1 Rupee - Muhammad Shah Ajmer mint

Muhammad Shah's reign began with his installation by the Sayyid Brothers, the kingmakers who had placed and deposed emperors at will since 1713. He eventually outmaneuvered and destroyed them — but the real rupture of his reign came in 1739, when Nader Shah sacked Delhi and carried off the Peacock Throne along with an estimated 700 million rupees worth of treasure. Provincial mints like Ajmer continued striking through the chaos, their output increasingly disconnected from any coherent imperial monetary policy.

Ajmer's mint, operating within a city of considerable pilgrimage and strategic importance in Rajputana, produced relatively modest volumes compared to the great imperial mints at Shahjahanabad or Surat.