During the peak of the second urbanization, some highly autonomous merchant collectives inside metropolitan centers like Taxila issued their own localized copper monetary tokens. These commercial currency tokens are technically inscribed with which specific institutional term?

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The issuance of localized currency tokens confirms the deep structural independence of trade guilds. Excavations at Taxila have yielded unique rectangular copper tokens bearing the Brahmi legend Nigama, which denotes the corporate merchant collective or market town. This proves that guilds had achieved monetary sovereignty alongside territorial monarchs.

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