1 Rupee

The Maratha rupee presents a genuine attribution challenge: the confederacy never operated as a single minting authority, and coins were struck across a patchwork of semi-autonomous mints at Poona, Nagpur, Nasik, and elsewhere, each with its own die-cutting traditions. Many issues were struck in the name of the Mughal emperor as a matter of political convention long after Mughal power had effectively collapsed — a fiction maintained because it lent legitimacy to circulation across territories that still recognized Mughal weight standards.

Shivaji's original monetary reform in 1674 established the hon in gold as the prestige issue, but the silver rupee remained the practical instrument of revenue collection and military pay throughout the confederacy's expansion.