Exotic India – Silver Rupees of the Mughal Empire

Indian Mughal Silver Rupees
This is a bold example of a Mughal silver rupee exhibiting fine calligraphy.  It was struck in 1042 AH (1632 AD) at the apogee of the Mughal Empire, during the reign of Shah Jahan, in the Indian city of Burhanpur.

The acclaimed American writer William Faulkner once wrote that “The past is never dead.  It’s not even past.”  This maxim is just as true for nation-states and religions as it is for individuals.  And the great Indian subcontinent is no exception.  The region unapologetically drips with history, reveling in its millennia old, eclectic culture.  Indians live and breathe the milieu of history regardless of their religion, race or language.  This unique Indian perspective on history is perhaps best encapsulated in the splendid silver rupees of the Mughal Empire.

The Islamic Mughal emperors were lords of India from the early 16th century to the mid 18th century.  Among their greatest achievements was their silver rupee coinage – one of the most beautiful series of coins the world has ever seen.

Hand-struck in stunningly high relief, these thick, heavy silver coins possess dazzling eye appeal.  Delicate florets, refined beaded borders and ornate quatrefoil decorations seamlessly blend with exquisite, flowing Arabic calligraphy on these masterpieces of Indian art.  While the Mughal court was heavily influenced by the glamorous aesthetic of their Persian neighbors, Mughal silver rupees reflected the confidence of a uniquely native Islamic Indian culture.

Weighing around 11 grams each, silver rupees were among the largest silver coins minted in the world during the 16th century, exceeded only by contemporary European thalers.  During this time, much of Europe was still struggling with a miserable monetary system of small, debased silver and crude copper coinage.  Indian silver rupees, in contrast, were minted from almost pure silver.

Indeed, the Mughals needed to strike a high face value silver currency to satisfy their empire’s extensive commercial trade.  Indian cotton and silk fabrics, in particular, were renowned in Europe for their fine quality and workmanship.  Western demand for Indian goods was so high that Englishman Sir Thomas Roe, like many European economists at the time, lamented that “Europe bleedeth (gold and silver money) to enrich Asia.”

Predictably, the Mughal Empire was unbelievably, fabulously rich.  The Mughal Emperors’ wealth far exceeded that of any of their illustrious contemporaries, including the English Queen Elizabeth I, the French Sun King Louis XIV and the Ottoman Sultan Suleiman the Magnificent.

During the early 17th century the Mughal royal treasury reportedly contained 7 tons (6,350 kilograms) of gold, 1,116 tons (1,012,418 kilograms) of silver, 80 pounds (36 kilograms) of rough diamonds, 100 pounds (45 kilograms) of rubies, 100 pounds (45 kilograms) of emeralds imported from the legendary mines of Columbia and 600 pounds (272 kilograms) of natural pearls.  It is no accident that the English word “mogul” – meaning someone of great power and wealth – is actually a corruption of the name “Mughal”.

Before the Mughal Empire was founded, medieval India was dominated by a collection of small independent Islamic kingdoms called sultanates.  These Islamic Sultanates were founded by Muslim invaders who brutally conquered much of India in the 13th and 14 centuries.  In 1526 a Central Asian warlord named Babur swept south from the mountains of Afghanistan and crushed the Delhi Sultanate’s army on the Ganges Plain at the First Battle of Panipat.  With this decisive victory Babur founded the great Mughal Empire – one of the mightiest kingdoms India has ever seen.

 

Mughal Silver Rupees of Akbar for Sale on eBay

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Akbar (reigned 1556-1605) was the first truly great ruler of the Mughal Empire.  He expanded his domains to include the entire northern part of the subcontinent and parts of Afghanistan.  Although a Muslim, Akbar was sensitive to the cultural and religious proclivities of his Hindu subjects.  His abolition of the hated jizya – the tax on unbelievers commanded in the Koran – won the loyalty of many of his Hindu subjects.  During Akbar’s reign the economy prospered, with both domestic and international trade growing quickly.

