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Mahishmati, identified with modern Maheshwar on the Narmada River in Madhya Pradesh, was a major urban center of the Anupa janapada and appears in both the Mahabharata and Ramayana as a city of considerable strategic importance. Its autonomous bronze coinage is among the lesser-documented issues of the post-Mauryan regional series, emerging as Mauryan administrative control fragmented across the Deccan periphery in the early second century BC.

The punched and cast bronzes attributed to this mint are known from only a handful of hoards, most recovered from the Narmada valley.