Watch List notes:

HYDERABAD: Mir Mahbub Ali Khan, 1869-1911, AE pai, Farkhanda Bunyad Hyderabad, AH1312 year 29, KM-Pn5, Lingen-21, copper strike for proposed coinage which was never issued, one of only three known, NGC graded MS63 BR, RRR. Patterns for copper & silver coinage were produced in AH1312 for nine denominations (assuming eight annas and half rupee were separate types). The copper denominations were the pai, 2 pai, ¼ anna and ½ anna, and copper patterns are confirmed for all four, with regnal years 27 & 28 for the ½ anna, year 29 for the other three denominations, together with a 1316 year 32 pattern for the pai, 2 pai, and ½ anna. All have been published by Jan Lingen in the ONS Newletter, vol. 153 (1997). For this denomination he cites only one example, preserved in the British Museum. There are two confirmed in private hands, including this piece, which is apparently the third known specimen. This pattern was the first attempt in Hyderabad to introduce the pai denomination, Persian "yek pay" in the reverse center. It was not adopted for circulation.

Estimate: 4,000-5,000 USD