The relationship between a dedicated numismatist (coin collector) and the object of his affection is often like that of a hunter and his quarry. The savvy collector methodically stalks a coin as if it was prey. He will conduct exhaustive research, discovering everything he possibly can about the history and lore surrounding an item. And then he will lay in wait for the perfect specimen to come into view before finally “pulling the trigger” – buying the piece.
A few years ago, I embarked on my own particular quest. I wanted to buy a nice ancient or medieval gold coin that cost less than $500. Why under $500? There were a couple reasons. First, like many people, I don’t have money to burn.
Second, sometimes I like a challenge. And finding an ancient or medieval gold coin in good condition for a low price is definitely a challenge. Any nouveau riche coin collector can just throw fistfuls of his trust fund money at a collecting niche and walk away with an exquisite piece. But it takes real knowledge (and a bit of luck) to walk into the numismatic market with a strict budget and walk out with a fine specimen.
And so the search began. I immediately ruled out ancient Roman, Greek, Celtic or Indian gold coins. Pricing for these pieces generally started at about $1,000 and rapidly escalates from there. Most medieval European gold coins were out as well. No, I was going to have to get creative in this hunt and entertain the acquisition of a coin from an obscure civilization or empire.
But rooting around in the bargain bin of ancient and medieval numismatics can be a dangerous thing. Most coins struck by little known dynasties are not renowned for their fine style or artistry. Instead, they are often crudely struck, dumpy little coins that are thoroughly unattractive. If I wanted an eye-catching, visually appealing coin, I would need to exercise great caution.
Next, I looked into medieval Byzantine and Venetian pieces, as well as gold coins from some Islamic dynasties. But none of these quite satisfied me. The prices were usually at the very top end of my $500 budget while the coins themselves were often less than impressive. I needed to set aside any preconceived ideas and embrace the unconventional. I didn’t realize it yet, but I was engaging in one of the greatest hunts of my life. I was chasing the golden elephant.
I had always had an affinity for medieval gold coinage from South India. These little gold badges from the unique Hindu empires of the Deccan peninsula really appeal to me. But I already owned quite a few examples, and wasn’t looking to add yet another one. Or so I thought.
But then I saw it – a medieval gold pagoda minted in the 11th or 12th century by the Western Gangas of India. This delightful little coin features a magnificently bejeweled war elephant on its obverse – hence this article’s theme of “chasing the golden elephant”. And the medieval kingdom that created this masterpiece was straight out of an Indiana Jones movie, complete with imposing stone temples, dark, tiger-filled jungles and fierce, warring clans.
I had been aware of the existence of this type of coin before I stumbled across this particular specimen. But I had always shied away previously. Prices had always seemed a little too high. And while I personally liked their quirky, ethnographic artistic sensibility, it doesn’t appeal to everyone.
But this golden elephant coin spoke to me; it was special. Its style was superb for the type, among the best I had ever seen. In addition to that it was in choice condition – a real beauty. And the stories this coin could tell if it could speak! It may have lain for centuries in the treasury of an ancient Hindu temple. It may have passed through the hands of princes, merchants and rebels. It may have witnessed bloody battles waged between rival rulers, along with the rise and fall of countless kingdoms over the centuries.
But the best part was perhaps the price – a mere $300. This specimen had spent too long in a dealer’s inventory and he wanted to move it. I knew that I would probably never see so fine an example again in my lifetime for the same price. At that moment, the golden elephant came into focus within my crosshairs, and I pulled the trigger. I have never once doubted the wisdom of my decision since.
