1 Rupee - Muhammad Shah [Muhammad Ali]

The Nawabdom of Carnatic occupied an increasingly fictional political space across the eighteenth century — nominally a Mughal dependency, in practice a battleground between French and British commercial ambitions, and ultimately a British client state in all but name. Muhammad Ali Khan Wallajah, who held the nawabship from 1749 to 1795, financed his survival largely through loans from the Madras establishment, debts that eventually gave the East India Company effective control over Carnatic revenues well before formal annexation in 1801.

The sixty-year striking window for KM#50 reflects the frozen regnal formula common to late Mughal-derived coinage, where the regal year and name changed little regardless of actual ruler.