1 Rupee - Ahmad Shah Bahadur Kalpi mint

Ahmad Shah Bahadur, the Mughal emperor nominally honored on this coin, was in practice a prisoner of the Marathas from 1752 onward — the rupee bearing his name was issued under Maratha authority, with the emperor's name retained purely to maintain the legal fiction of Mughal sovereignty and keep the coinage commercially acceptable across northern markets. The Kalpi mint, situated on the Yamuna in present-day Uttar Pradesh, had passed between Mughal, Bundela, and Maratha control repeatedly before the Marathas consolidated their grip on it mid-century.

The regnal years 1162–1167 AH correspond to the period of most intense Maratha expansion into the Gangetic plain, ending abruptly with the catastrophe at Panipat in January 1761.