Watch List notes:

HYDERABAD: Mir Mahbub Ali Khan, 1869-1911, AE 2 pai, Farkhanda Bunyad Hyderabad, AH1312 year 29, KM-Pn8, Lingen-20, copper strike for proposed coinage which was never issued, one of only about five known, NGC graded MS64 BR, RRR. The two pai, Persian "do pay", was another first proposal, and never adopted for circulation. Lingen reported two specimens, one in the British Museum, the other in the K.W. Wiggins Collection, and two more have appeared at auction in 2013. This example would likely be the fifth known example, thus still a great rarity.

Estimate: 3,500-4,500 USD