Jahangir (reigned 1605-1627) continued the liberal religious policies of his father, Akbar.  However, Jahangir was both an alcoholic and an opium addict.  His capable chief wife, Nur Jahan, effectively controlled the empire in his place while he was incapacitated by his addictions.  Nur Jahan wielded so much power that she even minted silver rupees in her own name, a privilege usually reserved for the reigning monarch.  In spite of Jahangir’s slide into decadence, the Mughal Empire still expanded both territorially and economically under his reign.

Under the exalted Shah Jahan (reigned 1628-1658) the prosperous Mughal Empire reached its cultural zenith.  He ordered the construction of many buildings of unsurpassed beauty, including such architectural gems as the imposing Red Fort, the otherworldly Shalimar Gardens and the renowned Taj Mahal.

The Mughal Empire was so wealthy under Shah Jahan’s reign that he commissioned the legendary Peacock Throne, a lavish royal perch constructed from 2,535 pounds (1,150 kilograms) of pure gold and encrusted with 507 pounds (230 kilograms) of diamonds, rubies, emeralds, garnets and pearls.  The Peacock Throne was so extravagant that it reputedly cost twice as much as the peerless Taj Mahal to build.

 

Mughal Silver Rupees of Shah Jahan for Sale on eBay

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Aurangzeb (reigned 1658-1707) was a strict, zealous Muslim who reversed many of the accommodative religious policies that the tolerant emperor Akbar had introduced.  This was a fatal political move in a kingdom primarily populated by Hindus.  While dissension grew and his empire slowly rotted from within, Aurangzeb unceasingly waged aggressive wars of territorial expansion.

By his death in 1707, the empire had reached its greatest geographical extent, stretching from Afghanistan in the northwest to Bangladesh in the northeast to almost the tip of the Deccan peninsula in the south.  But although glorious in size and military might, the Mughal Empire was now an overextended kingdom on the verge of internal collapse.

Muhammad Shah (reigned 1719-1748) governed an empire in terminal crisis.  Widespread internal revolts beset the once great kingdom and the upstart native Indian Maratha dynasty conquered huge swaths of Mughal territory.  Mughal royal governors began to declare their independence during this time, ushering into existence the Indian princely states of Hyderabad, Awadh and Bengal.

The empire de facto collapsed after the Persian king Nader Shah defeated the sizable Mughal army and sacked the imperial capital of Delhi in 1739.  Among the countless treasures the Persians looted during this humiliating defeat was the famed Peacock Throne.  The last pitiful vestiges of the Mughal Empire were finally, mercifully dissolved by the British after the unsuccessful native Indian Sepoy Rebellion of 1857.

 

Mughal Silver Rupees of Aurangzeb for Sale on eBay

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When investing in Mughal silver rupees it is important to only buy pieces in Very Fine (VF) or better condition.  This will ensure that most of the details on these eye-catching works of art are intact.  In addition to avoiding heavily worn specimens, damaged, weakly struck or otherwise ugly coins are also undesirable.

It is very common to find Mughal silver rupees that have small punch marks called banker’s or merchant’s marks.  These were test marks punched into the coin by merchants or moneychangers to verify the quality of the silver.  Banker’s marks usually do not affect the value of a Mughal rupee much, although a pristine, non-marked coin may command a small premium.

Most Mughal rupees were struck in conventional round shapes, but it isn’t uncommon to find curiously-shaped, highly attractive square varieties.  Ultimately, as with most coins, good eye appeal – however it manifests itself – is the best trait to pursue.

Although Mughal silver rupees are dated in Arabic (using the Hijri calendar system), very few collectors choose to collect by date.  Instead, ruler, type and mint are the more common collecting criteria.

