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MUGHAL COINAGE

2025-01-31

The Coinage of the Mughal Empire: A Window into Two Centuries of History
The coins minted during the Mughal Empire offer a fascinating glimpse into the political, economic, and cultural landscape of one of the most powerful dynasties to rule the Indian subcontinent. From 1526 to the early 18th century, as the Mughal Empire transformed from a fledgling state to a global economic powerhouse, its coinage evolved to reflect changing political realities, artistic sensibilities, and economic policies. By examining the development of Mughal coinage over its first two centuries, we can trace the empire\'s journey from its tumultuous beginnings to the height of its power and influence.
The Foundation: Babur and Humayun (1526-1556)
The Mughal Empire was founded in 1526 by Babur, a Central Asian ruler descended from both Timur and Genghis Khan. Babur\'s early coinage, struck in Afghanistan before his conquest of India, included unique gold pieces called mithqal or ashrafi, weighing about 4.7 grams1. After defeating Ibrahim Lodhi at the Battle of Panipat in 1526, Babur established his capital at Agra and began issuing broad, thin silver coins weighing about 4.6 grams, known as shahrukhis11.
The shahrukhi was the staple Timurid currency coin, named after Shahrukh Mirza, Timur\'s eldest son11. By continuing to mint shahrukhis, Babur maintained a connection to his Central Asian heritage while establishing his authority in his newly conquered territories. These early Mughal coins often featured Arabic and Persian inscriptions, reflecting the Islamic faith of the rulers and the cultural influences of their homeland.
Babur\'s son Humayun faced significant challenges during his reign, including a period of exile in Persia. This tumultuous period is reflected in the coinage of the time. Some coins issued during Humayun\'s exile in Kandahar featured the name of Shah Tahmasp, the Safavid ruler, as Humayun\'s overlord, and included the Shia Kalima - a compromise Humayun accepted to survive at the Safavid court7. These coins provide tangible evidence of the political instability and shifting alliances of the early Mughal period.
The Golden Age: Akbar\'s Reforms (1556-1605)
The reign of Akbar the Great marked a turning point in Mughal history, and this is clearly reflected in the empire\'s coinage. Akbar implemented sweeping reforms that standardized and improved the quality of Mughal currency, laying the foundation for a stable monetary system that would endure for centuries.
One of Akbar\'s most significant contributions was the adoption and refinement of the silver rupee, originally introduced by Sher Shah Suri during his brief rule (1540-1545)1. Akbar standardized the weight of the silver rupee at around 11.5 grams, making it one of the heaviest silver coins in the world at the time13. This high-quality, consistent currency became the standard throughout the empire and significantly influenced regional economies and global trade9.
Akbar also introduced a comprehensive trimetallic system, with gold mohurs (also called ashrafi), silver rupees, and copper dams111. The exchange rate during Akbar\'s reign was typically 35 to 40 dams to one silver rupee, and 9 silver rupees to 1 gold mohur7. This system provided a stable and flexible currency that could accommodate transactions of various scales, from everyday purchases to large commercial deals.
In addition to standardizing weights and values, Akbar paid great attention to the artistic and technical aspects of coin production. He hired expert calligraphers to engrave the dies with beautiful Arabic and Persian inscriptions11. Akbar also experimented with coin shapes, issuing square and even polygonal coins called mehrabi711.
Akbar\'s coins often featured intricate designs and inscriptions that reflected his political and religious ideologies. For example, some coins bore the phrase \"Allahu Akbar\" (God is Great), which was both a religious statement and a play on the emperor\'s name5. This period also saw the introduction of the practice of inscribing Persian poetry praising the ruler on coinage, a tradition that would continue under later Mughal emperors13.
The Height of Artistic Expression: Jahangir\'s Reign (1605-1627)
Under Jahangir, Akbar\'s son, Mughal coinage reached new heights of artistic expression. Jahangir, known for his love of art and nature, used coins as a medium to showcase his personal interests and imperial power.
One of the most striking innovations of Jahangir\'s reign was the introduction of portrait coins. These coins featured lifelike depictions of the emperor, often in profile or seated on a throne5. Some coins even showed Jahangir holding a wine goblet, reflecting his well-known fondness for alcohol. The inscriptions on these coins often included poetic phrases, such as \"The face of Jahangir Shah, son of Akbar Shah, is an adornment to the coin\"5.
Jahangir also issued a series of zodiac coins, each featuring a different astrological sign. These coins were not only beautiful works of art but also demonstrated the emperor\'s interest in astrology and his desire to appeal to a diverse population with varied beliefs5.
Another unique aspect of Jahangir\'s coinage was the issuance of commemorative coins. For example, he minted special coins to celebrate his accession to the throne and to mark important events during his reign. These coins often featured elaborate designs and inscriptions that told stories of imperial glory and achievement13.
Jahangir\'s reign also saw the minting of exceptionally large gold coins, some weighing up to 1000 tolas (about 12 kg). While these massive coins were not intended for circulation, they served as impressive displays of imperial wealth and power11.
