Economic Conditions of Akbar’s Reign Through Numismatic Evidence

Abstract

This study examines the history of Akbar's reign (1556-1605) in the Mughal Empire, focusing on the use of massive coins as a significant part of the Indian economy. The Mughal administration and fiscal and monetary reforms played a crucial role in the late medieval Indian economy. Akbar, the third strongest ruler of the Mughal dynasty, ruled India for fifty years from 1556 to 1605. His coins were exquisite and varied, with the Din-e-Ilahi introduced in his 30th year. The Mughal state played a significant role in monetary circulation and redistribution of monetized wealth, with taxes imposed on various goods. The Mughal economy was larger and prosperous during Akbar's reign, with the gross domestic product of India being about 22% of the total world economy. The Mughal rule also promoted economic and political unification of the Indian Subcontinent, establishing law and order, and creating a suitable environment for commerce and trade. Agriculture was the main source of income for the majority of India's people, and the canal of Yamuna was repaired during Akbar's reign.