1/2 Anna

Indore's copper coinage of the early nineteenth century was struck under the authority of the Holkar dynasty, which had consolidated power in the Malwa region following the fragmentation of Maratha confederacy influence after the Second Anglo-Maratha War. By 1815, the state operated under a subsidiary alliance with the British East India Company, meaning Holkar rulers retained nominal monetary authority while British political pressure increasingly shaped administrative decisions. The tension between local dynastic coinage and Company standardization would eventually render issues like this obsolete within decades.