Watch List notes:

ZAND REBELS: Hedayat Allah, 1785-1786, AV ¼ mohur (2.65g), Rasht, AH1200, A-E2826, Shi'ite kalima // mint with the epithet dar al-marz in the center, ya Allah ("Oh God") above, date below, mount removed, VF to EF, RR. As governor of Gilan (capital at Rasht), Hedayat Allah recognized as overlord and struck coins in the name of Ali Murad Khan Zand until AH1199, then attempted independence, possibly with Russian assistance, in AH1199-1200, but was defeated in 1200 by the Qajars, captured and killed soon afterward. Qajar coins of Agha Muhammad Khan commenced at Rasht in 1201.

Estimate: 300-400 USD