1 Rupee - Muhammad Akbar II [Ganpat Rao]

Ganpat Rao ruled Baroda as regent during a period of deepening British interference in princely state finances, and coins struck in his name — nominally under the suzerainty of the Mughal emperor Muhammad Akbar II — reflect the last gasps of a dual-authority fiction the East India Company was actively dismantling. Akbar II had already been stripped of any real imperial power by the time this type was being minted; his name on the coin was ceremonial obligation, not political reality.

Baroda came under a formal Residency arrangement that gave the British effective oversight of its treasury. The rupee coinage of this period was among the last struck before British-controlled currency reform swept through the remaining princely mints after 1858.