Paisa - Shah Alam II

Shah Alam II was a Mughal emperor in name only for much of his reign — blinded on the orders of Ghulam Qadir in 1788, pensioned by the British after 1803, and effectively a prisoner within his own Red Fort. The Marathas struck coins in his name during the years they controlled Delhi, a calculated piece of political theater that lent their confederation a veneer of Mughal legitimacy without surrendering actual authority.

The practice of issuing copper in a subordinate ruler's name was standard Maratha fiscal policy across multiple occupied territories.