Watch List notes:

(x) India, East India Company, Madras Presidency, Mule 1/48 Rupee {1797/1802}, rev., with obverse [elephant] of 1/48 Ceylon Rixdollar (Remick -; Pridmore 377/361, cf. Baldwin 54, lot 133), a rare and most attractive mule with lustrous original surfaces, much as struck, in NGC holder, graded MS63BN (Cert. #4713813-001).
Provenance
Robert P Puddester collection (with his envelope)
"A Study Collection of British East India Company and British India", Spink 152, 11 April 2001, lot 652
,
The cataloguer notes that an inferior example at US Auction {18 April 2013, lot 23517}, graded AU50 achieved $2,000
Estimate: £2,500 - £3,000