Archaeologists obtained new insights into early Southeast Asian trade and cultural connections through an extensive examination of silver coins dating to as early as the fourth century CE. Carrying distinctive Rising Sun and Srivatsa designs, the coins were widely in circulation across the region—from Vietnam to Bangladesh—demonstrating a level of economic integration that has rarely been the subject of previous historical studies of the region.
Ancient ‘rising sun’ coins reveal vast first-millennium trade networks across Southeast Asia. Credit: A. Harris et al., Antiquity (2025)
The coins, originally struck by the north-central Myanmar’s Pyu-Mon polities, were produced with dies—molds that imprint designs onto both sides of a blank disc. While there are slight variations in diameter, weight, and imagery, their overall uniformity suggests strict standardization. This consistency, scientists ᴀssert, indicates shared economic and cultural systems that transcended local political boundaries.
Chinese chronicles from as early as the late Han Dynasty (second century CE) recorded Southeast Asia’s role in sea and land-based trade routes connecting the Near East to China via the Persian Gulf, Indian Ocean, and South China Sea. Archaeological excavations have confirmed these accounts, with imported artifacts such as Roman glᴀssware, Persian and South Asian ceramics, Indian jewelry, and Chinese ceramics discovered in both coastal trade ports and inland settlements. Of these finds, the Rising Sun/Srivatsa coins stand out for their exceptional geographic spread, having been found within the Irrawaddy River basin in Myanmar, Dvaravati culture centers in Thailand, Funanese centers in the Mekong Delta, and even riverine settlements along the Malay Peninsula.
Dr. Andrew Harris of the National University of Singapore and colleagues conducted a die study of 245 coins from museums in Myanmar, Cambodia, Vietnam, and Thailand. They discovered over one obverse and reverse die match on coins that are thousands of kilometers apart. In a remarkable case, the obverse sides of coins from Bangladesh and Vietnam both appear to have been produced with the same die—suggesting they most likely were minted by the same authority or even the same artisan, despite the locations being thousands of miles apart.
Examples of Rising Sun/ Srivatsa coin types minted across Southeast Asia. Credit: A. Harris et al., Antiquity (2025)
Beyond their historical importance, the researchers point to the importance of die studies as a weapon against illicit antiquities trafficking. Many ancient coins from Myanmar have been looted during the ongoing conflict, sold into private collections, or melted down. By means of coin provenance tracing, die studies can identify forgeries and preserve the cultural heritage of the region.
This research marks a significant step forward for the numismatic history of Southeast Asia, placing its coinage on par with the highly documented Roman, Indian, and Central Asian currency systems and opening the door to future research on other regional denominations and their role in ancient trade.
More information: Harris, A., Cabral, R., De Iorio, M., Krajaejun, P., & Kwa, C. G. (2025). Currents of currency: utilising die studies to trace Rising Sun/Srivatsa coin distribution in first-millennium AD Southeast Asia. Antiquity, 99(406), 1030–1048. doi:10.15184/aqy.2025.77
