Watch List notes:

MADRAS PRESIDENCY: AR rupee (11.39g), Arkat, AH113x year 8, Stv-2.47, in the name of Muhammad Shah, assigned to the East India Company by the lotus symbol just left of the regnal year on the reverse, choice EF, RR, ex Charles W. Lueders Collection. The EIC did not receive official permission to strike rupees and mohurs bearing the mint name Arkat until 1742 (about regnal year 24 of Muhammad Shah), but it seems that the EIC or its commercial allies struck unofficial Arkat rupees with the lotus mark well before. Further research is essential for the Arkot rupees of Muhammad Shah, for which all varieties are listed as a single series by KM and on Zeno. This piece was originally sold by us as an ordinary Mughal rupee, type KM-436.7, long before Stevens' catalogs were published.

Estimate: 140-180 USD