Founders only family to be allowed to mint coins
“Minting of coins was regarded as a sign of power and prestige and was associated with royalty,” said Captian KF Pestonji, president of Old Parsi Fire Temple Trust. The Parsi community is perhaps the only socio-religious group to have minted coins.
The right to strike their own coins had, for a long time, been a highly valued privilege of the Nizams. But Pestonji broke this tradition by obtaining licence from Diwan Chandulal to strike coins in Aurangabad during the period of the Nizam IV, Nasir-ud-Daula.
The coins carried the Nizam’s initial in Persian alphabet “noon” (N) for Nasir-ud-Daula. Later, the coins had the initials of the Meherji brothers. No other family was ever permitted by the state to have its own initials or marks engraved on national coins.Pestonji Meherji, who hailed from Bombay, also introduced the popular mark, ‘resplendent sun’, on the coins he minted. The location of this mark on the coin as well as the number of rays of the sun varied from coin to coin and there was no formula behind it.