Watch List notes:

BRITISH INDIA: George VI, 1937-1947, nickel rupee, 1945(b), KM-557var, S&W-9.30var, off-metal strike, normal "5 " in the date, unrecorded in nickel by KM, Pridmore, and Stevens & Weir; there is no record of any nickel off-metal strike of any date 1945 or earlier on CoinArchives, NGC graded Proof 62, RRRR. By the end of 1945, the use of silver for the full, half, and quarter rupees had become unfeasible, whence it was decided to produce all subsequent issues in nickel. Indeed, nickel half and quarter rupees were struck in large quantities in 1946 & 1947 at the Bombay mint, but only patterns were struck for the full rupee dated 1946, also only at the Bombay mint. It is conceivable that this nickel 1945 rupee was a trial struck before the dies for 1946/1947 were ready, perhaps just to be sure the presses would be capable of producing rupees in nickel.

Estimate: 7,500-8,500 USD