A metallurgical investigation was carried out on two early historic silver and copper punch marked coins. The objective was to study the metal composition, and the methods used in making of the early historic coins in India. The inductively coupled mass spectrometry was used to analyze the elemental composition of the coins. Metal formation and its mechanical properties were studied in physical metallurgical laboratory. The study revealed that the coins were not pure metal but an alloy. The silver coin contained copper as a major alloying element with other elements viz., V, Fe, Zn, Sn, Pb, As, Au in trace level while in copper the coin lead was the main alloying element with Ni, Fe, As, Au and Co in trace.