Watch List notes:

SIKH EMPIRE: AR mahmudshahi rupee (10.86g), Derajat, AH1236 year 3, KM-373, Herrli-07.01.04, first year of Sikh suzerainty at Derajat, countermarked the Khanda symbol of the Sikhs on the obverse, same dies as Lot 947 in this auction, EF, RRR. This piece seems to be the first reported example of this type with the Khanda countermark, probably applied by the Sikh Military Treasury to confirm its authority at Derajat, which began in AH1236, the year on this piece.

Estimate: 300- 400 USD