¼ Jawa – Nepal

In 1746, Nepal was not a unified nation but a patchwork of approximately 50 independent and often rival principalities, known as the Chaubisi (24) and Baisi (22) Rajyas. There was no central monetary authority, and the currency situation reflected this political fragmentation. The most dominant economic power in the region was the Malla Kingdom of Kantipur (modern-day Kathmandu), whose mint at Thahiti Tole was a major hub. However, other significant valley kingdoms like Lalitpur (Patan) and Bhaktapur, as well as smaller hill states, often issued their own coins, leading to a complex and localized monetary landscape.

The primary circulating currency was the silver mohar, a small, hand-struck coin. Its weight, purity, and design varied from kingdom to kingdom, typically bearing symbols of the issuing ruler, such as the crescent moon of Kantipur or the lion of Patan. Alongside silver mohars, smaller denominations like copper dams were used for everyday transactions. The value and acceptance of these coins were largely confined to their territories of origin, forcing merchants and travelers to frequently exchange currencies, often at unfavourable rates, as they moved between principalities.

This period, however, was on the cusp of major change. The rising Gorkha Kingdom, under the ambitious Prithvi Narayan Shah, had begun its expansion campaign in 1744. By 1746, Gorkha was actively contesting control over trade routes and smaller states, setting the stage for the military and political unification that would culminate decades later. A key objective of this campaign was to control the lucrative trans-Himalayan trade, which relied on a stable currency. Therefore, the fragmented monetary system of 1746 was a problem that the Gorkha rulers would later seek to solve by imposing a single, unified coinage system across a conquered Nepal.