Sino-Kharosthi coin in its historical context.
4.1 A Currency Born for a Cross-Cultural Market
The trade of the Silk Road was essentially a multi-nodal, multicurrency relay trade. Although the Sasanian silver drachm and the Byzantine gold solidus were the international hard currencies of the time, a large number of local currencies also circulatedalong the route. Archaeologicalfindings show that SinoKharosthi coins circulated mainly locally in Khotan and are rarely found in the heartlands of the Central Plains or the Kushan
Empire, proving that they were a local currency.
However, it served a highly internationalized market. Its bilingual, dual-metrological standard design made it an ideal medium of exchange among local Khotanese merchants and visiting Sogdian, Persian, Indian, and Han Chinese traders. It effectively bridged the gap between the Han and Kushan monetary systems, reduced transaction costs, and solidified Khotan's position as an indispensable commercial center on the Silk Road.
4.2 The Proclamation of Sovereignty and the Art of Diplomacy
In antiquity, issuing coinage was a powerful political act of asserting sovereignty. Throughout its history, Khotan often navigated between powerful entities like the Xiongnu, the Han Dynasty, the Kushan Empire, and the Tibetan Empire, sometimes independent, sometimes a vassal. The Sino-Kharosthi coin is a masterpiece of geopolitics. By using the Kushan-style "King of Kings" title, the Khotanese ruler nominally placed himself on equal footing with his western neighbors. By using Chinese characters and the "zhu" unit, he expressed cultural affinity and political respect towards the Han Dynasty in the east. Most crucially, by casting his own name (in Kharosthi) and unique local symbols (the horse) upon it, he clearly proclaimed his own sovereignty. This small bronze coin was both a tribute to the surrounding great powers and a declaration of its own independent status—a brilliant act of diplomatic balancing accomplished on bronze.
Political Origins ：After Zhang Qian's mission to the Western Regions in the Western Han, Khotan came under the Han sphere of influence with the establishment of the Protectorate of the Western Regions (Book of Han, "Account of the Western Regions").
During the Eastern Han, Wei, and Jin periods, it was subordinate to the Han and Kushan Empires, retaining its local kingship while revering the culture of the Central Plains.
Cultural Fusion: Buddhism was introduced to Khotan from the 1st century BCE, making it an early center for Sino-Indian Buddhist exchange. Eminent monks like Kumārajīva and Faxian passed through here (see A Comprehensive History of the Buddhas and Patriarchs).
Gandharan art and Hellenistic culture influenced Khotan via the Silk Road, leading to a diverse fusion in the coin's design and craftsmanship.
4.3 The Embodiment of Faith: A Buddhist Talisman in the Marketplace
The significance of the Sino-Kharosthi coin transcends purely economic functions; it was also a carrier of cultural and religious values. Khotan was a devoutly Buddhist kingdom. The horse motif on the coin could itself carry Buddhist connotations, and the tamgha on the reverse of the large coin is highly likely the Buddhist Śrīvatsa (endless knot). If this interpretation holds, then this symbol infused the coin with the quality of a talisman, bringing auspiciousness and blessings to commercial activities. Furthermore, the character " 六 " (six) on the small coin also carries auspicious connotations of "smoothness and success" (liù liù dà shùn) in Chinese culture, possibly adding another layer of cultural meaning.
This design cast the king as a Buddhist monarch emulating a Cakravartin (wheel-turning sage king), who not only guaranteed the material wealth of the kingdom but also cared for its spiritual well-being. Every transaction became a small but constant affirmation of the state's pious faith and the ruler's legitimacy.
Conclusion
The Sino-Kharosthi coin is a microcosm of an early stage of globalization in the ancient world. It was not the product of a passive collision of two cultures, but the fruit of the Khotanese kingdom's wisdom in proactively making cultural choices and technological innovations to survive and thrive in a complex geopolitical landscape.
From a numismatic perspective, its every design feature—the Western striking technique, the coexisting bilingual inscriptions, the integrated metrological system, and the imagery with bothlocal and universal significance served a common goal: to create a "super-currency" that could circulate seamlessly between the two major civilizational spheres of the Silk Road. This not only
reflects Khotan's profound insight into the rules of international trade but was also a successful economic innovation.
From a historical and political perspective, this coin is a declaration of Khotanese sovereignty. It skillfully balanced respect for the two great powers, Han and Kushan, with its own assertion of independence—a form of diplomatic rhetoric engraved on metal.
From a cultural perspective, it integrated secular royal power, commercial value, and sacred Buddhist faith, turning currency into a mobile medium for disseminating national identity and religious legitimacy.
In summary, the Sino-Kharosthi coin is far more than just the "Hotan Horse Coin." It is a miniature monument, testifying to how the Kingdom of Khotan, by virtue of its geographical advantages, cultural wisdom, and commercial acumen, forged its own unique civilizational identity at the crossroads of the ancient world. Its in-depth study will continue to reveal the depth and complexity of cultural exchange along the Silk Road.
