1/4 Anna - Madho Rao

Gwalior's coinage under Madho Rao Scindia occupied an awkward administrative middle ground — the state retained the right to strike its own coins well into the twentieth century, but British India's currency reforms were steadily rendering local issues redundant. This piece dates to precisely the window when that pressure was sharpest, between the Currency Act reforms and the First World War's disruption of metal supplies across the subcontinent.