Schlumberger labelled 29 round punch-marked coins found in the hoard as being "of a new kind", not found elsewhere.
They are round or elliptic/ cup-shaped coins of the Achaemenid weight standard, struck with one, two or several punches.

They usually display a sort of arrow symbol on the obverse, and circular geometric symbols on the reverse.
Similar coins have also been found in the Shaikhan Dehri hoard in Pushkalavati in the center of the Gandhara area, but not in Taxila.

Their dispersal in Kabul and Pushakalavati led Bopearachchi to postulate that they were manufactured locally, while the region was under Achaemenid protection, during the 5th century BCE.
Some scholars also believe them to have been a "product of the local Achaemenid administration".
 However, others state that the local administration was largely autonomous and followed an independent monetary policy.
According to Joe Cribb, these coins were locally made imitations of Greek coins, with some pictorial, but mostly non-pictorial designs, using weight standards derived from Greek and Persian coinage.

According Bopearachchi, these coins illustrate the transition from regular round coinage to Indian punch-marked coins.
First, these coins have been shown to be the chronological predecessors of and bent and punch-marked coins.
Second, they were minted according to the Achaemenid weight standard of 1 siglos (5.5 grams), or 2 siglos (11 grams).

Design evolution of the round coins
Lastly, the round coins in the Kabul hoard display a marked evolution in design: the series starts with simple round coins struck on the obverse and reverse with animal motifs reminding of the "western designs" of Croesus, or Achaemenid motifs.
In particular, the round coins which are considered the oldest in the hoard, have an obverse design consisting in the facing busts of two bulls, evocative of the design of the mid-6th century coins of Croesus with the facing busts of a lion and a bull, generally considered as the first coins ever to be minted.
Other western designs include a stag, or double Persian column capitals.

In later coins, the obverse design is progressively abandoned, and the reverse becomes a punch mark which progressively evolves to more symbolic motifs (such as the cup-like coins with lines around a central circle), before reaching a stage were the round coins are struck with multiple punches.

In summary, these coins were "the precursors of the bent and punch-marked coins", and "the use of independent punches is at the origin of the striking of Indian "coins with multiple punch-marks".
Mauryan kings later issued descendants of these very coins in the territories south of the Hindu Kush for local circulation.
Schlumberger labelled 29 round punch-marked coins found in the hoard as being "of a new kind", not found elsewhere. They are round or elliptic/ cup-shaped coins of the Achaemenid weight standard, struck with one, two or several punches.
They usually display a sort of arrow symbol on the obverse, and circular geometric symbols on the reverse. Similar coins have also been found in the Shaikhan Dehri hoard in Pushkalavati in the center of the Gandhara area, but not in Taxila.
Their dispersal in Kabul and Pushakalavati led Bopearachchi to postulate that they were manufactured locally, while the region was under Achaemenid protection, during the 5th century BCE. Some scholars also believe them to have been a "product of the local Achaemenid administration".  However, others state that the local administration was largely autonomous and followed an independent monetary policy. According to Joe Cribb, these coins were locally made imitations of Greek coins, with some pictorial, but mostly non-pictorial designs, using weight standards derived from Greek and Persian coinage.
According Bopearachchi, these coins illustrate the transition from regular round coinage to Indian punch-marked coins. First, these coins have been shown to be the chronological predecessors of and bent and punch-marked coins. Second, they were minted according to the Achaemenid weight standard of 1 siglos (5.5 grams), or 2 siglos (11 grams).
Design evolution of the round coins
Lastly, the round coins in the Kabul hoard display a marked evolution in design: the series starts with simple round coins struck on the obverse and reverse with animal motifs reminding of the "western designs" of Croesus, or Achaemenid motifs. In particular, the round coins which are considered the oldest in the hoard, have an obverse design consisting in the facing busts of two bulls, evocative of the design of the mid-6th century coins of Croesus with the facing busts of a lion and a bull, generally considered as the first coins ever to be minted. Other western designs include a stag, or double Persian column capitals.
In later coins, the obverse design is progressively abandoned, and the reverse becomes a punch mark which progressively evolves to more symbolic motifs (such as the cup-like coins with lines around a central circle), before reaching a stage were the round coins are struck with multiple punches.
In summary, these coins were "the precursors of the bent and punch-marked coins", and "the use of independent punches is at the origin of the striking of Indian "coins with multiple punch-marks". Mauryan kings later issued descendants of these very coins in the territories south of the Hindu Kush for local circulation.
Kabul hoard