Watch List notes:

SIKH EMPIRE: AE falus (11.68g), Peshawar, AH1232 year 8, KM--, Zeno-110189, struck in the name of the Durrani Mahmud Shah (listed as KM-726 under Afghanistan), nice strike, VF, RR, ex M.H. Mirza Collection. Sikh effective rule in Peshawar commenced in AH1231 (1831), but all coinage cites only the Durrani ruler, Mahmud Shah until about AH1234, then Ayyub Shah until AH1246.

Estimate: 110-150 USD