Engraved here is a Silver Rupee of Janjira Princely state minted at Waphgaon mint. This coin was struck originally in the domains of Holkars in Maharashtra, converted into local currency by applying a countermark of letter 'Ja' in around incuse. This coin was issued in the name of Shah Alam II and bears date RY 12, with clear traces of the mint-name.
The small coastal enclave of Janjira freely countermarked circulating coins to appropriate them into its own monetary sphere. 'Ankushi' rupees of Pune mint, 'Shri-Sikka' rupees of Chakan and 'Chandori' rupees of Chandvad and Waphgaon were the more likely candidates. Amongst these the last are the rarest; here the undertype also shows a discernible mint-name makes this coin significant and desirable.
Image Source: Classical Numismatic Gallery