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What You Need to Know About Mughal Coins

The Mughals ruled India between 1526 and 1857, and during that time, they minted many coins. New Mughal coins in the 16th and 17th centuries were minted from very pure gold, silver, and copper. You’ll find a variety of affordably priced Mughal coins for sale when you shop on eBay.

Mughal coin classifications

Old Mughal coins are typically classified according to the era in which they were minted:

  • 1526 to 1540: Babur founded the Mughal Empire in 1526. He issued coins that resembled those of central Asia throughout his reign. He is most associated with thin, broad-flanned coins called Shahrukhi.
  • 1540-1556: Sher Shah Suri overthrew the Mughal Empire for a short period. He was responsible for introducing the Indian rupee, which was a silver coin with a standard weight of 6.3 ounces. He also introduced the dam, which was a small copper coin. The exchange rate used was 35 to 40 dams to one rupee.
  • 1556-1707: When the Mughal emperor Akbar reclaimed the throne, he kept the silver rupee. He also introduced a new gold coin called the asharafi or mohur. One standard mohur was worth nine rupees. Akbar also experimented with the weight of Mughal gold coins, issuing some that were worth 10 or 12 rupees. He experimented with the shape of the coins, too, issuing some that were square or even polygonal.
  • 1707-1835: As the Mughal empire began to decline, regional and foreign powers began to usurp the traditional minting powers of the Mughal emperors. One consequence was that coins were no longer made from pure metals. Silver rupees issued by East India Company in the name of Alamgir II, for example, were only 10% silver. The Mughal Empire came to an end in 1857 when Bahadur Shah Zafar was deposed by the British.
How is the value of Mughal coins determined?

The value of a Mughal coin is typically determined by three things: the value of its metal, the condition of the coin, and the rarity of the coin.

What are bankers’ marks?

Small punch marks on the sides of rupees and mohurs minted between 1540 and 1770 are very common. They’re called bankers’ marks, and they were caused by merchants or moneychangers who punched the coin to verify the quality of the silver or gold from which it was made. The presence of bankers’ marks does not typically affect the value of the coin.

Content provided for informational purposes only and does not constitute investment advice.
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