• 1. Bābur: Lāhor. 936 A.H. AR. Wt. 69 grs.
• Obv., in circle, the Kalima; margin, in segments, portions of
• Abābakri-ṣ-ṣadīq (“A, the faithful witness”),
• ’Umru-l-fārūq (“’U, the discriminator between right and wrong”),
• ’Us̤mān abu Nūrain (“’U, the father of two lights”),
• ’Alīu-l-murtaẓa (“’A, the pleasing to God”).
• Rev., within flattened mihrābi area,
• Z̤ahīru-d-dīn Muḥammad Bābur bādshāh ghāzī, 936;
• above, As-sult̤ānu-l-a ’z̤amu-l-khāqānu-mukarram,
• “The most great sultan, the illustrious emperor”;
• below, Ḵẖ̱allada allaha ta’ālā mulkahu wa salt̤anatuhu,
• “May God Most High perpetuate the kingdom and sovereignity”
• and, Ẓuriba Lāhor “Struck at Lāhor.”
• 2. Humāyūn. AV. Wt. 16 grs.
• Obv., in circle, the Kalima.
• Rev., Ḵẖ̱allada allaha ta’ālā mulkahu ... Muḥammad Humāyūn
• bādshāh ghāzī.
• 3. Sher Shāh. Āgra. 948 A.H. AR. Wt. 175 grs.
• Obv., in square, the Kalima; margins as on No. 1.
• Rev., in square, Sher Shāh sult̤ān khallada allāhu mulkahu 948;
• below in Nāgarī, Śrī Sēr Sāhī (an attempt at Sher Shāh’s name).
• Margins, As-sult̤ānu-l-’ādil abu-l-muz̤affar
• (“The just sultan, the father of the victorious”)
• Farīdu-d-dīn ẓuriba Āgrah.
• 4. Islām Shāh. Qanauj. 95—. Æ. Wt. 315 grs.
• Obv., Fī ’ahdi-l-amīru-l-ḥāmiu-d-dīni wa-d-dayān 95—
• “In the time of the prince, the defender of the faith of the requiter.”
• Double bar, with knot in centre, bisects the legend.
• Rev., Abu-l-muz̤affar Islām Shāh bin Sher Shāh sult̤ān ẓuriba
• Shergarh ’urf Qanauj ḵẖ̱allada allāhu mulkahu,
• “The father of the victorious, Islām Shāh, son of Sher Shāh,
• sultan, struck (this coin) at Shergarh alias Qanauj; may God
• perpetuate the kingdom.”
• 5. Sikandar Sūr. 962. AR. Wt. 174 grs.
• Rev., in square, Sult̤ān Sikandar Shāh Isma’īl Sūr 962.
• Margins illegible.
• 6. Akbar. Āgra. 981. AV. Wt. 167 grs.
• Obv., in dotted border, the Kalima.
• Names of the four companions and 981.
• Rev., Ḵẖ̱allada mulkahu Jalālu-d-dīn Muḥammad Akbar bādshāh
• g̱ẖāzī ẓuriba baldatī Āgrah
• (“Struck at Āgra town”).
• 7. Id: Aḥmadābād. 982. AR. Wt. 175 grs.
• Rev., within dotted square border,
• Jalālu-d-dīn Muḥammad Akbar bādshāh g̱ẖāzī, 982;
• margins, portions of As-sult̤ānu-l-a’z̤am ḵẖ̱allada allāhu ta’ālā
• mulkahu wa salt̤anatahu ẓuriba daru-s-salt̤anati Aḥmadābād
• (“Struck at the seat of sovereignty Aḥmadābād”).
• 8. Id: Āgra.[36] 50 R. AR. Wt. 175 grs.
• Obv., in octagonal border, on ornamental ground,
• Allāhu Akbar jalla jalālahu,
• “God is great, eminent is his glory.”
• Rev., within similar border, Ẓarb-i-Āgrah Amardād Ilāhī 50,
• “Struck at Āgra, Amardād Ilāhī year 50.”
• 9. Id: Āgra. [50 R.] AV. Wt. 182 grs.
• Obv., within dotted circle, on ornamented ground, a duck to right.
•   10. Id: Dehlī. 43 R. Æ. Wt. about 640 grs.
• Obv., Tankah-i-Akbar Shāhī ẓarb-i-Dehlī, Tankah of Akbar Shāh.
• “Struck at Dehlī.”
• Rev., Māh Dī Ilāhī 43, “In the month Dī, Ilāhī year 43.”
•   11. Id: Mintless. 43 R. AR. Wt. 87 grs. Half rupee.
• Obv., within square dotted border, legend as on No. 8.
• Rev., Shahrīwar Ilāhī 43.
•   12. Jahāngīr. 1014-1 R. AR. (A “Ḵẖ̱air qabūl.”)
• Obv., within dotted border Jahāngīr bādshāh ghāzī 1.
• Rev., Khair qabūl, “May these alms be accepted.”

The one break in this monotonous Kashmīrī series occurs in the reign of the tyrant Harsha-deva (1089-1111), who struck both gold and silver in imitation of the ornate gold of Koṅgudeśa (Pl. VII, 5) in Southern India, with an elephant’s head on the obverse. The same king also issued a gold coin with a Horseman obverse and the usual seated goddess on the reverse (Pl. VI, 14).

The sparseness and inferiority of the coinage during the period under discussion in this chapter must be attributed chiefly to the general insecurity, caused by the continual quarrels between the numerous petty states. This state of unrest, together with the previous impoverishment of the country at the hands of the Huns, doubtless accounts for the small output of gold. It must be remembered that mercantile contracts in India have always been carried on largely by notes of hand (hundīs), and in times of disturbance these could be conveyed more safely from city to city than coined money.

The scarcity of silver was due to other causes. At this period the world supply of this metal seems to have been drawn chiefly from Central Asia. The rise of the Arab power and the consequent disturbances in Central Asia interrupted trade between India and the west by land and sea, and must have curtailed, if they did not cut off completely, the import of silver from abroad. So we find the Rājpūt states reduced to employing an alloy, billon, which was almost certainly used by them as a substitute for the more precious metal.

It is a most illuminating fact that gold, formerly exported from India, disappears from the coinage of Europe at about this very period, while silver is reduced to the meagre Carolingian penny standard.