1 Dinar - Majd al-Dawla al-Muhammadiya

Majd al-Dawla, the Buyid ruler of Ray, was politically marginal almost from the start — dominated first by his mother Sayyida Shirin, who held actual power for decades, and later by the Ghaznavid sultan Mahmud, who finally deposed him in 1029. Coins struck in his name during this period reflect the complex Buyid practice of acknowledging multiple overlapping authorities in the legends, including Abbasid caliphs whose temporal power was by then entirely nominal.

Ray, the mint city for this issue, had been a major Islamic coinage center since the early conquest period.