Historical Treasures
THE EMPIRE’S CURRENCY WAS ONE OF THE BEST IN THE WORLD, MUGHAL EMPIRE, 1611
Coin of Emperor Jahāngīr
Influenced by Shēr Shah, the sultan of the Suri Empire, Mughal Emperor Akbar introduced a tri-metallic currency with coins – dams, rupees and mohurs – made out of copper, silver and gold respectively. Dams were the small, basic coins used for small payments in the 16th century, but by the 17th century silver rupees were more commonly used.
Akbar reformed the empire’s currency and consolidated imperial control over the coinage, developing a centralised, uniform monetary system. Imperial mints were established in a number of important cities including Lahore, Delhi and Agra, and only imperial coins could be used to pay taxes. It was also the coinage used to pay the regime’s officials and soldiers.
Importantly, these coins were only valid if they bore the name of the current Mughal emperor.
Imperial mints churned out tens of millions of coins in gold, silver and copper. The Mughals minted their coins from imported bullion, namely gold from the New World and silver from Japan, because the empire had many exports that were in high demand. In fact, Mughal coins were renowned for being of high purity and they were not debased until the 1720s. For a fee, anyone who had bullion, foreign or old coins could take them to an imperial mint and have them minted.
It was during the reign of Akbar’s son and successor, Emperor Jahāngīr, that the design and calligraphy of Mughal coins reached its zenith.
He chose to experiment with the imagery used on the coins and famously issued a series of unique gold and silver coins with images of the zodiac signs. Jahāngīr explained in his memoir that he decided to use constellation figures to indicate the month the coin was issued, rather than using inscriptions.
Interestingly, Jahāngīr was also the only Mughal emperor to give his consort the right of coinage, releasing silver rupees that bore the name of his beloved empress, Nūr Jahān. His son, Emperor Shah Jahān, tried to remove Nūr Jahān’s coins from circulation after he ascended the imperial throne because they were a symbol of the power and influence that she held in the Mughal Empire.