While the remnants of the Mughal Empire struck rupees into the 19th century, it is only advisable to purchase examples from the reign of Muhammad Shah or earlier.  Later rulers presided over an empire in name only, so they are of much less interest to serious connoisseurs.  A possible exception to this guideline is if you want to assemble a complete set of coins by emperor, in which case you would need the later emperors as well.

Fractional unit coins of 1/2, 1/4, 1/8 and tiny 1/16 rupees are occasionally found, but investors should stick to the larger 1/2 rupee and one rupee units for maximum return potential.

 

Mughal Silver Rupees of Muhammad Shah for Sale on eBay

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Mughal silver rupees represent absolutely amazing value in the tangible asset space.  Prices of these exotic, centuries old Indian coins – as with many hand-struck, pre-modern coins – have increased substantially over the past 20 years.  It used to be possible to acquire fine examples for perhaps $15 to $30 each – laughably inexpensive given their unparalleled beauty and romantic history.

Now they are merely humorously inexpensive, with prices starting around $35 for common specimens in average condition to a little over $100 for the same coin in jaw-dropping, mint-state preservation.  Rare varieties easily run into the several hundred dollar range.

A compelling collection of investment-grade Mughal silver rupees could easily be assembled for less than a few thousand dollars.  While the Mughal Empire may no longer exist, it is still possible to hold its glorious history in the palm of your hand.

 

Read more in-depth Antique Sage rare coin investment guides here.


Will the Real (Post) Modern Art Please Stand Up?

Will the Real (Post) Modern Art Please Stand Up

Modern art is an obtuse, highly academic field, dominated by intellectuals, critics and other insufferable experts.  However, calling modern art “art” is something of a misnomer, because it really isn’t art.  After all, art must be beautiful.

I suppose you could call modern “art” conceptual social commentary in physical form or perhaps conceptual aesthetics.  Of course this line of reasoning leads to an interesting question.  If modern art really isn’t art, then what, if anything, qualifies as real modern art?

You won’t find the answer in any art history book.  Art academics, high in their ivory towers, will never admit that they’ve spent their careers pursuing a philosophical unicorn.  So that leaves the rest of us to figure it out on our own.

In my opinion, real contemporary art is the style or styles exemplified in the prevailing pop culture.  It pervades society, and just as a fish does not understand that it swims in the sea, neither do we recognize the contemporary art that surrounds us every day.

Real art isn’t the domain of the stereotypical Bohemian “artist”, but is instead created by craftsmen, designers, crafters and thousands of other normal people all over the world.  Real contemporary art is eminently approachable.

Everyday items that no academic would consider art are the real masterpieces.  This includes everything from the iconic simplicity of a Louis Vitton handbag, to the minimalist, industrial design of an iPhone, to the distinctive, rectilinear form of an early 1980s gull-wing DeLorean car.

Let’s examine a specific example: steampunk design.  Steampunk originated as a genre of novels that fused science fiction and fantasy elements together against a 19th century, industrial Victorian backdrop.  But this subculture did not stay limited to novels for long.

It soon branched out to fashion, art and even movies and music.  Within only a couple decades steampunk became a ubiquitous, widely-recognized international art style.  You may have never read a steampunk novel, but you can instantly recognize steampunk design – with its unmistakable labyrinth of brass, gears and pistons – if you see it.

And steampunk has proven itself to be widely influential in popular culture, too.  Hit movies such as The League of Extraordinary Gentlemen and Wild Wild West are outstanding examples of steampunk films.  But steampunk has hardly been limited to just movies.  The wildly successful video game series Bioshock also has strong steampunk elements.  The Victorian-derived style is also alive and well in the decorative arts, with everything from steampunk jewelry to steampunk furniture to steampunk accessories readily available.

Steampunk may not be recognized as “art” by academics, art critics and other intelligentsia, but it has had dramatically more impact on popular culture than conceptual art, telematic art or any other formally-recognized modern or postmodern art movement.

Want another example?  How about the 1986 graphic novel Batman: The Dark Knight Returns?  Before the release of this seminal work, Batman was symbolized in the public mind by Adam West’s corny rendition of the character in the late 1960s live-action Batman television series.

