On 20 October 879 CE, a new era began in the valley — the Nepal Sambat (नेपाल सम्बत्), under King Raghavadeva (रघवदेव). It became the everyday reckoning of the Kathmandu Valley for the next thousand years: every Malla inscription, coin and ledger was dated in it, and it is still the Newar new year today.सन् ८७९ अक्टोबर २० मा उपत्यकामा नयाँ सम्बत् सुरु भयो — नेपाल सम्बत्, रघवदेवका बेला। हजार वर्ष यो उपत्यकाको दैनिक गणना बन्यो।
The most beloved origin legend is that of Shankhadhar Sakhwa (शंखधर साख्वा). A wealthy Shudra merchant of Kathmandu, he recovered gold-bearing sand washed down at the confluence of the Vishnumati and Bhadramati rivers — and used the fortune to clear every citizen's outstanding debts to the state and to King Ananda Malla. The grateful era-change followed: a people freed from debt, and a calendar named for the country itself.सबैभन्दा प्रिय कथा शंखधर साख्वाको हो: विष्णुमती-भद्रमती संगममा सुनको बालुवा भेटाएर उनले जनताको सबै ऋण तिरिदिए — र ऋणमुक्त जनताको सम्मानमा नयाँ सम्बत् सुरु भयो भनिन्छ।
History or Legend?इतिहास वा किंवदन्ती?
Historians caution: Shankhadhar appears in no Licchavi-era epigraphy; the legend comes from the later Bhasa Vamsavali and Wright's chronicle. Other scholars derive the era from the Lokakala reckoning or from the end of Licchavi rule. What is beyond dispute is what happened later: Shankhadhar was declared a National Hero of Nepal on 18 November 1999, Nepal Sambat new year became a national holiday, a stamp followed in 2003, and his statue stands at Lakhu Phalcha near Swayambhu.इतिहासकारहरू चेताउँछन्: शंखधर पछिका वंशावलीबाट मात्र आउँछन्। तर १८ नोभेम्बर १९९९ मा उनलाई राष्ट्रिय विभूति घोषित गरियो, र नेपाल सम्बत् राष्ट्रिय बिदा बन्यो।