Watch List notes:

BRITISH INDIA: Victoria, 1837-1901, AR medal (42.62g) (Calclutta) (1861), Pud-861.3 (42.7mm), bust of Queen Victoria left, around VICTORIA D.G. BRIT. REG. FID. DEI., where DEI is an engraver's error for DEF / within wreath, PUNJAB / EXHIBITION / OF / ARTS, PRODUCE & / MANUFACTURE, with small ribbon below, RR. According to Puddester, the Calcutta produced the bronze medals of this type (which has DEF. rather than DEI. and is illustrated in their records), and the Calcutta mint almost certainly also struck the silver medals. The Latin word dei means "God", and def. is the abbreviation of the word that means "defender." Since dei is not an abbreviation there should not have been a period after that word.

Estimate: 400-600 USD