1/2 Rupee / Deb Period III

Bhutan's coinage during the Deb Raja period was never standardized in any meaningful industrial sense — dies were hand-cut by local craftsmen, and the same nominal denomination could vary substantially in fabric, flan preparation, and strike character across different issuing centers. The four KM varieties catalogued here reflect genuine production differences, not grading distinctions. Bhutan had no central mint; coins were produced regionally, which accounts for the persistent inconsistencies across a span of over seven decades.