1 Mohur – Afghanistan

In 1773, the currency situation in Afghanistan was characterized by a complex and fragmented system, reflecting the political decentralization of the region. The Durrani Empire, founded by Ahmad Shah Durrani in 1747, was the dominant power, but its control over currency issuance was not absolute. The primary circulating coin was the Durrani silver rupee, minted in major cities like Kabul, Kandahar, and Herat. However, the monetary landscape was complicated by the continued circulation of older Mughal and Safavid coins, as well as coins minted by local khans and tribal leaders who exercised considerable autonomy, leading to variations in weight, purity, and value across different territories.

The economy was fundamentally agrarian and reliant on trade routes, particularly the lucrative caravan trade between India, Persia, and Central Asia. This transit commerce demanded reliable specie, but the empire faced chronic shortages of precious metals, especially silver. This scarcity often led to the debasement of coinage—reducing the silver content—to stretch the state's bullion reserves, which in turn eroded public trust in the currency. Transactions were heavily dependent on physical coin, as paper money or credit instruments were virtually non-existent, making the state's ability to procure and mint silver a critical factor in economic stability.

Ultimately, the currency system of 1773 existed in a state of precarious equilibrium. While Ahmad Shah Durrani's successors attempted to impose a standard imperial currency to facilitate taxation and trade, the practical reality was a heterogeneous mix of coins. This monetary fragmentation mirrored the challenges of central authority in a tribal confederacy, where fiscal control was diffuse. The situation would become increasingly strained in the coming decades, contributing to the economic weakening of the Durrani Empire as internal rivalries grew and external pressures mounted.