This Batman series was a campy, low-budget affair with a plot that focused on simplistic moral lessons.  Even today, many people are familiar with the ridiculous graphical onomatopoeia splashed across the screen during every (poorly choreographed) fight scene.  This version of Batman was a low point of the franchise, fatally branding the caped crusader as a zany children’s character.

In 1986, Frank Miller’s graphic novel Batman: The Dark Knight Returns was published by DC Comics.  This work instantly and forever changed the world’s perception of Batman and, ultimately, every other superhero too.  Frank Miller placed his anti-hero Batman in a dark, ugly and hopelessly corrupt Gotham City.  It was a city full of societal rot, overrun with vicious criminals and hamstrung by an incompetent local government.

But the Batman of this Gotham wasn’t a nice guy.  No, he was a bastard – a vigilante in the truest sense of the word.  In addition to his unsettling mental issues – or perhaps because of them – Batman used brutal methods when dealing with Gotham’s criminal element.  This was a Batman of the gritty real world, not some silly “everything’s better after 30 minutes” sitcom.

So why do I bring up Frank Miller’s Batman: The Dark Knight Returns?  I do it because the impact on popular culture from this singular work of art has been nothing short of massive.

This lone graphic novel not only single-handedly revitalized the entire Batman franchise, but also gave us the template for how all superheroes are viewed today.  Every live-action Batman movie released since the early 1990s has been based – to some degree or another – on that Frank Miller graphic novel.

Not only that, but most successful superhero movies and television shows today incorporate important elements from Batman: The Dark Knight Returns.  Daredevil, Jessica Jones, Iron Man and The Avengers, just to name a few, all owe their overwhelming cultural influence and commercial success to Frank Miller’s bleak and anguished 1986 reimagining of Batman.  The 1986 graphic novel Batman: The Dark Knight Returns is, quite simply, modern art – real modern art.

Art historians and art critics have built up an ivory tower around the concept of contemporary art.  Only those movements that they approve of – like Dadaism, Abstract Expressionism or Performance art – are admitted to the inner sanctum of (post) modern art.  All else is unfairly relegated to the disposable bin of “pop culture”.

But the experts have it wrong.  Art – real art – doesn’t hang on museum walls or in avant-garde art gallery exhibitions.  Instead, it is embodied in everyday objects that average people touch, use and enjoy – objects that ultimately reflect the zeitgeist of the larger society.

Marraccini Designer Contemporary Stackable Rings with Diamonds and Precious Gems

Marraccini Designer Contemporary Stackable Rings with Diamonds and Precious Gems
Photo Credit: Brilliance-Jewels

Marraccini Designer Contemporary Stackable Rings with Diamonds and Precious Gems

Buy It Now Price: $2,500 (price as of 2016; item no longer available)

Pros:

-This is an amazing set of 14 karat yellow gold and gemstone contemporary stackable rings.  They are set with amethyst, pink tourmaline, diamonds and an unidentified opaque white stone that may be jade or milky quartz.

-Although the photo shows the rings as a single unit, they are actually four separate rings meant to be stacked on top of each other in varying configurations.

-Each ring is hallmarked “14K” and individually signed “Marraccini ©”.  Marraccini Designs is a jewelry studio located in Charlottesville, Virginia run by Lee Angelo Marraccini.

-Mr. Marraccini began designing and selling jewelry in 1974.  In fact, he still offers similar stackable rings although the rings featured here are definitely vintage designs with a distinctly more cubist feel.

-These contemporary stackable rings were obviously designed and crafted with great care.  The gems are also of good quality and were carefully chosen for maximum aesthetic effect.  These are absolutely top quality pieces of contemporary jewelry.

-These rings share a highly linear design language coupled with boldly colored accent stones.  This makes them prime examples of contemporary “neo-cubist” style – otherwise known as 1980s style.

