The coins of Mughal Empire are the manifestation of the culture and the economic state of affairs of the time. The history of the Mughals depicts that in fourteenth century A.D., Timur conquered Western Asia. After five generations, the Mughals set foot in India. In 1526 A.D., Babur after defeating the Delhi Sultanate Ibrahim Lodi in the battle of Panipat, entered in India. Though Delhi was occupied by Babur, he and his son Humayun failed to set a strong foundation. After the death of Humayun, his son Akbar laid the foundation of the Mughal Empire and extended his rule successfully over the provinces of north and central India.

The usage of coins started during the reign of Babur. Such coins were also issued by Humayun and Akbar (during the first three years of his reign). Babur issued silver `shahrukhis`. However, these coins were actually introduced by the Timurid ruler, Shah Rukh in early fifteenth century A.D. These coins were thin broad pieces of about 72 grains. On the alternative side of the coins was the enclosed `Kalima` with the names of four `Khalifas` and their epithets in the margin. The reverse side of the coin included the king`s name and in the margin were his titles along with the name of the mint and date. The coins of Babur bear the names and titles Al-sultan al-azam wa al-khakan al-mukarram Zahiruddin Muhammad Babur Badshah Ghazi. The titles on Humayun`s coins were same as on the coins of Babur. On Humayun`s coins the name Muhammad Humayun Badshah Ghazi was used. On Akbar`s coins, he retained the earlier titles and used his name as Jalaluddin Muhammad Akbar Badshah.

Babur had issued `shahrukhis` from Agra, Jaunpur, Kabur and Lahore within the country and also outside India. Some of the coins that were issued from outside India are found counter struck by Babur by the devices with which he had counter struck the Shaybanid coins. He used three major titles as devices that employed Adl Babur arranged inside a small cartouche in the form of an ornamental diamond, Adl Babur Ghazi within a lined quarter-foil and Zahiruddin Muhammad Babur arranged in a cartouche, shaped like an inverted heart. Humayun had issued Shahrukhis from Agra and from some places outside India. Akbar had counter struck some Shaybanid `Shahrukhis` with Adl Akbar with a date placed inside a lined oval or pear-shaped area. The dates that are found from the counter striking devices are 983 A.H and 984 A.H. It has also been thought that some Shaybanid coins that are found counter struck with Adl Kabul with the dates 963,964,968,982 A.H (Islamic calendar) might also have been counter struck by Akbar.

In the reign of Humayun, he had also issued some heavier silver coins that were termed as rupee. These coins were known since long but in the absence of clear mint-name on them, they remained ignored. The British Museum secured a coin that belonged to the reign of Humayun with a clear mint name Bangala dated 945 A.H. It had been described that Humayun issued them while he campaigning against Sher Shah in Bengal during the time. According to the historical evidences, Humayun also issued some gold coins of the `shahrukhi` style from Agra and some tiny gold coins. Some anonymous copper coins were also issued by Babur and Humayun and bear only the mint`s name on one side and the date on the other. These coins are said to be issued from places where the `shahrukhis` were issued. The copper coins followed the standard established by the Sultan of Delhi, Bahlol Lodi. During his reign, Humayun adopted the new silver and copper standards of the Suris that had become current in the country. The coinage of the subsequent rulers of the dynasty was based on the new standard. Apart from these coins, Humayun had also issued some gold and silver coins during the period of his expatriation. These are said to be the rare coins that bear the names Shah Tahmaspa on one side and Humayun on the flip side of it.

During the reign of Akbar, gold, copper and silver coins were issued as well. The Mughal emperor adopted the weight and fabric of Suri coinage and the coins were made by following the pattern of the same coinage. The gold coins were termed as `muhars`. Primarily, heavy weight coins were common and the light weight coins were rare but with time the light weight coins became popular and the heavy weight coins became rare. Before 988 A.H., no fractional coins in any metal are known. But from the time onward some fractional coins came into existence in all metals. The original shape of Akbar`s coins was basically round and later the shapes of the coins were changed to square shape for silver and gold coins. During 993 to 998 A.H., both round and square coins were issued simultaneously and in later years coins of hexagonal shape were also made. Apart from the weight and shape, the coins made during the reigning period of Akbar can be distinguished in two styles according to the content of their inscriptions. In the later times of ruling period, Akbar had changed his conception of religion and this was reflected on the coins in a better way. Akbar decided to remove the `Kalima` from the coins that were created during his time and its place was given to the Ilahi creed Allah Akbar Jalla jalalah. Even, the names and titles of the emperor were also taken away from the coins. It had been considered that Akbar probably preferred to remain anonymous on the coins. Moreover, Akbar also introduced the use of metrical legends on some of his gold and silver coins and evener introduced the pictorial motifs in his coins.

