Photo Credit: Sphinx Numismatics
Mughal, Akbar (963-1014 AH), Square Rupee, 11.38 Grams, 19 X 19 mm, VF+
Buy It Now Price: $89.25 (price as of 2016; item no longer available)
Pros:
-This is a square rupee made from silver in the Mughal Empire. The Mughal Empire was a fabulously wealthy Islamic dynasty that dominated the Indian subcontinent from the mid 16th century until the 18th century, when it was supplanted by the British. The Mughal Empire was so politically important at its apogee that it spawned the English word “mogul”, meaning a person of great wealth or power.
-The coin is 11.38 grams (0.3659 troy ounces) of almost pure silver and measures 0.75 inches (19mm) by 0.75 inches (19mm). It grades a strong Very Fine (VF), an appropriate investment grade condition for this series.
-This coin was struck in Ahmadabad (a city in western India) in the year 1582 during the reign of Akbar the Great. It circulated contemporaneously with the reign of Queen Elizabeth I of England.
-Rupees were a high denomination coin in the Mughal period and represented substantial buying power. The average laborer’s wages would have amounted to just a few rupees a month. A single rupee would have been the equivalent of perhaps a $500 bill today.
-Mughal silver rupees are often struck on thick flans with wonderfully flowing Arabic calligraphy. This example is no exception, possessing excellent eye appeal and bold calligraphy.
–Mughal silver rupees are one of the most undervalued pre-modern coin series. They are impressively large coins and earlier issues were hand struck using ancient methods – both desirable attributes. Better yet, prices are still unbelievably low. In spite of their large size, many fine examples – like this one – can be acquired for less than $100.
Cons:
-This specimen has a couple small test marks on one side. A test mark is the result of a Mughal merchant using a punch on the coin to verify that it wasn’t a silver plated forgery. This beautiful piece passed the test. Small numbers of unobtrusive test marks are common on Mughal rupees and usually do not significantly impact the value of a coin.
-Mughal silver rupees were struck in very large quantities (for a 16th/17th century issue) to facilitate the Mughal Empire’s robust trade. Consequently, many Mughal rupees – like this one – are not particularly rare. But, given this specimen’s great eye appeal and 400+ year old age, I do not believe this lack of rarity is a significant drawback.
