1 Paisa Ratlam

Ratlam was one of the smaller Rajput states carved from the Malwa region, ruled by a cadet branch of the Rathore clan. By the late eighteenth century the state was caught between Maratha expansion and the encroaching influence of the East India Company, leaving its administration — and its coinage — largely autonomous but increasingly precarious. Local copper issues like this paisa circulated within tightly bounded regional economies, rarely traveling far beyond the bazaars of Ratlam town itself.