2 Annas WWII Cash Coupon

Muli was a small princely state in the Kathiawar peninsula of what is now Gujarat. Like dozens of other minor states, it issued emergency fractional cash coupons during the Second World War when small-denomination coinage effectively vanished from circulation across British India — the wartime metal shortage prompted widespread hoarding of even the most trivial copper and bronze pieces, leaving local economies without the means to make change.

The S-prefix Pick number places this firmly in the local/private issues category. Survival rate for Kathiawar princely coupons of this size is poor; the paper was cheap, the denominations small, and there was no incentive to preserve them once normal coinage returned.