Option 1: Muhammad-bin-Tughluq - This option is incorrect. Muhammad-bin-Tughluq, who ruled in the 14th century, is well-known for his failed attempts at introducing a token currency system, but he did not issue the first rupee coin.

Option 2: Alauddin Khilji - This option is incorrect. Alauddin Khilji ruled during the 13th century and is known for his economic reforms, but he did not issue the first rupee coin.

Option 3: Sher Shah - This option is correct. Sher Shah Suri, who ruled from 1540 to 1545, is credited with issuing the first rupee coin during his reign. He introduced a new currency system and minted silver coins called "rupee" which became the standard currency in the Indian subcontinent for centuries.

Option 4: Akbar - This option is incorrect. Akbar the Great, who ruled from 1556 to 1605, made important monetary reforms and introduced a standardized monetary system, but he did not issue the first rupee coin.

In conclusion, the correct answer is option 3: Sher Shah, who issued the first rupee coin during his reign in the 16th