Watch List notes:

2nd century B.C. Æ karshapana (22 mm, 7.96 g). Five punches: elephant walking left, indradhvaja, 4-orbed Ujjain symbol, six-armed symbol and river / Blank. Pieper 464. Scarce and choice. Green patina with attractive earthen highlights. Choice very fine. 

The Eran-Vidisha region is the source of a distinctive series of punchmarked copper coins. This attractive coinage of eastern Malwa developed after the collapse of the Mauryan Empire when political control devolved to local rulers. There are usually 4-5 different punches on an Eran coin, with a blank reverse. This specimen is the five punch 'elephant type'.