After the death of Akbar, Jahangir ascended the throne. During this time, some gold coins were issued from Agra with a couplet and these coins are considered as posthumous issues in the name of Akbar. A gold `muhar` was also issued with the portrait of Akbar. The gold coins bore the first Regnal year of Jahangir and the Hijri year. Meanwhile, silver coins were issued from Ahmedabad and Kabul with his name as Prince Salim. After the formal enthronement of Jahangir, he ordered to increase the weight of gold and silver coins. But after a few years, it had been noticed that the heavy weight coins were inconvenient in transactions. Thus the earlier weight of the coins those were prevalent in the time of Akbar was restituted. Jahangir instructed to include a couplet composed by Amir-ul-umra Sharif Khan on the coins after his enthronement. But this was not carried out for a long time and coins with the `Kalima` on one side and Nuruddin Muhammad Jahangir Badshah Ghazi on the flip side of the coin were issued. Apart from these, coins bearing couplets were also issued during this period from Ajmer, Ahmedabad, Akbarnagar, Agra, Allahbad, Burhanpur, Patna, Delhi, Fathpur, Qandahar, Kabul, Kashmir, Lahore and Mandu. In later years, Jahangir issued some gold coins that bear his own portrait. The copper coins that were issued during the reign of Jahangir were few and are the depictions of small legends. The copper coins that were issued during the commencement period of his ruling period, relate to Ahmedabad. The coins are termed as `chau-tankis` and follow the pattern of Akbar. Jahangir made a little change in the coins by putting the words `Shah Salimi` in the place of `Akbar Shahi`.

Between the reigning period of Jahangir and Shah Jahan, the son of Khusru, Dawar Bakhsh occupied the throne and ruled for three months. During this period, Dawar Bakhsh issued some silver coins which bore the `Kalima` on one side and Abu-muzaffar Dawar Bakhsh Badshsh on the other side. With the termination of the ruling period of Dawar Bakhsh, Shah Jahan came into power. During his entire ruling period, Shah Jahan issued gold and silver coins bearing the `Kalima` and the mint`s name on one side. On the other side of the coin was decked with his name and title Sahib-qiran Sani Shihabuddin Muhammad Shah Jahan Badshah Ghazi. During the first five years of his ruling period, the superscriptions on the coins were plain and simple but in the later years, Shah Jahan employed a type endless in its varieties. These coins enclosed the `Kalima` on the obverse and the name of the emperor on the reverse. Shah Jahan followed the example of Jahangir by using the Ilahi months on the coins with his regnal year. Even he ordered his regnal year be reckoned according to the lunar system, on which the Hijri era is based. Including these coins, the copper coins of Shah Jahan seem to bear the `Kalima` with the name of the king and his titles and the name of the mint on the coins.

In 1656-57 A.D., at the time of succession to the throne followed when Shah Jahan was seriously ill, Shah Shuja and Murad Bakhsh asserted their claims by issuing coins in their names. After the ruling period of Shah Jahan, Aurangzeb came on the throne in 1659 A.D. and proscribed the use of the `Kalima` on his coins. His coins had the inscriptions of his name and title Abu-al-zafar Muiuddin Muhammad Bahadur Shah Alamgir Aurangzeb Badshah Ghazi in the early years. During his reigning period, the copper coins became fairly well known. Primarily the heavy weight coins were issued in his time, but later the weight of the coins were reduced perhaps due to the rise of the metal price. However, heavy weight coins are found in the time of his reign and those of his successors Shah Alam I and Farrukhsiar.

With the termination of the reign of Aurangzeb, the Mughal Empire began to break up gradually and the history of India in the eighteenth and nineteenth centuries is one of a multitude of independent states though they maintained the prestige of the Mughal Empire. In addition, a large number of coins bear the names of the Mughal rulers; they were not related to the Mughal Empire at all. Therefore, the history of numismatics of the post Aurangzeb period is a bit confusing. Moreover, the policy adopted by Farrukhsiar of subcontracting the mints worked as an added confusion.

The coins of Mugal Empire also include the coinage of the successors of Aurangzeb. The later Mughals made copper coins that had the king`s name and Hijri on the obverse and the mint name and regnal year on the reverse. Including the gold `muhars` and the silver `rupee`, the rulers of Mughal emperors also issued coins of small denomination. The most common coin of these was `nisar`, a quarter rupee that was struck by Jahangir, Shah Jahan, Aurangzeb, Jahandar Shah and Farrukhsiar. Though gold `nisars` are known but are extremely rare.

The Mughal rulers struck coins of higher denominations in gold and silver, apart from the gold `muhar` and silver rupee and their fractions, to present the ambassadors, ladies and other favourites. The coins of Akbar have secured a position in the Ain-i-Akbari and of Jahangir in his autobiography Tujuk-i-Jahangiri. Moreover, the coins made in the Mughal era were preserved by different museums located in India and also in abroad.