Which of the following statements is incorrect in reference to coins in ancient India?

Punch-marked coins made of gold were amongst the earliest to be minted and used in India.

The correct answer is Option 1 - Punch-marked coins made of gold were amongst the earliest to be minted and used in India.

Punch-marked coins made of SILVER AND COPPER (c. sixth century BCE onwards) were amongst the earliest to be minted and used. Numismatists have studied these and other coins to reconstruct possible commercial networks. Attempts made to identify the symbols on punch-marked coins with specific ruling dynasties, including the Mauryas, suggest that these were issued by kings. It is also likely that merchants, bankers, and townspeople issued some of these coins. The first coins to bear the names and images of rulers were issued by the Indo-Greeks, who established control over the north-western part of the subcontinent c. second century BCE. The Kushans, however, issued the largest hoards of gold coins first gold coins c. first century CE. Coins were also issued by tribal republics such as that of the Yaudheyas of Punjab and Haryana (c. first century CE ). Archaeologists have unearthed several thousand copper coins issued by the Yaudheyas, pointing to the latter’s interest and participation in economic exchanges.