Watch List notes:

Ladakh (1816-42), AR Ja’u, 2.15g, in the name of Mahmud Shah, undated, mahmūd shāh within a beaded circle, rev. as previous lots, but with Nagari style ‘4’ to right (Rhodes, Garhwal and Ladakh, 24 (plate coin); KM. 5.4 (plate coin)), very fine, some toning, scarce.
The Mahmud Shah quoted on this and subsequent coins is believed to refer to Mahmud Shah Durrani, the ruler of Kashmir.
Estimate: £100.00 - £150.00