Watch List notes:

HOTAKI: Mahmud Shah, 1722-1724, AR abbasi (4.53g), Isfahan, AH1135, A-2716A, type A, but countermarked with the rising sun on the obverse, bold Very Fine, R. The purpose of the countermark is unknown, though curiously the "rising sun" hints at the words qors-e aftab ("rise of the sun") in the couplet.

Estimate: 150-200 USD