The princely state of Gwalior belongs to the royal line of Sindhia (Shinde) dynasty who was the Maratha chief of the Peshwas of Poona. Mahadji Sindhia was the first Maharaja of Gwalior. After the defeat of Peshwas in the battle of Panipat by Ahmad Shah Durrani, the dominion of the state Gwalior was completely shifted in the hands of Sindhia.
Shrimant Daulat Rao Sindhia was the king (Maharaja) of Gwalior state in central India from 1794 until his death in 1827. His reign marked the struggles for supremacy within the Maratha Confederacy over the consolidation of British hegemony. Daulatrao played a significant role in the Second and Third Anglo-Maratha wars.
During the reign, he issued gold, silver, and copper coins in the denomination of Rupee and Paisa. Illustrated here is a Silver Rupee from Isagarh mint. The obverse features "saheb-e-qiran Sani" couplet and canon to right. Reverse features sana julus Zarb and mint marks bhilsa leaf and battleaxe.
Image Courtesy: marudhararts.com