Watch List notes:

Ca. 2nd century B.C. BI karshapana (15 mm, 2.98 g). Five punches, including deer, 6-armed symbol, 3-arched hill, caduceus / Caduceus symbol. Gupta & Hardaker, Punchmarked Coinage of the Indian Subcontinent, Series VIb, no. 548. Very fine.

After the collapse of central authority, local centres began to issue punch-marked coins in increasingly debased metal.