 

Cons:

-The stones mounted in the rings are not expensive and are probably worth no more than $100 altogether.  Likewise, I would be surprised if the total weight of the rings exceeds 16 grams (0.51 troy ounces), giving a maximum gold value of about $403 with gold spot prices hovering around $1,339 a troy ounce.  This results in a total possible intrinsic value for the rings of about $500, well below the $2,500 asking price.

-At $2,500, this set of contemporary stackable rings is definitely a little pricey.  But exceptional designer jewelry is always expensive and these rings are among the best.  Another way to think of it is that each individual ring is only $625 – still not cheap, but definitely more palatable.

Maslow’s Hierarchy of Needs and Investing in Art

Maslow's Hierarchy of Needs and Investing in Art

In 1943 Abraham Maslow, an American psychologist, published a paper titled “A Theory of Human Motivation”.  This academic paper laid the foundation for what later became known as Maslow’s hierarchy of needs.  Most people have heard of this theory which is usually represented as a pyramid with five tiers.  The steps of the pyramid in ascending order are as follows:

  • Physiological
  • Safety
  • Love/Belonging
  • Esteem
  • Self-Actualization

Physiological needs are the biological requirements for food, water, shelter and air.  Without these things human life cannot be sustained.  This is why they occupy the base of the pyramid.  The next tier represents the deep seated desire to feel physically safe.  This can mean safety from violence, natural disasters or even economic uncertainty, like the loss of a job.  The next level – love and belonging – describes our need to be part of a group and includes friends, family and sexual partners.  Esteem represents the desire to be recognized by others as having value, as well as valuing yourself.  Finally, self-actualization is the aspiration to realize one’s full potential, which is only possible when one has mastered all the previous stages.  This final tier may come in the form of any challenging task at which one excels.

Now you might well be asking yourself what the psychologist Abraham Maslow has to do with investing in art and antiques.  It is really quite simple.  Many critics of the idea of investing in art rightly claim that they produce no periodic cash flows.  The stock of a successful company will throw off dividends.  Bonds typically make semi-annual interest payments before returning the principal at maturity.  But art and antiques do neither of these things, and can only be turned into cash if sold.  Some people interpret this fact to mean that art is some sort of Ponzi scheme, forever doomed to boom and bust cycles based on unpredictable fads.  Another related accusation is that art has no intrinsic value and is, therefore, valueless.

However, these arguments are false and Maslow’s hierarchy of needs illustrates why.  According to Maslow, once people meet their lower needs, they then naturally attempt to satisfy their higher needs.  For many people, these higher needs are met in one way or another by collecting or possessing art.  Consider this: many truly wealthy people have art collections of some description, whether it is a basement full of fine vintage wines, a garage packed with gorgeous antique cars or stately mansions lined with paintings by the old masters.  This pattern is not unique to the modern age either, but has been a constant since ancient times.

This is because the wealthy, having already fulfilled the lower rungs of Maslow’s hierarchy of needs, subsequently move onto esteem and self-actualization.  Assembling a collection of fine art brings them recognition from their peers.  It displays their high social status and also creates opportunities to meet other well-heeled individuals.  Collecting art and antiques also creates a sense of fulfillment because these markets are exceedingly complex. They represent the culmination of thousands of years of human progress and culture distilled into rare objects of great beauty.  It takes substantial time and effort to become accomplished in even one area of the art market.  This is the antithesis of the modern stock market, where you can look up analyst coverage, financial ratios and technical charts on the internet in a few minutes.

Most people, therefore, naturally gravitate towards art once they reach a certain level of financial sophistication.  According to Maslow’s hierarchy of needs, as long as financially successful people exist in the world, there will be demand for fine art.  In a sense, investment grade art is an inflation-indexed claim on future global GDP.  It doesn’t matter if that economic growth happens in China, the U.S. or elsewhere; art and antiques will always be a primary destination for the discretionary spending of the well-to-do.