Ashrafi - Mahmud Hotaki Type B, Esfāhān mint

Historical Context: This Ashrafi, struck in Esfāhān during 1723-1724 (AH 1136-1137), marks a pivotal moment in Persian history: the Hotak Afghan conquest and the collapse of the Safavid Empire. Issued by Mahmud Hotaki, whose brief, brutal reign ended centuries of Safavid rule, this coin from the former imperial capital signifies his assertion of authority. Mahmud’s 1722 capture of Esfāhān and subsequent declaration as Shah initiated a period of intense instability, fundamentally reshaping the region.

Artistry: The Ashrafi’s design, designated Type B, adheres to the Persianate Islamic numismatic tradition, prioritizing epigraphic content. No specific engraver is attributed, but the stylistic school reflects the transition of power. Designs typically feature the Islamic Kalima alongside Mahmud Hotaki’s name and titles, the mint name Esfāhān, and the Hegira date. The execution, while functional, may exhibit less refinement than peak Safavid issues, indicative of the tumultuous circumstances of its production.

Technical/Grading: As a gold coin (3.45 gg), this Ashrafi typically preserves surface details well, though strike quality varies. High-points for weakness are usually the central and outermost calligraphy. A well-struck example will show full, sharp inscriptions, especially the mint and date, with minimal flatness. Irregular flan shapes and slight off-centering are common for issues from this period of upheaval. A premium is placed on coins with a well-rounded flan and a strong, even strike across both obverse and reverse.