1 Rupee - Muhammad Shah Khambayat

Muhammad Shah reigned for nearly three decades despite inheriting an empire already fracturing at its edges — Maratha incursions were bleeding the Deccan, Safavid pressure was mounting in the west, and in 1739 Nadir Shah sacked Delhi, carrying off the Peacock Throne and an estimated 700 million rupees in treasure. That the Khambayat mint continued striking through all of it speaks to how decentralized Mughal monetary production had become by this period, with provincial mints operating semi-independently of imperial oversight.

Khambayat, the old Gujarati port city known to Europeans as Cambay, had been a Mughal mint town since Akbar's reign. By Muhammad Shah's time it was well past its commercial peak as Surat had long eclipsed it as the region's dominant trading harbor.