The attribution here is unusual. Pagodas were not a Mughal issue — they were struck by the South Indian kingdoms, notably the Vijayanagara empire and its successors, and later by European trading companies operating from Madras and other coastal factories. A gold pagoda bearing association with Muhammad Shah almost certainly reflects the currency of the Arcot Nawabs or a regional successor state operating in the Deccan during his reign, circa 1719–1748, when Mughal central authority had effectively collapsed south of the Vindhyas.
The attribution here is unusual. Pagodas were not a Mughal issue — they were struck by the South Indian kingdoms, notably the Vijayanagara empire and its successors, and later by European trading companies operating from Madras and other coastal factories. A gold pagoda bearing association with Muhammad Shah almost certainly reflects the currency of the Arcot Nawabs or a regional successor state operating in the Deccan during his reign, circa 1719–1748, when Mughal central authority had effectively collapsed south of the Vindhyas.