Indore was a Princely State in India during British rule. At present, it is located in Indian state of Madhya Pradesh. Princely State Indore was a part of the Holkar State, ruled by Holkar dynasty.
The Holkars were one of the most popular royalties in the history of India. The Holkars belong to the Dangar clan of Maharashtra. The Holkar dynasty was established by Malhar Rao, he worked under the Peshwa of Maratha in 1721 CE. Later on, he was promoted to the post of Subedar.
The descendants of Malhar Rao Holkar became independent rulers of Indore and a separate State of Indore came into being. In the year 1818 CE, Indore was recognized as a Princely State under British crown till it became a part of the state of Madhya Pradesh after Indian independence.
This Silver Nazarana Rupee was issued by Sivaji Rao II, it weighs around 11.2g. The obverse of the coin depicts the bust of Sivaji Rao II and a legend inscribed in Devanagari script reads as ‘Srimat Sivajijrao Maharaj Holkar', the date is depicted in Vikram Samvat '1958’. The reverse side of this coin depicts ‘Coats of Arms with denomination ‘Ek Rupaya’ (written in Devnagari Legend) with the English legend 'Indore' below it.
Oswal Auction sold this coin for INR 4,50,000.