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Mughal currency was coinage produced and used within the Mughal empire.

Despite India having significant gold reserves, the Mughal coins were produced primarily from imported bullion, as a result of the empire's strong export-driven economy, with global demand for Indian agricultural and industrial products drawing a steady stream of precious metals into India.

Metals

The coinage was primarily issued in three metals - gold (mohur), silver (rupya), and copper (dam).

History

Babur and Humayun

The shahrukhi coins were issued during the reign of the first two emperors, Babur and Humayun.

Sur Interregnum

The Sur Empire ruled briefly when its founder Sher Shah Suri defeated the emperor Humayun, who then sought refuge in Persia. Sher Shah introduced various reforms in terms of coinage, including the standardization of the rupee (rupiya, or silver) and dam (copper). In 1556, the Mughals regained control of Delhi and Akbar was crowned the new emperor. He adopted the standardizations that had been introduced, and they became a part of Mughal coinage henceforth.

Akbar

During his reign, Islamic orthodoxy declined, and this culminated in the replacement of Islam as the court religion by Din-i Ilahi, a syncretic religion founded by the emperor himself. This reflected in the coins, and the Islamic creed was replaced with the creed of the new religion. The restriction on the depiction of living beings in coins was also abandoned. Therefore, coins depicting hawks and ducks were issued. A half-mohur with representations of the Hindu gods of Rama and Sita was also issued during this period.

Jahangir

The trend of depiction of figures on coins continued during the reign of Akbar's son and successor Jahangir. However, the Ilahi creed was dropped. He issued coins bearing his own portrait, and the portrait of his father Akbar. These portrait mohurs would bear the lion and sun on the reverse. He also issued Zodiac-themed coins, where the Zodiac sign was to correspond with the month of issue.

During his reign, coins were also issued in the name of the empress Nur Jahan. When her son Shah Jahan acceded to the throne, he ordered all such coins to be removed from circulation and melted down.

Later rulers

In 1717, during the reign of Farrukhsiyar, the East India Company was given the right to mint coins in the emperor's name. The company would continue to issue coins in the name of the Mughal emperors until 1835. In 1857, during the Indian rebellion, Bahadur Shah II was crowned the emperor of India and coins were struck in his name. These would be the last Mughal coins to be issued, as he would be deposed and imprisoned, thus ending the reign of the Mughal empire.

References

1. Ahmad, Shamoon; Hashmi, Izhar Alam (2007). "Copper Coins of Akbar from Kangra Museum". Proceedings of the Indian History Congress. 68: 1428–1432. ISSN 2249-1937.
2. Hodivala 1923, pp. 1–10.
3. Whitehead 1914, pp. xiv.
4. Chakraborty, Surendrakishore (1939). "Some Hindu Elements in Muslim Coinage of India". Proceedings of the Indian History Congress. 3: 672–687. ISSN 2249-1937.
5. "Akbar's Coins". Google Arts & Culture. Retrieved 2024-12-26.
6. ^ Whitehead, R. B (1929). "The Portrait Medals and Zodiacal Coins of the Emperor Jahāngīr". The Numismatic Chronicle and Journal of the Royal Numismatic Society. 9 (33): 1–25. ISSN 0267-7504.
7. Hawk Coin of the Emperor Akbar, Metropolitan Museum of Art
8. Portrait Coin of the Emperor Jahangir, Metropolitan Museum of Art, retrieved 2024-12-26
9. Allan, J. (1930). "A Portrait Mohur of Akbar". The British Museum Quarterly. 5 (2): 56–57. doi:10.2307/4421189. ISSN 0007-151X.
10. Whitehead, R. B. (1931). "The Portrait Medals and Zodiacal Coins of the Emperor Jahāngīr. II. The Zodiacal Coins (Continued)". The Numismatic Chronicle and Journal of the Royal Numismatic Society. 11 (42): 91–130. ISSN 0267-7504.
11. Hodivala, S. H. (1929). "The Chronology of the Zodiacal Coins of Jahāngīr". The Numismatic Chronicle and Journal of the Royal Numismatic Society. 9 (35/36): 296–309. ISSN 0267-7504.
12. N.Y.), Metropolitan Museum of Art (New York; Ekhtiar, Maryam (2011). Masterpieces from the Department of Islamic Art in the Metropolitan Museum of Art. Metropolitan Museum of Art. ISBN 978-1-58839-434-7.
13. Hodivala 1923, p. 171-172.
14. Das, Devadeepa (2023-07-27). "East India Company fought hard for its coins in India. Even Aurangzeb's fury couldn't stop it". ThePrint. Retrieved 2024-12-26.

Bibliography

• Hodivala, Shahpurshah Hormash (1923). Historical Studies In Mughal Numismatics.
• Whitehead, R.B. (1914). Coins Of The Mughal Emperors.

• Numismatics
• Mughal Empire