In the medieval world of Islamic kingdoms, the Friday sermon in the name of the reigning sultan (khutba) and the striking of coins (sikka) have been thought of as universal declarations of sovereignty. Yet, the sultanates of the Deccan that succeeded the Bahmani kingdom did not strike their own coins for almost a century after they had declared sovereign status. Therefore, two important issues are present here. First, the axiom of sovereign status for Islamic monarchs does have exceptions. Second, the circumstances surrounding the non-issue of coin, by these kingdoms, needs explanation. Similarly, the reasons why they all start to mint their own coins in the last quarter of the sixteenth century is also addressed. Mughal monetary policy is an essential element in this history.