Watch List notes:

JHALAWAR: AR nazarana ½ rupee (5.60g), Jhalawar, year 38, Y-5a, in the name of Queen Victoria, bold strike, choice AU, RRR, ex Stephen Album Auction 9, Lot 934, sold for $520. Zalim Singh (1876-1896) was the last maharaja rana of Jhalawar, but was deposed "on account of persistent misgovernment" on 2 March 1896, which would fall towards the end of the year 38 on this coin. The state was brought under direct British administration, and dissolved in the following year. This issue would have been issued either as some sort of honorary piece for Zalim Singh, or to make the conversion to British administation, the latter more likely.

Estimate: 400-500 USD