The earliest coins in India bearing names and busts of rulers are

The Indo-Greeks were the first to issue coins in India that featured the names and portraits (busts) of rulers [t1][t2]. Before their arrival, Indian coinage primarily consisted of punch-marked coins, which were aniconic and featured symbols like the sun, hills, or animals rather than royal likenesses [c2][t8]. The Indo-Greek rulers introduced the Hellenistic custom of engraving detailed portraits of the monarch on the obverse and a deity on the reverse, accompanied by Greek and later Kharoshthi legends [t3][t5]. These coins are historically significant as they allowed for the reconstruction of the Indo-Greek dynastic history [t6]. While subsequent dynasties like the Kushanas and Guptas further refined this practice—with the Kushanas introducing titles like 'King of Kings' and the Guptas reaching a peak in numismatic art—the pioneering role of introducing ruler-specific portraits and names belongs to the Indo-Greeks [t2][t7].

Sources

1. [1] Exploring Society:India and Beyond ,Social Science-Class VII . NCERT(Revised ed 2025) > Chapter 11: From Barter to Money > Coinage > p. 238
2. [2] https://igntu.ac.in/eContent/MA-AIHC-04Sem-DrJitendraJain-%20Ancient%20Indian%20Coinage-Unit1-4.pdf