Watch List notes:

Kutch, Madansinghji, Bhuj Mint, Gold Jai Hind Kori, VS 2004, Victory for Indian Independence, Obv: the trishul, a crescent & a knife above, the Vikram Samvat year within a circle with, Nagari legends "Maharaja Sri Madan Singhji" and "Kutch" around the field, Rev: Nagari legend "Jai Hind, Kori Ek, Bhuj", the value, and the mint-mark separated by scrollwork, (RJS # 277.1/Fr # 1281), graded & slabbed by PCGS as MS66, Extremely Rare.
Note: Struck in the year 1948, this is an issue from independent India with the salutation "Jai Hind' (Victory for India) inscribed by the last ruler of the order of Kutch's as his territory merged with the Indian Union.