Watch List notes:

HYDERABAD: Mir Mahbub Ali Khan, 1869-1911, AE ¼ anna, Farkhanda Bunyad Hyderabad, AH1312 year 28, KM-Pn6, Lingen-18, copper strike for proposed coinage which was never issued, one of about 6 or 7 known, NGC graded MS62 BR, RRR. This pattern was an attempt to introduce the ¼ anna for the first time in Hyderabad, but it failed, and was never again attempted. The pattern is dated AH1312 with regnal year 28. Lingen cited only an example in the British Museum, but since then, about 3 examples have appeared at auction, including one sold in our Auction 22 (Lot 856) in 2015, plus one listed on Zeno (#138626). It remains an extreme rarity. This pattern was originally listed in KM as a regular issue, KM-27, but was correctly listed as a pattern, KM-Pn6, several years ago. There is no evidence that any examples of this type were used in circulation. Furthermore, KM listed two regnal years for this type, both dated AH1312, year 27 and year 28, but we have been unable to confirm any example dated year 27, and suspect that "27" was either a typist's error or a confusion of the Arabic "8" for "7". According to an article in the 1943 edition of the Journal of the Numismatic Society of India, a set of patterns dated AH1316 year 32 were produced for the pai, 2 pai, and ½ anna, but not for the ¼ anna!

Estimate: 3,500-4,500 USD