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Maharani Ahilyabai Holkar was renowned not only for her administrative and religious contributions but also for the coins issued during her reign, which hold a significant place in Indian history. These coins not only affirmed the financial stability of her rule but also offered a glimpse into the culture, art, and religion of that time.
The minting of coins in the Holkar dynasty was initiated by Shrimant Subedar Malharrao Holkar. In 1751, he first established a mint at Fort Chandwad (Chandrai) in Nashik district and began the circulation of coins bearing his name that very year. This marked the true beginning of the Holkar era in the 18th century. The mint at Fort Chandwad was the first mint of the Holkar dynasty.
After the death of Shrimant Subedar Malharrao Holkar on 20 May 1766, the virtuous Queen Ahilyadevi Holkar took over the administration of the Holkar state as the ‘Regent Queen’—during the tenure of Subedar Malerao Holkar from 1766 to 1767, and Subedar Tukoji Rao Holkar (I) from 1767 to 1795. Under her rule, the state
In 1766, Ahilyadevi established a new mint in Malharganj, Indore. This mint was leased to Mohardas Savkar for operation. Although the responsibility of running the mint was handed over to a private individual, the Holkar government retained control over the quality and purity of the coins produced there
experienced immense prosperity and stability. During this period, she not only fulfilled her administrative and religious duties but also paid special attention to economic matters. The coins issued by her are a testament to her financial management and cultural outlook.
In 1766, Ahilyadevi established a new mint in Malharganj, Indore. This mint was leased to Mohardas Savkar for operation. Although the responsibility of running the mint was handed over to a private individual, the Holkar government retained control over the quality and purity of the coins produced there. Mohardas Savkar received one rupee per hundred coins from the Holkar administration.
In 1767, Maharani Ahilyabai Holkar declared the fort of Maheshwar (in Madhya Pradesh) as the new capital and established a new mint there in the same year. In this way, she established new mints at various locations until 1795.
• Malharnagar (Maheshwar), District Ashoknagar (Madhya Pradesh)
• Fort Chandwad, District Nashik (Maharashtra)
• Sironj, District Vidisha (Madhya Pradesh)
• Mahindpur, District Ujjain (Madhya Pradesh)
• Wafgaon, District Pune (Maharashtra)
• Indore (Madhya Pradesh)
• Panipat (Haryana)
• Bagalkot, Mysore (Karnataka)
• Harda, Meerut (Uttar Pradesh)
During British rule, the mint at Fort Chandwad was permanently closed in 1830, the Maheshwar mint in 1832, and the Malharganj mint in Indore in 1903. After Ahilyadevi, other rulers of the Holkar dynasty also issued coins and currencies.
On December 11, 1767, Maharani Ahilyabai had a new coin minted for the first time, and from that year onwards, the minting of new coins began. This work continued
The coins issued by Maharani Ahilyabai Holkar are unique in that they prominently featured symbols of Hinduism, such as the Shivalinga and Belpatra, as well as the Sun and Moon. There were two main reasons for this. One was to show that the king ruled as a servant by making Lord Shiva the king
uninterrupted until 1795. The coins minted during her reign were primarily made of silver and copper. These coins were used in daily life at that time. Types and Denominations of Coins Issued by Ahilyabai Holkar:
• Silver Coins: Coins of one anna, two annas, four annas, and eight annas were made of silver.
• Copper Coins: Coins of half anna, quarter anna, and dhela were made of copper.
The name of the mint was inscribed on some coins, and Sanskrit and Arabic languages were used on these coins. In addition, gold seals were also minted and used for presenting nazrana (tributes).
The symbols on the coins
The coins issued by Maharani Ahilyabai Holkar are unique in that they prominently featured symbols of Hinduism, such as the Shivalinga and Belpatra, as well as the Sun and Moon. There were two main reasons for this. One was to show that the king ruled as a servant by making Lord Shiva the king. The second was to send a message to other Hindu kings that this was Shiva’s kingdom, and attacking it would mean asserting control over Lord Shiva himself.
The coins issued by Maharani Ahilyabai Holkar are proof of the economic stability, religious faith, and administrative skill during her reign. These coins not only contributed to the economic progress of her state but also added an important chapter to the history of Indian currency. Ahilyabai Holkar’s contribution will always be remembered in Indian history, and the coins she issued are a testament to how a strong and devout ruler can lead their state toward prosperity and stability.
(The writer is a senior journalist and historian)