Watch List notes:

INDIA. Madras Presidency. 2 Rupees, AH 1172 Year 6 (1763). Arkat (Arcot) Mint. PCGS AU-55 Gold Shield.
KM-404.2; Prid-245; Stevens-3.340. Reported Mintage: 165,172. Variety with decorative dots on the obverse and extra dot group at top of left reverse legend. Struck posthumously in the name of Alamgir II in 1807 over a Spanish Colonial 8 Reales of indeterminate date and mint of Carlos IIII (IV). Of the host's obverse legend, only "LUS IIII" is clearly visible. The overstrike is quite strong, nearly obliterating any remnants of the original host coin, with signs of light adjustment marks on the obverse. An attractive example with rich attractive envelope tone and hints of iridescent hues throughout. A historically significant issue with a nice look sure to be a welcome addition to the next collection it enters.

These types represent the first European style coins struck in India. In similar fashion to Brazilian 960 Reis overstrikes, the Rupee and double Rupee were struck over earlier coins, but with the significant difference of being shaved down to proper weight and re-edged. The official weight of the double Rupee was just over 24 grams and in an attempt to prevent theft of silver an oblique edge was added.

From the Kyle Ponterio Collection.

Ex: Horizon Auction I October 2, 2016 Lot # 180.

Estimate: $1500.00- $2500.00