The Mughal Empire (1526–1857) was known for its grandeur, and one of its most significant legacies was its coinage. Mughal coins were not only a medium of trade but also symbols of imperial authority, religious beliefs, and artistic refinement. From Babur to Bahadur Shah II, the Mughal rulers issued a wide variety of coins that reflected their reigns and ideologies.
Early Mughal Coinage
The founder of the Mughal Empire, Babur (1526–1530), introduced coins based on the Afghan and Timurid traditions. His coins were minted in gold, silver, and copper and bore inscriptions in Persian and Arabic, highlighting his Timurid ancestry. However, his successor, Humayun (1530–1540, 1555–1556), struggled with political instability, leading to irregular coin production.
During Sher Shah Suri’s rule (1540–1555), the Mughal currency system was significantly reformed. He introduced the rupiya, a silver coin that later influenced the Mughal monetary system.
Akbar’s Contribution to Mughal Coinage
Emperor Akbar (1556–1605) transformed Mughal coinage, making it more sophisticated and artistic. His coins featured Kalima (Islamic creed), names of four caliphs, and even Hindu deities in some issues. His most famous innovation was the Ilahi coins, minted in gold and silver, representing his new syncretic faith, Din-i Ilahi. These coins often bore the sun motif, reflecting Akbar’s interest in astronomy and divine kingship.
Jahangir’s Artistic Gold Coins
Akbar’s son, Jahangir (1605–1627), took coinage artistry to new heights. His gold Zodiac Coins featured zodiac signs instead of Islamic inscriptions, a radical departure from tradition. He also issued coins with his own portrait, demonstrating his growing assertion of divine rule. These coins were highly detailed, often inscribed with Persian poetry.
Shah Jahan and Aurangzeb’s Coins
Shah Jahan (1628–1658), famous for commissioning the Taj Mahal, continued issuing grand coins but reverted to Islamic calligraphy instead of portraits. His coins emphasized his imperial titles and religious devotion.
Aurangzeb (1658–1707), a more orthodox ruler, discontinued Jahangir’s portrait and zodiac coins, replacing them with strict Islamic inscriptions. He introduced coins with the Kalima and Qur’anic verses, emphasizing his commitment to Islamic law.
Decline of Mughal Coinage
During the later Mughal period, especially in the 18th and 19th centuries, Mughal coins lost their artistic excellence as the empire weakened. By the time of Bahadur Shah II (1837–1857), Mughal coins were largely symbolic, as the British had taken control of India’s economy.
Legacy of Mughal Coins
Mughal coins remain highly valued by collectors and historians due to their intricate designs, calligraphy, and historical significance. They serve as an enduring legacy of the empire’s economic strength, religious policies, and artistic achievements.
