Gwalior was a Princely State during British India. The state took its name from the old town of Gwalior, though it was never its capital, it was an important place because of its strategic location and the strength of its forts.
The ruling family of Gwalior was the Sindhias, who were the descendants of Maratha chief Ranoji Sindhia. Ranoji Sindhia was the Maratha chief of the Peshwas of Poona in 1750. After the defeat of Peshwas in the Battle of Panipat by Ahmad Shah Durrani, the dominion of the State of Gwalior was completely shifted in the hands of Sindhia.
Madhao Rao ruled Gwalior form 1886 C.E to 1925 CE. He issued the denomination like Paisa, Pie, Half-Pice, Quater-Anna, and Half-Anna coins in copper metal. This above-shown image depicts quarter Anna issued by him, it weighs around 6.08g. The obverse of this coin depicts ‘18 Point star, the wide nose on sun within close wreath’. The reverse of this coin depicts ‘Vikram Samvat Date 1946, Value of the coin Pav Anna’, Mint name ‘Gwalior’ in Devanagari script within the dotted circle, King's name ‘Srimant Madjo Maharaj Shinde Sirkar’ in the margin.
Image Courtesy: Classical Numismatic Gallery