The Zenith of Empire: Shah Jahan and Aurangzeb (1628-1707)
Under Shah Jahan and Aurangzeb, the Mughal Empire reached its greatest territorial extent and economic power. The coinage of this period reflects both the stability of the empire and its gradual shift towards more orthodox Islamic policies.
Shah Jahan\'s coins continued many of the artistic traditions established by his father and grandfather. However, they also began to show a trend towards more standardized designs. The inscriptions on Shah Jahan\'s coins often included his full title, \"Shah Jahan, Shadow of God,\" emphasizing his divine right to rule1.
One of the most famous coins from Shah Jahan\'s reign is the \"Zodiac Mohur,\" a series of gold coins featuring the twelve signs of the zodiac. These coins, while beautiful, were less common than the standard issues and were likely struck for presentation purposes rather than general circulation5.
Aurangzeb, known for his more austere and orthodox approach to Islam, made significant changes to Mughal coinage. He removed the Kalima (the Islamic declaration of faith) from coins, believing it was disrespectful for the holy words to be handled in everyday transactions11. Aurangzeb also standardized the format of coins to include the name of the ruler, the mint, and the date of issue8.
The extensive conquests of Aurangzeb are reflected in the wide variety of mint towns represented on coins from his reign. As the empire expanded, new mints were established in newly conquered territories, with coins acting as tangible symbols of Mughal authority14.
The Role of Coinage in Mughal Economy and Trade
The stable and high-quality coinage system established by the Mughals played a crucial role in the empire\'s economic success. By the early 18th century, India\'s share of world GDP had reached 24%, the largest in the world at the time15.
The silver rupee became a trusted currency far beyond the borders of the Mughal Empire. Its consistent weight and purity made it popular in international trade, facilitating commerce with Europe, Central Asia, and Southeast Asia9. The widespread acceptance of Mughal currency contributed to India\'s position as a major hub in global trade networks.
The Mughal minting system was also remarkably efficient. Imperial mints were established in major cities like Agra, Delhi, Lahore, and Ahmedabad, ensuring a steady supply of currency throughout the empire13. The right to mint coins was closely guarded by the imperial authorities, as it was both a symbol of sovereignty and a crucial tool for economic control.
Technological and Artistic Innovations
Mughal coinage represented the cutting edge of minting technology in its time. The coins were struck using advanced techniques that ensured consistency in weight and purity. The Mughals were particularly known for the high purity of their silver coins, which rarely dropped below 96% fine silver1.
Artistically, Mughal coins showcased some of the finest calligraphy and design work of the period. The dies used to strike the coins were often created by master craftsmen, resulting in coins of exceptional beauty11. The use of Persian poetry and intricate designs on coins turned these everyday objects into miniature works of art.
Coins as Historical Documents
Mughal coins serve as valuable historical documents, providing insights into the political, economic, and cultural aspects of the empire. The titles and epithets used by emperors on their coins offer clues about how they wished to be perceived. For example, Akbar\'s use of the phrase \"Allahu Akbar\" on his coins reflected his syncretic religious policies, while Aurangzeb\'s removal of the Kalima indicated a shift towards more orthodox Islam118.
The locations of mints mentioned on coins help historians trace the expansion and contraction of Mughal territory over time. New mints often appeared in newly conquered areas, while the absence of coins from certain mints might indicate a loss of control over a region14.
Even the metallurgical composition of coins can provide historical insights. Changes in the purity of silver or gold used in coins might reflect economic pressures or changes in trade patterns.
The Legacy of Mughal Coinage
The impact of Mughal coinage extended far beyond the empire\'s borders and long after its decline. The silver rupee established by Akbar became the basis for the modern currencies of India, Pakistan, and several other South Asian nations1.
The artistic and technical standards set by Mughal mints influenced coinage throughout the region. Even as the empire declined in the 18th century, many successor states continued to mint coins in the Mughal style, often acknowledging the nominal authority of the Mughal emperor on their coinage14.
European trading companies, including the British East India Company, initially minted coins in the Mughal style to facilitate trade. It was only gradually that they began to introduce their own designs, marking the transition from Mughal to colonial rule11.
Conclusion
The coinage of the Mughal Empire offers a unique window into two centuries of South Asian history. From the early struggles of Babur and Humayun to the artistic flowering under Jahangir and the vast conquests of Aurangzeb, each coin tells a story of power, artistry, and economic sophistication.
These coins were more than just mediums of exchange; they were statements of imperial authority, works of art, and crucial components of one of the world\'s largest economies. By studying Mughal coins, we gain insights not only into the political and economic history of the empire but also into its cultural and artistic achievements.
The legacy of Mughal coinage continues to influence the numismatic and economic landscape of South Asia to this day, serving as a lasting testament to the empire\'s power and cultural impact. As we hold these coins in our hands, we touch a piece of history - a tangible link to an empire that, at its height, was one of the wealthiest and most powerful in the world.