When Reptiles Ruled the Rupee

Senior banker Dr. Nimal Rathnayake tells The Sunday Island how Sri Lanka’s currency evolved from ancient Kahapanas to colourful banknotes that celebrated the island’s hidden biodiversity.

- By IrHaM NIzaAM

“Money tells stories — not just of kings and commerce, but of art, identity, and nature,” said Dr. Nimal Rathnayake, senior banker, researcher, and member of the IUCN Species Survival Commission, speaking to The Sunday Island.

His lifelong curiosity about the intersection of economy and ecology has led him to a fascinating observation: reptiles, those silent survivors of Sri Lanka’s wilderness, have left their mark even on the nation’s banknotes.

For Dr. Rathnayake, currency is far more than a medium of exchange. “It’s a mirror of our civilisation,” he explained. “Every coin and note reflects the political, cultural, and ecological pulse of the era it was born in.”

From Barter to the Birth of Coinage

Long before bank vaults and interest rates, trade on the island flowed through barter and simple tokens. Farmers swapped rice for honey, craftsmen traded tools for spices. Around the 3rd century B.C., Sri Lanka’s earliest coins — the Kahapanas — entered circulation.

“These punch-marked silver coins,” Dr. Rathnayake told The Sunday Island, “were etched with symbols like the swastika, fish, and sun. Each mark carried meaning — prosperity, power, or protection. They were as much talismans as they were tender.”

Over centuries, these symbols evolved with dynasties. The Maneless Lion coins, Lakshmi plaques, and Kahavanu reflected Anuradhapura’s and Polonnaruwa’s artistry. Traders arriving from Rome, Arabia, and China introduced their own currencies — proof that Sri Lanka’s harbours pulsed with international exchange long before the modern era.

“Coins tell the story of connectivity,” Dr. Rathnayake noted. “You can trace our links with the world through what we minted and what we accepted.”

Colonial Mints and Monetary Modernity