Rupee - Muhammad Shah Azamnagar Gokak Mint

Muhammad Shah ruled the Mughal Empire from 1719 to 1748, a reign defined by catastrophic military reversal — most decisively Nader Shah's 1739 sack of Delhi, which stripped the imperial treasury of an estimated 700 million rupees worth of wealth and permanently broke Mughal fiscal authority. Maratha sardars exploited this collapse aggressively, seizing mints across the Deccan and issuing rupees in the Mughal emperor's name as a political fiction — collecting revenue while acknowledging no real Mughal sovereignty.

Gokak, a mint town in present-day Karnataka, operated under Maratha control during this period. Coins struck here in Muhammad Shah's name are products of that arrangement entirely.