Watch List notes:

MUGHAL: Muhammad Shah, 1719-1748, AV ¼ pagoda (0.71g), Ganjikot, AH114x, KM--, bold strike, off-center reverse, of the highest rarity, unpublished and probably unique (the quarter pagoda of Ganjikot is only known for Shah Alam II, with his personal name Shah Gauhar on the coin), choice EF, RRRR. Ganjikot, on the river Penneru in South Andhra Pradesh, was controlled by the Nawabs of Cudappah in the years following the death of Aurangzeb in 1707. Gold pagodas, half pagodas, quarter pagodas, and fanams were struck at Ganjikot from Shah Alam I (1707-1712) until Shah Alam II (1759-1806), always in the name of the reigning Mughal emperor.

Estimate: 2,000-2,500 USD